<SUBMISSION>
<ACCESSION-NUMBER>0000032878-08-000068
<TYPE>10-K
<PUBLIC-DOCUMENT-COUNT>9
<PERIOD>20080630
<FILING-DATE>20080828
<DATE-OF-FILING-DATE-CHANGE>20080828
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ENERGY CONVERSION DEVICES INC
<CIK>0000032878
<ASSIGNED-SIC>3674
<IRS-NUMBER>381749884
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-K
<ACT>34
<FILE-NUMBER>001-08403
<FILM-NUMBER>081045778
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2956 WATERVIEW DRIVE
<CITY>ROCHESTER HILLS
<STATE>MI
<ZIP>48309
<PHONE>248-293-0440
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2956 WATERVIEW DRIVE
<CITY>ROCHESTER HILLS
<STATE>MI
<ZIP>48309
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ENERGY CONVERSION LABORATORIES INC
<DATE-CHANGED>19710603
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>fy200810k.htm
<DESCRIPTION>FISCAL 2008 ANNUAL REPORT ON FORM 10-K
<TEXT>
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                &nbsp;
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 2.25pt double; TEXT-ALIGN: justify">&nbsp;</p>

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

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

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2pt; TEXT-ALIGN: center"><font size="2">Washington, D.C. 20549</font></p>
            <hr align="center" width="25%" color="black" noshade size="1">

            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">FORM 10-K</font></b></p>

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

            <div style="WIDTH: 660px">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="3%">
                            <p style="MARGIN-TOP: 7pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&thorn;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="5">
                            <p style="MARGIN-TOP: 7pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 7pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">For the fiscal year ended</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 7pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><font size="2">June 30, 2008</font></p>
                        </td>
                    </tr>

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                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">or</font></p>
                        </td>
                    </tr>

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                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="3%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&uml;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="5">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">For the transition period from</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="32%">
                            <p style="MARGIN-TOP: 7pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">to</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="32%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
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                        <td width="28">
                        </td>

                        <td width="147">
                        </td>

                        <td width="54">
                        </td>

                        <td width="245">
                        </td>

                        <td width="35">
                        </td>

                        <td width="243">
                        </td>
                    </tr>
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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="25%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Commission File Number:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">1-8403</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 9pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">ENERGY CONVERSION DEVICES, INC.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(Exact name of registrant as specified in its charter)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 77.25pt; TEXT-ALIGN: left"><font size="2">DELAWARE</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                            <p style="MARGIN-TOP: 1pt; 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; BORDER-BOTTOM: black 1pt solid" valign="top" width="45%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">38-1749884</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: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(State or other jurisdiction of</font><br>
                            <font size="2">incorporation or organization)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(I.R.S. Employer</font><br>
                            <font size="2">Identification No.)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">2956 Waterview Drive, Rochester Hills, Michigan</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                            <p style="MARGIN-TOP: 1pt; 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; BORDER-BOTTOM: black 1pt solid" valign="top" width="45%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">48309</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: 2pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(Address of principal executive offices)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(Zip Code)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td width="196">
                        </td>

                        <td width="163">
                        </td>

                        <td width="52">
                        </td>

                        <td width="343">
                        </td>
                    </tr>
                </table>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 0.75%; TEXT-ALIGN: left">&nbsp;</p>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Registrant&rsquo;s telephone number, including area code</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; TEXT-ALIGN: left"><font size="2">(248) 293-0440</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Securities registered pursuant to Section 12(b) of the Act:</font></p>
                        </td>
                    </tr>

                    <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="47%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Title of Each Class</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                            <p style="MARGIN-TOP: 1pt; 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; BORDER-BOTTOM: black 1pt solid" valign="top" width="45%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Name of each Exchange on which registered</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Common Stock, $.01 par value per share</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="6%">
                            <p style="MARGIN-TOP: 4pt; 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="45%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">NASDAQ Global Select Market</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Securities registered pursuant to Section 12(g) of the Act:&nbsp;&nbsp;&nbsp;&nbsp;None</font></p>
                        </td>
                    </tr>
                </table>

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

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="5%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&thorn;</font><br>
                            <font size="2">Yes</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="5%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&uml;</font><br>
                            <font size="2">No</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: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="5%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&uml;</font><br>
                            <font size="2">Yes</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="5%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&thorn;</font><br>
                            <font size="2">No</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: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
                            days.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="5%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&thorn;</font><br>
                            <font size="2">Yes</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="5%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&uml;</font><br>
                            <font size="2">No</font></p>
                        </td>
                    </tr>
                </table>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant&rsquo;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K.
                            &nbsp;&nbsp;<font face="Wingdings" size="4">&thorn;</font></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</font></p>
                        </td>
                    </tr>
                </table>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="25%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;<font face="Wingdings" size="4">&thorn;</font></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="22%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;<font face="Wingdings" size="4">&uml;</font></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="24%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;<font face="Wingdings" size="4">&uml;</font></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="29%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;<font face="Wingdings" size="4">&uml;</font></font></p>
                        </td>
                    </tr>
                </table>

                <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: 3pt" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt" valign="top" width="5%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><font face="Wingdings" size="4">&uml;</font></font><br>
                            <font size="2">Yes</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 3pt" valign="top" width="5%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings" size="4">&thorn;</font><br>
                            <font size="2">No</font></p>
                        </td>
                    </tr>
                </table>

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

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="100%">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">As of December 31, 2007, the aggregate market value of the registrant&rsquo;s Common Stock held by nonaffiliates of the registrant was approximately $1.4 billion based on the closing price as reported on the NASDAQ Global Select Market.</font></p>

                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">As of August 26, 2008, there were 45,666,225 shares of the registrant&rsquo;s Common Stock outstanding.</font></p>
                            <br>


                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><b><font size="2">DOCUMENTS INCORPORATED BY REFERENCE</font></b></p>

                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Items 10, 11, 12, 13 and 14 of Part III incorporate information by reference from the registrant&rsquo;s Proxy Statement to be filed within 120 days of June 30, 2008 for the 2008 Annual Meeting of Stockholders.</font></p>
                        </td>
                    </tr>
                </table>

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

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 2.25pt double; TEXT-ALIGN: justify">&nbsp;</p>

                <p style="PAGE-BREAK-BEFORE: always"></p>
                <!-- END-P0 --><!-- TABLE OF CONTENTS BEGINS -->

                <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>
                <a name="tocmain"></a>

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

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

                <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font face="Times New Roman, Times, Serif" size="2"><b>FORM 10-K</b></font></p>

                <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font face="Times New Roman, Times, Serif" size="2"><b>FISCAL YEAR ENDED JUNE 30, 2008</b></font></p>

                <div style="WIDTH: 660px">
                    <table cellspacing="5" cellpadding="1" width="100%" align="left" border="0">
                        <tr valign="top">
                            <td align="left" width="90"><a href="#toca"><font face="Times New Roman, Times, Serif" size="2"><b>PART I</b></font></a></td>

                            <td style="TEXT-INDENT: 0.35in; TEXT-ALIGN: left" width="530"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 1:</font></td>

                            <td align="left"><a href="#toc1"><font face="Times New Roman, Times, Serif" size="2">Business</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">1</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 1A:</font></td>

                            <td align="left"><a href="#toc2"><font face="Times New Roman, Times, Serif" size="2">Risk Factors</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">9</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 1B:</font></td>

                            <td align="left"><a href="#toc23"><font face="Times New Roman, Times, Serif" size="2">Unresolved Staff Comments</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">25</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 2:</font></td>

                            <td align="left"><a href="#toc3"><font face="Times New Roman, Times, Serif" size="2">Properties</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">25</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 3:</font></td>

                            <td align="left"><a href="#toc4"><font face="Times New Roman, Times, Serif" size="2">Legal Proceedings</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">25</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 4:</font></td>

                            <td align="left"><a href="#toc5"><font face="Times New Roman, Times, Serif" size="2">Submission of Matters to a Vote of Security Holders</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">26</font></td>
                        </tr>

                        <tr>
                            <td align="left" colspan="3">
                            </td>
                        </tr>

                        <tr valign="top">
                            <td align="left" colspan="3"><a href="#tocb"><font face="Times New Roman, Times, Serif" size="2"><b>PART II</b></font></a></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 5:</font></td>

                            <td align="left"><font face="Times New Roman, Times, Serif" size="2"><a href="#toc6">Market for Registrant's Common Equity, Related Stockholder Matters</a><br>
                            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#toc6">and Issuer Purchases of Equity Securities</a></font></td>

                            <td valign="bottom" align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">27</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 6:</font></td>

                            <td align="left"><a href="#toc7"><font face="Times New Roman, Times, Serif" size="2">Selected Financial Data</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">29</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 7:</font></td>

                            <td align="left"><a href="#toc8"><font face="Times New Roman, Times, Serif" size="2">Management's Discussion and Analysis of Financial Condition and Results of Operations</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">30</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 7A:</font></td>

                            <td align="left"><a href="#toc9"><font face="Times New Roman, Times, Serif" size="2">Quantitative and Qualitative Disclosures about Market Risk</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">49</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 8:</font></td>

                            <td align="left"><a href="#toc10"><font face="Times New Roman, Times, Serif" size="2">Consolidated Financial Statements and Supplementary Data</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">50</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 9:</font></td>

                            <td align="left"><a href="#toc11"><font face="Times New Roman, Times, Serif" size="2">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">94</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 9A:</font></td>

                            <td align="left"><a href="#toc12"><font face="Times New Roman, Times, Serif" size="2">Controls and Procedures</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">94</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 9B:</font></td>

                            <td align="left"><a href="#toc13"><font face="Times New Roman, Times, Serif" size="2">Other Information</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">96</font></td>
                        </tr>

                        <tr>
                            <td align="left" colspan="3">
                            </td>
                        </tr>

                        <tr valign="top">
                            <td align="left" colspan="3"><a href="#tocc"><font face="Times New Roman, Times, Serif" size="2"><b>PART III &ndash; Documents Incorporated by Reference</b></font></a></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 10:</font></td>

                            <td align="left"><a href="#toc14"><font face="Times New Roman, Times, Serif" size="2">Directors, Executive Officers and Corporate Governance</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">97</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 11:</font></td>

                            <td align="left"><a href="#toc15"><font face="Times New Roman, Times, Serif" size="2">Executive Compensation</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">97</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 12:</font></td>

                            <td align="left"><font face="Times New Roman, Times, Serif" size="2"><a href="#toc16">Security Ownership of Certain Beneficial Owners and Management and Related</a><br>
                            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#toc16">Stockholder Matters</a></font></td>

                            <td valign="bottom" align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">98</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 13:</font></td>

                            <td align="left"><a href="#toc17"><font face="Times New Roman, Times, Serif" size="2">Certain Relationships and Related Transactions, and Director Independence</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">98</font></td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 14:</font></td>

                            <td align="left"><a href="#toc18"><font face="Times New Roman, Times, Serif" size="2">Principal Accountant Fees and Services</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">98</font></td>
                        </tr>

                        <tr>
                            <td align="left" colspan="3">
                            </td>
                        </tr>

                        <tr valign="top">
                            <td align="left"><a href="#tocd"><font face="Times New Roman, Times, Serif" size="2"><b>PART IV</b></font></a></td>

                            <td colspan="2">&nbsp;</td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="2">Item 15:</font></td>

                            <td align="left"><a href="#toc19"><font face="Times New Roman, Times, Serif" size="2">Exhibits and Financial Statement Schedules</font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">99</font></td>
                        </tr>

                        <tr>
                            <td align="left" colspan="3">
                            </td>
                        </tr>

                        <tr valign="top">
                            <td style="TEXT-INDENT: 0in; TEXT-ALIGN: left" colspan="2"><font face="Times New Roman, Times, Serif" size="2"><b>SCHEDULE&nbsp;II&nbsp;&nbsp;&ndash;&nbsp;&nbsp;<a href="#toc20">Valuation and Qualifying Accounts</a></b></font> </td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">103</font></td>
                        </tr>

                        <tr>
                            <td align="left" colspan="3">
                            </td>
                        </tr>

                        <tr valign="top">
                            <td align="left" colspan="2"><a href="#toc21"><font face="Times New Roman, Times, Serif" size="2"><b>SIGNATURES</b></font></a></td>

                            <td align="right" width="40"><font face="Times New Roman, Times, Serif" size="2">104</font></td>
                        </tr>


                        <tr valign="top">
                            <td align="center" colspan="3"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
                        </tr>

                        <tr valign="top">
                            <td align="center" colspan="3"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></td>
                        </tr>


                        <tr valign="top">
                            <td align="center" colspan="3"><font face="Times New Roman, Times, Serif" size="2">i</font></td>
                        </tr>




                    </table>




                    <table cellspacing="5" cellpadding="1" width="100%" align="left" border="0">
                        <tr valign="top">
                            <td align="left" colspan="3">
                                <br>



                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                            </td>
                        </tr>
                    </table>
                    <PAGE>
                    <hr align="center" width="95%" noshade size="2">
                </div>

                <div style="PAGE-BREAK-AFTER: always">
                    &nbsp;
                </div></div>
                <!-- END-TOC --><!-- BEG-P1 -->

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

                <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: center"><u><b><font size="2">PART I</font></b></u></p>
                <a name="toc1"></a>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 1</font></b></u><b><font size="2">:</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Business</font></b></u></p>
                        </td>
                    </tr>
                </table>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><i><font size="2">In this Report, we use the terms &ldquo;Company,&rdquo; &ldquo;ECD,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our,&rdquo; unless otherwise indicated or the context otherwise requires, to refer to Energy Conversion Devices, Inc. and its consolidated subsidiaries. A substantial portion of the Company&rsquo;s operations are conducted through subsidiaries controlled
                by ECD. The Company is also a party to various joint venture arrangements that are not consolidated. Certain disclosures included in this Report constitute forward-looking statements that are subject to risks and uncertainties. See Item 1A, &ldquo;Risk Factors,&rdquo; and Item 7, &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations &ndash; Forward-Looking Statements.&rdquo;</font></i></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Overview</font></b></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We design, manufacture and sell photovoltaic (&ldquo;PV&rdquo;) products, known as PV or solar laminates, that generate clean, renewable energy by converting sunlight into electricity. Our solar laminates have unique characteristics that differentiate them from conventional crystalline solar modules, including physical flexibility, light weight, high durability and ease of
                installation. These characteristics make our products particularly suitable for rooftop applications and building integrated ("BIPV"), which is our target market. We manufacture our solar laminates using a proprietary process and technology that we developed through nearly 30 years of research. To meet the increasing demand for our products, we are actively expanding our production capacity and have embarked on an expansion plan to reach 1GW of annual production capacity by
                2012. Solar laminate sales represent more than 90% of our revenues. We also receive fees and royalties from licensees of our nickel metal hydride (&ldquo;NiMH&rdquo;) battery technology and sell high performance nickel hydroxide used in NiMH batteries.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Our Business Segments</font></b></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We operate our business in two business segments: United Solar Ovonic and Ovonic Materials. Financial information regarding each segment is available in Note&nbsp;P, &ldquo;Business Segments,&rdquo; of the Notes to our Consolidated Financial Statements.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><u><i><font size="2">United Solar Ovonic</font></i></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our United Solar Ovonic segment designs, manufactures and sells PV laminates that generate clean, renewable energy by converting sunlight into electricity. This business, which we conduct through our wholly owned subsidiary, United Solar Ovonic LLC, is based principally on our pioneering technologies for thin-film amorphous silicon PV laminates and low-cost, roll-to-roll
                manufacturing.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our PV laminates possess several unique attributes that make them ideal for both rooftop and building integrated applications, including ability to be integrated with roofing materials; ability to qualify for special BIPV incentives; light weight; superior resistance to wind uplift; no roof penetration; high durability and impact resistance; and ease of installation. In
                addition, our products</font></p>
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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2">generate more electricity in real world conditions than many competing products, resulting in higher returns for our customers.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We sell our PV laminates principally for commercial and industrial roofing applications. We believe that we have a strategic competitive advantage because our PV laminates are readily adaptable for integration into various roofing materials. We sell most of our laminates to commercial roofing materials manufacturers, builders and building contractors, and solar power
                installers/integrators who incorporate our PV laminates into their products for commercial sale and then handle all aspects of the consumer relationship, including marketing, sales and service.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We have embarked on an expansion plan to reach 1GW of production capacity by 2012. We believe this expansion is necessary to accommodate the rapidly growing demand for our products and to align with our customers&rsquo; needs. We currently operate four manufacturing lines in Michigan, two in Auburn Hills and two in Greenville, totaling 118MW of nameplate capacity. We are
                installing additional manufacturing lines in Greenville, Michigan that will bring our nameplate capacity to 178MW. We expect these lines to be operating at full capacity before the end of fiscal year 2009.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We manufacture our PV laminates using our proprietary vacuum deposition and large-scale, roll-to-roll manufacturing processes to deposit amorphous silicon as a thin film on a large roll of stainless steel. We design, develop and manufacture and have made the automated production equipment based on these proprietary process technologies. We believe our manufacturing process and
                product design create significant barriers to entry for competitors who may seek to produce products similar to our own. We also believe that consolidating our PV equipment design and manufacturing activities with our PV laminate manufacturing activities allows us to more effectively improve our manufacturing efficiency and reduce capital costs.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We compete with companies that currently manufacture and distribute products based on well-established technologies for electricity generation, as well as companies that currently manufacture and distribute products based on alternative energy generation technologies, such as solar and wind. Our principal competitors in the solar market include Sharp Corporation, Q-Cells AG,
                Evergreen Solar, Inc., Kyocera Corporation, Sanyo Electric Co., Ltd. (&ldquo;Sanyo&rdquo;), Sunpower Corp., Mitsubishi Electric Corporation and Suntech Power Holdings Co., Ltd., all of which manufacture predominantly crystalline or polycrystalline silicon PV modules, and First Solar, Inc., which manufactures thin film, cadmium telluride PV modules on glass substrates. The competitiveness of alternative energy generation products in general, including solar power products, is
                typically enhanced by governmental incentives designed to encourage the use of these products as compared to conventional energy generation sources, which today are less expensive at the customer level in most locations. However, our long-term goal is to compete directly, without subsidies, in energy markets.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Historically, we entered into long-term supply agreements with certain of our customers that did not contain minimum firm purchase commitments. These orders were completed on a current basis via purchase orders issued by the customers as they required our PV products. Therefore, our backlog of customer orders was not significant nor was it a meaningful indicator of future
                product sales. In order to increase visibility and certainty, and to plan our operations more efficiently, we have recently focused our efforts on long-term &ldquo;take-or-pay&rdquo; agreements that require</font></p>
                <br>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2">the customer to purchase a specified minimum amount of our products. We have increased, and will continue to increase, the percentage for our products that are sold under take-or-pay agreements as we continue to pursue our strategy of demand-driven expansion. Therefore, our backlog of orders for PV products has increased as we have entered into more take-or-pay agreements.&nbsp; As of June 30,
                2008, our backlog of anticipated product sales for fiscal years 2009 through 2013&nbsp;was approximately $1.5&nbsp;billion.&nbsp; The Company&rsquo;s estimate of anticipated product sales may be impacted by various assumptions, including price reductions, currency exchange rates and overall customer demand. Anticipated product sales include future firm commitments under take-or-pay agreements, confirmed orders from customers as of June 30, 2008 and government
                contracts.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our strategic customers include Solar Integrated Technologies Inc. (&ldquo;SIT&rdquo;), Biohaus PV Handels GmbH (&ldquo;Biohaus&rdquo;), Alwitra Flachdach Systeme GmbH, Corus Bausysteme GmbH, Hoesch Contecna Systembau, Unimetal S.p.A., SunEdison, LLC, Advanced Green Technologies, Inc. (a unit of Advanced Roofing, Inc.) and Centrosolar AG. Sales to SIT represented 23%, 11% and
                21%, respectively, of our product sales in this segment for&nbsp;fiscal years&nbsp;2008, 2007 and 2006.&nbsp; Sales to Biohaus were not significant for 2008 and represented 14% of our product sales in this segment for each of&nbsp;fiscal years&nbsp;2007 and 2006. Sales to Advanced Green Technologies represented 12% of our product sales for&nbsp;fiscal year&nbsp;2008.&nbsp; For information about our revenues by geographic region, see Note P, "Business Segments," to our Notes to
                the Consolidated Financial Statements.&nbsp;&nbsp;&nbsp;</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our long-term research and development strategy involves reducing production costs, improving light-to-electricity conversion efficiency and identifying new commercial applications for our products. We seek to offset our research and development costs in this segment with third-party funding, including product development agreements and government funding. For example, in July
                2007 we entered into a three-year cooperative agreement in which we will receive approximately $19 million from the Department of Energy under an innovative, new program, the Solar America Initiative, to increase the efficiency of our photovoltaic products, lower material costs and develop innovative installation methods in order to reduce overall system costs.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The key raw materials used in our United Solar Ovonic segment business are stainless steel; high purity industrial gases, primarily argon, nitrogen, hydrogen, silane and germane; and polymer materials. We believe that we have adequate sources for the supply of key raw materials and components for our PV laminate manufacturing needs. We have, in certain instances, selected
                single-source suppliers for certain key raw materials and components for efficiency, cost and quality. The cost of certain raw materials, in particular stainless steel and resin-based polymer materials, has risen over the last several years, and we are actively managing these costs through purchasing strategies and product design and operating improvements. Our operations are not impacted by the current shortage of polysilicon (a key raw material for conventional PV products)
                that is affecting most of our competitors through higher costs and limited availability.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our United Solar Ovonic segment is headquartered in Auburn Hills, Michigan, and has manufacturing facilities in Auburn Hills and Greenville, Michigan and Tijuana, Mexico.&nbsp; We maintain sales offices in Germany, Italy and the United States.</font></p>
                <br>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><u><i><font size="2">Ovonic Materials</font></i></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our Ovonic Materials segment invents, designs and develops materials and products based on our pioneering materials science technology. We seek to commercialize this technology internally and through third-party relationships, such as licenses and joint ventures. We are presently commercializing our NiMH materials and consumer battery technology through this segment. We are
                also engaged in pre-commercialization activities for our emerging technologies, the funding of which we seek to offset with royalties and licensing revenues from this segment and third-party funding, including product development agreements and government funding.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><i><font size="2">NiMH Batteries</font></i></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">NiMH batteries are rechargeable energy storage solutions offering high power, long cycle life and maintenance-free operation. They are adaptable to a broad range of consumer, transportation and stationary applications. Products utilizing our NiMH battery technology compete with lead-acid, nickel-cadmium and lithium battery technologies. NiMH batteries produce high energy and
                power for their weight and volume; do not contain any environmentally hazardous substances; have excellent durability and abuse tolerance; have a long cycle life; and provide excellent cost benefits.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We commercialize our NiMH battery technology principally through our Cobasys joint venture (see &ldquo;Our Principal Joint Ventures &ndash; Cobasys&rdquo;) and third-party licensing arrangements with NiMH battery manufacturers throughout the world. We also sell proprietary high-performance positive electrode nickel hydroxide materials for use in NiMH batteries. We conduct our
                NiMH battery technology licensing and materials manufacturing activities through our subsidiary Ovonic Battery Company, Inc., in which we have a 91.4% equity interest and the balance is owned by Honda Motor Company, Ltd. (3.2%), Sanoh Industrial Co., Ltd. (3.2%) and Sanyo (2.2%).</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><i><font size="2">Licensing.</font></i> <font size="2">We have licensed our NiMH battery technology to NiMH battery manufacturers, principally for consumer applications, on a royalty-bearing, nonexclusive basis. We are presently receiving royalties from manufacturers who are currently producing NiMH batteries using our technology.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Prior to Cobasys&rsquo; formation, we entered into royalty-bearing, nonexclusive license agreements for the manufacture and sale of NiMH batteries for transportation applications. There are licensees that are presently manufacturing NiMH batteries for four-wheel vehicle transportation applications. Royalties from Sanyo for consumer and transportation applications represented
                24%, 18% and 17%, respectively, of our revenues in this segment for the fiscal years ended June 30, 2008, 2007 and 2006.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><i><font size="2">Materials Manufacturing.</font></i> <font size="2">We produce proprietary high-performance positive electrode nickel hydroxide materials for use in NiMH batteries, which we sell to licensees of our NiMH battery technology. Our positive electrode materials offer advantages such as higher capacity and power, greater cycle life, high-temperature performance and lower costs.
                Sales to Gold Peak Industries represented 96%, 93% and 96%, respectively, of our NiMH materials product sales and 34%, 31% and 13%, respectively, of our total revenues in this segment for the fiscal years ended June 30,</font></p>
                <br>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font face="Times New Roman, Times, Serif" size="2">4</font></p>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">2008, 2007 and 2006. We conduct our manufacturing operations at an automated facility in Troy, Michigan.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The key raw materials used in our nickel hydroxide business are primarily nickel and cobalt. All of the raw materials used are generally readily available from numerous sources, but interruptions in production or delivery of key raw materials could have an adverse impact on our manufacturing operations in this segment. Prices for these raw materials may fluctuate in the normal
                course of business due to supply and demand. Our product pricing formula to our customers is based on the raw material price.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><i><font size="2">Emerging Technologies</font></i></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our research and development activities have generated new technologies, which we are seeking to bring to full-scale commercialization. These technologies, some of which are discussed below, are subject to further development and will require substantial additional funding to reach commercial product status. We seek to offset our funding requirements by obtaining third-party
                funding through strategic alliances and government contracts.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><i><font size="2">Ovonic Solid Hydrogen Storage Technologies</font></i><font size="2">. Hydrogen is a clean and efficient fuel source that yields more energy per unit of weight than any other combustible fuel, and we are developing a practical approach to storing hydrogen in a solid metal matrix at low pressures using a family of efficient metal hydrides. Our solid hydrogen storage solutions
                have several advantages over conventional gaseous and liquid storage solutions, including improved weight and volumetric density and greater safety due to our technology&rsquo;s low-pressure refilling and storage capabilities. We are presently manufacturing pre-production volumes of portable hydrogen canisters in Rochester Hills, Michigan, and have sold over 3,500 canisters of various sizes to multiple customers since fiscal 2004.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><i><font size="2">Ovonic Metal Hydride Fuel Cell Technologies</font></i><font size="2">. Fuel cells are environmentally-clean power generators in which hydrogen and oxygen are combined to produce electricity, with water and heat as the only byproducts. Our Ovonic metal hydride fuel cell technology is a proprietary approach that combines the best features of both fuel cell and battery
                technologies for a new, lower cost solution in comparison to conventional proton exchange membrane (&ldquo;PEM&rdquo;) fuel cells, which require expensive platinum catalysts. As part of our development activities, we have demonstrated high power fuel stacks utilizing our metal hydride fuel cell technology that meet the power ratings of certain commercially-available fuel cells for the stationary market at a fraction of the cost.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><i><font size="2">Ovonic Biofuel Reformation Technologies</font></i><font size="2">. The production of low-cost hydrogen is a key for existing high-volume hydrogen users and potential future uses. Our Ovonic reformation technology produces pure hydrogen in a safe process from multiple biofuel and biomass sources at far lower operating temperatures than commercial processes without the
                generation of carbon dioxide gas. Our proprietary process uses inexpensive catalysts and has the potential to dramatically reduce hydrogen cost to the end user through local hydrogen production at the point of use, thereby eliminating transportation costs and risks. We presently are seeking funding as we move from laboratory-scale production to pilot plant demonstration.</font></p>
                <br>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font face="Times New Roman, Times, Serif" size="2">5</font></p>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Our Principal Joint Ventures</font></b></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We presently have two principal joint ventures that are commercializing technologies we invented: Cobasys, which is manufacturing and selling rechargeable NiMH batteries primarily for transportation and stationary applications, and Ovonyx, which is commercializing phase-change memory devices through licensing arrangements and joint development agreements.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><u><i><font size="2">Cobasys</font></i></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our Cobasys joint venture designs, develops, manufactures and sells advanced NiMH battery system solutions for transportation markets, including hybrid electric vehicles (HEVs), in addition to stationary back-up power supply systems for uninterruptible power supply, telecommunication and distributed generation requirements. Cobasys presently manufactures and sells its advanced
                NiMH battery system for several General Motors Corporation vehicles.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We have granted Cobasys a royalty-free, exclusive license to our NiMH battery technology for certain applications, including vehicle propulsion and ancillary vehicle applications, telecommunications applications and uninterruptible power supply applications. Certain licenses that we had entered into prior to Cobasys&rsquo; formation (as discussed above) were excepted from this
                exclusivity, and we retain nonexclusive rights to manufacture in China and India cylindrical batteries for two- and three-wheeled transportation applications for sale worldwide.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our Ovonic Battery Company owns 50% of Cobasys, and Chevron Technology Ventures LLC (&ldquo;CTV&rdquo;), a subsidiary of Chevron Corporation, owns the remaining 50%. Cobasys operates independently of its joint venture partners, although each partner participates on Cobasys&rsquo; management board. As part of this joint venture arrangement, we have licensed certain technology
                to Cobasys (as described below) and contributed intellectual property, licenses, production processes and know-how. CTV was funding Cobasys&rsquo; operations by acquiring a preferred interest in Cobasys, for which it is entitled to a priority right of repayment.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">In 2007, CTV and OBC agreed to explore strategic alternatives regarding Cobasys, which has resulted in us, OBC and CTV commencing negotiations for the sale of Cobasys with a potential buyer during early 2008. These negotiations have been ongoing, but we cannot assure that the proposed sale will be completed. If the proposed sale is not completed, without an agreed budget and
                business plan and resolution of pending disputes that are the subject of arbitration between us and OBC and CTV, Cobasys may not be able to continue as a going concern. See Part I, Item III &ndash; Legal Proceedings and Item 1A &ndash; Risk Factors.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Cobasys is headquartered in Orion Township, Michigan, and has a 170,000 square foot state-of-the-art production facility with automated manufacturing equipment in Springboro, Ohio. The manufacturing facility is ISO/TS 16949, ISO 17025, ISO 9001:2000 and TL 9000 certified.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><u><i><font size="2">Ovonyx</font></i></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our Ovonyx joint venture is commercializing our proprietary Ovonic Universal Memory (&ldquo;OUM&rdquo;) technology through licensing and product development arrangements. OUM is a basic,</font></p>
                <br>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font face="Times New Roman, Times, Serif" size="2">6</font></p>

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                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">new type of nonvolatile memory that can replace conventional nonvolatile or FLASH memory in applications requiring retention of stored data when power is turned off, including cell phones, PDAs, digital cameras and microelectronics. OUM, which is also known in the semiconductor industry as phase-change random access memory (PRAM and PC-RAM), offers several advantages over
                conventional nonvolatile memory, including significantly faster write time, greater scalability, lower power utilization and longer life, and is compatible with existing CMOS manufacturing processes.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We own 39.3% (or 30.3% on a fully diluted basis after giving effect to exercise of stock options and warrants) of the common stock of Ovonyx. As part of this joint venture arrangement, we have licensed all OUM technology to Ovonyx on an exclusive, worldwide basis and contributed intellectual property, licenses, production processes and know-how. In addition to our equity
                interest in Ovonyx, we receive 0.5% of Ovonyx&rsquo; annual gross revenue as a royalty.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Ovonyx has entered into royalty-bearing, nonexclusive license agreements with Intel Corporation, Samsung Electronics Co., Ltd., Qimonda AG., Elpida Memory, Inc., STMicroelectronics N.V., BAE Systems and Nanochip, Inc. to produce OUM products. Under most of these agreements, Ovonyx is also participating in joint development programs to assist in the commercialization of OUM
                phase-change memory products. Ovonyx has not yet realized any royalty revenues since its licensees have not begun commercial sales of products based on OUM.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Our Technology and Intellectual Property</font></b></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The principal markets in which we compete &ndash; the alternative energy generation, energy storage and information technology markets &ndash; are characterized by rapid change and competition driven by technological and product performance advantages. We have driven some of this activity through our pioneering and proprietary materials, product and production process
                technologies. At the same time, we are actively engaged in product design and development to commercialize and improve our materials, products and production processes.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><u><i><font size="2">Research and Development Expenditures</font></i></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our research and development expenditures are reflected as cost of revenues from product development agreements and product development and research expenses in our Statements of Operations in our Consolidated Financial Statements. We seek to offset our research and development costs with third-party funding, including joint ventures, product development agreements and
                government funding.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><u><i><font size="2">Competition</font></i></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Since our businesses are based upon our pioneering technologies that offer fundamental solutions in the alternative energy generation, energy storage and information technology markets, we compete not only at the product level for market share but also at the technology level for market acceptance. Our competition includes well-established conventional technologies, other
                alternative technology solutions and other technologies within an alternative solution. For example, our PV technology competes with conventional electricity generation technologies, such as gas and</font></p>
                <br>

                <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>
                <PAGE>
                <hr align="center" width="95%" noshade size="2">

                <div style="PAGE-BREAK-AFTER: always">
                    &nbsp;
                </div>
                <!-- END-P7 -->

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">coal; alternative electricity generation technologies, such as wind and nuclear; and other solar technologies, such as crystalline products. Our business competitors include some of the world&rsquo;s largest industrial companies, many of which are pursuing new technology solutions in addition to their well-established conventional technologies.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We believe that we have derived a key business and technological advantage through our research and development activities by continuously inventing new technologies and improving our existing materials, products and production processes. However, even as we successfully pursue these research and development activities, some of our technologies, particularly in the alternative
                energy generation and energy storage markets, presently face commercial barriers as compared to well-established conventional technologies, including infrastructural barriers, customer transition costs and higher manufacturing costs associated with present production volumes. The competitiveness of products based on our technologies in these areas is typically enhanced by external factors, including rising energy costs, concerns regarding energy security and governmental
                incentives at the customer level. Our long-term goal is to compete directly in energy markets without subsidies.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><u><i><font size="2">Patents and Intellectual Property</font></i></u></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We maintain an extensive patent portfolio presently consisting of over 300 U.S. patents and over 400 foreign counterparts (including patents assigned to a joint venture partner), to which we are regularly adding new patents based upon our continuing research and development activities. Importantly, our portfolio includes numerous basic and fundamental patents applicable to
                each of our business segments, covering not only materials, but also the production technology and products we develop. Based on the breadth and depth of our patent portfolio, we believe that our proprietary patent position is sustainable notwithstanding the expiration of certain patents. We do not expect the expiration of any patents to materially affect the business prospects of any of our business segments.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Our Employees</font></b></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">As of August&nbsp;26, 2008, we and our consolidated subsidiaries had a total of 1,090 employees in the U.S. and 678 employees outside of the U.S. These numbers do not include employees of our joint ventures or licensees.</font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Available Information</font></b></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our website address is www.ovonic.com. We make available on our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the
                Securities and Exchange Commission (&ldquo;SEC&rdquo;). We also make available on our website, or in printed form upon request, free of charge, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, charters for the committees of our Board of Directors and other information related to the Company. The information found on our website is not part of this or any other report we file with, or furnish to, the SEC.</font></p>
                <br>

                <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>
                <PAGE>
                <hr align="center" width="95%" noshade size="2">

                <div style="PAGE-BREAK-AFTER: always">
                    &nbsp;
                </div>
                <!-- END-P8 -->

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                <a name="toc2"></a>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="336" border="0">
                    <tr>
                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 1A</font></b></u><b><font size="2">:</font></b></p>
                        </td>

                        <td valign="top" width="269">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Risk Factors</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We have a history of losses and our future profitability is uncertain; the failure to maintain sustainable profitability could have a material adverse effect on our business, results of operations, financial condition and cash flows.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Since our inception, we have incurred significant net losses. Principally as a result of ongoing operating losses, we had an accumulated deficit of $325.2&nbsp;million as of June&nbsp;30, 2008. However, we generated net income of $3.9&nbsp;million for the year ended June 30, 2008, and our goal is to operate our business in such a way that such profitability is sustainable over the
            long term. Nonetheless, we may be unable to sustain or increase our profitability in the future, which in turn could materially and adversely impact our ability to repay the notes and could materially decrease the market value of our common stock (and as a result, the value of our notes). We expect to continue to make significant capital expenditures and anticipate that our expenses will increase as we seek to:</font></p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">expand our manufacturing operations, whether domestically or internationally;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">service our debt obligations;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">develop our distribution network;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">continue to research and develop our products and manufacturing technologies;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">implement internal systems and infrastructure to support our growth;&nbsp;and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">retain key members of management, retain other personnel and hire additional personnel.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We do not know whether our revenue will grow at all or grow rapidly enough to absorb these costs, and our limited operating history under our current business strategy and new management team makes it difficult to assess the extent of these expenses or their impact on our operating results. If we fail to sustain profitability, our business, results of operations, financial
            condition and cash flows could be materially adversely affected.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We expect that we will need to make significant capital expenditures to increase our production capacity, and financing may be unavailable or available only on disadvantageous terms.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">In the past, we have experienced substantial losses and negative cash flow from operations and have required financing in order to pursue the commercialization of products based on our technologies. We expect that we will continue to need financing to operate our business and for capital expenditures to expand our production capacity. There can be no assurance that the proceeds
            from our recent convertible senior notes offering and concurrent equity offering will be sufficient to fund our manufacturing capacity in our United Solar Ovonic segment from the current 118 MW to 300 MW by 2010 and 1GW by 2012. If additional financing is necessary, there can be</font></p>
            <br>

            <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">9</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P9 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">no assurance that such additional financing will be available or that the terms of such additional financing, if available, will be acceptable to us. If additional financing is not available or not available on terms acceptable to us, our ability to fund our operations, develop and expand our manufacturing operations and distribution network, maintain our research and development
            efforts or otherwise respond to competitive pressures may be significantly impaired.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Our expansion plans require significant engineering efforts, timely delivery of manufacturing equipment and dedicated management attention.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our future success depends, to a large extent, on our ability to expand our production capacity. If we are unable to do so, we will not be able to attain the desired level of economies of scale in our operations or cut the marginal production cost to the level necessary to effectively maintain our pricing and other competitive advantages. We expect that we will make substantial
            capital expenditures for our future growth. This expansion has required, and will continue to require, significant engineering efforts, timely delivery of manufacturing equipment and dedicated management attention, and is subject to significant risks and uncertainties, including:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">We may experience cost overruns, construction delays, equipment problems, including delays in manufacturing equipment deliveries or deliveries of equipment that is damaged or does not meet our specifications, and other operating difficulties;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">We will be required to obtain governmental approvals, permits or documents of similar nature with respect to any new expansion projects, but it is uncertain whether such approvals, permits or documents will be obtained in a timely manner or at all and;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">We may not have sufficient management resources to properly oversee capacity expansion as currently planned.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Any of these or similar difficulties could significantly delay or otherwise constrain our ability to undertake our capacity expansion plans as currently planned, which in turn would limit our ability to increase sales, reduce marginal manufacturing costs or otherwise improve our prospects and profitability.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We rapidly are expanding our manufacturing capacity for solar energy products in order to meet expected demand, and our revenue and profits will depend upon our ability to successfully complete this expansion and then to sell our solar energy products at higher volumes to match our expanded capacity.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We plan to continue the expansion of our manufacturing capacity from the current nameplate capacity of 118MW to an expected nameplate capacity of 300MW by 2010 and reaching 1GW by 2012. This expansion plan includes adding new facilities in Greenville, Michigan, Tijuana, Mexico and Tianjin, China and other locations to be determined. We are designing, developing, manufacturing,
            installing and testing the equipment for this expansion internally and through third parties. We may experience delays, additional or unexpected costs and other adverse events in connection with our capacity expansion projects, including those associated with the equipment we are providing. For example, we source some of the equipment that we use in our manufacturing</font></p>
            <br>

            <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>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2">process from single source suppliers. Additionally, there can be no assurance that market demand will align with our expanding manufacturing capacity or that our marketing capabilities at the expanded manufacturing volumes will be successful. As a result, we may not be able to realize revenue and profits based upon the expected additional capacity, or we may experience delays or reductions in these
            revenue and profits, and our business could be materially adversely affected.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We have international operations, which we are expanding, that are vulnerable to risks associated with doing business in foreign countries.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We have a PV laminate manufacturing facility in Tijuana, Mexico, and have established a joint venture in Tianjin, China, to manufacture PV laminates. Also, a portion of our expenses are denominated in currencies other than U.S. dollars. International operations and transactions are subject to certain risks inherent in doing business abroad, including:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the potential that we may be forced to forfeit, voluntarily or involuntarily, foreign assets due to economic or political instability in the countries in which we choose to locate our manufacturing facilities;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">difficult and expensive compliance with the commercial and legal requirements of international markets;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">difficulty in interpreting and enforcing contracts governed by foreign law, which may be subject to multiple, conflicting and changing laws, regulations and tax systems;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">inability to obtain, maintain or enforce intellectual property rights;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">encountering trade barriers such as export requirements, tariffs, currency exchange controls, taxes and other restrictions and expenses, which could affect the competitive pricing of our solar laminates and reduce our market share in some countries;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">being subjected to additional withholding taxes or other tax on our foreign income or tariffs and other restrictions on foreign trade and investment, including currency exchange controls;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">being subjected to fluctuations in exchange rates which may affect product demand and may affect our profitability in U.S.&nbsp;dollars to the extent the price of our solar laminates and cost of raw materials, labor and equipment is denominated in a foreign currency;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">limitations on dividends or restrictions against repatriation of earnings;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">difficulty in recruiting and retaining individuals skilled in international business operations;&nbsp;and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">increased costs associated with maintaining international marketing efforts.</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <br>

            <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">11</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P11 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">In addition, since expanding our business globally is an important element of our strategy, our exposure to these risks will be greater in the future. The likelihood of such occurrences and their potential effect on us vary from country to country and are unpredictable. However, any such occurrences could be harmful to our business and our profitability.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Certain equipment purchases are denominated in foreign currency.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">As noted above, we are planning on making substantial capital expenditures as part of our expansion plan. A portion of the equipment associated with the expansion plan is purchased from a manufacturer in Japan and the contracts are payable in yen. As of June 30, 2008, we have commitments to purchase equipment totaling approximately 3.49 billion yen ($32.6 million). A substantial
            change in the exchange rate between the dollar and the yen between the time the contracts are entered into and the time payments on the equipment are due could adversely impact the cost of the equipment. Presently, we have entered into forward contracts for approximately 771 million yen to mitigate the risk associated with changes in exchange rates between the dollar and the yen.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We face intense competition from other companies producing solar energy and other renewable energy products.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The solar energy market is intensely competitive and rapidly evolving. The number of solar energy product manufacturers is rapidly increasing due to the growth of actual and forecast demand for solar energy products and the relatively low barriers to entry. If we fail to attract and retain customers in our target markets for our current and future core products, namely solar
            laminates, we will be unable to increase our revenue and market share. Some of our competitors have established more prominent market positions, and if we fail to attract and retain customers and establish successful distribution networks in our target markets for our products, we will be unable to increase our sales. Our competitors include Sharp Corporation, Q-Cells AG, Evergreen Solar, Inc., Kyocera Corporation, Sanyo Electric Co., Ltd., Sunpower Corp., Mitsubishi Electric
            Corporation and Suntech Power Holdings Co., Ltd., all of which currently manufacture predominantly crystalline or polycrystalline silicon solar energy laminates, and First Solar, Inc., which currently manufactures thin film, cadmium telluride solar energy laminates on glass substrates.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We may also face competition from new entrants to the solar energy market, including those that offer more advanced technological solutions or that have greater financial resources. A significant number of our competitors are developing or currently producing products based on more advanced solar energy technologies, including amorphous silicon, string ribbon and nano
            technologies, which may eventually offer cost advantages over the technologies currently used by us. A widespread adoption of any of these technologies could result in a rapid decline in our position in the solar energy market and our revenue if we fail to adopt such technologies. Furthermore, the entire solar energy industry also faces competition from conventional energy and non-solar renewable energy providers. Due to the relatively high manufacturing costs compared to most other
            energy sources, solar energy is generally not competitive without government incentive programs.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Many of our existing and potential competitors have substantially greater financial, technical, manufacturing and other resources than we do. Our competitors&rsquo; greater size in some cases</font></p>
            <br>

            <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">12</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P12 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">provides them with a competitive advantage with respect to manufacturing costs because of their economies of scale and their ability to purchase raw materials at lower prices. As a result, those competitors may have stronger bargaining power with their suppliers and may have an advantage over us in negotiating favorable pricing, as well as securing supplies in times of shortages.
            Many of our competitors also have greater brand name recognition, more established distribution networks and larger customer bases. In addition, many of our competitors have well-established relationships with our current and potential distributors and have extensive knowledge of our target markets. As a result, they may be able to devote more resources to the research, development, promotion and sale of their products or respond more quickly to evolving industry standards and
            changes in market conditions than we can. Our failure to adapt to changing market conditions and to compete successfully with existing or new competitors may materially and adversely affect our financial condition and results of operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Demand for our products may be adversely affected by the current economic and credit environment.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The United States and international economies recently have experienced (and continue to experience) a period of slow economic growth. A near-term economic recovery is uncertain. In particular, the current credit and housing crises, the increase in U.S. sub-prime mortgage defaults, terrorist acts and similar events, continued turmoil in the Middle East or war in general could
            contribute to a slowdown of the market demand for products that require significant initial capital expenditures, including demand for solar laminates and new residential and commercial buildings. If the economic recovery slows down as a result of the recent economic, political and social turmoil, or if there are further terrorist attacks in the United States or elsewhere, we may experience decreases in the demand for our solar power products, which may harm our operating
            results.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">For example, we have benefited from historically low interest rates that have made it more attractive for our customers to use credit to purchase our products. Interest rates have fluctuated recently, which could increase the cost of financing these purchases and may reduce our customers&rsquo; profits and investors&rsquo; expected returns on investment. Given the current credit
            environment, particularly the tightening of the credit markets, there can be no assurance that our customers will be able to borrow money on a timely basis or on reasonable terms, which could have a negative impact on their demand for our products. Our sales are affected by interest rate fluctuations and the availability of liquidity, and would be adversely affected by increases in interest rates or liquidity constraints. Rising interest rates may also make certain alternative
            investments more attractive to investors, and therefore lead to a decline in demand for our solar products, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Demand for our products is affected by existing regulations concerning the electrical utility industry; changes to such regulations may present technical, regulatory and economic barriers to the purchase and use of solar power products, which may significantly reduce demand for our products.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The market for electricity generation products is influenced heavily by foreign, federal, state and local government regulations and policies concerning the electric utility industry, as well as internal policies and regulations promulgated by electric utilities. These regulations and policies</font></p>
            <br>

            <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">13</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P13 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">often relate to electricity pricing and technical interconnection of customer-owned electricity generation. In the United States (at both the national level and the state and local level) and in a number of other countries, these regulations and policies are being modified and may continue to be modified.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Customer purchases of, or further investment in the research and development of, alternative energy sources, including solar power technology, could be deterred by these regulations and policies, which could result in a significant reduction in the potential demand for our solar power products. For example, utility companies commonly charge fees to larger, industrial customers for
            disconnecting from the electric grid or for having the capacity to use power from the electric grid for back-up purposes. These fees could increase the cost to our customers of using our solar power products and make them less desirable, thereby harming our business, prospects, results of operations and financial condition.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We anticipate that our solar power products and their installation will be subject to oversight and regulation in accordance with national, state and local laws and ordinances relating to building codes, safety, environmental protection, utility interconnection and metering and related matters. There is also a burden in having to track the requirements of individual countries and
            states and design equipment to comply with the varying standards. Any new government regulations or utility policies pertaining to our solar power products may result in significant additional expenses to us and our resellers and their customers and, as a result, could cause a significant reduction in demand for our solar power products.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We receive a significant portion of our revenues from a small number of customers.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We historically have entered into agreements with a relatively small number of major customers throughout the world. Our five largest customers represented approximately 50%, 40% and 47% of our total revenue for the fiscal years ended June&nbsp;30, 2008, 2007 and 2006, respectively. Any loss or material reduction in sales to any of our top customers, especially Solar Integrated
            Technologies, Inc., would be difficult to recoup from other customers and could have an adverse effect on our sales, results of operations, financial condition and cash flows.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">The reduction or elimination of government incentives related to solar power could cause our revenues to decline.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Today, the cost of solar power exceeds the cost of power furnished by the electric utility grid in most locations. As a result, federal, state and local government bodies in many countries, most notably Germany, Japan, Italy, Spain, France, Greece and the United States, have provided incentives in the form of rebates, tax credits and other incentives to end users, distributors,
            system integrators and manufacturers of solar power products to promote the use of solar energy to reduce dependency on other forms of energy. These government economic incentives could be reduced or eliminated. Reductions in, or eliminations or expirations of, incentives related to solar power could result in decreased demand for our solar laminates and lower our revenue.</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">14</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We must continue to develop and market new and innovative products and there can be no assurance that such efforts will be successful.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our financial performance depends in part on our ability to enhance our existing solar laminates, develop new and innovative products and product applications, and adopt or develop new technologies that continue to differentiate our products from those of our competitors. The continued demand for our solar laminates is premised in part on the features of our solar laminates that
            distinguish them from the solar laminates of our competitors and the resulting unique product applications. These features included physical flexibility, the ability of our laminates to be integrated with roofing materials, light weight, superior resistance to wind lift, durability, no roof penetration and ease of installation. There are companies using similar or competitive technologies that have introduced or announced plans to introduce solar laminates incorporating some or all
            of these features. In addition, all solar laminates compete based on efficiency and significant advances in the efficiency of the solar laminates of our competitors also could provide them with a competitive advantage. If we fail to enhance our existing solar laminates, develop new and innovative products and product applications, or adopt or develop new technologies that continue to differentiate our products from those of our competitors, our business, financial condition and
            results of operations could be adversely affected.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">The expansion of our business into new markets, such as residential, may increase our exposure to certain risks, including class action claims.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We are developing new applications of our solar technology, including solar laminates to be integrated into residential roofing materials. Our new solar technology applications may not gain market acceptance and we may not otherwise be successful in entering new markets, including the market for residential applications. Moreover, entry into new markets may increase our exposure
            to certain risks that we currently face or expose us to new risks. For example, the residential construction market for solar energy systems is exposed to different risks than the commercial construction markets, including more acute seasonality, sensitivity to interest rates and other macroeconomic conditions, as well as enhanced legal exposure. In particular, new home developments can result in class action litigation when one or more homes in a development experience problems
            with roofing or power systems. If we enter the residential market and experience product failures that create property damage or personal injury, we may be exposed to greater liability of a different nature than with respect to product failures in commercial building applications.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We have focused our business strategy on, and invested significant financial resources in, the BIPV segment of the PV market and there is no guarantee that the demand for BIPV systems will develop as we anticipate.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our current business strategy rests on increasing demand for BIPV systems. We believe that there has been an increase in demand for BIPV systems based in part on increasing interest and customer support from the building industry, solar customers and governments. As a result, we have invested, and will continue to invest, significant financial resources in the production and
            commercialization of our solar laminates for BIPV systems. If the BIPV segment does not develop as we anticipate, or takes longer to develop than we anticipate, we may experience difficulties</font></p>
            <br>

            <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">15</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">implementing our growth and business targets. This in turn could adversely impact our business, financial condition and results from operations.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We may be unable to obtain key raw materials that meet our quality, quantity and cost requirements.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The key raw materials used in our business are stainless steel, resin-based polymers, nickel and high purity industrial gases, primarily argon, nitrogen, hydrogen, silane and germane. Most of our key raw materials are readily available from numerous sources, however we have, in certain instances, selected single-source suppliers for certain key raw materials and components for
            efficiency, cost and quality. Our supply chain and operations could be adversely impacted by the failure of the suppliers of the single-sourced materials to provide us with the raw materials that meet our quality, quantity and cost requirements. In addition, significant shortages or price increases in raw materials that are not single-sourced may adversely impact our business. For example, the operations of many of our competitors that produce conventional solar energy products have
            been adversely impacted by the current shortage of polysilicon (a key raw material for conventional solar energy products), which has caused prices for those materials to rise and limited availability of materials for manufacturing needs. Similarly, the cost of certain raw materials, in particular stainless steel and resin-based polymer materials, has risen over the last several years, which has impacted and may continue to impact our operations. Any constraint on our production may
            cause us to be unable to meet our obligations under customer purchase orders, and any increase in the price of raw materials could constrain our margins, either of which would adversely impact our financial results.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We actively manage our raw materials and other supply costs through purchasing strategies and product design and operating improvements, however our management may not always be effective, which could adversely impact our supply chain and financial condition. Some of our suppliers may be unable to supply our increasing demand for raw materials and components as we implement our
            planned increase in production capacity. In such event, we may be unable to identify new suppliers or qualify their products for use on our production lines in a timely manner and on commercially reasonable terms. Raw materials and components from new suppliers also may be less suited for our technology and yield solar laminates with lower conversion efficiencies, higher failure rates and higher rates of degradation than solar laminates manufactured with the raw materials from our
            current suppliers. Our failure to obtain raw materials and components that meet our quality, quantity and cost requirements in a timely manner could interrupt or impair our ability to manufacture our solar laminates or increase our manufacturing cost.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><b><font size="2">Significant warranty and product liability claims could adversely affect our business and results of operations.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We may be subject to warranty and product liability claims in the event that our solar laminates fail to perform as expected or if a failure of our solar laminates results, or is alleged to result, in bodily injury, property damage or other damages. Since our solar laminates are electricity producing devices, it is possible that our products could result in injury, whether by
            product malfunctions, defects, improper installation or other causes. In addition, because the products we are developing incorporate new technologies and use new installation methods, we cannot predict whether or not product liability claims will be brought against us in the future or the effect of any</font></p>
            <br>

            <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">16</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">resulting negative publicity on our business. Moreover, we may not have adequate resources in the event of a successful claim against us.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our current standard product warranty for our solar laminates includes a 20-year warranty. We believe our warranty periods are competitive with industry practice. Due to the long warranty period and our proprietary technology, we bear the risk of extensive warranty claims long after we have shipped product and recognized revenue. Although we test our solar power products for
            reliability and durability, we cannot ensure that we effectively simulate the 20-year warranty period. Any increase in the defect rate of our products would cause us to increase the amount of warranty reserves and have a corresponding negative impact on our results.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">A successful warranty or product liability claim against us that is not covered by insurance or is in excess of our available insurance limits could require us to make significant payments of damages. In addition, quality issues can have various other ramifications, including delays in the recognition of revenue, loss of revenue, loss of future sales opportunities, increased costs
            associated with repairing or replacing products, and a negative impact on our goodwill and reputation. The possibility of future product failures could cause us to incur substantial expenses to repair or replace defective products. Furthermore, widespread product failures may damage our market reputation and reduce our market share and cause sales to decline.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">The conversion rate of our outstanding convertible debt is dependent upon the trading price of our common stock and thus the dilutive impact of the future converted shares cannot be predicted.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Except in the instance of specific events such as the sale of all of our assets or us being acquired by another company, the debt is not convertible until March&nbsp;15, 2013. The conversion rate of our convertible debt is dependent upon the trading price of our common stock for a period of 20 trading days prior to the conversion. Since we cannot predict the future trading price
            of our common stock, we cannot estimate the number of shares that will be issued at the time of conversion and the effect of those shares on the trading price of the common stock or the effect on earnings per share.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">If we lose key personnel or are unable to attract and retain qualified personnel to maintain and expand our business, our business, financial condition, results of operations and prospects could be adversely affected.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our efforts to transform from a multi-faceted research and development company to a solar power-focused commercial enterprise is being led by our recently reorganized management team, including Mark Morelli, Joseph Conroy, Mike Fetcenko, Subhendu Guha, Jay Knoll, Arthur Rogers, Marcelino Susas, Tom Toner and Corby Whitaker. Our success is highly dependent on the continued services
            of these individuals and of a limited number of skilled managers, scientists and technicians. The loss of any of these individuals could have a material adverse effect on us. In addition, our success will depend upon, among other factors, the recruitment and retention of additional highly skilled and experienced management and technical personnel. There can be no assurance that we will be able to retain existing employees or to attract and retain additional personnel on acceptable
            terms given the competition for such personnel in industrial, academic and nonprofit research sectors.</font></p>
            <br>

            <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">17</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We may become subject to legal or regulatory proceedings which may reach unfavorable resolutions.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">We are involved in legal proceedings arising in the normal course of business. Due to the inherent uncertainties of legal proceedings, the outcome of any such proceeding could be unfavorable, and we may choose to make payments or enter into other arrangements, to settle such proceedings. Failure to settle such proceedings could require us to pay damages or other expenses, which
            could have a material adverse effect on our financial condition or results of operations. We have been subject to legal proceedings in the past involving the validity and enforceability of certain of our patents. While such patent-related legal proceedings have been resolved, such proceedings can require the expenditure of substantial management time and financial resources and can adversely affect our financial performance. There can be no assurance that we will not be a party to
            other legal proceedings in the future.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">We are subject to a variety of federal, state and local laws, rules and regulations related to the discharge or disposal of toxic, volatile or other hazardous chemicals.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Although we believe that we are in compliance with these laws, rules and regulations, the failure to comply with present or future regulations could result in fines, suspension of production or cessation of operations. Third parties may also have the right to sue to enforce compliance. Moreover, it is possible that increasingly strict requirements imposed by environmental laws and
            enforcement policies thereunder could require us to make significant capital expenditures.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">The operation of a manufacturing plant entails the inherent risk of environmental damage or personal injury due to the handling of potentially harmful substances. There can be no assurance that we will not incur material costs and liabilities in the future because of an accident or other event resulting in personal injury or unauthorized release of such substances to the
            environment. In addition, we generate hazardous materials and other wastes that are disposed of at licensed disposal facilities. We may be liable, irrespective of fault, for material cleanup costs or other liabilities incurred at these facilities in the event of a release of hazardous substances by such facilities into the environment.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><b><font size="2">Our success depends in part upon our ability to protect our intellectual property and our proprietary technology including our trade secrets and other confidential information.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2">Our success depends in part on our ability to obtain and maintain intellectual property protection for products based on our technologies. Our policy is to seek to protect our products and technologies by, among other methods, filing United States and foreign patent applications related to our proprietary technology, inventions and improvements. The patent positions of companies
            like ours are generally uncertain and involve complex legal and factual questions. Our ability to maintain our proprietary position for our technology will depend on our success in obtaining effective patent claims and enforcing those claims once granted. We do not know whether any of our patent applications will result in the issuance of any patents. Our issued patents and those that we may issue in the future may be challenged, invalidated, rendered unenforceable or circumvented,
            which could limit our ability to stop competitors from marketing related products or the length of term of patent protection that we may have for our products and technologies. In addition, the rights granted under any issued patents may not provide us with competitive</font></p>
            <br>

            <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">18</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2">advantages against competitors with similar products or technologies. Furthermore, our competitors may independently develop similar technologies or duplicate technology developed by us in a manner that does not infringe our patents or other intellectual property. Because of the extensive time required for development and commercialization of products based on our technologies, it
            is possible that, before these products can be commercialized, any related patents may expire or remain in force for only a short period following commercialization, thereby reducing any advantages of these patents and making it unlikely that we will be able to recover investments we have made to develop our technologies and products based on our technologies.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In addition to patent protection, we also rely on protection of trade secrets, know-how and confidential and proprietary information. To maintain the confidentiality of trade secrets and proprietary information, we have entered into confidentiality agreements with our employees, agents and consultants upon the commencement of their relationships with us. These
            agreements require that all confidential information developed by the individual or made known to the individual by us during the course of the individual&rsquo;s relationship with us be kept confidential and not disclosed to third parties. Our agreements with employees also provide that inventions conceived by the individual in the course of rendering services to us will be our exclusive property. Individuals with whom we have these agreements may not comply with their terms. In
            the event of the unauthorized use or disclosure of our trade secrets or proprietary information, these agreements, even if obtained, may not provide meaningful protection for our trade secrets or other confidential information. To the extent that our employees or consultants use technology or know-how owned by others in their work for us, disputes may arise as to the rights in related inventions. Adequate remedies may not exist in the event of unauthorized use or disclosure of our
            confidential information. The disclosure of our trade secrets would impair our competitive position and could have a material adverse effect on our operating results, financial condition and future growth prospects.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">We may be involved in lawsuits to protect or enforce our patents, which could be expensive and time consuming.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Competitors may infringe our patents. To counter infringement or unauthorized use, we may be required to file patent infringement claims, which can be expensive and time-consuming. In addition, in an infringement proceeding, a court may decide that a patent of ours is not valid or is unenforceable, or may refuse to stop the other party from using the technology at
            issue on the grounds that our patents do not cover its technology. An adverse determination of any litigation or defense proceedings could put one or more of our patents at risk of being invalidated or interpreted narrowly and could put our patent applications at risk of not issuing.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Interference proceedings brought by the United States Patent and Trademark Office may be necessary to determine the priority of inventions with respect to our patent applications. Litigation or interference proceedings may fail and, even if successful, may result in substantial costs and be a distraction to our management. We may not be able to prevent
            misappropriation of our proprietary rights, particularly in countries where the laws may not protect such rights as fully as in the United States.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">19</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">compromised by disclosure. In addition, during the course of this litigation, there could be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of our common stock.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We may not prevail in any litigation or interference proceeding in which we are involved. Even if we do prevail, these proceedings can be expensive and distract our management.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Third parties may own or control patents or patent applications that are infringed by our products or technologies.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our success depends in part on avoiding the infringement of other parties&rsquo; patents and proprietary rights. In the United States and most other countries, patent applications are published 18 months after filing. As a result, there may be patents of which we are unaware, and avoiding patent infringement may be difficult. We may inadvertently infringe
            third-party patents or patent applications. These third parties could bring claims against us that, even if resolved in our favor, could cause us to incur substantial expenses and, if resolved against us, could additionally cause us to pay substantial damages. Further, if a patent infringement suit were brought against us, we and our joint venture partners and licensees could be forced to stop or delay research, development, manufacturing or sales of products based on our
            technologies in the country or countries covered by the patent we infringe, unless we can obtain a license from the patent holder. Such a license may not be available on acceptable terms, or at all, particularly if the third party is developing or marketing a product competitive with products based on our technologies. Even if we were able to obtain a license, the rights may be nonexclusive, which would give our competitors access to the same intellectual property.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We also may be required to pay substantial damages to the patent holder in the event of an infringement. Under some circumstances in the United States, these damages could be triple the actual damages the patent holder incurs. If we have supplied infringing products to third parties for marketing or licensed third parties to manufacture, use or market infringing
            products, we may be obligated to indemnify these third parties for any damages they may be required to pay to the patent holder and for any losses the third parties may sustain themselves as the result of lost sales or damages paid to the patent holder.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Any successful infringement action brought against us may also adversely affect marketing of products based on our technologies in other markets not covered by the infringement action. Furthermore, we may suffer adverse consequences from a successful infringement action against us even if the action is subsequently reversed on appeal, nullified through another
            action or resolved by settlement with the patent holder. The damages or other remedies awarded, if any, may be significant. As a result, any infringement action against us would likely harm our competitive position, be costly and require significant time and attention of our key management and technical personnel.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">20</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P20 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Compliance with environmental regulations can be expensive, and noncompliance with these regulations may require us to</font></b> <b><font size="2">pay substantial fines, suspend production or cease operations.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The operation of our manufacturing facilities entails the use and handling of potentially harmful substances, including toxic and explosive gases that pose inherent risks of environmental damage or personal injury. Although we believe that we are in material compliance with environmental regulations, rules and regulations, there can be no assurance that we will not
            incur material costs and liabilities in the future because of an accident or other event resulting in personal injury or unauthorized release of such substances to the environment. We may be liable, irrespective of fault, for material cleanup costs or other liabilities incurred at these facilities in the event of a release of hazardous substances into the environment by our operations.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">For example, our manufacturing process involves the controlled storage and use of silane and germane, both of which are toxic and combustible. Although we have rigorous safety procedures for handling these materials, the risk of accidental injury from such hazardous materials cannot be completely eliminated. If we have an accident at one of our facilities involving
            a release of these substances, we may be subject to civil and/or criminal penalties, including financial penalties and damages, and possibly injunctions preventing us from continuing our operations.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In addition, it is possible that increasingly strict requirements imposed by environmental laws and enforcement policies could require us to make significant capital expenditures. To date such laws and regulations have not had a significant impact on our operations, and we believe that we have all necessary permits to conduct operations as they are presently
            conducted. If more stringent laws and regulations are adopted in the future, the costs of compliance with these new laws and regulations could be substantial. The failure to comply with present or future regulations could result in fines, third party lawsuits, suspension of production or cessation of operations.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Our Cobasys affiliate faces uncertain prospects and is the subject of a pending arbitration the outcome of which is uncertain but may expose us to material liability if not settled or resolved favorably.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Cobasys, our joint venture formed to commercialize our NiMH battery technology, has generated losses since its formation. Cobasys had losses of approximately $74 million and obtained funding of approximately $84 million in 2007, and in January 2008 Cobasys management forecast losses of approximately $82-86 million and funding requirements of approximately $92-94
            million for 2008. The two members of Cobasys &mdash; OBC and CTV &mdash; have not approved a 2008 business plan and budget nor been able to agree on a solution to Cobasys&rsquo; business issues or whether Cobasys should continue as a going concern if it cannot be sold in the near future. Until September 2007, CTV historically funded Cobasys&rsquo; loss-generating operations through the purchase of preferred interests cumulating in excess of $168 million. From October 2007 through
            January 2008, CTV declined to purchase preferred interests and funded Cobasys in a manner that in our view violated the December 2, 2004 agreement among us, OBC and CTV that governs Cobasys (the &ldquo;Operating Agreement&rdquo;) and applicable Michigan law. Since February 2008, Cobasys has received funding support from a customer in the form of a loan for capital equipment purchases and a price increase on products sold to the customer. There is no assurance that this customer
            funding support will</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">21</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P21 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">continue on these or other terms, what the future funding requirements may be or that the support, if provided, will otherwise be sufficient to permit Cobasys to continue as a going concern.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">On September 10, 2007, CTV issued a notice of dispute and filed claims in arbitration against us and OBC relating to Cobasys. CTV&rsquo;s original arbitration claim asserted damages in the amount of $162 million and sought injunctive and other relief and alleged that we and OBC breached and anticipatorily repudiated obligations to provide certain funding to Cobasys
            under the Operating Agreement. CTV subsequently filed a supplemental notice of dispute amending its claims to assert that we and OBC had dishonored CTV&rsquo;s preferred interest in Cobasys and that OBC had breached its obligation to use diligent efforts to approve a 2008 annual budget for Cobasys. At a hearing on January 28-29, 2008, CTV requested that the arbitrator declare that we and OBC be obligated to fund our share of Cobasys&rsquo; necessary costs and expenses through
            capital contributions favored by CTV but opposed by OBC. We and OBC requested that the arbitrator declare that under the Operating Agreement neither Cobasys member is required to make any capital contribution absent a unanimously approved annual budget and an agreement by the members that a capital contribution must be made. Since the operating costs and expenses of Cobasys are uncertain, we are unable to assess the magnitude of our liability if CTV&rsquo;s request is granted,
            however such liability could be material.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">However, prior to any ruling by the arbitrator on these competing claims, the parties suspended the arbitration pursuant to an interim settlement agreement among us, OBC and CTV in order to pursue the potential sale of Cobasys to a third party. Sale negotiations have been ongoing during which the parties to the arbitration have repeatedly amended the interim
            settlement agreement to extend the deadline for timely consummation. There is no assurance that the sale will be completed by September 8, 2008, the current deadline, and, if not completed, that the parties will again extend the interim settlement agreement. If the sale of Cobasys does not close by that date and any of we, OBC or CTV determine not to further extend our interim settlement agreement, we, OBC or CTV could resume the arbitration and receive a ruling from the arbitrator.
            We cannot assure you that a sale will be timely consummated or consummated at all. If not timely consummated and the arbitration is resumed, we cannot assure you that we and OBC would prevail or otherwise avoid material liability.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">We have entered into joint ventures and licensing agreements to develop and commercialize products based on our technologies and we must manage such joint ventures and licensing agreements successfully.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We have entered into licensing and joint venture agreements in order to develop and commercialize certain products based on our technologies. Any revenue or profits that may be derived by us from these agreements will be substantially dependent upon our ability to agree with our joint venture partners and licensees about the management and operation of the joint
            ventures and license agreements. In addition, any revenue or profits from such agreements will be substantially dependent on the willingness and ability of our joint venture partners and licensees to devote their financial resources and manufacturing and marketing capabilities to commercialize products based on our technologies. There can be no assurance that we will agree regarding the operation of such joint ventures and licensing agreements, that required financial resources will
            be available on mutually agreeable terms or that commercialization efforts will be successful. If we and our joint venture partners and licensees are unable to agree with respect to the operation of our joint ventures and licensing agreements, are unwilling or unable to devote financial resources or are</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">22</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P22 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">unable to commercialize products based on our technologies, we may not be able to realize revenue and profits based on our technologies and our business could be materially adversely affected.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Our government product development and research contracts may be terminated by unilateral government action, or we may be unsuccessful in obtaining new government contracts to replace those that have been terminated or completed.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We have several government product development and research contracts. Any revenue or profits that may be derived by us from these contracts will be substantially dependent upon the government agencies&rsquo; willingness to continue to devote their financial resources to our research and development efforts. There can be no assurance that such financial resources
            will be available or that such research and development efforts will be successful. Our government contracts may be terminated for the convenience of the government at any time, even if we have fully performed our obligations under the contracts. Upon a termination for convenience, we would generally only be entitled to recover certain eligible costs and expenses we had incurred prior to termination and would not be entitled to any other payments or damages. Therefore, if government
            product development and research contracts are terminated or completed and we are unsuccessful in obtaining replacement government contracts, our revenue and profits may decline and our business may be adversely affected.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">The credit facility entered into by our subsidiaries, United Solar Ovonic Corporation and United Solar Ovonic LLC, contains covenant restrictions that may limit our ability to operate our business.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We conduct substantially all of our United Solar Ovonic segment operations through our subsidiaries United&nbsp;Solar Ovonic Corporation and United Solar Ovonic LLC. For example, our cash flows from that segment are dependent on the distributions to us by United Solar Ovonic Corporation and United Solar Ovonic LLC. In February 2008, United Solar Ovonic Corporation
            and United Solar Ovonic LLC entered into a secured credit facility with an aggregate commitment of up to $55.0&nbsp;million, of which we are a guarantor. The credit facility contains, and any other future debt agreements may contain, covenant restrictions that may effectively limit our ability to operate our business, due to restrictions on our or our subsidiaries&rsquo; ability to, among other things:</font></font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">incur additional debt or issue guarantees;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">create liens;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">make certain investments;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">enter into transactions with our affiliates;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">sell certain assets;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">make certain restricted payments;</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">23</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P23 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">declare or pay dividends or make other distributions to stockholders;&nbsp;and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">merge or consolidate with any person.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">As a result of these covenants, our ability to respond to changes in business and economic conditions and to obtain additional financing, if needed, may be significantly restricted, and we may be prevented from engaging in transactions that might otherwise be beneficial to us due to the restrictions imposed by the credit facility. In addition, the failure to comply
            with these covenants could result in a default, which could permit the lenders and debtholders to accelerate such debt.</font></font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2"><b><font size="2">We have a significant amount of debt outstanding. Our indebtedness, along with our other contractual commitments, could adversely affect our business, financial condition and results of operations, as well as our ability to meet any of our payment obligations.</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Together with our subsidiaries, we have a significant amount of debt and debt service requirements. As of June 30, 2008, we have approximately $316.3&nbsp;million of outstanding debt. This level of debt and related debt service could have significant consequences on our future operations, including:</font></font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="572" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" nowrap width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" nowrap width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" nowrap width="524">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">making it more difficult for us to meet our payment and other obligations;&nbsp;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">resulting in an event of default if we and our subsidiaries fail to comply with covenants contained in our debt agreements, which could result in such debt becoming immediately due and payable;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under our new credit facility;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy;&nbsp;and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">placing us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Any of the above-listed factors could have an adverse effect on our business, financial condition and results of operations and our ability to meet our payment obligations. Our ability to meet our payment and other obligations under our debt instruments depends on our ability to generate significant cash flow in the future. This, to some extent, is subject to
            general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">24</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P24 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">future borrowings will be available to us under existing or any future credit facilities or otherwise, in an amount sufficient to enable us to meet our payment obligations and to fund other liquidity needs. If we are not able to generate sufficient cash flow to service our debt obligations, we may need to refinance or restructure our debt, sell assets, reduce or delay
            capital investments, or seek to raise additional capital. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under our debt and other obligations.</font></font></p>
            <a name="toc23"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 1B</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Unresolved Staff Comments</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-INDENT: 7.81%; TEXT-ALIGN: justify"><font size="2"><font size="2">None.</font></font></p>
            <a name="toc3"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 2</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Properties</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our corporate headquarters is located in Rochester Hills, Michigan. We currently lease our headquarters, together with adjacent facilities in Rochester Hills which we use principally for our Ovonic Materials segment and for our Corporate Activities. These facilities, including our headquarters, provide an aggregate of approximately 208,000 square feet for technical
            and administrative uses, and are supplemented by an aggregate of approximately 10,000 square feet of additional leased facilities in Troy, Michigan, for research and development and manufacturing purposes.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our United Solar Ovonic segment&rsquo;s headquarters is located in Auburn Hills, Michigan; we maintain sales offices in San Diego, California, Villafranca, Italy and Frankfurt/Main, Germany. We lease two manufacturing facilities in Auburn Hills for this segment: one of these facilities (approximately 167,000 square feet) also contains the segment&rsquo;s
            headquarters; the other facility (approximately 172,000 square feet) became operational in December 2006. We also lease an approximately 42,000 square feet facility in Troy, which houses our research and development and a 310,000 square feet facility in Tijuana, Mexico, which principally assembles PV laminates for PV cells produced at our Greenville, Michigan, plant.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We own two manufacturing facilities in Greenville. Each is approximately 203,000 square feet. Both of these facilities are currently being expanded by approximately 77,000 square feet.</font></font></p>
            <a name="toc4"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 3</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Legal Proceedings</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2"><i>Cobasys</i>. On September&nbsp;10, 2007, CTV issued a notice of dispute and filed claims in arbitration against ECD and OBC relating to our Cobasys joint venture. CTV&rsquo;s original arbitration claim seeks damages and injunctive and other relief and alleges that ECD and OBC breached and anticipatorily repudiated obligations to provide certain funding to Cobasys
            under the Amended and Restated Operating Agreement dated as of December&nbsp;2, 2004 among us, OBC and CTV (the "Operating Agreement"), which governs Cobasys. CTV subsequently filed a supplemental notice of dispute amending its claims to assert that ECD and OBC had dishonored CTV's preferred interest in Cobasys and that OBC had breached its obligation to use diligent efforts to approve a 2008 annual budget for Cobasys. We and OBC have denied CTV&rsquo;s allegations and filed a
            counterclaim, seeking damages and injunctive and other relief on the ground that CTV has been acting</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">25</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P25 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">unilaterally and in violation of the Operating Agreement and applicable Michigan law in regard to the funding and spending provisions of the Agreement.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We and OBC dispute and have been vigorously defending the claims asserted by CTV and have pursued our counterclaim. In our view, the Operating Agreement is clear that we and OBC have no present obligation to provide funding to Cobasys; OBC is not in default of the Operating Agreement; any future funding obligation would arise only upon unanimous approval by
            Cobasys&rsquo; members, OBC and CTV, of (i) a 2008 budget and operating plan for Cobasys, and (ii) agreed capital contributions by the members; and CTV has no right unilaterally to provide funding or to authorize spending by Cobasys without an approved 2008 budget and operating plan, or otherwise as approved by OBC. In our view, the Operating Agreement is also clear that we and OBC have not dishonored CTV&rsquo;s preferred interests; OBC has an unqualified right to refuse to sell
            its interests in Cobasys on terms that it does not consider appropriate; and OBC may determine in its discretion whether to approve any sale of Cobasys or sale of CTV&rsquo;s interests in Cobasys.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The members of Cobasys have not approved a 2008 business plan and budget, and CTV and OBC have not been able to agree on a solution to Cobasys&rsquo; business issues or whether Cobasys should continue as a going concern if it cannot be sold in the near future. Cobasys had losses of approximately $74 million and obtained funding of approximately $84 million in 2007,
            and in January 2008 Cobasys management forecast losses of approximately $82-86 million and funding requirements of approximately $92-94 million for 2008. Until September 2007, CTV historically funded Cobasys&rsquo; loss-generating operations through the purchase of preferred interests. From October 2007 through January 2008, CTV declined to purchase preferred interests and funded Cobasys in a manner that in OBC&rsquo;s view violated the Operating Agreement and applicable Michigan
            law. Since February 2008, Cobasys has received funding support from a customer in the form of a loan for capital equipment purchases and a price increase on products sold to the customer. While Cobasys has been receiving this funding support from its customer, Cobasys management has not sought any funding from the members of Cobasys. There is no assurance that this customer funding support will continue on these or other terms or otherwise be sufficient to permit Cobasys to continue
            as a going concern.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Since February&nbsp;15, 2008 the arbitration has been suspended pursuant to an interim settlement agreement among us, OBC and CTV in order to pursue the potential sale of Cobasys to a third party. Sale negotiations have been ongoing during which the parties to the arbitration have repeatedly amended the interim settlement agreement to extend the deadline for timely
            consummation of the sale. There is no assurance that the sale will be completed by September&nbsp;8, 2008, the current deadline, and, if not completed, that the parties will again extend the interim settlement agreement.</font></font></p>
            <a name="toc5"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 4</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Submission of Matters to a Vote of Security Holders</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-INDENT: 7.81%; TEXT-ALIGN: justify"><font size="2"><font size="2">Not applicable.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">26</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P26 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><b><font size="2">PART II</font></b></font></p>
            <a name="toc6"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 5</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of<br>
                        Equity Securities</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our common stock is listed on the NASDAQ Global Select Market under the symbol &ldquo;ENER.&rdquo; As of August&nbsp;26, 2008, there were 1,618 holders of record of our common stock.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following table sets forth the range of high and low prices of our common stock as reported by The Nasdaq Stock Market, Inc. for the periods indicated:</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="43%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="12">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">For the Fiscal Year Ended June 30,</font><br>
                            <font size="2">(In Dollars Per Share)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="43%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <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="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 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="43%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">High</font></p>
                        </td>

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

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Low</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; 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: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">High</font></p>
                        </td>

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

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Low</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="43%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">First Quarter</font><br>
                            <font size="2">(July &ndash; September)</font></p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36.00</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22.26</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">38.98</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">29.03</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="43%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Second Quarter</font><br>
                            <font size="2">(October &ndash; December)</font></p>
                        </td>

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36.45</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22.90</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">41.07</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">33.80</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="43%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Third Quarter</font><br>
                            <font size="2">(January &ndash; March)</font></p>
                        </td>

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">34.28</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">20.47</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">37.24</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">27.21</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="43%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 21.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Fourth Quarter</font><br>
                            <font size="2">(April &ndash; June)</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">83.33</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">29.55</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">40.10</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">29.26</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Dividends</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We have not paid any cash dividends in the past and do not expect to pay any in the foreseeable future.</font></font></p>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Stock Repurchases</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">During the year ended June 30, 2008, the Company repurchased 11,245 shares of common stock from the Company&rsquo;s Chief Executive Officer for payment of tax withholdings upon the vesting of restricted stock awards.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Stock Price Performance Graph</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following graph compares the cumulative 5-year total return provided shareholders on Energy Conversion Devices, Inc.&rsquo;s common stock relative to the cumulative total returns of the NASDAQ Composite index and the NASDAQ Clean Edge U.S. index. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in
            each of the indexes on June 30, 2003 and its relative performance is tracked through June 30, 2008.</font></font></p>
            <font size="2"><br>
            <br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">27</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P27 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2"><img src="graph_2008.jpg"></font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="567" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 2pt" valign="top" nowrap width="48">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 2pt" valign="top" nowrap width="519">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">* $100 invested on 6/30/03 in stock or index-including reinvestment of dividends.</font></p>
                    </td>
                </tr>
            </table>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="629" border="0">
                    <tr style="HEIGHT: 10.5pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.5pt" valign="bottom" nowrap width="237">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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; HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6/03</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6/04</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6/05</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6/06</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6/07</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6/08</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 10.5pt">
                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="237">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Energy Conversion Devices, Inc.</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">100.00</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">121.86</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">242.21</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">394.26</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">333.55</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">796.97</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 10.5pt">
                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="237">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">NASDAQ Composite</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">100.00</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">129.09</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">127.97</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">136.00</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">164.15</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">142.67</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 10.5pt">
                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="237">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">NASDAQ Clean Edge U.S.</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">100.00</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">125.98</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">123.99</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">148.92</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">174.74</font></p>
                        </td>

                        <td style="HEIGHT: 10.5pt" valign="bottom" nowrap width="65">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">195.91</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The stock price performance included in this graph is not necessarily indicative of future stock price performance.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Use of proceeds from offering</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">On June&nbsp;24, 2008, we received net proceeds of $404.5 million from our offering of convertible debt and common stock. These proceeds are after underwriting costs. We plan to use these proceeds for the expansion of our solar laminate production capacity in connection with our plan to reach 1GW of capacity by 2012 and for general corporate
            purposes.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">28</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P28 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="toc7"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 6</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Selected Financial Data</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 8pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Set forth below is certain financial information derived from the Company&rsquo;s audited consolidated financial statements.</font></font></p>

            <div style="WIDTH: 665px">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="14">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">Year Ended June 30,</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; 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 size="1">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">2005</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">2004</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="27%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Revenues:</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 style="BORDER-TOP: black 1pt solid" valign="bottom" width="12.8%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN: 0pt 0in; 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 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">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN: 0pt 0in; 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 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">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1.7%">
                            <p style="MARGIN: 0pt 0in; 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 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">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1.7%">
                            <p style="MARGIN: 0pt 0in; 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 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">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="0.7%">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Product sales</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">237,190,558</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">96,014,366</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">84,430,664</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">51,943,873</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">33,808,209</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Royalties</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">5,306,476</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">3,323,062</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">4,245,754</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">5,332,003</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">2,521,779</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Revenues from product development agreements</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">11,439,563</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">11,934,179</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">10,045,585</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">17,652,510</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">29,220,752</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Revenues from license agreements</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,252,785</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">1,047,380</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">1,322,365</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">80,784,380</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1"><sup>(1)</sup></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="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">125,000</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Other</font></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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">671,584</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">1,247,876</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">2,375,108</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">857,286</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">580,195</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">TOTAL REVENUES</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 size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">255,860,966</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">$</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 size="1">113,566,863</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">$</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 size="1">102,419,476</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">$</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 size="1">156,570,052</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">$</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 size="1">66,255,935</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Net income (loss) from continuing operations before income taxes and extraordinary item</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">4,009,393</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1"><sup>(2)</sup></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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 52.5pt; TEXT-INDENT: -52.5pt; TEXT-ALIGN: right"><font size="1">(25,230,939</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)<sup>(2)</sup></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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 52.5pt; TEXT-INDENT: -52.5pt; TEXT-ALIGN: right"><font size="1">(18,910,246</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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"><font size="1">50,287,216</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 52.5pt; TEXT-INDENT: -52.5pt; TEXT-ALIGN: right"><font size="1">(49,191,286</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Income taxes</font></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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">155,901</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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 size="1">825,414</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Net income (loss) from continuing operations before extraordinary item</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">3,853,492</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1"><sup>(2)</sup></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="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(25,230,939</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)<sup>(2)</sup></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="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(18,910,246</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">49,461,802</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">(49,191,286</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Discontinued operations, net of tax benefit</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">313,979</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">(1,392,630</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(2,230,388</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Extraordinary item, net of tax</font></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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">2,262,910</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Net income (loss)</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 size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">3,853,492</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 52.5pt; TEXT-INDENT: -52.5pt; TEXT-ALIGN: right"><font size="1">(25,230,939</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)<sup>(2)</sup></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 size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 52.5pt; TEXT-INDENT: -52.5pt; TEXT-ALIGN: right"><font size="1">(18,596,267</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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 size="1">50,332,082</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 52.5pt; TEXT-INDENT: -52.5pt; TEXT-ALIGN: right"><font size="1">(51,421,674</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Basic net income (loss) per share</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Continuing operations</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">.10</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(.64</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(.58</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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"><font size="1">1.80</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(2.06</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Discontinued operations</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">.01</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">(.05</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Extraordinary item</font></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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">.08</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 29.9pt; TEXT-INDENT: -0.25in; 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 size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">.10</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">$</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: 3pt; TEXT-ALIGN: right"><font size="1">(.64</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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: 3pt; TEXT-ALIGN: right"><font size="1">(.57</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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 size="1">1.83</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">$</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: 3pt; TEXT-ALIGN: right"><font size="1">(2.15</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Diluted net income (loss) per share</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Continuing operations</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(.64</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(.58</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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"><font size="1">1.67</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(2.06</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Discontinued operations</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">.01</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">(.05</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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="11%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Extraordinary item</font></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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">.08</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; 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 size="1">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">$</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: 3pt; TEXT-ALIGN: right"><font size="1">(.64</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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: 3pt; TEXT-ALIGN: right"><font size="1">(.57</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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 size="1">$</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 size="1">1.70</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 size="1">$</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: 3pt; TEXT-ALIGN: right"><font size="1">(2.15</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="1">At year end:</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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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">&nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Cash and Cash Equivalents</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">484,491,568</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">80,769,970</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">164,961,982</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">84,295,571</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">12,676,537</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Short-Term Investments</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">14,989,118</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">125,003,963</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">239,505,025</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">11,840,526</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Total Assets</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,041,967,123</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">600,678,580</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">596,342,326</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">198,063,433</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">113,311,775</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Convertible Senior Notes</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">316,250,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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: center"><font size="1">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Other Long-Term Liabilities</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">25,805,030</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">25,795,875</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">25,594,088</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">10,203,772</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">10,160,791</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Working Capital</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">540,058,428</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">241,943,604</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">429,092,392</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">111,934,992</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">24,649,431</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="1">Stockholders' Equity</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 size="1">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">641,911,638</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">525,506,926</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">537,020,857</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">155,720,361</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; 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 size="1">$</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"><font size="1">81,155,068</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <hr style="WIDTH: 25%; COLOR: darkgray; TEXT-ALIGN: left" noshade size="1">

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="87%" border="0">
                <tr>
                    <td valign="top" nowrap width="5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">(1)</font></p>
                    </td>

                    <td valign="top" nowrap width="95%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Revenues from license agreements include a one-time, noncash license fee of $79,532,000 in 2005.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" nowrap width="5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">(2)</font></p>
                    </td>

                    <td valign="top" nowrap width="95%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Includes restructuring charges of $9,396,465 and $5,385,277 in 2008 and 2007, respectively.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="1">29</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P29 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="toc8"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 7</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Management's Discussion and Analysis of Financial Condition and Results of Operations</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-INDENT: 7.81%; TEXT-ALIGN: justify"><font size="2"><font size="2">This section summarizes significant factors affecting the Company&rsquo;s consolidated operating results, financial condition and liquidity for the three-year period ended June&nbsp;30, 2008. This section should be read in conjunction with the Company&rsquo;s Consolidated Financial Statements and related notes appearing elsewhere in this report.</font></font></p>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Overview</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We design, manufacture and sell photovoltaic (&ldquo;PV&rdquo;) products, known as PV or solar laminates, that generate clean, renewable energy by converting sunlight into electricity. Solar laminate sales represent more than 90% of our revenues. We also receive fees and royalties from licensees of our nickel metal hydride (&ldquo;NiMH&rdquo;) battery technology and
            sell high performance nickel hydroxide used in NiMH batteries.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following key factors should be considered when reviewing our results for the periods discussed:</font></font></p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2"><i>Our consolidated financial results are driven primarily by the performance of our United Solar segment</i>. Our United Solar segment accounted for 94% and 87% of our total revenue in the fiscal years ended June&nbsp;30, 2008 and 2007, respectively. Our United Solar segment generated operating income of $31.6&nbsp;million and $2&nbsp;million in the
                        fiscal years ended June&nbsp;30, 2008 and 2007, respectively. Given the expected growth of this segment (as discussed below) relative to our other business activities, our overall success in the foreseeable future will be aligned primarily with the performance of our United Solar segment and subject to the risks of that business.</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><i><font size="2">We are expanding our manufacturing capacity in our United Solar segment to meet growing demand</font></i><font size="2">. We increased our manufacturing capacity by 103% in fiscal 2008 (as compared to fiscal 2007) to the current nameplate capacity of 118MW. We are adding 60MW of nameplate capacity in the first half of fiscal 2009 as we continue our
                        expansion to 300MW of nameplate capacity of 2010 and 1GW by 2012. We intend to fund this expansion using cash flow from operations and the funds generated from the offering of our convertible notes and common stock, which was completed in fiscal 2008.</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><i><font size="2">We are enhancing our revenues in our United Solar segment through a demand driven expansion strategy, which includes increasing our sales of solar laminates from &ldquo;take or pay&rdquo; agreements and focusing on customers and markets where our solar laminates have a competitive advantage, particularly the building-integrated photovoltaic (BIPV)
                        market.</font></i> <font size="2">We increased our product sales in our United Solar segment by 155% in fiscal 2008 (as compared to fiscal 2007) to $232 million. These sales were generally consummated under supply agreements with our customers that established an overall framework for supplying our solar laminates but did not include minimum purchase requirements. In order to increase visibility and certainty, and to plan our operations accordingly, we have recently
                        focused our efforts on long-term &ldquo;take or pay&rdquo; agreements that require the customer to</font></p>
                    </td>
                </tr>
            </table>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">30</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P30 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">purchase a specified minimum amount of our products. At the same time, we are concentrating on the BIPV market. The physical flexibility, durability and lightweight nature of our solar laminates makes them an attractive value proposition for the BIPV market, particularly commercial rooftop applications, where our solar laminates can be integrated with
                        roofing materials and other building products. We believe the BIPV market, including commercial roof top applications, represents the most attractive opportunity for our solar laminates and we believe we will continue to increase our sales within this market.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><i><font size="2">We are improving the profitability of our United Solar segment by aggressively reducing the costs and improving the efficiency of our products, which is being partially offset by the impact of ramping our new manufacturing capacity</font></i><font size="2">. We increased our gross profit margin in our United Solar segment by 53% in fiscal 2008 (as
                        compared to fiscal 2007). This improvement was achieved in part through operation improvement strategies, including raw material cost reductions from supply chain expansion and volume purchasing, and improvements to manufacturing throughput and yield. In addition, in fiscal 2008 we introduced a new solar laminate product with 6% greater efficiency than its predecessor. We believe that additional cost and efficiency improvements are achievable, and we have established a
                        long range goal of raising our gross margin to in excess of 40%. At the same time, our gross profit margins have been and will be impacted by the higher costs (including lower fixed cost absorption) associated with production volumes during ramp up production to full capacity at new facilities as part of our overall manufacturing capacity expansion.</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><i><font size="2">We are commercializing our NiMH battery and OUM technologies principally through unconsolidated joint ventures, and we account for our interests in these joint ventures under the accounting model based on the equity method of accounting</font></i><font size="2">. Our principal joint ventures &ndash; Cobasys and Ovonyx &ndash; were founded upon
                        technologies that we pioneered to further develop and commercialize these technologies. In each case, we participate in the business as equity holders but do not directly manage or have a controlling interest in the entity. We have not reported any earnings or losses from Cobasys because our only contributions to Cobasys have been noncash items, including intellectual property and expertise. We do record royalties from Ovonyx representing 0.5% of their total revenues.
                        These royalties were $64,000, $51,000 and $10,000, respectively, for the years ended June&nbsp;30, 2008, 2007 and 2006.</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2"><i>The members of Cobasys have agreed to explore strategic alternatives regarding Cobasys</i>. In 2007, the members of Cobasys agreed to explore strategic alternatives regarding Cobasys. At the same time, as previously reported, certain disputes relating to Cobasys are the subject of pending arbitration, and Cobasys and its members have not agreed on a
                        2008 budget and/or business plan. On February&nbsp;15, 2008 the parties entered into an interim settlement agreement providing for a suspension of the arbitration and a requirement of the parties to use their commercially reasonable best efforts to negotiate definitive agreements for the sale of Cobasys based on a non-binding proposal received from a potential buyer. These sale negotiations have been ongoing, but we cannot assure that the proposed sale will be completed
                        by the current deadline under our interim settlement agreement, if at all, or on terms favorable to us and OBC. If the proposed sale is not completed, without an agreed budget and business plan for 2008 and resolution of pending disputes subject to the arbitration between us and OBC and CTV, Cobasys may not be able to continue as a going concern. See Part I, Item 3 &ndash; Legal Proceedings and Item 1A &ndash; Risk Factors.</font></p>
                    </td>
                </tr>
            </table>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">31</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P31 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><i><font size="2">We are operating our Ovonic Materials segment at sustainable levels and are continuing to realize value from our technology portfolio.</font></i> <font size="2">We have developed proprietary technologies in our Ovonic Materials segment that we believe have substantial value, including technologies for NiMH batteries, solid hydrogen storage, metal
                        hydride fuel cells, and biofuel reformation. As part of the restructuring plan (discussed below), the development activities for these technologies have been substantially balanced with external sources of revenues, such as royalties and development agreements (principally government contracts), to align our development commercialization efforts at sustainable levels. We are continually evaluating commercialization opportunities and strategic alternatives to maximize
                        value for these technologies, which may include licenses, joint ventures and sales.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Key Indicators of Financial Condition and Operating Performance</font></i><font size="2">. In evaluating our business, we use product sales, gross profit, pre-tax income, earnings per share, net income, cash flow from operations and other key performance metrics. We also use production, measured in megawatts (&ldquo;MW&rdquo;) per annum, and gross margins on
            product sales as key performance metrics for our United Solar segment, particularly in connection with the manufacturing expansion in this segment.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In April 2007, we began implementing an organizational restructuring to consolidate and realign our business activities and reduce costs, including consolidating the photovoltaics and machine-building activities into the United Solar segment and reducing costs in both the Ovonic Materials segment and in Corporate Activities. We have incurred total restructuring
            costs of $14.8&nbsp;million through June&nbsp;30, 2008. We are continuing to evaluate our facilities infrastructure requirements based on our consolidated and realigned business activities to identify additional cost savings opportunities and may undertake additional restructuring activities, and record additional restructuring charges, as a result.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">32</font></font></p>

            <hr align="center" width="95%" noshade size="2">
            <PAGE>
            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P32 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><b><font size="2">Results of Operations</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The year-over-year comparisons contained in this section exclude discontinued operations (see &ldquo;Other Income/Expense and Discontinued Operations,&rdquo; below).</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following table summarizes each of our business segment&rsquo;s operating results (in thousands) for the last three fiscal years ended June 30, together with the revenue and expenses related to Corporate Activities that are not allocated to the business segments during these periods:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Revenues<sup>(1)</sup></font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Income (Loss) from Operations<sup>(1)</sup></font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">2006</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="28%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">United Solar Ovonic</font></p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">239,398</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">98,363</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">87,508</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31,644</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,962</font></p>
                        </td>

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

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,187</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Ovonic Materials</font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,066</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,635</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,451</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">899</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(13,706</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(14,819</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Corporate Activities<sup>(2)</sup></font></p>
                        </td>

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,039</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,147</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,920</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(36,816</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(28,769</font></p>
                        </td>

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

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

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(19,798</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Consolidating Entries</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(642</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(578</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(460</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">212</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,989</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(791</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Consolidated</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">255,861</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">113,567</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">102,419</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(4,061</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(42,502</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(27,221</font></p>
                        </td>

                        <td valign="top" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <hr style="WIDTH: 25%; COLOR: darkgray; TEXT-ALIGN: left" noshade size="1">

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="95%" border="0">
                <tr>
                    <td valign="top" nowrap width="5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(1)</font></p>
                    </td>

                    <td valign="top" nowrap width="95%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Excludes discontinued operations for 2006.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" nowrap width="5%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="95%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Revenues consist primarily of services, facilities and miscellaneous administrative and laboratory and machine shop services provided to certain affiliates; expenses primarily include corporate operations, including facilities, human resources, legal, finance, information technology, business development, purchasing and restructuring. The loss from
                        operations for 2008 and for 2007 includes restructuring costs associated with the Company&rsquo;s restructuring plan.</font></p>
                    </td>
                </tr>
            </table>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&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">33</font></font></p>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P33 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Year Ended June</font></i><font size="2">&nbsp;</font><i><font size="2">30, 2008 Compared to Year Ended June</font></i><font size="2">&nbsp;</font><i><font size="2">30, 2007</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">United Solar Ovonic Segment</font></i></u></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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="67%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">REVENUES</font></p>
                        </td>

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">231,519</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">91,182</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues from product development agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,879</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,174</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other operating revenues</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL REVENUES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">239,398</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">98,363</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">169,015</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">75,096</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of revenues from product development agreements (excluding<br>
                            operating, selling, general and administrative expenses)</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,938</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,922</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product development and research</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,650</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,737</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Preproduction costs</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,920</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,614</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating, selling, general and administrative and patent expenses</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">21,935</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10,713</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Loss on disposal of property, plant and equipment</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,296</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">319</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL EXPENSES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">207,754</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">96,401</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">INCOME FROM OPERATIONS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31,644</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,962</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our United Solar Ovonic segment&rsquo;s revenues increased $141,035,000 and operating income increased $29,682,000 in 2008 as compared to 2007, as we continued to rapidly expand our manufacturing capacity and product sales.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The increase in revenues in 2008 was primarily attributable to a significant increase in PV product sales ($140,337,000), partially offset by product and price mix ($7,498,000). The cost of product sales increased ($93,919,000), reflecting this higher product sales volume, including the operating costs for our expanded production capacity.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Margins on product sales increased from 17.6% in 2007 to 27.0% in 2008 due to lower labor costs, and raw material costs and improved efficiencies in our manufacturing processes, offset in part by product and price mix as described above. Margins at our Greenville and Tijuana manufacturing facilities were positively impacted by the faster ramp up of our operations at
            these two facilities. As we expand our manufacturing capacity, our gross profit margins will be impacted by higher costs associated with production volumes as we ramp up production to full capacity at our new manufacturing facilities. Fiscal 2009 gross margins will be impacted by production ramp-up at our Greenville, Michigan, and Tijuana, Mexico, facilities which are expected to be placed in service in late calendar 2008.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">34</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P34 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Combined product development and research expenses increased by $1,929,000 in 2008, partially offset by increased ($705,000) revenues from product development agreements. Substantially all of our combined product development and research expenses are funded by government programs under contracts from the U.S. Air Force and the Department of Energy&rsquo;s Solar
            America Initiative. We continue to invest in product development and research to improve the throughput of our PV cell manufacturing equipment, reduce the cost of production and increase the sunlight-to-electricity conversion efficiency of our PV laminates.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Preproduction costs (consisting of new employee training, facilities preparation, set-up materials and supplies) increased as we continue to expand our Michigan facilities ($1,000,000) and Tijuana, Mexico ($2,300,000) facilities. We will incur preproduction costs with each new manufacturing facility until we commence production. These costs are expected to be
            substantial as we continue to rapidly expand our manufacturing capacity from the current 118MW per annum to an expected capacity exceeding 300MW by 2010 and then 1GW by 2012.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Consistent with our sales growth, our operating, selling, general and administrative expenses increased due to increased Michigan wages and related costs ($3,300,000), increased costs in Europe ($2,200,000), increased depreciation expense ($800,000) and incentive costs ($4,600,000). As our sales continue to grow, operating, selling, general and administrative
            expenses, particularly sales and marketing, are expected to increase as we develop the infrastructure to achieve and support those sales.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The loss on disposal of property, plant and equipment represents the recognition of impairment charges in 2008 and 2007 for equipment that is no longer used in the production process.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">Ovonic Materials Segment</font></i></u></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="67%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">REVENUES</font></p>
                        </td>

                        <td valign="bottom" width="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="6%">
                            <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="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,690</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,832</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Royalties</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,306</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,323</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues from product development agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,560</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,780</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues from license and other agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,253</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,047</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other operating revenues</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">257</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">653</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL REVENUES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,066</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,635</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,374</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,666</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of revenues from product development agreements (excluding<br>
                            operating, general and administrative expenses)</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,318</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,782</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product development and research</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,256</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,008</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating, general and administrative and patent expenses</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,219</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,885</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL EXPENSES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">15,167</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28,341</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">INCOME (LOSS) FROM OPERATIONS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">899</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 33pt; TEXT-INDENT: -33pt; TEXT-ALIGN: right"><font size="2">(13,706</font></p>
                        </td>

                        <td  valign="middle">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">35</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P35 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our Ovonic Materials segment had income from operations in 2008, primarily as a result of increased royalties (both transportation and consumer) and the savings from our restructuring activities, which have substantially reduced our product development and research and selling, general and administrative expenses.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Product sales, reflecting sales of our positive electrode nickel hydroxide materials, increased in 2008 due primarily to an increased demand from our principal customer. The increased cost of product sales is a direct reflection of the higher sales volume.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Royalties increased in 2008 compared to 2007, as indicated below, resulting from increased market for our NiMH battery technology for both consumer and transportation applications.</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%">
                    <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" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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="60%">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td 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" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Royalties</font></p>
                        </td>

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

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

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

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

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

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Transportation &ndash; NiMH Battery</font></p>
                        </td>

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

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,086</font></p>
                        </td>

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

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

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,515</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Consumer &ndash; NiMH Battery</font></p>
                        </td>

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

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,985</font></p>
                        </td>

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

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

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,688</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Ovonyx</font></p>
                        </td>

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

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">64</font></p>
                        </td>

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

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

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">51</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">171</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">69</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 0.25in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Total Royalties</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,306</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,323</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Revenues from license agreements consist primarily of $952,000 recognized annually from a $10,000,000 payment received in a July 2004 settlement of certain patent infringement disputes (see Note D, &ldquo;Joint Ventures and Investments,&rdquo; of the Notes to our Consolidated Financial Statements).</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Combined product development and research expenses decreased substantially to $8,574,000 in 2008 from $20,790,000 in 2007, reflecting primarily the savings associated with the restructuring plan initiated in late fiscal 2007. Revenues from product development agreements decreased as we completed certain contracts in fiscal 2008.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Operating, general and administrative and patent expenses decreased in 2008 primarily due to the savings in patent costs ($1,530,000) associated with the restructuring plan initiated in late fiscal 2007.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">36</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P36 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">Corporate Activities</font></i></u></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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="67%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL REVENUES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,039</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,147</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating, general and administrative and patent expenses</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28,459</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">24,531</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Restructuring costs</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,396</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,385</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL EXPENSES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">37,855</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">29,916</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">LOSS FROM OPERATIONS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(36,816</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(28,769</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Revenues provided to certain affiliates consist primarily of facilities and miscellaneous administrative and laboratory and machine shop services.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Operating, general and administrative and patent expenses, which consist of corporate operations, including human resources, legal, finance, information technology, business development, purchasing and corporate governance, increased in 2008 due to higher legal fees ($2,933,000) and incentive costs ($2,233,000), partially offset by reduced labor and related costs
            ($1,787,000) due to the restructuring plan initiated in late fiscal 2007.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In 2007, the Company recorded a $750,000 reduction in product warranty accrued expenses in connection with the Rare Earth Ovonic joint venture.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Restructuring costs increased in 2008, due principally to severance costs ($4,939,000) incurred in connection with the aforementioned restructuring plan. We expect to incur additional restructuring charges in the first half of 2009.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">Other Income/Expense</font></i></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Other income (net) decreased to $8,070,000 in 2008 from $17,272,000 in 2007, due to lower interest rates on our investments and an overall lower level of investments in 2008, offset in part by insurance proceeds ($1,682,000) for business interruptions at one of our facilities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">Income Taxes</font></i></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Income tax expense for 2008 represents taxes paid by the Company in Mexico and Germany.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">37</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P37 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Year Ended June</font></i><font size="2">&nbsp;</font><i><font size="2">30, 2007 Compared to Year Ended June</font></i><font size="2">&nbsp;</font><i><font size="2">30, 2006</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">United Solar Ovonic Segment</font></i></u></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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="67%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">REVENUES</font></p>
                        </td>

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">91,182</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">81,816</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues from product development agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,174</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,670</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other operating revenues</font></p>
                        </td>

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

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

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

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL REVENUES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">98,363</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">87,508</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">75,096</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">63,979</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of revenues from product development agreements (excluding<br>
                            operating, selling, general and administrative expenses)</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,922</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,345</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product development and research</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,737</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,376</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Preproduction costs</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,614</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">427</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating, selling, general and administrative and patent expenses</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10,713</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,194</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Loss on disposal of property, plant and equipment</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">319</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL EXPENSES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">96,401</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">79,321</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">INCOME FROM OPERATIONS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,962</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,187</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our United Solar Ovonic segment&rsquo;s revenues increased $10,855,000 while operating income decreased $6,225,000 in 2007 as compared to 2006, as we continued to rapidly expand our manufacturing capacity and product sales. Operating profit declined primarily due to the expected impact of the ramp-up of the Auburn Hills 2 manufacturing facility and preproduction
            expenses at our new manufacturing facilities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The increase in revenues in 2007 was primarily attributable to an increase in the volume of PV product sales ($12,126,000), partially offset by product and price mix ($2,760,000). Product sales were significantly impacted by a temporary, substantial decline of sales during the first two quarters of fiscal year 2007 of our PV laminates to Solar Integrated
            Technologies Inc. (&ldquo;SIT&rdquo;), which we were unable to fully reallocate to existing customers or offset through additional sales.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Gross profit margin on product sales decreased to 17.6% in 2007 from 21.8% in 2006 due to the expected impact of the ramp-up and other costs related to our new Auburn Hills 2 manufacturing facility and the lower sales prices of our products. As we expand our manufacturing capacity, our gross profit margins will be impacted by higher costs associated with production
            volumes as we ramp up production to full capacity at our new manufacturing facilities.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">38</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P38 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The combined product development and research expenses increased to $6,659,000 in 2007 from $5,721,000 in 2006 as a result of new development agreements in 2007. The increase in revenues from product development agreements is also attributable to these new agreements. In addition, we continue to incur product development and research expenses to improve the
            throughput of our PV cell manufacturing equipment, reduce the cost of production and increase the sunlight-to-electricity conversion efficiency of our PV laminates.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Preproduction costs increased due principally to increased expansion activities related to our new Auburn Hills 2 manufacturing facility (which was placed into service in December 2006), and the construction of manufacturing facilities in Greenville and in Tijuana, Mexico. We will incur preproduction costs, consisting principally of training costs for new employees
            and facilities costs, with each new manufacturing facility until we commence manufacturing at the facility. These costs are expected to be substantial as we continue to rapidly expand our manufacturing capacity from the current 118MW per annum to an expected capacity exceeding 300MW by 2010 and then 1GW by 2012.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Operating, selling, general and administrative and patent expenses increased due principally to hiring of sales staff, particularly in Europe, and support staff for expansion activities associated with our new Auburn Hills 2 and Greenville manufacturing facilities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The loss on disposal of property, plant and equipment represents the net book value of capital assets no longer needed, which were scrapped in 2007.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 14pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">Ovonic Materials Segment</font></i></u></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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="67%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">REVENUES</font></p>
                        </td>

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,832</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,698</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Royalties</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,323</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,246</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues from product development agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,780</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,445</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues from license and other agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,047</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,322</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other operating revenues</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">653</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">740</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL REVENUES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,635</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,451</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,666</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,844</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cost of revenues from product development agreements (excluding<br>
                            operating, general and administrative expenses)</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,782</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,435</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Product development and research</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,008</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,533</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating, general and administrative and patent expenses</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,885</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,458</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL EXPENSES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28,341</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28,270</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">LOSS FROM OPERATIONS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(13,706</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(14,819</font></p>
                        </td>

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

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">39</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P39 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our Ovonic Materials segment had a decreased operating loss in 2007 due principally to improved margins on increased product sales and the reversal of a warranty accrual.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Product sales, which include sales of our positive electrode nickel hydroxide materials, increased in 2007 as compared to 2006. Positive electrode nickel hydroxide product sales increased to $4,804,000 in 2007 from $1,855,000 in 2006 due primarily to an increase in demand in 2007 from our principal customer. Cost of sales of these products increased to $4,666,000 in
            2007 from $2,035,000 in 2006, reflecting the higher sales volume. Product sales for 2006 also include sales of equipment ($767,000) to our 19%-owned Rare Earth Ovonic joint venture, under a contract that was substantially completed in 2006.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Royalties declined in 2007 compared to 2006, as indicated below, due to decreased royalties for consumer NiMH battery technology, partially offset by increased royalties for transportation NiMH battery technology. In addition, in 2006, we recorded $690,000 for optical memory royalties paid in prior years in which the licensee no longer had a contractual obligation
            to make payments.</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="75%">
                    <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" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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="60%">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td 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" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Royalties</font></p>
                        </td>

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

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

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

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

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

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Transportation &ndash; NiMH Battery</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,515</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,218</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Consumer &ndash; NiMH Battery</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,688</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,152</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Ovonyx</font></p>
                        </td>

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

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

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

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">69</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">866</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Total Royalties</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,323</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,246</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Revenues from license agreements include $952,000 in each of 2007 and 2006, representing amortization of a $10,000,000 payment received in a July 2004 settlement of certain patent infringement disputes (see Note D, &ldquo;Joint Ventures and Investments,&rdquo; of the Notes to our Consolidated Financial Statements). Revenues from license agreements for 2006 also
            include $250,000 attributable to new license agreements in that year, principally with Chinese companies for consumer NiMH battery technology.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The combined product development and research expenses decreased to $20,790,000 in 2007 from $21,968,000 in 2006 due to cost reductions in certain programs, including savings achieved in the fourth quarter of fiscal year 2007 under the first phase of our restructuring plan. Revenues from product development agreements increased principally due to new contracts in
            2007 relating to our Ovonic metal hydride fuel cell and Ovonic solid hydrogen storage technologies.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Operating, general and administrative and patent expenses decreased in 2007 due to a $750,000 reversal of a warranty accrual in connection with the Rare Earth Ovonic contracts discussed above.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">40</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P40 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">Corporate Activities</font></i></u></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="95%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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="70%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL REVENUES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,147</font></p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,920</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating, general and administrative and patent expenses</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">24,531</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">21,718</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Restructuring costs</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,385</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL EXPENSES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">29,916</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">21,718</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">LOSS FROM OPERATIONS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(28,769</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(19,798</font></p>
                        </td>

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

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Revenues, which consist primarily of services, facilities and miscellaneous administrative and laboratory and machine shop services provided to certain affiliates, decreased in 2007 due principally to reductions in 2006 in estimated reserves and liabilities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Operating, general and administrative and patent expenses, which reflect corporate operations, including human resources, legal, finance, information technology, business development, purchasing and corporate governance, increased in 2007 due principally to increased corporate governance and restructuring costs. In addition, expenses of $1,000,000 were accrued in
            2007 in connection with the retirement of the Company&rsquo;s founder, Stanford Ovshinsky.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In 2007, we began implementing an organizational restructuring to consolidate and realign our business activities and reduce costs, principally in the Ovonic Materials segment and in Corporate Activities. The initial phase of this plan was substantially completed during 2007, and we incurred restructuring costs in 2007 in connection with this
            phase.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><i><font size="2">Other Income/Expense and Discontinued Operations</font></i></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Other income (net) increased to $17,272,000 in 2007 from $8,310,000 in 2006, primarily due to higher interest income ($17,543,000 in 2007 compared to $8,672,000 in 2006) as a result of increased funds available for investment and higher interest rates. We also recognized less interest expense in 2007 due to capitalization of interest incurred during the construction
            of the new solar cell manufacturing equipment.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Liquidity and Capital Resources</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our primary liquidity needs are to fund capital expenditures associated with expansion of our United Solar segment&rsquo;s manufacturing capacity and support our working capital requirements. Our principal sources of liquidity are cash, cash equivalents and short-term investments (which principally represent the proceeds from our June 2008 offering of convertible
            debt and common stock), cash flow from operations, and borrowing available under our new credit facility. We believe that cash, cash equivalents and investments and cash flows from operations and borrowing under</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">41</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P41 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">our credit facility will be sufficient to meet our liquidity needs for current operations and expansion for the foreseeable future.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">As of June&nbsp;30, 2008, we had $531,758,000 in cash, cash equivalents, and short-term and long-term investments consisting of Floating Rate Corporate Notes (&ldquo;FRN&rsquo;s&rdquo;), auction rate certificates (&ldquo;ARC&rsquo;s&rdquo;), corporate notes and money market funds. All short-term investments are classified as &ldquo;available-for-sale.&rdquo; The
            Company has $32,277,000 in ARC&rsquo;s classified as long-term investments at June&nbsp;30, 2008. The investments have maturities up to 20 months, except for the ARC&rsquo;s which have maturities from 26 to 38 years. At June&nbsp;30, 2008, we had consolidated working capital of $540,058,000.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">An adverse ruling in the pending Cobasys arbitration could adversely affect our liquidity position, while a successful completion of a strategic transaction involving Cobasys could favorably affect our liquidity position. See Part I, Item 3 &ndash; Legal Proceedings and Item 1A &ndash; Risk Factors.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Cash Flows</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Net cash provided by our operating activities was $28,510,000 in 2008 compared to net cash used of $21,814,000 in 2007. The operating cash flows in our United Solar segment are being negatively impacted by the change in working capital as we expand sales and production. While inventory levels decreased at June&nbsp;30, 2008, we anticipate that future accounts
            receivable and inventory balances will increase as we continue to expand our manufacturing and sales activities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Net cash used in investing activities was $41,668,000 in 2008 as compared to $73,213,000 used in investing activities in the corresponding period in 2007. This decrease was principally due to reduced purchases of investments in 2008. There was a decrease in capital spending ($117,335,000 in 2008 compared to $186,990,000 in 2007), principally associated with the
            timing of the expenditures for the expansion of our United Solar segment&rsquo;s manufacturing capacity. We will continue to invest in the expansion of our facilities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Net cash provided by our financing activities was $417,247,000 in 2008 compared to $11,016,000 in 2007, primarily as a result of proceeds from the June 2008 convertible debt and equity offerings.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">For details of our cash flows, see the Consolidated Statements of Cash Flows in our Consolidated Financial Statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Restructuring Reserve</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In 2008, the Company incurred additional restructuring costs of $9,396,000 and utilized or paid $11,782,000 out of this reserve. The Company has a balance of $1,245,000 in this reserve at June&nbsp;30, 2008, of which $831,000 will be utilized or paid in the next year.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">For details regarding the restructuring reserve, see Note L to the Consolidated Financial Statements.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">42</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P42 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Short-term Borrowings</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">On February&nbsp;4, 2008, our subsidiaries United Solar Ovonic LLC and United Solar Ovonic Corporation entered into Secured Credit Facility Agreements consisting of a $30&nbsp;million revolving line of credit to finance domestic activities and a separate $25&nbsp;million revolving line of credit provided under the United States Export-Import Bank&rsquo;s fast track
            working capital guarantee program to finance foreign activities. Availability of financing under the lines of credit will be determined by reference to a borrowing base comprised of domestic inventory and receivables and foreign inventory and receivables, respectively. At June 30, 2008, there were not any outstanding borrowings on the line of credit. The facilities also contain an aggregate $10&nbsp;million sub-limit for standby letters of credit and there were approximately $1.9
            million of standby letters of credit outstanding at June&nbsp;30, 2008.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Convertible Senior Notes</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0.03in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">On June&nbsp;24, 2008, we completed our offering of $316.3 million of ConvertibleSenior Notes. The notes bear interest at a rate of 3.00% per year, payable on June 15 and December 15 of each year, commencing on December 15, 2008. The notes mature on June 15, 2013. Holders of the notes may, under certain circumstances at their option, convert the
            principal amount of their notes into cash and, with respect to any amounts in excess of the principal amount, shares of ECD&rsquo;s common stock initially at a conversion rate of 10.8932 shares (equivalent to an initial conversion price of approximately $91.80 per share) per $1,000 principal amount of notes. The notes are also convertible on this basis at any time on or after March 15, 2013 and prior to the close of business on the business day immediately preceding the maturity
            date. The applicable conversion rate will be subject to adjustments in certain circumstances. The notes are senior unsecured obligations of ECD and rank equal in right of payment with any future senior unsecured debt of ECD, and senior in right of payment to all of ECD&rsquo;s existing and future debt, if any, that is subordinated to the notes.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Joint Ventures</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Through September 2007, CTV funded Cobasys&rsquo; operations by acquiring a preferred interest in Cobasys for which it is entitled to a priority right of repayment in certain situations. From October 2007 through January 2008, CTV declined to purchase preferred interests and funded Cobasys in a manner that in OBC&rsquo;s view violated the Operating Agreement and
            applicable Michigan law. Since February 2008, Cobasys has received funding support from a customer in the form of a loan for capital equipment purchases and a price increase on products sold to the customer, during which time Cobasys management has not sought any funding from the members of Cobasys. Further, Cobasys and its members have not agreed on a 2008 budget and/or business plan. In 2007, CTV and OBC agreed to explore strategic alternatives regarding Cobasys, which has
            resulted in us, OBC and CTV commencing negotiations for the sale of Cobasys with a potential buyer in early 2008. These negotiations have been ongoing, but we cannot assure that the proposed sale will be completed by the current deadline under our interim settlement agreement or on terms favorable to us and OBC, or if it will be completed at all. If the proposed sale is not completed, without an agreed budget and business plan and resolution of pending disputes subject to the
            arbitration between us and OBC and CTV, Cobasys may not be able to continue as a going concern. See Part I, Item 3 &ndash; Legal Proceedings and Item 1A &ndash; Risk Factors.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">43</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P43 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Contractual Obligations</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company announced expansion plans to expand its manufacturing capacity from 118MW of nameplate capacity at June&nbsp;30, 2008, to 300MW by the end of 2010 and to 1GW by the end of 2012. As of June&nbsp;30, 2008, the Company had purchase commitments of approximately $80,836,000 for its announced expansion, and the Company</font> <font size="2">presently intends
            to fund this additional expansion through existing funds and cash from operations.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company, in the ordinary course of business, enters into purchase commitments for raw materials. The Company also enters into purchase commitments for capital equipment, including subcontracts for the purchase of components for the new solar manufacturing equipment being installed in Greenville, Michigan.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The increase in purchase commitments is primarily due to the aforementioned expansion plan, additional commitments to purchase steel for the new Auburn Hills facility, and construction and equipment commitments for the new Greenville and Tijuana facilities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In June 2008, we completed an offering of $316,250,000 of 3.00% Convertible Senior Notes. Interest is payable semi-annually. The notes mature on June 15, 2013.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our contractual obligations include the following maturities (in thousands):</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="14">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Payments Due by Period</font></p>
                        </td>
                        <td valign="top">
                            <font size="2">&nbsp;</font>
                        </td>


                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; 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 size="2">Total</font></p>
                        </td>

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

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Less than</font><br>
                            <font size="2">1 year</font></p>
                        </td>

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

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">1-3 years</font></p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">3-5 years</font></p>
                        </td>

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

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">More than</font><br>
                            <font size="2">5 years</font></p>
                        </td>

                        <td valign="bottom">
                            <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="32%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Capital Lease Obligations</font></p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">44,354</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,245</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,247</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,295</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28,567</font></p>
                        </td>

                        <td valign="bottom" width="0.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">30,908</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,498</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,476</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,491</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,443</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Convertible Senior Notes</font></p>
                        </td>

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">368,431</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,488</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">18,975</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">18,975</font></p>
                        </td>

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

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

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">320,993</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Purchase Obligations</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">142,127</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">141,980</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">147</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 52.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Total</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">585,820</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">159,211</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32,845</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">30,761</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">363,003</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Significant Accounting Policies</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our significant accounting policies are more fully described in Note&nbsp;A, &ldquo;The Company and Summary of Accounting Policies,&rdquo; of the Notes to our Consolidated Financial Statements. Certain of our accounting policies require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the
            consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on our historical experience, the terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and suppliers and information available from other outside sources, as appropriate. However, they are subject to an inherent degree of uncertainty. As a result, actual results in these
            areas may differ significantly from our estimates.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">44</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P44 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We consider an accounting estimate to be significant if it requires us to make assumptions about matters that were uncertain at the time the estimate was made and changes in the estimate would have had a significant impact on our consolidated financial position or results of operations.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Stock-Based Compensation</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Effective July&nbsp;1, 2005, ECD adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards (&ldquo;SFAS&rdquo;) No. 123(R), &ldquo;Share-Based Payment&rdquo; (SFAS No. 123(R)). This statement replaces SFAS No. 123, &ldquo;Accounting for Stock-Based Compensation&rdquo; (SFAS No. 123) and supersedes APB No. 25. SFAS No. 123(R)
            requires that all stock-based compensation be recognized as an expense in the financial statements and that such cost be measured at the fair value of the grant. This statement was adopted using the modified prospective method of application, which requires us to recognize compensation expense on a prospective basis. Therefore, prior period financial statements have not been restated. Under this method, in addition to reflecting compensation expense for new share-based grants,
            expense is also recognized to reflect the remaining service period of grants that had been included in pro-forma disclosures in prior periods.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD records the fair value of stock-based compensation grants as an expense. In order to determine the fair value of stock options on the date of grant, ECD applies the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option life, risk-free interest rate and dividend yield. While the risk-free
            interest rate and dividend yield are less subjective assumptions, typically based on factual data derived from public sources, the expected stock-price volatility and option life assumptions require a greater level of judgment.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD uses an expected stock-price volatility assumption that is based on historical implied volatilities of the underlying stock which is obtained from public data sources.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">With regard to the weighted-average option life assumption, ECD considers the exercise behavior of past grants and models the pattern of aggregate exercises. Patterns are determined on specific criteria of the aggregate pool of optionees. Forfeiture rates are based on the Company&rsquo;s historical data for stock option forfeitures.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Warranty Liability</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We generally provide a 20-year product warranty on power output on all</font> <i><font size="2">UNI-SOLAR</font></i> <font size="2">products installed as part of pre-engineered solutions. Our accrued warranty liability also includes warranties previously provided on our machine-building and equipment products. At June 30, 2008 and 2007, the Company had recorded a
            liability for future warranty claims of approximately $1,499,000 and $1,325,000, respectively.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">45</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P45 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Allowance for Uncollectible Accounts</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company maintains an allowance for uncollectible accounts considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history and the customer&rsquo;s current ability to pay its obligation. The allowance for doubtful accounts was $825,000 and $538,000 at June 30, 2008 and 2007,
            respectively.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Federal Taxes on Income</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company accounts for income taxes using the asset and liability approach. Deferred income taxes are provided for the differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that the
            realization of such benefits is more likely than not.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">At June&nbsp;30, 2008, the Company had net operating loss carryforwards of $331,153,000 expiring in 2009 through 2028 and an alternative minimum tax credit carryforward of $1,363,000, which does not expire.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">A valuation allowance has been recorded for all of the above tax benefits.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Inventory Reserves</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.4in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company maintains an allowance for slow-moving inventory for certain inventory items for which it does not expect to sell within the next twelve months. The allowance was $4,790,000 and $1,870,000 at June 30, 2008 and 2007, respectively.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Government Contracts, Reserves and Liabilities</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company had a reserve for losses on government contracts of $1,851,000 and $1,899,000 at June&nbsp;30, 2008 and 2007, respectively. Our reserves and liabilities for government contracts reflects amounts questioned in an audit of certain government contracts by the Defense Contract Audit Agency and a reserve to reflect our residual royalty obligations under an
            advanced development agreement. See Note&nbsp;E, &ldquo;Liabilities,&rdquo; of the Notes to our Consolidated Financial Statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">See Note&nbsp;A, &ldquo;The Company and Summary of Accounting Policies &ndash; Recent Pronouncements,&rdquo; of the Notes to our Consolidated Financial Statements for a description of recent accounting pronouncements and the impact on the Company&rsquo;s financial statements.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">46</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P46 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Forward-Looking Statements</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.54in; TEXT-ALIGN: justify"><font size="2"><font size="2">This Annual Report on Form 10-K includes &ldquo;forward-looking statements&rdquo; that involve risks and uncertainties. These forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events,
            future sales or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information. When used in this prospectus, the words &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;projects,&rdquo; &ldquo;plans,&rdquo; &ldquo;intends,&rdquo; &ldquo;believes,&rdquo; &ldquo;forecasts,&rdquo; &ldquo;foresees,&rdquo; &ldquo;likely,&rdquo; &ldquo;may,&rdquo;
            &ldquo;should,&rdquo; &ldquo;goal,&rdquo; &ldquo;target&rdquo; and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon information available to us on the date of this report.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, the matters discussed in this Item 1A, &ldquo;Risk Factors.&rdquo; Factors you should
            consider that could cause these differences are:</font></font></p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the worldwide demand for electricity and the market for renewable energy, including solar energy;</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the ability or inability of conventional fossil fuel-based generation technologies to meet the worldwide demand for electricity;</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">government subsidies and policies supporting renewable energy, including solar energy; our expenses, sources of sales and international sales and operations;</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">future pricing of, and demand for, our solar laminates;</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the performance, features and benefits of our solar laminates and plans for the enhancement of solar laminates;</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the supply and price of components and raw materials;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">our ability to expand our manufacturing capacity in a timely and cost-effective manner;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">our ability to retain our current key executives, integrate new key executives and attract and retain other skilled managerial, engineering and sales marketing personnel;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">the viability of our intellectual property and our continued investment in research and development;</font></p>
                    </td>
                </tr>
            </table>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">47</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P47 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">payments and other obligations resulting from the unfavorable resolution of legal proceedings;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">changes in, or the failure to comply with, government regulations and environmental, health and safety requirements;</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">interest rate fluctuations and both our and our end-users&rsquo; ability to secure financing on commercially reasonable terms or at all; and</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="19">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">general economic and business conditions, including those influenced by international and geopolitical events such as the war in Iraq and any future terrorist attacks.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">There may be other factors that could cause our actual results to differ materially from the results referred to in the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events, except as required by
            law.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">48</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P48 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="toc9"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 7A</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Quantitative and Qualitative Disclosures about Market Risk</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following discussion about our exposure to market risk of financial instruments contains forward-looking statements. Actual results may differ materially from those described.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Interest Rate Risk</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our holdings of financial instruments are comprised of debt securities. All such instruments are classified as securities available-for-sale. We do not invest in portfolio equity securities, or commodities, or use financial derivatives for trading purposes. Our debt security portfolio represents funds held temporarily, pending use in our business and operations. The
            Company had $483,350,000 and $205,282,000 of these investments on June&nbsp;30, 2008 and June&nbsp;30, 2007, respectively. It is the Company&rsquo;s policy that investments (including cash equivalents) shall be rated &ldquo;A&rdquo; or higher by Moody&rsquo;s or Standard and Poor&rsquo;s, no single investment (excluding cash equivalents) shall represent more than 10% of the portfolio and at least 10% of the total portfolio shall have maturities of 90 days or less. Our market risk
            primarily relates to the risks of changes in the credit quality of issuers. An interest rate change of 1% would result in a change in the value of our June&nbsp;30, 2008, portfolio of approximately $50,000.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company invests in auction rate certificates. Recent market conditions have resulted in failures of certain auctions; however, the Company&rsquo;s securities have not experienced such failures. Due to the recent temporary liquidation problems experience with certain securities, we have reclassified them as long-term investments.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our Convertible Senior Notes are subject to interest rate and market price risk due to the convertible feature of the notes. Since the notes are convertible to common stock, as the fair market value of our common stock increases, so will the fair market value of the notes. Conversely, as the fair market value of our common stock decrease, the fair market value of
            the notes will decrease as well. As interest rates rise, the fair market value of the notes will decrease and as interest rates fall, the fair market value of the notes will increase. At June&nbsp;30, 2008, the estimated fair market value of our Convertible Senior Notes was approximately $179,300,000. An increase or a decrease in market interest rates of 1% would increase or decrease the fair value of our Convertible Senior Notes by approximately $1,790,000.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Foreign Exchange Risk</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">A significant portion of the equipment acquisitions necessary for our planned expansion are denominated in yen. We have entered into contracts for equipment purchases that are denominated in yen. In order to mitigate the risk associated with these transactions, we have entered in currency forward contracts to buy or sell yen at future dates. As of June&nbsp;30,
            2008, we have forward contracts to purchase approximately 771.4 million yen and to sell approximately 12.2 million yen. For the year ended June 30, 2008, an increase or a decrease in exchange rates of 1% would increase or decrease our capital equipment purchases by</font> <font size="2">approximately $72,000. We are unable to predict the future exchange rates between the dollar and the yen and therefore we cannot estimate the impact on our future operating results.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">49</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P49 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="toc10"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 4pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 8</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 4pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Consolidated Financial Statements and Supplementary Data</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2"><font size="2">Board of Directors and Shareholders</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2"><font size="2">Energy Conversion Devices, Inc.</font></font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify"><font size="2"><font size="2">We have audited the accompanying consolidated balance sheets of Energy Conversion Devices, Inc. (a Delaware Corporation) and subsidiaries as of June 30, 2008 and 2007, and the related consolidated statements of operations, stockholder&rsquo;s equity, and cash flows for each of the three years in the period ended June 30, 2008. Our audits of the basic consolidated financial statements
            included the financial statement schedule listed in the table of contents under Item 15(a)2. These financial statements and financial statement schedule are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on these financial statements and the financial statement schedule based on our audits.</font></font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify"><font size="2"><font size="2">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
            financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</font></font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify"><font size="2"><font size="2">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Energy Conversion Devices, Inc. and subsidiaries as of June 30, 2008 and 2007, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2008 in conformity with accounting principles generally
            accepted in the United States of America. Also in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.</font></font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify"><font size="2"><font size="2">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Energy Conversion Devices, Inc. and subsidiaries&rsquo; internal control over financial reporting as of June 30, 2008, based on criteria established in</font> <i><font size="2">Internal Control&mdash;Integrated Framework</font></i> <font size="2">issued by the
            Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated August 25, 2008 expressed an unqualified opinion.</font></font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify"><font size="2"><font size="2">/s/ Grant Thornton LLP</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify"><font size="2"><font size="2">Southfield, Michigan</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 16pt; TEXT-ALIGN: justify"><font size="2"><font size="2">August&nbsp;25, 2008</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">50</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P50 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><u><font size="2">CONSOLIDATED BALANCE SHEETS</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><u><font size="2">ASSETS</font></u></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30,</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; 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: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; 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: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">CURRENT ASSETS</font></p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11.7%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Cash, including cash equivalents of $468,361,000 at</font><br>
                            <font size="2">June&nbsp;30, 2008 and $80,278,000 at June&nbsp;30, 2007</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">484,491,568</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">80,769,970</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Short-term investments</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,989,118</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">125,003,963</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Accounts receivable (net)</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">53,525,159</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,497,575</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Inventories</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31,336,813</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">38,692,178</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Assets held for sale</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,538,843</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,523,543</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,279,452</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,396,014</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 52.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL CURRENT ASSETS</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">592,160,953</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">284,883,243</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">PROPERTY, PLANT AND EQUIPMENT</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Buildings and improvements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">58,913,444</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">23,382,529</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Machinery and other equipment</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">253,423,651</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">129,186,752</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Assets under capitalized leases</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">26,822,154</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">26,406,764</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">339,159,249</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">178,976,045</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Less accumulated depreciation and amortization</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(60,877,043</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(41,992,111</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">NET DEPRECIABLE ASSETS</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">278,282,206</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">136,983,934</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Land</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,157,394</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,376,580</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Construction in progress</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">124,679,407</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">173,008,798</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL PROPERTY, PLANT AND EQUIPMENT</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">404,119,007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">311,369,312</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">LONG-TERM INVESTMENTS</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32,277,270</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">OTHER ASSETS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,409,893</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,426,025</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 52.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL ASSETS</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,041,967,123</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">600,678,580</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left"><font size="2"><font size="2">See notes to consolidated financial statements.</font></font></p>
            <font size="2"><br>
            </font>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">51</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P51 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><u><font size="2">CONSOLIDATED BALANCE SHEETS</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><u><font size="2">LIABILITIES AND STOCKHOLDERS' EQUITY</font></u></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30,</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <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="63%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">CURRENT LIABILITIES</font></p>
                        </td>

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

                        <td valign="bottom" width="12.7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Accounts payable and accrued expenses</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">39,016,625</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">34,267,171</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Salaries, wages and amounts withheld from employees</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,160,115</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,524,287</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Amounts due under incentive plans</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,747,201</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">542,747</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Restructuring reserve</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">830,492</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,630,634</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Deferred revenues under business agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">309,176</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">109,639</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Current portion of deferred patent license fee</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">952,380</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">952,380</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Current installments on long-term liabilities</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,086,536</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">912,781</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 52.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL CURRENT LIABILITIES</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">52,102,525</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">42,939,639</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">CONVERTIBLE SENIOR NOTES</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">316,250,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">OTHER LONG-TERM LIABILITIES</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">25,805,030</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">25,795,875</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">LONG-TERM RESTRUCTURING RESERVE</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">414,170</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">LONG-TERM DEFERRED PATENT LICENSE FEE</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,238,100</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,190,480</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">NONREFUNDABLE ADVANCE ROYALTIES</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">245,660</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">245,660</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 52.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL LIABILITIES</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">400,055,485</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">75,171,654</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">COMMITMENTS AND CONTINGENCIES (NOTE&nbsp;J)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">STOCKHOLDERS&rsquo; EQUITY</font></p>
                        </td>

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Common Stock, par value $0.01 per share:</font></p>
                        </td>

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Authorized &ndash; 100,000,000 shares at June&nbsp;30, 2008 and at June&nbsp;30, 2007</font></p>
                        </td>

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Issued and outstanding &ndash; 45,575,554 shares at June&nbsp;30, 2008 and<br>
                            39,796,910 shares at June&nbsp;30, 2007</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">455,756</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">397,969</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Additional paid-in capital</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">969,420,927</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">854,160,702</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Treasury stock</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(700,006</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Accumulated deficit</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(325,165,067</font></p>
                        </td>

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

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

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(329,018,559</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 32.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Accumulated other comprehensive loss</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(2,099,972</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(33,186</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 52.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL STOCKHOLDERS&rsquo; EQUITY</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">641,911,638</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">525,506,926</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 50.6pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,041,967,123</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">600,678,580</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left"><font size="2"><font size="2">See notes to consolidated financial statements.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">52</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P52 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font size="2"><u><font size="2">CONSOLIDATED STATEMENTS OF OPERATIONS</font></u></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="50%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">REVENUES</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 style="BORDER-TOP: black 1pt solid" valign="bottom" width="10.5%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <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 style="BORDER-TOP: black 1pt solid" valign="bottom" width="10.5%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <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 style="BORDER-TOP: black 1pt solid" valign="bottom" width="10.5%">
                            <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="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">237,190,558</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">96,014,366</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">84,430,664</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Royalties</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,306,476</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,323,062</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,245,754</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Revenues from product development agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,439,563</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,934,179</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10,045,585</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Revenues from license agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,252,785</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,047,380</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,322,365</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Other</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">671,584</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,247,876</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,375,108</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30.95pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">TOTAL REVENUES</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">255,860,966</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">113,566,863</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">102,419,476</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">EXPENSES</font></p>
                        </td>

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

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

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Cost of product sales</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">174,074,898</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">81,241,182</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">67,270,836</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Cost of revenues from product development agreements</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,256,521</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,684,398</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,710,362</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Product development and research</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,905,535</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19,745,166</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19,909,152</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Patents (including patent defense)</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,766,676</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,902,249</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,788,171</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Preproduction costs</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,920,260</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,613,825</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">426,506</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Operating, selling, general and administrative</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">49,484,951</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">35,178,677</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31,535,115</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Net loss on disposal of property, plant and equipment</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,116,183</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">318,151</font></p>
                        </td>

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

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

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

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Restructuring charges</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,396,465</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,385,277</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30.95pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">TOTAL EXPENSES</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">259,921,489</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">156,068,925</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">129,640,142</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">LOSS FROM OPERATIONS</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(4,060,523</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(42,502,062</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(27,220,666</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">OTHER INCOME (EXPENSE)</font></p>
                        </td>

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

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

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Interest income</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,018,933</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">17,542,780</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,671,098</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Interest expense</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(164,786</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(2,470</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(197,334</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Other nonoperating income (expense)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,215,769</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(269,187</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(163,344</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 30.95pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">TOTAL OTHER INCOME (EXPENSE)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,069,916</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">17,271,123</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,310,420</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Net Income (Loss) from Continuing Operations before<br>
                            Income Taxes</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,009,393</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(25,230,939</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(18,910,246</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Income Taxes</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">155,901</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Net Income (Loss) from Continuing Operations</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,853,492</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(25,230,939</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(18,910,246</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Discontinued Operations (including gain on disposition of discontinued operations of $739,602 in 2006)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">313,979</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Net Income (Loss)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,853,492</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(25,230,939</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(18,596,267</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Basic Net Income (Loss) Per Share</font></p>
                        </td>

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

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

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Continuing Operations</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.58</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.2in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Discontinued Operations</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.01</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.10</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td  valign="middle">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.57</font></p>
                        </td>

                        <td  valign="middle">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Diluted Net Income (Loss) Per Share</font></p>
                        </td>

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

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

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

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

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

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

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

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

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Continuing Operations</font></p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

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

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

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.58</font></p>
                        </td>

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

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.2in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Discontinued Operations</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

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

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.01</font></p>
                        </td>

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

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

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN: 0pt 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.57</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN: 1pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 1.5pt; TEXT-ALIGN: left"><font size="2"><font size="2">See notes to consolidated financial statements.</font></font></p>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 1.5pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">53</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P53 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><font size="2"><font size="1">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&rsquo; EQUITY</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">AND COMPREHENSIVE INCOME (LOSS)</font></u></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">Three years ended June 30, 2008</font></u></font></p>

            <table cellspacing="0" cellpadding="0" width="100%">
                <tr valign="bottom">
                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="5"><font face="Times New Roman, Times, Serif" size="1">Class A and Class B<br>
                    Convertible<br>
                    Common Stock</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="5"><font face="Times New Roman, Times, Serif" size="1">Common Stock</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr valign="bottom">
                    <td align="left">
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">Number<br>
                    of<br>
                    Shares</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Amount</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Number<br>
                    of<br>
                    Shares</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Amount</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Additional<br>
                    Paid-In<br>
                    Capital</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Accumulated<br>
                    Deficit</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Accumulated<br>
                    Other<br>
                    Comprehensive<br>
                    Income (Loss)</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Unearned<br>
                    Compensation<br>
                    on Class B<br>
                    Convertible<br>
                    Common Stock</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left" colspan="2"><font face="Times New Roman, Times, Serif" size="1">Total<br>
                    Stockholders'<br>
                    Equity</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr valign="bottom">
                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="2"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" colspan="3"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left" width="18.7%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Balance at July 1, 2005</font></p>
                    </td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">649,913</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td align="right" width="5.2%"><font face="Times New Roman, Times, Serif" size="1">6,499</font></td>

                    <td align="left" width="2%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4.5%"><font face="Times New Roman, Times, Serif" size="1">28,232,970</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td align="right" width="5%"><font face="Times New Roman, Times, Serif" size="1">282,330</font></td>

                    <td align="left" width="2%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td align="right" width="9%"><font face="Times New Roman, Times, Serif" size="1">440,577,239</font></td>

                    <td align="left" width="2%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td align="right" width="9.4%"><font face="Times New Roman, Times, Serif" size="1">(285,191,353</font></td>

                    <td align="left" width="2%"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">211,586</font></td>

                    <td align="left" width="2%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">(165,940</font></td>

                    <td align="left" width="2%"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td align="right" width="7.5%"><font face="Times New Roman, Times, Serif" size="1">155,720,361</font></td>

                    <td align="left" width="0.7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Net loss for year ended June&nbsp;30, 2006</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">(18,596,267</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">(18,596,267</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Unrealized loss on investments</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">(36,409</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">(36,409</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 0em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Foreign currency translation losses</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">(296,085</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">(296,085</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em; PADDING-TOP: 0.3em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Comprehensive loss</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">(18,928,761</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Earned compensation on Class&nbsp;B stock</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">165,940</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">165,940</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Equity offering, net of expenses of&nbsp;$19,493,616</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">7,666,928</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">76,669</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">356,109,187</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">356,185,856</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Conversion of Class A and Class&nbsp;B stocks into Common Stock</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">(649,913</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">(6,499</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">649,913</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">6,499</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="center"><font face="Times New Roman, Times, Serif" size="1">&ndash;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Issuance of stock to directors</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">1,440</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">14</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">60,019</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">60,033</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Common stock issued in connection with exercise of stock options</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">1,116,467</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">11,165</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">19,353,951</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">19,365,116</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Common stock issued in connection with exercise of warrants</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">1,390,892</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">13,909</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">22,282,090</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">22,295,999</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Stock options issued to nonemployees</font></p>
                    </td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">437,080</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="right"><font face="Times New Roman, Times, Serif" size="1">437,080</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 1em" valign="bottom">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Stock options issued to employees</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">1,719,233</font></td>

                    <td><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right" width="7%"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font face="Times New Roman, Times, Serif" size="1">1,719,233</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>

                <tr style="PADDING-BOTTOM: 0em" valign="top">
                    <td align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font face="Times New Roman, Times, Serif" size="1">Balance at June 30, 2006</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="center"><font face="Times New Roman, Times, Serif" size="1">&ndash;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="center"><font face="Times New Roman, Times, Serif" size="1">&ndash;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="right"><font face="Times New Roman, Times, Serif" size="1">39,058,610</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="right"><font face="Times New Roman, Times, Serif" size="1">390,586</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="right"><font face="Times New Roman, Times, Serif" size="1">840,538,799</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="right"><font face="Times New Roman, Times, Serif" size="1">(303,787,620</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="right" width="4%"><font face="Times New Roman, Times, Serif" size="1">(120,908</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">)</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="center" width="7%"><font face="Times New Roman, Times, Serif" size="1">&ndash;</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="left"><font face="Times New Roman, Times, Serif" size="1">$</font></td>

                    <td style="BORDER-BOTTOM: #000000 3px double" align="right"><font face="Times New Roman, Times, Serif" size="1">537,020,857</font></td>

                    <td align="left"><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left"><font size="2"><font size="1">See notes to consolidated financial statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font size="1">(Continued on next page)</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">54</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- END-P54 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="1">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&rsquo; EQUITY</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">AND COMPREHENSIVE INCOME (LOSS)</font></u></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">Three years ended June 30, 2008</font></u></font></p>

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

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

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" width="99%">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 12.25pt; TEXT-INDENT: -0.15in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">Common Stock</font></p>
                    </td>

                    <td valign="bottom">
                        <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" rowspan="2">
                        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Additional</font><br>
                        <font size="1">Paid-In</font><br>
                        <font size="1">Capital</font></p>
                    </td>

                    <td valign="bottom">
                        <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" rowspan="2">
                        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Accumulated</font><br>
                        <font size="1">Deficit</font></p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <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" rowspan="2">
                        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Accumulated Other Com- prehensive Income (Loss)</font></p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <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="3" rowspan="2">
                        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Total</font><br>
                        <font size="1">Stockholders&rsquo;</font><br>
                        <font size="1">Equity</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 12.25pt; TEXT-INDENT: -0.15in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td width="0.7%">
                    </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; TEXT-ALIGN: left"><font size="1">Number of</font><br>
                        <font size="1">Shares</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" 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-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: left"><font size="1">Amount</font></p>
                    </td>

                    <td valign="bottom">
                        <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: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

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

                    <td valign="bottom">
                        <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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="22%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 12.25pt; TEXT-INDENT: -0.15in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td width="0.7%">
                    </td>

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

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

                    <td valign="bottom" width="1.2%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

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

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

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10.5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

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

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

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

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

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

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

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

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10.5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Balance at July 1, 2006</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">39,058,610</font></p>
                    </td>

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">390,586</font></p>
                    </td>

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

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

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">840,538,799</font></p>
                    </td>

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

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

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right"><font size="1">(303,787,620</font></p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

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

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right"><font size="1">(120,908</font></p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">537,020,857</font></p>
                    </td>

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

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Net loss for year ended June&nbsp;30, 2007</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

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

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

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

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

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

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

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

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

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

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(25,230,939</font></p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(25,230,939</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Unrealized gain on investments</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right"><font size="1">56,918</font></p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">56,918</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Foreign currency translation gains</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">30,804</font></p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">30,804</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Comprehensive loss</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(25,143,217</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Issuance of stock to directors</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">6,425</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">64</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">242,422</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">242,486</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Common stock issued in connection with exercise of stock options</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">708,523</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">7,085</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">11,864,773</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">11,871,858</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Stock options issued to nonemployees</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">18,369</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">18,369</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Stock options issued to employees</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,439,652</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,439,652</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Restricted stock awards</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">23,352</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">234</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">44,921</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">45,155</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Stock expenses</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(5,749</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(5,749</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Stock option modification</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">17,515</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <TD VALIGN="bottom" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">17,515</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.05in; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Balance at June 30, 2007</font></p>
                    </td>

                    <td width="0.7%">
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">39,796,910</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">397,969</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">854,160,702</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right"><font size="1">(329,018,559</font></p>
                    </td>

                    <TD VALIGN="middle" WIDTH="2%" ALIGN="LEFT">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: right"><font size="1">(33,186</font></p>
                    </td>

                    <TD VALIGN="middle" ALIGN="LEFT" WIDTH="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" align="left">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">525,506,926</font></p>
                    </td>

                    <td valign="bottom" align="left">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left"><font size="2"><font size="1">See notes to consolidated financial statements.</font></font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><font size="2"><font size="1">(Continued on next page)</font></font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">55</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P55 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="1">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&rsquo; EQUITY</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">AND COMPREHENSIVE INCOME (LOSS)</font></u></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2"><u><font size="1">Three years ended June 30, 2008</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <table style="MARGIN-LEFT: 1.45pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Common</font> <font size="1">Stock</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2" rowspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Additional Paid-In Capital</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Treasury</font> <font size="1">Stock</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2" rowspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Accumulated Deficit</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3" rowspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Accumulated</font></p>

                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Other</font></p>

                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Comprehensive</font></p>

                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Income</font> <font size="1">(Loss)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3" rowspan="2">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Total</font></p>

                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Stockholders&rsquo;</font></p>

                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Equity</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Number</font> <font size="1">of Shares</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Amount</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Number</font> <font size="1">of Shares</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">Amount</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="19%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1.5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1.5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1.5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1.5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1.5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1.5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                        <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="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1.5%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                        <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="1%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Balance at July&nbsp;1, 2007</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">39,796,910</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">397,969</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">854,160,702</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="1">&mdash;</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(329,018,559</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(33,186</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">525,506,926</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Net income for year ended June&nbsp;30, 2008</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">3,853,492</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">3,853,492</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Unrealized losses on investments</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(2,209,666</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(2,209,666</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Foreign currency translation gains</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">77,002</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">77,002</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Derivatives &ndash; forward contracts</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">65,878</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; 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: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">65,878</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Comprehensive income</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,786,706</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Directors&rsquo; Stock expense</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">19,266</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">193</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">58,412</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">58,605</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Common stock issued in connection with exercise of stock options</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">773,903</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">7,739</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">13,474,914</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">13,482,653</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Stock options issued to employees</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,377,778</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,377,778</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Restricted stock awards</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">80,000</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">800</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,400,295</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">1,401,095</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Treasury stock</font></p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(11,245</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(700,006</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(700,006</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Equity offering (net of expenses of $6,192,570)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">4,905,475</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">49,055</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">98,948,826</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">98,997,881</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 5.05pt; TEXT-INDENT: -0.05in; TEXT-ALIGN: left"><font size="1">Balance at June 30, 2008</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">45,575,554</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">455,756</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">969,420,927</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="6%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">(11,245</font></p>
                    </td>

                    <td  valign="middle" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(700,006</font></p>
                    </td>

                    <td valign="middle" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(325,165,067</font></p>
                    </td>

                    <td valign="middle" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="1">(2,099,972</font></p>
                    </td>

                    <td  valign="middle" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="1">641,911,638</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.62%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.62%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.62%; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 3.62%; TEXT-ALIGN: left"><font size="2"><font size="1">See notes to consolidated financial statements.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">56</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P56 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><u><font size="2">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></u></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</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="bottom" width="52%">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">OPERATING ACTIVITIES:</font></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 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">&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="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="12%">
                            <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="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="12%">
                            <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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Net income (loss)</font></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 size="2">$</font></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 size="2">3,853,492</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="2%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(25,230,939</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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 size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(18,596,267</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Adjustments to reconcile net income (loss) to net cash<br>
                            used in operating activities:</font></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="12%">
                            <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="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="12%">
                            <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="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="12%">
                            <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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Depreciation and amortization</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">21,917,164</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,169,708</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,627,278</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Bad debt</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">868,093</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,817</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">289,767</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Allowance for slow-moving inventory</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,919,588</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,348,361</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,518,284</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Restructuring charge</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,216,786</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">107,401</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Warranty expense</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">390,765</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(291,764</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">382,980</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Changes in government contracts and other reserves</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">235,385</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(436,922</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,063,776</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Amortization of deferred nonrefundable patent license fee</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(952,380</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(952,380</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(952,380</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Amortization of premium/discount on investments</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,033</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">529,012</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(912,448</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Equity in losses of investment in Ovonyx</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">150,000</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Changes in nonrefundable advance royalties</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(906,019</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Stock and stock options issued for services rendered</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,009,778</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,763,175</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,382,287</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Gain on sale of discontinued operations</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(739,602</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Loss on sales of investments</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">147,696</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">53,806</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Loss(Gain) on sale of property, plant and equipment</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(179,794</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">196,812</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(43,079</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Loss on equipment impairment</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,295,977</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">306,959</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Foreign currency adjustment</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">132,644</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Changes in working capital:</font></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="12%">
                            <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="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="12%">
                            <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="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="12%">
                            <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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Accounts receivable</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(17,814,622</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(8,590,289</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(8,642,407</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Inventories</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,662,144</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(17,165,383</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(3,459,919</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Other assets</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,167,983</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(2,370,971</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(822,342</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Accounts payable and accrued expenses</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,004,020</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,913,547</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,047,330</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Accrued incentive plan</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,204,454</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">542,740</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Restructuring reserve</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(2,300,972</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,523,233</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Deferred revenues under business agreements</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">199,537</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(239,815</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(938,814</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28,510,161</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(21,813,892</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(21,418,931</font></p>
                        </td>

                        <td  valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <PAGE>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            </div>
            <font size="2"><br>
            <br>
            <br>
            </font>

            <div align="center">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <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; TEXT-ALIGN: left"><font size="2">INVESTING ACTIVITIES:</font></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="12%">
                            <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="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="12%">
                            <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="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="12%">
                            <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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Purchases of property, plant and equipment (including construction in progress)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(117,334,591</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(186,989,746</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(69,019,555</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Investment in Ovonyx</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(200,000</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(150,000</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Other investment</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(150,000</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Purchase of investments</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(62,250,000</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(423,033,218</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(249,597,305</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Proceeds from maturities of investments</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22,591,331</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">248,180,055</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">18,758,845</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Proceeds from sale of discontinued operations</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">891,887</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Proceeds from sales of investments</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">115,037,850</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">288,828,325</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,050,000</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="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Proceeds from sales of property, plant and equipment</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">287,568</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,307</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">148,997</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">NET CASH USED IN INVESTING ACTIVITIES</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(41,667,842</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(73,213,277</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(295,067,131</font></p>
                        </td>

                        <td  valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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; TEXT-ALIGN: left"><font size="2">FINANCING ACTIVITIES:</font></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="12%">
                            <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="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="12%">
                            <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="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="12%">
                            <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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Proceeds from Convertible Senior Notes</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">306,762,500</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Payments for deferred financing costs</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,258,439</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Proceeds from common stock issuance</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">98,997,881</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Principal payments under short-term and long-term debt obligations and assets under capitalized lease obligations</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,144,416</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(849,676</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(398,413</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Increase in long-term customer deposits</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">680,000</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Decrease in restricted investments</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(273,253</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font 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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</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="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.2in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Proceeds from sales of stock and exercise of stock options<br>
                            and warrants, net of expenses</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,482,653</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,866,111</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">397,846,971</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">NET CASH PROVIDED BY FINANCING ACTIVITIES</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">417,246,926</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,016,435</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">397,448,558</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">EFFECT OF EXCHANGE RATE CHANGES ON CASH<br>
                            AND CASH EQUIVALENTS</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(367,647</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(181,278</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(296,085</font></p>
                        </td>

                        <td  valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font 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: 19.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">403,721,598</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="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(84,192,012</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">80,666,411</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="52%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</font></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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">80,769,970</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">164,961,982</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="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="12%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">84,295,571</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="52%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">CASH AND CASH EQUIVALENTS AT END OF PERIOD</font></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 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 size="2">484,491,568</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 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 size="2">80,769,970</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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 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 size="2">164,961,982</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0.06in; TEXT-ALIGN: left"><font size="2"><font size="2">See notes to consolidated financial statements.</font></font></p>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">57</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P57 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><u><font size="2">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></u></font></p>

            <div align="center">
                <TABLE STYLE="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" CELLSPACING="0" CELLPADDING="0" WIDTH="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="57%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</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="bottom" width="57%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN: 2pt 0in 5pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN: 2pt 0in 5pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2006</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN: 2pt 0in 5pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <TD VALIGN="top" WIDTH="57%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</font></p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="9%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="4%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="9%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="4%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="9%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="57%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Cash paid for interest, including capitalized interest</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,842,196</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,124,805</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">904,276</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="57%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Cash paid for income taxes</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">65,401</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">707,302</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="57%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Noncash transactions:</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="57%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0.7in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Depreciation allocated to construction in progress</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">325,820</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="57%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0.7in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Amounts due from sale of assets</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">438,887</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="57%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0.7in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Capital lease obligations to finance capital equipment</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">362,231</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">245,110</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,161,653</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 15pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&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="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="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="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: 18pt; TEXT-ALIGN: left"><font size="2"><font size="2">See notes to consolidated financial statements.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">58</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P58 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 7.81%; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Nature of Business</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Energy Conversion Devices, Inc. (ECD) commercializes materials, products and production processes for the alternative energy generation, energy storage and information technology markets.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Financial Statement Presentation, Principles of Consolidation and Equity Accounting</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The consolidated financial statements include the accounts of ECD and its 100%-owned subsidiaries United Solar Ovonic LLC and United Solar Ovonic Corporation (collectively referred to as &ldquo;United Solar&rdquo;) and its 91.4%-owned subsidiary Ovonic Battery Company, Inc. (&ldquo;Ovonic Battery&rdquo; or &ldquo;OBC&rdquo;) (collectively the &ldquo;Company&rdquo;).
            No minority interest related to Ovonic Battery is recorded in the consolidated financial statements because there is no additional funding requirement by the minority stockholders.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company has, as of June&nbsp;30, 2008, two major investments accounted for using the equity method: (i) Cobasys LLC, a joint venture between Ovonic Battery and a subsidiary of Chevron Corporation, Chevron Technology Ventures LLC, (&ldquo;CTV&rdquo;), each having 50% interest in the joint venture and (ii) Ovonyx, Inc., a 39.3%-owned (or 30.3% on a fully diluted
            basis after giving effect for exercise of stock options and warrants) corporation with Mr.&nbsp;Tyler Lowrey, Intel Capital, and other investors. See Note&nbsp;D, &ldquo;Joint Ventures and Investments,&rdquo; of the Notes to our Consolidated Financial Statements for discussions of all of the Company&rsquo;s major joint ventures and investments.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In 2000, ECD contributed noncash, in-process technology to Ovonyx in exchange for an equity interest. No value for this technology has been included in the Company&rsquo;s balance sheet. ECD accounts for this investment under an equity method accounting model that allows for the disproportionate share of the amount of the cost basis investment and the percentage
            share of the underlying equity (determined as if the investee were a consolidated subsidiary) to be amortized over the estimated useful lives of the underlying assets.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Upon consolidation, all intercompany accounts and transactions are eliminated. Any profits on intercompany transactions are eliminated to the extent of the Company&rsquo;s ownership percentage.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Discontinued Operations</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In 2005, the Company, as part of its 2004 restructuring plan, decided to sell the assets of Ovonic Battery&rsquo;s metal hydride materials manufacturing business. At June&nbsp;30, 2005, the Company reclassified the current net book value of these fixed assets as assets held for sale and ceased</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">59</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P59 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">depreciating these assets. In December 2005, the Company sold Ovonic Battery&rsquo;s metal hydride materials manufacturing business to Great Western Technologies Inc. (&ldquo;GWTI&rdquo;) for installment payments totaling $906,000, which have been paid in full. The Company recorded a</font> <font size="2">gain on this sale of approximately $740,000 in the year ended June&nbsp;30, 2006.
            In addition, GWTI assumed the</font> <font size="2">lease obligations for two of Ovonic Battery&rsquo;s manufacturing plants.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2"><font size="2">For the year ended June&nbsp;30, 2006, the Company has recorded the following results of its metal hydride materials manufacturing business as a discontinued operation in accordance with Statement of Financial Accounting Standards (&ldquo;SFAS&rdquo;) No. 144, &ldquo;Accounting for the Impairment &nbsp;or Disposal of Long-Lived Assets&rdquo;:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="59%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="79%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">54,788</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="79%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Costs and expenses</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="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(480,411</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="79%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Gain on disposition of discontinued operations</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="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">739,602</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="79%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Income from discontinued operations before</font><br>
                            <font size="2">income taxes</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="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">313,979</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="79%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Income taxes</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="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="79%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Net income from discontinued operations</font></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 size="2">$</font></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"><font size="2">313,979</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Cash Equivalents</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Cash equivalents consist of investments in short-term, highly liquid securities maturing 90 days or less from the date of acquisition.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Investments</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company has evaluated its investment policies consistent with SFAS No. 115, &ldquo;Accounting for Certain Investments in Debt and Equity Securities,&rdquo; and determined that all of its short-term investment securities are classified as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in
            Stockholders&rsquo; Equity under the caption &ldquo;Accumulated Other Comprehensive Income (Loss).&rdquo; The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretions are included in interest income. Realized gains and losses and declines in value judged to be other than temporary on available-for-sale securities are included in other nonoperating income (expense). The cost of securities sold
            is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Short-term investments consist of auction rate certificates (at June 30,</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">60</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P60 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">2007 only), corporate bonds and notes, and certificates of deposit which mature 91 days or more from date of acquisition.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Short-Term Investments</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following schedule summarizes the unrealized gains and losses on the Company&rsquo;s short-term investments (in thousands):</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 19.45pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</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" colspan="4" rowspan="2">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Amortized Cost</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="9">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Gross Unrealized</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4" rowspan="2">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Estimated</font><br>
                            <font size="2">Fair Value</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 19.45pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" 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="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Gains</font></p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(Losses)</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 19.45pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">June 30, 2008</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="top" width="4%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD STYLE="BORDER-TOP: black 1pt solid" VALIGN="bottom" WIDTH="4%" ALIGN="LEFT">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.35in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Corporate Bonds</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">$</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">15,156</font></p>
                        </td>

                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1"><font size="2">$</font></font></p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2"><font size="2">&mdash;</font></font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1"><font size="2">$</font></font></p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(167</font></p>
                        </td>

                        <TD VALIGN="middle" WIDTH="4%" ALIGN="LEFT">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,989</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="27%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 19.45pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">June 30, 2007</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <TD VALIGN="bottom" WIDTH="4%" ALIGN="LEFT">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.35in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Auction Rate Certificates</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,100</font></p>
                        </td>

                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <TD VALIGN="bottom" WIDTH="4%" ALIGN="LEFT">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,100</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.35in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Corporate Bonds</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">74,882</font></p>
                        </td>

                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">27</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(6</font></p>
                        </td>

                        <TD VALIGN="bottom" WIDTH="4%" ALIGN="LEFT">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">74,903</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.35in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Certificates of Deposit</font></p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,001</font></p>
                        </td>

                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1</font></p>
                        </td>

                        <TD VALIGN="bottom" WIDTH="4%" ALIGN="LEFT">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,001</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 19.45pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="0%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">124,983</font></p>
                        </td>

                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(7</font></p>
                        </td>

                        <TD VALIGN="middle" WIDTH="4%" ALIGN="LEFT">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">125,004</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following schedule summarizes the contractual maturities of the Company&rsquo;s short-term investments (in thousands):</font></font></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="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <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 1px solid" valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&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 size="2">Amortized</font><br>
                            <font size="2">Cost</font></p>
                        </td>

                        <td valign="bottom">
                            <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" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Market</font><br>
                            <font size="2">Value</font></p>
                        </td>

                        <td valign="bottom">
                            <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" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Amortized</font><br>
                            <font size="2">Cost</font></p>
                        </td>

                        <td valign="bottom">
                            <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" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Market</font><br>
                            <font size="2">Value</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="40%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Due in less than one year</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,401</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,396</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">43,692</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">43,696</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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Due after one year through five years</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,755</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,593</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">45,191</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">45,208</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Due after five years</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,100</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,100</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">15,156</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,989</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">124,983</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">125,004</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Long-Term Investments</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0.19in; TEXT-ALIGN: justify"><font size="2"><font size="2">(In thousands)</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Amortized</font><br>
                            <font size="2">Cost</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="9">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Gross Unrealized</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4" rowspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Estimated</font><br>
                            <font size="2">Fair Value</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Gains</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <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: 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" colspan="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(Losses)</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="30%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">June 30, 2008</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0.2in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Auction Rate Certificates*</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; 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: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">34,300</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; 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: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(2,023</font></p>
                        </td>

                        <td valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; 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: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32,277</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; 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: 0.19in; TEXT-ALIGN: justify"><font size="2"><u><font size="2">&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></u> <font size="2">&nbsp;</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.19in; TEXT-ALIGN: justify"><font size="2"><font size="2">* Auction rate certificates mature in more than five years with interest rates resetting monthly.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">61</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P61 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Auction Rate Certificates</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Auction Rate Certificates (ARCs) represent securities with fixed maturity dates the interest rates of which reset monthly. Our ARCs are Student Loan Asset-Backed Securities by the Federal Family Education Loan Program (FFELP). The payments of principal and interest on these student loans are guaranteed by the state or not-for-profit-guaranty agency and ultimately
            guaranteed by the U.S. Department of Education. At the time of our initial investment and through the date of this filing, all of our ARCs are rated as AAA.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">At June&nbsp;30, 2008, the Company&rsquo;s investment advisor has valued these securities using their pricing model which is not a market model, but which does reflect some discount due to the current lack of liquidity of the investments as a result of recently failed auctions. This valuation results in an unrealized loss of $2,023,000 as of June&nbsp;30,
            2008.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company believes this to be a temporary impairment and intends to hold these securities until the market for these securities recovers, or until maturity, and has recorded this amount in accumulated other comprehensive income (loss) on the balance sheet.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Due to the recent temporary liquidity problems experienced with these securities, they have been reclassified as Long-Term Investments.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Capitalized Interest</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Interest on capitalized lease obligations and other interest expense is capitalized during active construction periods of equipment. During the year ended June&nbsp;30, 2008 and 2007, the Company incurred total interest costs of $2,851,000 and $2,125,000, respectively, of which $2,686,000 and $2,122,000, respectively, were capitalized as part of the new solar cell
            manufacturing equipment currently under construction.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Impairment</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Upon the identification of an event indicating potential impairment, the Company compares the carrying value of its long-lived assets with the estimated undiscounted cash flows or fair value associated with these assets. If the carrying value of the long-lived assets is more than the estimated undiscounted cash flows or fair value, then an impairment loss is
            recorded.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">62</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P62 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Financial Instruments</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Due to the short-term maturities of cash, cash equivalents, short-term investments, long-term investments, accounts receivable and accounts payable, the Company believes that the carrying value of its financial instruments is a reasonable estimate of fair value. The carrying values of the long-term investments have been adjusted to reflect their fair
            values.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Accounts Receivable</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company maintains an allowance for uncollectible accounts considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history and the customer&rsquo;s current ability to pay its obligation.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Inventories</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Inventories of raw materials, work in process and finished goods for the manufacture of solar cells and nickel hydroxide are valued at the lower of cost (first in, first out) or market. Cost elements included in inventory are materials, direct labor and manufacturing overhead.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Property, Plant, and Equipment</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">All properties are recorded at cost. Plant and equipment are depreciated on the straight-line method over the estimated useful lives of the individual assets. The estimated lives of the principal classes of assets are as follows:</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%" 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="50%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td width="5%">
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="40%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Years</font></p>
                        </td>

                        <td width="5%">
                        </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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Buildings and improvements*</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">1 to 33</font></p>
                        </td>

                        <td>
                        </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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Machinery and other equipment</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">3 to 12.5</font></p>
                        </td>

                        <td>
                        </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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Assets under capitalized leases</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">3 to 20</font></p>
                        </td>

                        <td>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
            <hr style="TEXT-INDENT: 80pt" align="left" width="25%" size="1">

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 1pt" valign="top" width="100">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 1pt" valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 1pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Includes leasehold improvements which are amortized over the shorter of the balance of the lease term or the life of the improvement, ranging from one to 20 years.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Costs of machinery and other equipment acquired or constructed for a particular product development project, which have no alternative future use (in other product development projects or otherwise), are charged to product development and research costs as incurred.</font></font></p>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">63</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P63 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Assets under capitalized leases are amortized over the shorter of the term of the lease or the life of the equipment or facility, usually three to 20 years. Accumulated amortization on assets under capitalized leases as of June&nbsp;30, 2008 and June&nbsp;30, 2007 was $7,010,000 and $5,227,000, respectively.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Expenditures for maintenance and repairs are charged to operations. Expenditures for betterments or major renewals are capitalized and are depreciated over their estimated useful lives.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Litigation</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The company is involved in certain legal actions and claims arising in the ordinary course of business, including, without limitation, commercial disputes, intellectual property matters, personal injury claims, tax claims and employment matters. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these
            legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations. See Note R, &ldquo;Litigation,&rdquo; for additional information.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Warranty Reserve</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">A warranty reserve is recorded at the time that the product is sold. The Company estimates the liability for product warranty costs based upon its past experience and best estimate of future warranty claims.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Product Development, Patents and Technology</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Product development and research costs are expensed as they are incurred and, as such, the Company&rsquo;s investments in its technologies and patents are recorded at zero in its financial statements, regardless of their values. The technology investments are the bases by which the Company is able to enter into strategic alliances, joint ventures and license
            agreements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Product Sales</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Product sales include revenues related to photovoltaic products and nickel hydroxide. Generally, the majority of product sales are recognized under Ex-Works shipping terms (buyer is informed that goods are available for shipment). All intercompany sales are eliminated in consolidation.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">64</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P64 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Business Agreements</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Revenues are also derived through business agreements for the development and/or commercialization of products based upon the Company&rsquo;s proprietary technologies. The Company has two major types of business agreements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The first type of business agreement relates to licensing the Company&rsquo;s proprietary technology. Licensing activities are tailored to provide each licensee with the right to use the Company&rsquo;s technology, most of which is patented, for a specific product application or, in some instances, for further exploration of new product applications of such
            technologies. The terms of such licenses, accordingly, are tailored to address a number of circumstances relating to the use of such technology which have been negotiated between the Company and the licensee. Such terms generally address whether the license will be exclusive or nonexclusive, whether the licensee is limited to very narrowly defined applications or to broader-based product manufacture or sale of products using such technologies, whether the license will provide
            royalties for products sold which employ such licensed technology and how such royalties will be measured, as well as other factors specific to each negotiated arrangement. In some cases, licenses relate directly to product development that the Company has undertaken pursuant to product development agreements; in other cases, they relate to product development and commercialization efforts of the licensee; and other agreements combine the efforts of the Company with those of the
            licensee.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">License agreement fees are generally recognized as revenue at the time the agreements are consummated, which is the completion of the earnings process. Typically, such fees are nonrefundable, do not obligate the Company to incur any future costs or require future performance by the Company, and are not related to future production or earnings of the licensee. In
            some instances, a portion of such license fees is contingent upon the commencement of production or other uncertainties. In these cases, license fee revenues are not recognized until commencement of production or the resolution of uncertainties. Generally, there are no current or future direct costs associated with license fees.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In the second type of agreement, product development agreements, the Company conducts specified product development projects related to one of its principal technology specializations for an agreed-upon fee. Some of these projects have stipulated performance criteria and deliverables whereas others require &ldquo;best efforts&rdquo; with no specified performance
            criteria. Revenues from product development agreements that contain specific performance criteria are recognized on a percentage-of-completion basis which matches the contract revenues to the costs incurred on a project based on the relationship of costs incurred to estimated total project costs. Revenues from product development agreements, where there are no specific performance terms, are recognized in amounts equal to the amounts expended on the programs. Generally, the
            agreed-upon fees for product development agreements contemplate reimbursing the Company, after its agreed-upon cost share, if any, for costs considered associated with project activities including expenses for direct product development and research, patents, operating, general and administrative expenses</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">65</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P65 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">and depreciation. Accordingly, expenses related to product development agreements are recorded as cost of revenues from product development agreements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Royalties</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Most license agreements provide for the Company to receive royalties from the sale of products which utilize the licensed technology. Typically, the royalties are incremental to and distinct from the license fee and are recognized as revenue upon the sale of the respective licensed product. In several instances, the Company has received cash payments for
            nonrefundable advance royalty payments which are creditable against future royalties under the licenses. Advance royalty payments are deferred and recognized in revenues as the creditable sales occur, the underlying agreement expires, or when the Company has demonstrable evidence that no additional royalties will be creditable and, accordingly, the earnings process is completed.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Deferred Revenues</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Deferred revenues represent amounts received under business agreements in excess of amounts recognized as revenues.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Other Operating Revenues</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Other operating revenues consist principally of revenues related to services provided to certain related parties and third-party service revenue realized by certain of the Company&rsquo;s service departments. Revenues related to services are recognized upon completion of performance of the applicable service.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Other Nonoperating Income (Expense)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Other nonoperating income consists of amortization of deferred gains, rental income, and other miscellaneous income. Other nonoperating expense consists of losses on sales of investments and other miscellaneous expenses.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Stock-Based Compensation</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD has a number of stock option plans as discussed in Note&nbsp;N, &ldquo;Stock Option Plans, Warrants and Other Rights to Purchase Stock&rdquo; of the Notes to our Consolidated Financial Statements. Effective July&nbsp;1, 2005, ECD adopted SFAS No. 123(R), &ldquo;Share-Based Payment&rdquo; (SFAS No. 123(R)). This statement replaces SFAS No. 123, &ldquo;Accounting
            for Stock-Based Compensation&rdquo; (SFAS No. 123) and supersedes APB No. 25. SFAS No. 123(R) requires that all</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">66</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P66 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">stock-based compensation be recognized as an expense in the financial statements and that such cost be measured at the fair value of the grant. This statement was adopted using the modified prospective method of application, which requires us to recognize compensation expense on a prospective basis. Therefore, prior period financial statements have not been adjusted. Under this method,
            in addition to reflecting compensation expense for new share-based grants, expense is also recognized to reflect the remaining service period of grants that had been included in pro-forma disclosures in prior periods.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD records the fair value of stock-based compensation grants as an expense. In order to determine the fair value of stock options on the date of grant, ECD applies the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option life, risk-free interest rate and dividend yield. While the risk-free
            interest rate and dividend yield are less subjective assumptions, typically based on factual data derived from public sources, the expected stock-price volatility and option life assumptions require a greater level of judgment.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD uses an expected stock-price volatility assumption that is based on historical implied volatilities of the underlying stock which is obtained from public data sources. The risk-free interest rate is based on the yield of U.S. Treasury securities with a term equal to that of the option. With regard to the weighted-average option life assumption, ECD considers the
            exercise behavior of past grants and models the pattern of aggregate exercises. Patterns are determined on specific criteria of the aggregate pool of optionees. Forfeiture rates are based on the Company&rsquo;s historical data for stock option forfeitures.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The weighted average fair value of the options granted during the years ended June&nbsp;30, 2008, 2007 and 2006 is estimated based on the date of grant using the Black-Scholes option-pricing model with the following assumptions:</font></font></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="72%" border="0">
                    <tr style="page-break-inside: avoid">
                        <td width="46%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" width="14%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" width="14%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" width="14%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2006</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Dividend Yield</font></p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">0%</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">0%</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">0%</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Volatility %</font></p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">61.40%</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">67.89%</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">68.37%</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Risk-Free Interest Rate</font></p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4.02%</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4.62%</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4.99%</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="46%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Expected Life</font></p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6.47 years</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6.63 years</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6.63 years</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Basic and Diluted Net Income (Loss) Per Share</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding. ECD uses the treasury stock method to calculate diluted earnings per share. Potential dilution exists from stock options,</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">67</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P67 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 16pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 16pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">warrants and Convertible Senior Notes. The weighted average number of shares outstanding and basic and diluted net income (loss) per share for the years ended June 30 are computed as follows:</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="40%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Weighted average number of shares outstanding:</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">&#9472; for basic net income (loss) per share</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">40,231,379</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">39,389,401</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32,495,709</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">&#9472; for diluted net income (loss) per share</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">41,137,849</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">39,389,401</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32,495,709</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Net income (loss) from continuing operations <BR>before income taxes</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,009,393</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(25,230,939</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(18,910,246</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Income taxes</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">155,901</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Net income (loss) from continuing operations</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,853,492</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(25,230,939</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(18,910,246</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Discontinued operations</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">313,979</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Net income (loss)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,853,492</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(25,230,939</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(18,596,267</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Basic net income (loss) per share</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Continuing operations</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.10</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.58</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Discontinued operations</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.01</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.10</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.57</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Diluted net income (loss) per share</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Continuing operations</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.58</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Discontinued operations</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.01</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.57</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 16pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">For 2008, the weighted average shares for both basic and diluted earnings per share do not include shares issued pursuant to the share lending agreement (see Note M).</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Due to the Company&rsquo;s net losses, the 2007 and 2006 weighted average shares of potential dilutive securities of 1,140,153 (including the weighted average of the restricted stock awards issued in the three months ended June&nbsp;30, 2007) and 2,092,283, respectively, were excluded from the calculations of diluted loss per share, as inclusion of these securities
            would have been antidilutive to the net loss per share.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Use of Estimates</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;) requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based
            upon amounts that differ from those estimates.</font></font></p>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">68</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P68 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Preproduction Costs</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company recognizes in its Consolidated Statements of Operations costs in preparation for its new manufacturing facilities and equipment as preproduction costs. These costs include training of new employees, supplies and other costs for the new manufacturing facilities in advance of the commencement of manufacturing.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Shipping and Handling Costs</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Costs related to shipping and handling are recorded as a component of cost of product sales. Payments received from customers for shipping and handling costs are classified as product sales.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Derivative Instruments</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We hold derivative financial instruments to manage foreign currency risks. We account for these instruments in accordance with SFAS No. 133, &ldquo;Accounting for Derivative Instruments and Hedging Activities.&rdquo; SFAS 133 requires companies to recognize derivatives as either assets or liabilities in the balance sheet at fair value. For derivative instruments
            that qualify as a hedge, the effective portion of changes in the fair value is recorded in accumulated other comprehensive income (loss). Any ineffective portion of the change in fair value is recognized in current earnings.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Recent Pronouncements</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In September 2006, the FASB issued SFAS No. 157, &ldquo;Fair Value Measurements,&rdquo; which defines fair value and establishes a framework for measuring fair value. SFAS No. 157 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information. In
            February 2008, the FASB issued FASB Staff Position (&ldquo;FSP&rdquo;) 157-2, &ldquo;Effective Date of FASB Statement No. 157.&rdquo; This guidance defers the effective date of SFAS 157 for all nonfinancial assets and nonfinancial liabilities, except for items that are recognized at fair value on an annual basis. SFAS 157 is effective for financial statements issued for fiscal years beginning after November&nbsp;15, 2007. FSP 157-2 defers the effective date for certain items to
            November 15, 2008. These pronouncements are not expected to have a significant impact on the Company&rsquo;s financial statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In February 2007, the FASB issued SFAS No. 159, &ldquo;The Fair Value Option for Financial Assets and Financial Liabilities.&rdquo; This statement permits entities to choose to measure many financial instruments and certain other items at fair value. This statement is effective as of the beginning of an entity&rsquo;s first year that begins after November&nbsp;15,
            2007. This pronouncement is expected to have no impact on the Company&rsquo;s financial statements.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">69</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P69 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In June 2007, the FASB Emerging Issues Task Force (&ldquo;EITF&rdquo;) reached a consensus that EITF Issue No.07-3, &ldquo;Accounting for Nonrefundable Advance Payments for Goods or Services Received for Use in Future Research and Development Activities&rdquo; is effective for financial statements issued for fiscal years beginning after December&nbsp;15, 2007, and
            interim periods within those fiscal years. Earlier application is not permitted. EITF Issue No. 07-3 requires that nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities should be deferred and capitalized. Such amounts should be recognized as an expense as the goods are delivered or the related services are performed. This pronouncement is expected to have no impact on the Company&rsquo;s financial
            statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">On December&nbsp;4, 2007, the FASB issued SFAS No. 160, &ldquo;Noncontrolling Interests in Consolidated Financial Statements &ndash; An Amendment of ARB No. 51.&rdquo; Statement 160 establishes new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Specifically, this statement requires the
            recognition of a noncontrolling interest (minority interest) as equity in the consolidated financial statements and separate from the parent&rsquo;s equity. The amount of net income attributable to the noncontrolling interest will be included in consolidated net income on the face of the income statement. Statement 160 clarifies that changes in a parent&rsquo;s ownership interest in a subsidiary that do not result in deconsolidation are equity transactions if the parent retains its
            controlling financial interest. In addition, this statement requires that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss will be measured using the fair value of the noncontrolling equity investment on the deconsolidation date. Statement 160 also includes expanded disclosure requirements regarding the interests of the parent and its noncontrolling interest. Statement 160 is effective for fiscal years, and interim periods with
            those fiscal years, beginning on or after December&nbsp;15, 2008. Earlier adoption is prohibited. The Company is currently assessing the potential impact that the adoption of this Statement will have on its financial statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In December 2007, the FASB issued SFAS 141R, &ldquo;Business Combinations,&rdquo; which is a revision of SFAS 141. FAS 141R changes the accounting for acquisitions. Significant changes include the expensing of acquisition costs, recognition of the business combination on the acquisition date and the recognition of contingent consideration at fair value on the
            acquisition date. SFAS 141R is effective for fiscal years beginning after December 15, 2008. The impact of this Statement will be determined if and when an acquisition occurs.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">SFAS No. 161, &ldquo;Disclosures about Derivative Instruments and Hedging Activities &ndash; An Amendment of FASB Statement No. 133,&rdquo; was issued in March 2008. The standard requires enhanced disclosures about how and why a company uses derivative instruments, how derivative instruments and related hedged items are accounted for under SFAS No. 133 and how
            derivative instruments and related hedged items affect a company&rsquo;s financial position, financial performance and cash flows. SFAS No. 161 is effective for fiscal years beginning after November 15, 2008.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">70</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P70 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE A &ndash; The Company and Summary of Accounting Policies (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">Early adoption is permitted. The Company is currently assessing the potential impact that the adoption of this Statement will have on its financial statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">SFAS No. 162, &ldquo;The Hierarchy of Generally Accepted Accounting Principles,&rdquo; was issued in May 2008. The standard defines the order in which various sources of generally accepted accounting principles should be followed. It is effective 60 days following the SEC&rsquo;s approval of the Public Company Accounting Oversight Board&rsquo;s amendments to AU 411,
            &ldquo;The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles.&rdquo; The Company believes this standard will not have an impact on its financial statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In May 2008, the FASB issued FASB Staff Position (FSP) No. APB 14-1, &ldquo;Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion.&rdquo; The FSP applies to convertible debt instruments that give the issuer the choice of settling the instrument on conversion either (a) entirely in cash or other assets or (b) partially in shares and
            partially in cash or other assets. The FSP would require issuers to account separately for the liability and equity components of convertible debt instruments that have stated terms permitting settlement on conversion in cash or other assets, with one exception. That accounting would not apply if the embedded conversion option must be accounted for separately as a derivative under Statement 133. Convertible preferred shares accounted for in equity or temporary equity would also not
            be subject to the FSP. The FSP would be effective for financial statements issued for fiscal years beginning after December&nbsp;15, 2008 and interim periods within those fiscal years. Early adoption would not be permitted. The FSP APB 14-1 would be applied retrospectively to all periods presented in the financial statements. The cumulative effect of the accounting change on periods before those presented would be recognized as of the beginning of the first period presented, with an
            offsetting adjustment to the opening balance of retained earnings for that period, which would be presented separately. &nbsp;&nbsp;&nbsp;Assuming a market rate of 12% on our Convertible Senior Notes, the implementation of FSP APB 14-1 would result in a reduction of our Convertible Senior Notes of approximately $102,770,000, an increase in additional paid-in capital of approximately $102,770,000 and an increase in interest expense of approximately $550,000 for the year ended June
            30, 2008.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">71</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P71 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE B &ndash; Accounts Receivable</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Accounts Receivable consist of the following:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 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"><font size="2">June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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"><font size="2">June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="55%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Billed</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Trade</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">44,970,185</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">27,827,263</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Related parties</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">344,939</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">322,105</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Other</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,304,837</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,248,228</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.95in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Subtotal</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">48,619,961</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">30,397,596</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Unbilled</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Trade</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,328,535</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,544,162</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Related parties</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">77,122</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">85,905</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Other</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,324,541</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,007,912</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.95in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Subtotal</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,730,198</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,637,979</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Less allowance for uncollectible accounts</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(825,000</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(538,000</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">53,525,159</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,497,575</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE C &ndash; Inventories</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Inventories (substantially all for United Solar) are as follows:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="60%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 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"><font size="2">June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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"><font size="2">June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="37%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Finished products</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,892,883</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,399,784</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Work in process</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">15,413,964</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,495,945</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Raw materials</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,029,966</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,796,449</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31,336,813</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">38,692,178</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The above amounts include an allowance for obsolescence of $4,790,000 and $1,870,000 as of June&nbsp;30, 2008 and 2007, respectively.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">72</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P72 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE D &ndash; Joint Ventures and Investments</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Joint Ventures</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><i><font size="2">Cobasys, LLC</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company recognized $952,000 as revenue from license agreements in each of the years ended June&nbsp;30, 2008, 2007 and 2006 in connection with the amortization of a license fee received in July 2004 from Panasonic EV Energy Co., Ltd. as part of a settlement of a certain patent infringement dispute.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company recorded revenue from Cobasys of $548,000, $845,000 and $1,047,000 for the years ended June&nbsp;30, 2008, 2007 and 2006, respectively, for services performed on behalf of Cobasys (primarily for advanced product development testing and other services).</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Ovonyx Inc.</font></i></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In addition to its equity interest, ECD also receives 0.5% of the Ovonyx annual gross revenues which it recognizes as royalty revenue. Royalty revenue was $64,000, $51,000 and $10,000 for the years ended June&nbsp;30, 2008, 2007 and 2006, respectively.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD recorded nonroyalty revenue from Ovonyx of $251,000, $705,000 and $493,000, respectively, for the years ended June&nbsp;30, 2008, 2007 and 2006 representing services provided to this joint venture.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE E &ndash; Liabilities</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Warranty Liability</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following is a summary of the changes in the product warranty liability during the years ended June&nbsp;30, 2008, 2007 and 2006:</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="95%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="40%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Liability at beginning of the period</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,325,452</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,835,136</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,635,532</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Amounts accrued for as warranty costs</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">390,765</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(291,764</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)*</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">382,980</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Warranty claims</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(216,934</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(217,920</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(183,376</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Liability at end of period</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,499,283</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,325,452</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,835,136</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <hr style="TEXT-INDENT: 9pt" align="left" width="25%" size="1">

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="95%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 1pt" valign="top" width="10">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 1pt" valign="top" width="16">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 1pt" valign="top" width="510">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">During the year ended June&nbsp;30, 2007, the Company revised its warranty liability, based upon its recent experience, and recorded a reduction in this liability.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">73</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P73 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE E &ndash; Liabilities (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Government Contracts, Reserves and Liabilities</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company&rsquo;s contracts with the U.S. Government and its agencies are subject to audits by the Defense Contract Audit Agency (&ldquo;DCAA&rdquo;). DCAA has audited the Company&rsquo;s indirect rates, including its methodology of computing these rates, for the years through June&nbsp;30, 2004. In its reports, DCAA questioned the allowability and the
            allocability of certain costs as well as the Company&rsquo;s methodology for allocating independent research and development to its indirect cost pools. In August 2005, the Company was requested to provide additional information to the Department of Energy (&ldquo;DOE&rdquo;) in support of the allowability of these items in dispute with DCAA. In December 2005, the Company provided the requested information to DOE. In June 2006, the Company received a final determination letter from
            DOE on some of these matters. In some matters DOE agreed with the Company&rsquo;s position and in others with the DCAA position. Based on their determination, in June 2006, the Company reduced its reserve by $573,000. The Company has a reserve of $1,851,000 and $1,899,000 at June&nbsp;30, 2008 and 2007, respectively.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In connection with a 1992 battery development contract with the United States Advanced Battery Consortium (&ldquo;USABC&rdquo;), partially funded by the DOE, the Company has agreed to reimburse USABC and DOE for payments to the Company under the 1992 contract. The agreed reimbursement includes a 15% share of royalty payments the Company receives through May&nbsp;3,
            2012 where Ovonic NiMH batteries serve as the primary source of power for electric vehicles. The Company has accrued as an expense 15% of such royalty payments.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Other Long-Term Liabilities</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">A summary of the Company&rsquo;s other long-term liabilities is as follows:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="85%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="50%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Capital leases</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22,459,864</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">24,252,204</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Long-term retirement</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,316,368</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,275,341</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Other</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,417,949</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">347,111</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">27,194,181</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">26,874,656</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Less amounts included in current liabilities</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,389,151</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,078,781</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 52.55pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Total Other Long-Term Liabilities</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">25,805,030</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">25,795,875</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">74</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P74 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE E &ndash; Liabilities (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Capital Leases</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company has two principal capital leases, both for United Solar facilities. One lease, entered into in April 2001, is for 15 years with two renewal terms of five years each subject to certain provisions. This lease, which is for United Solar&rsquo;s headquarters and the first Auburn Hills manufacturing facility, was recorded in 2001 as a capitalized lease asset
            and a capital lease liability in the amount of $10,000,000, representing the net present value of all lease payments. The other lease, entered into in June 2005, is for 10 years with an option for an additional 10 years. This lease, which is for United Solar&rsquo;s second manufacturing facility, was recorded in 2006 as a capitalized lease asset and a capital lease liability in the amount of $15,900,000, representing the fair market value of this facility.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Long-Term Retirement</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Long-term retirement represents amounts owed to two former employees for deferred compensation and benefits. The former employees are entitled to receive periodic payments for the remainder of their lives. The payments are pursuant to agreements between the Company and the former employees. The total amount of payments due is based on the periodic payments and the
            life expectancy based on mortality tables in effect at the time of their retirement. The liability is then discounted to a present value using an AA-rated bond that most closely represents the remaining life expectancy of the former employees.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Operating Leases</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company has operating lease agreements, principally for office and research facilities and equipment. These leases, in some instances, include renewal provisions at the option of the Company. Rent expense under such lease agreements for the years ended June&nbsp;30, 2008, 2007 and 2006 was approximately $4,955,000, $3,084,000 and $2,658,000,
            respectively.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">75</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P75 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE E &ndash; Liabilities (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Future Minimum Payments</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Future minimum payments on obligations under capital leases and noncancellable operating leases expiring in each of the five years subsequent to June&nbsp;30, 2008 are as follows:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="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 size="2">Capital</font><br>
                            <font size="2">Leases</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">Operating</font><br>
                            <font size="2">Leases</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2009</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12.7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,245,162</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12.7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,498,470</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2010</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,139,442</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,182,129</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2011</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,107,198</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,294,287</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2012</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,147,321</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,688,227</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2013</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,147,321</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,801,868</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Thereafter</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28,567,438</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,442,942</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">TOTAL</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">44,353,882</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">30,907,923</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Less interest included above</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">20,846,089</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="59%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Present value of minimum payments</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">23,507,793</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; 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">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE F &ndash; Employee Benefit Plans</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD and its subsidiaries are participating in qualified 401(k) plans that are available to all employees. ECD and Ovonic Battery matched participants&rsquo; contributions at a rate of 100% of the first 2% of the participant&rsquo;s compensation and 50% of the next 4% of the participant&rsquo;s compensation. United Solar matched 50% of the first 8% of the
            participant&rsquo;s compensation through December&nbsp;31, 2006, and 100% of the first 3% and 50% of the next 2% thereafter. The Company&rsquo;s matching contributions were $1,242,000, $1,253,000 and $1,094,000 for the years ended June&nbsp;30, 2008, 2007 and 2006, respectively.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE G &ndash; Derivative Financial Instruments</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our primary exposure to foreign currency risk is forecasted transactions denominated in yen. Beginning in June 2008, ECD entered into several forward contracts to mitigate the risks associated with changes in exchange rates between the dollar and the yen. Our sole exposure to foreign currency changes is for commitments to purchase equipment from a supplier located
            in Japan. We use forward contracts exclusively to hedge forecasted transactions. We do not use forward contracts for speculative purposes. We recognize the effective portion of the changes in fair value of forward contracts as a component of accumulated other comprehensive income (loss). The ineffective portion is recorded in earnings. The ineffective amount was approximately $35,000 for the year ended June 30, 2008. At June&nbsp;30, 2008, unrealized gains on these contracts
            were</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 7pt; MARGIN-BOTTOM: 7pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">76</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P76 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE G &ndash; Derivative Financial Instruments (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">approximately $66,000 and are recorded in other comprehensive income (loss). As of June&nbsp;30, 2008, we had outstanding contracts to sell 771.4 million yen ($7.3 million). We also have one outstanding contract to buy 12.2 million yen ($112,800).</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE H &ndash; Lines of Credit</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Effective February 2008, ECD, as Loan Guarantor, and United Solar Ovonic LLC and United Solar Ovonic Corporation (collectively, the &ldquo;Borrowers&rdquo;), entered into a new secured credit facility, with an aggregate commitment of up to $55,000,000, pursuant to a Credit Agreement and a Fast Track Export Loan Agreement with JPMorgan Chase Bank, N.A. The new credit
            facility is comprised of two separate lines of credit, a $30,000,000 line (the &ldquo;Asset Based Revolver&rdquo;) and a $25,000,000 line (the &ldquo;Ex-Im Revolver&rdquo;). Both lines are secured by inventory and receivables of the Borrowers.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company has two borrowing options &ndash; Alternate Base Rate borrowings and Eurodollar Rate borrowings. Interest on Alternate Base Rate advances is incurred at the prime rate less 1.00% and is payable monthly. Eurodollar advances are charged interest at LIBOR plus 1.25%. Eurodollar Rate advances pay interest upon repayment of the related borrowing. The interest
            rate on both Alternate Base Rate and Eurodollar borrowings is subject to modification based upon the Company&rsquo;s liquidity.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The credit facility has, among others, a financial covenant which requires the company to maintain a minimum liquidity of $10&nbsp;million at all times. Liquidity is defined as the sum of (a) cash (b) the market value of cash equivalents, (c) liquid investment securities and (d) aggregate borrowing availability under the facility. The Company was in compliance with
            this covenant at June&nbsp;30, 2008.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.54in; TEXT-ALIGN: justify"><font size="2"><font size="2">At June 30, 2008, there were no amounts outstanding on this credit facility. Letters of credit totaling $1,944,000 had been issued against the facility as of June 30, 2008. Any amounts advanced under this credit facility are payable upon the expiration of the agreement in February 2013.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.97%; TEXT-INDENT: -2.97%; TEXT-ALIGN: justify">&nbsp;</p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">77</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P77 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">NOTE I &ndash; Convertible Senior Notes</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In June 2008, the Company completed an offering of $316,250,000 of 3.00% Convertible Senior Notes. Proceeds to the Company were $306,762,500, net of debt issuance costs of $9,487,500. An additional $1,258,000 of issuance costs were also incurred and paid directly by the Company. All debt issuance costs are being amortized over the life of the Convertible Senior
            Notes using the interest method. Amortization expense for the year ended June&nbsp;30, 2008 was $42,000.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Interest is payable semi-annually in arrears on June&nbsp;15 and December&nbsp;15. If the notes are not converted, they will mature on June&nbsp;15, 2013.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Prior to March&nbsp;15, 2013, the notes are only convertible under specific circumstances involving the price of the Company&rsquo;s common stock, the price of the convertible notes and certain corporate transactions (an offering of common stock at a price less than market; a distribution of cash or other assets to stockholders; is party to a merger, consolidation
            or share exchange; a change in control or the Company&rsquo;s common stock ceases to be listed for trading). From March&nbsp;15, 2013, through June&nbsp;14, 2013, the conversion rate is dependent on the trading price of the Company&rsquo;s common stock for the 20 trading days immediately preceding the conversion. The notes will be settled in a combination of common</font> <font size="2">stock and cash.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">NOTE J &ndash; Commitments and Contingencies</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company, in the ordinary course of business, enters into purchase commitments for raw materials. In December 2007, the Company entered into a purchase agreement for germane gas totaling $8,458,000. The agreements are effective through December 2008. The agreements require the Company to purchase a committed amount of germane gas at a monthly fixed price, which
            the Company believes it will consume in its normal course of operations during the period January through October 2008.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company also enters into purchase commitments for capital equipment. As of June&nbsp;30, 2008, the Company had purchase commitments of approximately $80,836,000 related to its previously announced goal of expanding United Solar&rsquo;s manufacturing capacity to 300MW by 2010.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company presently intends to fund this additional expansion through existing funds and cash from operations.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">During the year ended June&nbsp;30, 2008, the Company received total insurance proceeds of approximately $1,682,000 related to business interruptions at one of our facilities. Of that amount, approximately $1,596,000 was classified as proceeds to recover lost profits related to those events.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">78</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P78 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">NOTE K &ndash; Royalties, Nonrefundable Advance Royalties and License Agreements</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company has business agreements with third parties and with related parties for which royalties and revenues are included in the Consolidated Statements of Operations.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">At both June&nbsp;30, 2008 and 2007, the Company deferred recognition of revenue in the amount of $245,660 relating to nonrefundable advance royalty payments.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Creditable royalties earned and recognized as revenue in 2006 were $904,000 related to advance royalty payments received by the Company in prior years associated with license agreements under which the licensees no longer have a contractual obligation to make payments.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Fiscal years 2008, 2007 and 2006 included license fees of $952,000 resulting from the amortization over 10.5 years of the $10,000,000 payment received in July 2004 in connection with a settlement of a patent infringement dispute with Matsushita Electric Industrial Co. There were also new license agreements in 2008 and 2007, principally with new licensees in
            China.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE L &ndash; Restructuring Charges</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Pursuant to our restructuring plan implemented during the year ended June&nbsp;30, 2007, we have consolidated the photovoltaics and machine-building activities into United Solar and reduced costs in both the Ovonic Materials segment and Corporate Activities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The restructuring charges were principally associated with management&rsquo;s decision to consolidate and redesign its business activities, which are included in the Consolidated Statements of Operations. The charges were primarily for severance and costs associated with the closing of facilities.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following summarizes activity in the Company&rsquo;s restructuring reserve through June&nbsp;30, 2007 and 2008.</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%">
                    <tr style="page-break-inside: avoid">
                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="33%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: left"><font size="2">(In Millions)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">Employee-</font><br>
                            <font size="2">Related Expenses</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">Other Expenses</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">Total</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="33%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Balance July&nbsp;1, 2006</font></p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="33%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Charges</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,927,939</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,457,338</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,385,277</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="33%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Utilization or payment</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,044,205</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(710,438</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,754,643</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="33%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Balance July&nbsp;1, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,883,734</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">746,900</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,630,634</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="33%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Charges</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,179,338</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,217,127</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,396,465</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="33%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 26.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Utilization or payment</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(5,977,174</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(5,805,263</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(11,782,437</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="33%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">June&nbsp;30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,085,898</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">158,764</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,244,662</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">79</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P79 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE L &ndash; Restructuring Charges (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In addition, as part of the restructuring, the Company will no longer be using its Wafer Lab equipment. This equipment, with a net book value of approximately $1,539,000, is currently classified as</font> <i><font size="2">Assets Held for Sale</font></i> <font size="2">and the Company is in negotiations with interested parties for the sale of this equipment at a
            sale price of more than the net book value of this equipment.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Restructuring costs are expected to be between $2,500,000 to $3,000,000 for fiscal 2009.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE M &ndash; Common Stock</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Prior to September&nbsp;30, 2005, ECD had three classes of stock as follows: Class A Convertible Common Stock, which was entitled to 25 votes per share; Class&nbsp;B Convertible Common Stock and Common Stock, each entitled to one vote per share.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">On September&nbsp;30, 2005, in accordance with the applicable agreement, 100% of the convertible stock (219,913 shares of Class A Convertible Stock and 430,000 shares of Class B Convertible Stock) were converted into Common Stock on a share-for-share basis.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In March 2006, ECD sold 8,050,000 shares of common stock in connection with a public offering, including an over-allotment option exercised by the underwriters, and received net proceeds of approximately $360,854,000. Of the 8,050,000 shares, 383,072 shares were sold by certain officers and directors for which ECD did not receive any proceeds other than the
            aggregate option exercise price of approximately $4,668,000. Immediately following the completion of the offering, each of the directors and officers owned shares equal to or greater than the number of shares owned prior to the public offering.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In June 2008, in conjunction with the offering of the Convertible Senior Notes, ECD sold 1,460,500 shares of common stock in a public offering. This included the over-allotment option exercised by the underwriters. We received net proceeds of approximately $99,372,000.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">As part of the agreement for the Convertible Senior Notes issued in June 2008, the Company also issued 3,444,975 shares as part of a &ldquo;share-lending&rdquo; arrangement with the underwriter. The purpose of the share-lending agreement is to facilitate transactions which allow the investors in the Convertible Senior Notes to hedge their investments in the
            notes.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The underwriter received all proceeds from any sale of shares pursuant to the share lending agreement. The underwriter provided ECD collateral equal to the par value of the common stock. The shares must be returned to ECD no later than the maturity date of the Convertible Senior Notes. These shares are considered issued and outstanding and have all the rights of any
            holder of the Company&rsquo;s common stock. However, because the shares must be returned to the Company, the shares are not considered outstanding for the purposes of calculating earnings per share.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">80</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P80 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE M &ndash; Common Stock (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">During the years ended June&nbsp;30, 2008, 2007 and 2006, ECD issued 19,266, 6,425 and 1,440 shares of restricted Common Stock, respectively, as compensation to directors. ECD recorded compensation expense, based upon the fair market value of these shares at the date of issuance, for the years ended June&nbsp;30, 2008, 2007 and 2006 of approximately $59,000,
            $242,000 and $60,000, respectively, related to these restricted shares of Common Stock.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE N &ndash; Stock Option Plans, Warrants and Other Rights to Purchase Stock</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD has Common Stock reserved for issuance as follows:</font></font></p>

            <div align="center">
                <TABLE STYLE="BORDER-COLLAPSE: collapse" CELLSPACING="0" CELLPADDING="0" WIDTH="90%">
                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white">
                            <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" colspan="7">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Number of Shares</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BACKGROUND: white">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BACKGROUND: white; BORDER-BOTTOM: black 1pt solid" colspan="3">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30, 2008</font></p>
                        </td>

                        <TD STYLE="BORDER-TOP: black 1pt solid" VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BACKGROUND: white; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" colspan="3">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30, 2007</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <TD VALIGN="top" WIDTH="47%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Stock options</font></p>
                        </td>

                        <TD WIDTH="2%">
                        </td>

                        <TD WIDTH="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,692,968</font></p>
                        </td>

                        <TD WIDTH="2%">
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <TD WIDTH="2%">
                        </td>

                        <TD WIDTH="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,568,747</font></p>
                        </td>

                        <TD VALIGN="BOTTOM" WIDTH="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Warrants</font></p>
                        </td>

                        <td width="2%">
                        </td>

                        <td style="BACKGROUND: white">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">400,000</font></p>
                        </td>

                        <td>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td>
                        </td>

                        <td style="BACKGROUND: white">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">400,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Convertible Investment Certificates</font></p>
                        </td>

                        <td width="2%">
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,210</font></p>
                        </td>

                        <td>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,210</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.4in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">TOTAL RESERVED SHARES</font></p>
                        </td>

                        <td width="2%">
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,098,178</font></p>
                        </td>

                        <td>
                        </td>

                        <TD VALIGN="BOTTOM">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,973,957</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Stock Plans</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">ECD has three stockholder-approved plans: the 1995 Non-Qualified Stock Option Plan (the &ldquo;1995 Plan&rdquo;) pursuant to which 2,000,000 shares were reserved for grants; the 2000 Non-Qualified Stock Option Plan (the &ldquo;2000 Plan&rdquo;) pursuant to which 3,000,000 shares were reserved for grants; and the 2006 Stock Incentive Plan (the &ldquo;2006
            Plan&rdquo;) pursuant to which 1,000,000 shares are reserved for grants. ECD issues authorized but previously unissued shares upon the exercise of stock options, the granting of restricted stock (RSAs) and the redemption of restricted stock units (RSUs).</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The 1995 Plan expired on January&nbsp;26, 2005 and no additional grants will be made under this Plan. Effective November&nbsp;14, 2006, the date ECD stockholders approved the 2006 Stock Incentive Plan, ECD will not grant any additional options under the 2000 Plan. There are still outstanding options under each of these plans.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The 2006 Plan authorizes the grant of stock options, including nonqualified and incentive options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares and performance units to officers, other employees, nonemployee directors, consultants, advisors, independent contractors and agents of ECD and its subsidiaries. The
            Committee will determine the period during which an option may be exercised and the terms relating to the exercise or cancellation of an option upon a termination of employment or service, but no option</font></font></p>
            <font size="2"><br>
            </font>


            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">81</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P81 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE N &ndash; Stock Option Plans, Warrants and Other Rights to Purchase Stock (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">shall fully vest in less than four years, with no more than 40% vesting in the first year following the award, no more than a total of 60% of the option vesting by the end of the second year following the award and no more than a total of 80% of the option vesting by the end of the third year following the award. Each option will be exercisable for no more than 10 years after its date
            of grant, except that an incentive option granted to a participant owning more than 10% of ECD&rsquo;s voting shares will be exercisable for no more than five years after its date of grant.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Total net stock-based compensation expense is attributable to the granting of and the remaining requisite service periods of stock options previously granted.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In June 2008, 30,000 shares of restricted stock awards issued to the Company&rsquo;s CEO became fully vested in accordance with the terms and conditions of this award. This accelerated vesting resulted in an additional expense of $584,000.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">As of June 30, 2008, the total unrecognized compensation cost related to nonvested stock options, restricted stock awards and restricted stock units was as follows:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&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">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted average period</font><br>
                            <font size="2">to be recognized</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="40%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Nonvested Stock Options</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="12%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,024,716</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="15%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1.58 years</font></p>
                        </td>

                        <td valign="bottom" width="7.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Nonvested Restricted Stock Awards</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,186,064</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2.70 years</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Nonvested Restricted Stock Units</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">184,100</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3.00 years</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,394,880</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Stock Options</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">A summary of the transactions during the fiscal years 2008, 2007 and 2006 with respect to ECD&rsquo;s 1995, 2000 and 2006 Plans follows:</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">82</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P82 --><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE N &ndash; Stock Option Plans, Warrants and Other Rights to Purchase Stock (Continued)</font></u></font></p>

            <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Shares</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="4">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average Exercise Price</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="4">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Aggregate Intrinsic Value <sup>(1)</sup></font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average</font><br>
                        <font size="2">Contractual Life</font><br>
                        <font size="2">Remaining in Years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="30.5%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding at June&nbsp;30, 2005</font></p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,268,635</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19.23</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10.5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,520,259</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="4.5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">6.15</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Granted</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,748</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">43.77</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(897,895</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19.86</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Expired</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(54,800</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">15.94</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Forfeited</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(3,425</font></p>
                    </td>

                    <td  valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12.62</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding at June&nbsp;30, 2006</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,349,263</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19.63</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22,935,128</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">6.10</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Granted</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">15,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32.90</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(381,623</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">18.87</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Expired</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,500</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11.98</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Forfeited</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(14,300</font></p>
                    </td>

                    <td  valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">26.40</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding at June&nbsp;30, 2007</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">966,840</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">20.05</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10,901,717</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">4.86</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Granted</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">149,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31.19</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(238,644</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">18.42</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Expired</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,410</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">35.13</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 41pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Forfeited</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(1,200</font></p>
                    </td>

                    <td  valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">50.16</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding at June&nbsp;30, 2008</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">874,586</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22.33</font></p>
                    </td>

                    <td valign="top" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">44,875,113</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&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="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">
                        <p style="MARGIN-TOP: 1.5pt; 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">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">5.20</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">&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></u><font size="2">&nbsp;</font></font></p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 4pt" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The table below sets forth stock options exercisable during the three years ended June&nbsp;30, 2008, 2007 and 2006:</font></font></p>

            <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Shares</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="4">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average Exercise Price</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="4">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Aggregate Intrinsic Value <sup>(1)</sup></font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6">
                        <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average</font><br>
                        <font size="2">Contractual Life</font><br>
                        <font size="2">Remaining in Years</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="30%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercisable at June&nbsp;30, 2006</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,013,245</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="7%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19.86</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10.5%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,789,349</font></p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4.5%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">5.44</font></p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercisable at June&nbsp;30, 2007</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">858,542</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19.48</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,923,559</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">4.46</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercisable at June&nbsp;30, 2008</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">711,110</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">20.08</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">38,085,251</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">4.26</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">&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></u><font size="2">&nbsp;</font></font></p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">83</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P83 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE N &ndash; Stock Option Plans, Warrants and Other Rights to Purchase Stock (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The weighted average grant date fair value per option granted and the total intrinsic value of stock options exercised during the fiscal years ended June&nbsp;30, 2008 and 2007 were as follows:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="8">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; 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: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; 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 size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="55%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Weighted average grant date fair value per option granted</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">19.19</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22.03</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">29.61</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.2pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Total intrinsic value of stock options exercised</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,843,891</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,730,024</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">17,857,237</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Restricted Stock Awards</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Restricted stock awards (&ldquo;RSAs&rdquo;) consist of shares of common stock of ECD issued at a price of $0. Upon issuance, RSAs become outstanding and have voting rights. The shares issued to employees are subject to forfeiture and to restrictions which limit the sale or transfer during the restriction period. The fair value of the RSAs is determined on the date
            of grant based on the market price of ECD&rsquo;s common stock and is recognized as compensation expense. The value of RSAs granted to employees is amortized over their three-year vesting period, while the value of RSAs granted to nonemployee directors is amortized over a two- to nine-year vesting period. Information concerning RSAs awarded under the 2006 Stock Incentive Plan during fiscal 2008, fiscal 2007 and fiscal 2006 is as follows:</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="85%">
                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Number of Shares</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="6">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted Average</font><br>
                            <font size="2">Grant Date Fair Value</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="30%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Outstanding at June&nbsp;30, 2006</font></p>
                        </td>

                        <td width="4.5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="4.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="top" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Awarded</font></p>
                        </td>

                        <td>
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">23,352</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">35.92</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Outstanding at June&nbsp;30, 2007</font></p>
                        </td>

                        <td>
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">23,352</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">35.92</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Awarded</font></p>
                        </td>

                        <td>
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">99,266</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">28.88</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Released</font></p>
                        </td>

                        <td>
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(32,784</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">26.76</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><font size="2">Outstanding at June&nbsp;30, 2008</font></p>
                        </td>

                        <td>
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">89,834</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31.49</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">Restricted Stock Units</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">On June&nbsp;30, 2008, the Compensation Committee of the Board of Directors approved the grant of 2,500 restricted stock units (RSUs) to Mark D. Morelli, the Company&rsquo;s president and CEO. The RSUs settle on a one-for-one basis in shares of ECD common stock and vest on June&nbsp;3, 2011,</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">84</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P84 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE N &ndash; Stock Option Plans, Warrants and Other Rights to Purchase Stock (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">subject to early vesting in accordance with the terms of the 2006 Stock Incentive Plan or the Executive Severance Plan, as applicable. The aggregate intrinsic value of the RSUs is $184,100.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following is a summary of the transactions during the fiscal years ended June&nbsp;30, 2008, 2007 and 2006 with respect to the Stock Option Agreements between ECD and Stanford R. Ovshinsky and Dr.&nbsp;Iris M. Ovshinsky dated November 18, 1993. Upon the death of Dr.&nbsp;Ovshinsky in August 2006, and pursuant to the terms of the Stock Option Agreements and the
            Company&rsquo;s stock option plans, options owned by Dr.&nbsp;Ovshinsky were transferred to her estate, of which Mr.&nbsp;Ovshinsky is the executor.</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 19.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Shares</font></p>
                        </td>

                        <td valign="bottom">
                            <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="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average Exercise Price</font></p>
                        </td>

                        <td valign="bottom">
                            <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="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Aggregate Intrinsic Value<sup>(1)</sup></font></p>
                        </td>

                        <td valign="bottom">
                            <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="6">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average Contractual Life Remaining in Years</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="30%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 17pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2005</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                        </td>

                        <td valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">870,731</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="4.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14.99</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="8.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,439,038</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(2</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="6.5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 50pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(218,572</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: white 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: white 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: white 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7.01</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 17pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2006</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">652,159</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">17.66</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,241,480</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(2</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 50pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(206,900</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16.38</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 19.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">445,259</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">18.25</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,595,637</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(2</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 50pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(445,259</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">18.25</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 19.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">&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></u><font size="2">&nbsp;</font></font></p>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 3pt" valign="top" width="16">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 3pt" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2pt; PADDING-TOP: 3pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option.</font></p>
                    </td>
                </tr>
            </table>

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 2pt" valign="top" width="16">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 2pt" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 2pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">According to the terms of the Stock Option Agreements, the expiration date of the options was 12 months after termination of employment other than voluntary termination. Upon Mr.&nbsp;Ovshinsky&rsquo;s retirement effective August&nbsp;31, 2007, the shares owned by him were exercisable through August&nbsp;31, 2008. The shares owned by the estate of
                        Dr.&nbsp;Ovshinsky were exercisable through August&nbsp;16, 2008.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following is a summary of the transactions during the fiscal years ended June&nbsp;30, 2008, 2007 and 2006 with respect to the Stock Option Agreement between Robert C. Stempel and ECD entered into in January 1999:</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">85</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P85 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE N &ndash; Stock Option Plans, Warrants and Other Rights to Purchase Stock (Continued)</font></u></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="3">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Shares</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average Exercise Price</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Aggregate Intrinsic Value <sup>(1)</sup></font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="6">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average Contractual Life Remaining in Years</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="28%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2005</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                        </td>

                        <td valign="bottom" width="8.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">300,000</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.688</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; 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 2.25pt double" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: black 1pt solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="9.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,507,600</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">3.55</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">300,000</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.688</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,722,600</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">2.55</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: 0.15in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(120,000</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">180,000</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.688</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,623,760</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">1.55</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; 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: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: 0.15in; TEXT-ALIGN: left"><font size="2">Exercised</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(90,000</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td  valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Outstanding and exercisable</font><br>
                            <font size="2">at June&nbsp;30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">90,000</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; 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: 1pt; 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: 1pt; 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: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.688</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; 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: 1pt; 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: 1pt; 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: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,665,680</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; 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: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 18.75pt; TEXT-INDENT: -18.75pt; TEXT-ALIGN: right"><font size="2">0.54</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; 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: 1pt; 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: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>
            <hr style="WIDTH: 25%; COLOR: darkgray; TEXT-ALIGN: left" noshade size="1">

            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 2pt" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 2pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">As of June&nbsp;30, 2008 and June&nbsp;30, 2007, there were 246,000 and 338,000, respectively, nonvested shares of restricted stock pursuant to a Restricted Stock Agreement dated January&nbsp;19, 1999, and amended as of September&nbsp;22, 2005, between Mr.&nbsp;Stempel and ECD with a weighted average grant date fair value of approximately $2,629,248 and $3,612,544,
            respectively. The vesting schedule provides for quarterly vesting of 23,000 shares at the beginning of each quarter commencing July&nbsp;1, 2006 through October&nbsp;1, 2010 with 16,000 shares vesting on December&nbsp;31, 2010.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">Warrants</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">As of June&nbsp;30, 2008 and 2007, ECD had outstanding a warrant for the purchase of 400,000 shares of Common Stock granted pursuant to a Common Stock Warrant Agreement entered into in March 2000. This warrant is exercisable on or prior to March&nbsp;10, 2010 at $22.93 per share.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In connection with the sale of units in fiscal year 2004, ECD issued warrants to purchase 3,266,254 shares of Common Stock to three institutional investors and a warrant to purchase 90,481 shares of Common Stock to the placement agent. Each warrant gave the holder the right to purchase a share of ECD Common Stock for $13.96, if exercised on or prior to May&nbsp;2,
            2005, and for $16.03, if exercised at any time thereafter but prior to October&nbsp;31, 2006. As a result of the exercise of the warrants by the warrantholders, ECD received $22,296,000 in fiscal 2006.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">86</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P86 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE O &ndash; Income Taxes</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In the first quarter of fiscal 2008, the Company adopted FASB Interpretation No. 48 (&ldquo;FIN 48&rdquo;), &ldquo;Accounting for Uncertainty for Income Taxes &ndash; an interpretation of FASB Statement No. 109.&rdquo; FIN 48 prescribes a recognition threshold and measurement methodology for recording within the financial statements uncertain tax positions taken, or
            expected to be taken, in tax returns. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure related to uncertain tax positions. The cumulative effect of implementing FIN 48 as of July&nbsp;1, 2007 was zero. The Company has no unrecognized tax benefits at this time.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company files U.S. federal, state and foreign income tax returns. Due to its net operating loss carryforwards, federal income tax returns from fiscal 1993 forward are still subject to examination. In addition, open tax years related to various state and foreign jurisdictions remain subject to examination.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company accounts for income taxes using the asset and liability approach. Deferred income taxes are provided for the differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that
            realization of such benefits is more likely than not.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company&rsquo;s income taxes for the year are as follows:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="55%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <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="67%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="15%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Federal Income Tax</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">State Income Tax</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Foreign Income Tax</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">155,901</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Total Income Taxes</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">155,901</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">87</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P87 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE O &ndash; Income Taxes (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Temporary differences and carryforwards that give rise to deferred tax assets and (liabilities) are as follows:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="65%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <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="65%">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="65%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="5">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(in thousands)</font></p>
                        </td>

                        <td valign="bottom">
                            <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="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Deferred tax asset:</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Basis difference in intangibles</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,510</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,557</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Equity losses in subsidiaries</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,107</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">NOL carryforwards</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">112,592</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">112,197</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">R&amp;D credit carryforwards</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">170</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">211</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">AMT credit carryforwards</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,363</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,363</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">All other</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,870</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,637</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">134,505</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">135,072</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Deferred tax liability:</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Basis and depreciation differences of property</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(5,462</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(5,283</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">All other</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(286</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(218</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Net deferred tax asset</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">128,757</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">129,571</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Valuation allowance</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(128,757</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(129,571</font></p>
                        </td>

                        <td  valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="65%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Net deferred tax asset</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The Company&rsquo;s valuation allowance decreased by $814,000 in 2008 and increased by $16,897,000 in 2007. The changes in the valuation allowance are mainly due to net operating losses in 2007 and the expiration of net operating losses in 2008 and primarily comprise the difference between statutory and effective tax rates.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">88</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P88 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE O &ndash; Income Taxes (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">At June 30, 2008, the Company&rsquo;s remaining net tax operating loss carryforwards and tax credit carryforwards expire as follows:</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="70%">
                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="4">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Net Tax Operating</font><br>
                            <font size="2">Loss Carryforward</font></p>
                        </td>

                        <td valign="bottom">
                            <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: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">R&amp;D Credit</font><br>
                            <font size="2">Carryforward</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="40%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2009</font></p>
                        </td>

                        <td valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 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: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="14%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">11,923,000</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 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: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="8%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">30,000</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="2%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="3%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2010</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,313,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">15,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2011</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,854,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">40,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2012</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">26,121,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">14,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2013</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,447,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">29,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2014</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,219,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">42,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2015</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2016</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2017</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2018</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,825,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2019</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">993,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2020</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10,170,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2021</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">4,674,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2022</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22,599,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2023</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,846,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2024</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">67,627,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2025</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2026</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">46,979,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2027</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">47,877,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">2028</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,686,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 33pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Total</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">331,153,000</font></p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">170,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">In addition, the Company has $1,363,000 in Alternative Minimum Tax Credit carryforward that does not expire.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Due to the history of losses and uncertainties, the Company has determined that it is more likely than not that the deferred tax assets will not be recovered through future taxable income. As a result, a valuation reserve has been provided to fully offset deferred tax assets.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">89</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P89--><a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE P &ndash; Business Segments</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Effective April&nbsp;1, 2007, we organized our business into two operating business segments, United Solar Ovonic (including ECD&rsquo;s previous Production Technology and Machine Building Division) and Ovonic Materials (including ECD&rsquo;s previous business activities, but excluding Production Technology and Machine Division and Corporate Activities, and Ovonic
            Battery&rsquo;s previous business activities). In addition to these two operating segments, there are certain Corporate Activities, including our investments in our two joint ventures, Cobasys LLC and Ovonyx, Inc., which are not allocated to the above segments.</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="15">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Financial Data</font><br>
                            <font size="2">(in thousands)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">United</font><br>
                            <font size="2">Solar&nbsp;Ovonic</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">Ovonic</font><br>
                            <font size="2">Materials</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">Corporate</font><br>
                            <font size="2">Activities</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">Consolidating</font><br>
                            <font size="2">Entries</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; 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"><font size="2">Consolidated</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="35%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues</font></p>
                        </td>

                        <td valign="bottom" width="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="10%">
                            <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="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="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="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="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="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="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="3%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="10%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June 30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">239,398</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">16,066</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,039</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(642</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">255,861</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">98,363</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">14,635</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">1,147</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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: 3pt; TEXT-ALIGN: right"><font size="2">(578</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">113,567</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">87,508</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">13,451</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,920</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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 size="2">(460</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">102,419</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Income (Loss) from Operations</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June 30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31,644</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">899</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(36,816</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">212</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(4,061</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,962</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(13,706</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(28,769</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <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 size="2">(1,989</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(42,502</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,187</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(14,819</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(19,798</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <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 size="2">(791</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(27,221</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 19.65pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Depreciation and Amortization Expense</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June 30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">20,862</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">330</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">925</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(200</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">21,917</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">10,007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,478</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">764</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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: 3pt; TEXT-ALIGN: right"><font size="2">(79</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">12,170</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,556</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,429</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">643</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,628</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Capital Expenditures</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June 30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">116,743</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">590</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">117,335</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">188,991</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">440</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">245</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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: 3pt; TEXT-ALIGN: right"><font size="2">(2,116</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">187,560</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">83,730</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,063</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,236</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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 size="2">(848</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">85,181</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Identifiable Assets</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June 30, 2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">552,618</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,469</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">506,284</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="9%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(25,404</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,041,967</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">404,905</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">9,383</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: right"><font size="2">211,996</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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: 3pt; TEXT-ALIGN: right"><font size="2">(25,605</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">600,679</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 35.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year ended June&nbsp;30, 2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">180,217</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,078</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">460,645</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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 size="2">(52,598</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">596,342</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">90</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P90 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE P &ndash; Business Segments (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following table presents revenues by country based on the location of the customer:</font></font></p>

            <div align="center">
                <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="90%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="8">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended June 30,</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="27%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2008</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">2006</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">United States</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">119,424,375</font></p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">52,531,109</font></p>
                        </td>

                        <td valign="bottom" width="5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="11%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">47,007,251</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Germany</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">39,011,959</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32,407,135</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">35,429,666</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">France</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32,660,694</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">381,190</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,066</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Italy</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">25,757,956</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">12,893,260</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,616,256</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">South Korea</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">17,645,916</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">102,769</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Hong Kong</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,086,519</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,662,536</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,125,724</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Japan</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,395,596</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,824,357</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,700,483</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">China</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,693,021</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,889,041</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,507,898</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Other Countries</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">8,184,930</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,875,466</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10,031,132</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="27%">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">255,860,966</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">113,566,863</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; 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: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">102,419,476</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The composition of the Company&rsquo;s property, plant and equipment, net of accumulated depreciation, is principally in the United States as of June&nbsp;30, 2008, 2007 and 2006.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Sales to SIT represented 23%, 11% and 21% of our product sales in the United Solar segment in the fiscal years ended June&nbsp;30, 2008, 2007 and 2006, respectively. For the year ended June&nbsp;30, 2008, sales to Advanced Green Technologies, Inc. (a unit of Advanced Roofing, Inc.) represented 12% of our product sales in the United Solar segment. Biohaus PV Handels
            GmbH represented 14% of our product sales in this segment for each of the fiscal years ended June&nbsp;30, 2007 and 2006. Amounts due from SIT represented 20% and 10% of the accounts receivable in this segment at June 30, 2008 and 2007, respectively. Amounts due from Advanced Green Technologies represented 10% of the accounts receivable in this segment at June 30, 2008.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">91</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P91 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE Q &ndash; Quarterly Financial Data (Unaudited)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><font size="2">(In thousands, except for per-share amounts)</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <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="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">First</font><br>
                            <font size="2">Quarter</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">Second</font><br>
                            <font size="2">Quarter</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">Third</font><br>
                            <font size="2">Quarter</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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="2">Fourth</font><br>
                            <font size="2">Quarter</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; 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 size="2">Total Year</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0.5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom" width="36%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2008</font></p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="4%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="7.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 28.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">47,042</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">56,449</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">69,982</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">82,388</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">255,861</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 28.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating income (loss)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(9,953</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(7,457</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,572</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">7,777</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(4,061</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 28.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Net income (loss)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(7,567</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(5,426</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">6,974</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,872</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,853</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Basic net income (loss) per share</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.19</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.14</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.17</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.24</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.10</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Diluted net income (loss) per share</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.19</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.14</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.17</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.24</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">.09</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2007</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 28.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Revenues</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">27,182</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22,947</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">27,429</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">36,009</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">113,567</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 28.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Operating loss</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(7,344</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(7,876</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(10,980</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(16,302</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(42,502</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 28.3pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Net loss</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(2,302</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(2,913</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(6,871</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(13,145</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(25,231</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Basic net loss per share</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.06</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.07</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.17</font></p>
                        </td>

                        <td valign="middle">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.33</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Diluted net loss per share</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.06</font></p>
                        </td>

                        <td  valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.07</font></p>
                        </td>

                        <td  valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.17</font></p>
                        </td>

                        <td  valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.33</font></p>
                        </td>

                        <td  valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(.64</font></p>
                        </td>

                        <td  valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 19pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE R &ndash; Litigation</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><i><font size="2">Cobasys</font></i><font size="2">. On September&nbsp;10, 2007, CTV issued a notice of dispute and filed claims in arbitration against ECD and OBC relating to our Cobasys joint venture. CTV&rsquo;s original arbitration claim seeks damages and injunctive and other relief and alleges that ECD and OBC breached and anticipatorily repudiated obligations to provide
            certain funding to Cobasys under the Amended and Restated Operating Agreement dated as of December&nbsp;2, 2004 among us, OBC and CTV (the "Operating Agreement"), which governs Cobasys. CTV subsequently filed a supplemental notice of dispute amending its claims to assert that ECD and OBC had dishonored CTV's preferred interest in Cobasys and that OBC had breached its obligation to use diligent efforts to approve a 2008 annual budget for Cobasys. We and OBC have denied CTV&rsquo;s
            allegations and filed a counterclaim, seeking damages and injunctive and other relief on the ground that CTV has been acting unilaterally and in violation of the Operating Agreement and applicable Michigan law in regard to the funding and spending provisions of the Agreement.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We and OBC dispute and have been vigorously defending the claims asserted by CTV and have pursued our counterclaim. In our view, the Operating Agreement is clear that we and OBC have no present obligation to provide funding to Cobasys; OBC is not in default of the Operating Agreement; any future funding obligation would arise only upon unanimous approval by
            Cobasys&rsquo; members, OBC and CTV, of (i) a 2008 budget and operating plan for Cobasys, and (ii) agreed</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">92</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P92 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">Notes to Consolidated Financial Statements</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><u><font size="2">NOTE R &ndash; Litigation (Continued)</font></u></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><font size="2"><font size="2">capital contributions by the members; and CTV has no right unilaterally to provide funding or to authorize spending by Cobasys without an approved 2008 budget and operating plan, or otherwise as approved by OBC. In our view, the Operating Agreement is also clear that we and OBC have not dishonored CTV&rsquo;s preferred interests; OBC has an unqualified right to refuse
            to sell its interests in Cobasys on terms that it does not consider appropriate; and OBC may determine in its discretion whether to approve any sale of Cobasys or sale of CTV&rsquo;s interests in Cobasys.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The members of Cobasys have not approved a 2008 business plan and budget, and CTV and OBC have not been able to agree on a solution to Cobasys&rsquo; business issues or whether Cobasys should continue as a going concern if it cannot be sold in the near future. Cobasys had losses of approximately $74 million and obtained funding of approximately $84 million in 2007,
            and in January 2008 Cobasys management forecast losses of approximately $82-86 million and funding requirements of approximately $92-94 million for 2008. Until September 2007, CTV historically funded Cobasys&rsquo; loss-generating operations through the purchase of preferred interests. From October 2007 through January 2008, CTV declined to purchase preferred interests and funded Cobasys in a manner that in OBC&rsquo;s view violated the Operating Agreement and applicable Michigan
            law. Since February 2008, Cobasys has received funding support from a customer in the form of a loan for capital equipment purchases and a price increase on products sold to the customer. While Cobasys has been receiving this funding support from its customer, Cobasys management has not sought any funding from the members of Cobasys. There is no assurance that this customer funding support will continue on these or other terms or otherwise be sufficient to permit Cobasys to continue
            as a going concern.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Since February 15, 2008 the arbitration has been suspended pursuant to an interim settlement agreement among us, OBC and CTV in order to pursue the potential sale of Cobasys to a third party. Sale negotiations have been ongoing during which the parties to the arbitration have repeatedly amended the interim settlement agreement to extend the deadline for timely
            consummation of the sale. There is no assurance that the sale will be completed by September 8, 2008, the current deadline, and, if not completed, that the parties will again extend the interim settlement agreement.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">International Acquisitions Services, Inc. (&ldquo;IAS&rdquo;), Innovative Transportation Systems AG (&ldquo;ITS&rdquo;) and Neville Chamberlain filed suit against Energy Conversion Devices, Inc. (&ldquo;ECD&rdquo;) in Nassau County, New York on October&nbsp;11, 2007, claiming, among other things, that ECD made fraudulent statements relating to the supply of battery
            products to ITS, an entity created to manufacture and sell an electric delivery vehicle known as the InnoVan. Chamberlain, a sophisticated investor, invested in ITS through IAS. ECD also invested in ITS. The IAS matter was resolved in June 2008 with a payment of $925,000 made to IAS. This payment was funded equally by ECD, Chevron and General Motors.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">93</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P93 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="toc11"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 9</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 7.81%; TEXT-ALIGN: left"><font size="2"><font size="2">Not applicable.</font></font></p>
            <a name="toc12"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 9A</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 8pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Controls and Procedures</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b)&nbsp;as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer
            and Chief Financial Officer have concluded that these disclosure controls and procedures were effective.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><b><font size="2">Report of Management on Internal Control over Financial Reporting</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)&nbsp;under the Securities Exchange Act of 1934. The Company&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
            financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of the assets, (ii)&nbsp;provide reasonable assurance that transactions are recorded as
            necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company, and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial
            statements.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Internal control over financial reporting includes the controls themselves, monitoring and internal auditing practices and actions taken to correct deficiencies as identified. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
            are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Management assessed the effectiveness of the Company&rsquo;s internal control over financial reporting as of June 30, 2008. Management based this assessment on criteria for effective internal control over financial reporting described in Internal Control&mdash;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
            Management&rsquo;s assessment included an evaluation of the design of the Company&rsquo;s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Management reviewed the results of its assessment with the Audit Committee of the Company&rsquo;s Board of Directors.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">94</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P94 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Based on this assessment, management determined that, as of June 30, 2008, the Company maintained effective internal control over financial reporting. Grant Thornton LLP, an independent registered public accounting firm, who audited and reported on the consolidated financial statements of the Company included in this report, has issued an attestation report on the
            effectiveness of the Company&rsquo;s internal control over financial reporting.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Changes in Internal Control over Financial Reporting</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">There was no change in the Company&rsquo;s internal control over financial reporting that occurred during the Company&rsquo;s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><b><font size="2">Report of Independent Registered Public Accounting Firm</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2pt; TEXT-ALIGN: justify"><font size="2"><font size="2">Board of Directors and Shareholders</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">Energy Conversion Devices, Inc.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2"><font size="2">We have audited Energy Conversion Devices, Inc. (a Delaware Corporation) and subsidiaries&rsquo; (the Company) internal control over financial reporting as of June 30, 2008, based on criteria established in</font> <i><font size="2">Internal Control&mdash;Integrated Framework</font></i> <font size="2">issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
            The Company&rsquo;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&rsquo;s internal control over financial reporting based on our audit.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2"><font size="2">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over
            financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2"><font size="2">A company&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s internal control over financial reporting includes those policies and procedures
            that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of
            the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the financial statements.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">95</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P95 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion,
            Energy Conversion Devices, Inc. and subsidiaries maintained, in all material respects, effective internal control over financial reporting as of June 30, 2008, based on criteria established in</font> <i><font size="2">Internal Control&mdash;Integrated Framework</font></i> <font size="2">issued by COSO.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><font size="2">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Energy Conversion Devices, Inc. and subsidiaries as of June 30, 2008 and 2007, and the related consolidated statements of operations, stockholders&rsquo; equity, cash flows and financial statement schedule for each of the three
            years in the period ended June 30, 2008 and our report dated August 25, 2008 expressed an unqualified opinion.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2"><font size="2">/s/ GRANT THORNTON LLP</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2"><font size="2">Southfield, Michigan</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2"><font size="2">August&nbsp;25, 2008</font></font></p>
            <a name="toc13"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 9B</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Other Information</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-INDENT: 7.81%; TEXT-ALIGN: justify"><font size="2"><font size="2">Not applicable.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">96</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P96 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="tocc"></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><b><font size="2">PART III</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><font size="2">DOCUMENTS INCORPORATED BY REFERENCE</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Certain information required by Part III is omitted from this Report on Form 10-K and is hereby incorporated by reference from the Registrant&rsquo;s definitive Proxy Statement for its Annual Meeting of Stockholders to be held on November&nbsp;18, 2008 (the &ldquo;2008 Proxy Statement&rdquo;) pursuant to Regulation 14A of the Securities Exchange Act of 1934, as
            amended, which will be filed not later than 120 days after the end of the fiscal year covered by this Report.</font></font></p>
            <a name="toc14"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 10</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Directors, Executive Officers and Corporate Governance</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The information contained in the sections entitled &ldquo;Election of Directors&rdquo; and &ldquo;Section 16(a) Beneficial Ownership Reporting Compliance&rdquo; included in our 2008 Proxy Statement is incorporated herein by reference.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The information regarding our Audit Committee, including the members of our Audit Committee and audit committee financial experts, set forth in the section entitled &ldquo;Corporate Governance and Board Matters&rdquo; contained in our 2008 Proxy Statement is incorporated herein by reference.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The charters of our Audit Committee, Compensation Committee, Corporate Governance and Nominating Committee, and Finance Committee are available in the &ldquo;Investor Relations &ndash; Corporate Governance&rdquo; section of our website at</font> <font color="#0000ff"><font size="2">www.ovonic.com</font></font> <font size="2">and are available to any stockholder upon
            request to the Corporate Secretary. The information on our website is not incorporated by reference in this Annual Report on Form 10-K.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">We have adopted a Code of Business Conduct and Ethics that applies to all employees, including our chief executive officer and chief financial officer, and directors. A copy of the Code of Business Conduct and Ethics is available in the &ldquo;Investor Relations &ndash; Corporate Governance&rdquo; section of our website at</font>
            <font color="#0000ff"><font size="2">www.ovonic.com</font></font><font size="2">.</font></font></p>
            <a name="toc15"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Item 11</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Executive Compensation</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The information required by this item will be included under &ldquo;Compensation of Directors,&rdquo; &ldquo;Director Compensation Table,&rdquo; &ldquo;Compensation Discussion and Analysis,&rdquo; &ldquo;Compensation Committee Interlocks and Insider Participation,&rdquo; and &ldquo;Executive Compensation Tables,&rdquo; in the 2008 Proxy Statement and is incorporated
            herein by reference.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">97</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P97 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="toc16"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 12</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Equity Compensation Plan Information</font></b></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following table provides certain information as of June&nbsp;30, 2008 with respect to our equity compensation plans.</font></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%">
                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="3">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" colspan="4">
                            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Plan Category</font></p>
                        </td>

                        <td valign="top">
                            <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">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><b><font size="2">(a)</font></b></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; 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 size="2">(b)</font></b></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                            <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">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><b><font size="2">(c)</font></b></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                            <p style="MARGIN: 2pt 0in 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 1pt solid" valign="top" 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="30.8%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Equity compensation plans approved by security holders</font></p>
                        </td>

                        <td valign="top" 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="5.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="7%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">877,086</font></p>
                        </td>

                        <td valign="bottom" width="5.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1"><sup>(1)</sup></font></p>
                        </td>

                        <td valign="top" width="3.2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="5.1%">
                            <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: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">22.27</font></p>
                        </td>

                        <td valign="bottom" width="5.1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="1"><sup>(2)</sup></font></p>
                        </td>

                        <td valign="bottom" width="3.2%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="8.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="6.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">725,882</font></p>
                        </td>

                        <td valign="bottom" width="8.5%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left"><font size="2">Equity compensation plans not approved by security holders</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <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" valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">90,000</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><sup>(3)</sup></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <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: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.69</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <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">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">&mdash;</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="1%">
                            <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -0.1in; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">967,086</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                        </td>

                        <td valign="bottom" width="6%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">21.19</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 3pt; 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">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">725,882</font></p>
                        </td>

                        <td valign="bottom">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="1%">
                            <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2"><u><font size="2">&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;&nbsp;</font></u><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></font></p>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" valign="top" width="30">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Includes 2,500 shares issuable upon vesting of restricted stock units (RSUs) that we granted under the 2006 Stock Incentive Plan. The remaining balance consists of outstanding stock option grants.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">The weighted average exercise price does not take into account the shares issuable upon vesting of outstanding RSUs, which have no exercise price.</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 6pt" valign="top" width="30">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 6pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">On January 15, 1999, we entered into a stock option agreement with Robert C. Stempel, pursuant to which he was granted an option to purchase 300,000 shares of ECD Common Stock at $10.688 per share. The option is not subject to any vesting requirement and may be exercised from time to time until the expiration of the option on January 15, 2009.
                        Mr.&nbsp;Stempel retired as the Company&rsquo;s CEO on August 31, 2007.</font></p>
                    </td>
                </tr>
            </table>
            <a name="toc17"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 13</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Certain Relationships and Related Transactions, and Director Independence</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The information concerning certain relationships and related transactions will be included under &ldquo;Transactions with Related Persons&rdquo; and &ldquo;Corporate Governance and Board Matters &ndash; Determination of Independence of Board Members&rdquo; in the 2008 Proxy Statement and is incorporated herein by reference.</font></font></p>
            <a name="toc18"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 14</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><u><b><font size="2">Principal Accountant Fees and Services</font></b></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The information required by this item will be included under &ldquo;Independent Registered Public Accounting Firm Fees&rdquo; in the 2008 Proxy Statement and is incorporated herein by reference.</font></font></p>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">98</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P98 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="tocd"></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><font size="2"><b><font size="2">PART IV</font></b></font></p>
            <a name="toc19"></a>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="10%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 15</font></b></u><b><font size="2">:</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 18pt; PADDING-TOP: 0pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Exhibits and Financial Statement Schedules</font></b></u></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" valign="top" nowrap width="3%">
                        <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" valign="top" nowrap width="2%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" valign="top" nowrap width="2%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">1.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" valign="top" nowrap width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Financial Statements:</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0pt" valign="top" nowrap width="90%">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 4pt; PADDING-TOP: 0pt" valign="top" nowrap width="8%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><font size="2">Page</font></u></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 8pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">The following is included in Part II, Item 8:</font></font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 1pt" valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 1pt" valign="top" nowrap width="73%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Reports of Independent Registered Public Accounting Firm</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 1pt" valign="top" nowrap width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">49,</font> <font size="2">94</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 6pt" valign="top" nowrap width="5%">
                        <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 6pt" valign="top" nowrap width="2%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">2.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 6pt" valign="top" nowrap width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Financial Statement Schedules:</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 1pt" valign="top" nowrap width="12%">
                        <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 1pt" valign="top" nowrap width="73%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Schedule II &ndash; Valuation and Qualifying Accounts</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 1pt" valign="top" nowrap width="13%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">103</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><font size="2"><font size="2">Other financial statements and financial statement schedules are omitted (1) because of the absence of the conditions under which they are required or (2) because the information called for is shown in the financial statements and notes thereto.</font></font></p>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="98%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 8pt" valign="top" nowrap width="5%">
                        <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 8pt" valign="top" nowrap width="2%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">3.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 8pt" valign="top" nowrap width="50%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Exhibits (including those incorporated by reference)</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 91%; TEXT-ALIGN: justify"><font size="2"><font size="2">Page or</font><br>
            <u><font size="2">Reference</font></u></font></p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="7" cellpadding="0" width="99%">
                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3.1</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Restated Certificate of Incorporation filed September&nbsp;29, 1967</font></p>
                        </td>

                        <td width="1%">
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(a)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3.2</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Certificate of Amendment to Certificate of Incorporation filed March&nbsp;25, 1999 extending voting rights of the Company&rsquo;s Class A Common Stock, increasing the authorized capital stock of the Company&rsquo;s Common Stock to 20,930,000 shares, and authorizing 430,000 shares of Class B Common Stock</font></p>
                        </td>

                        <td width="1%">
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(b)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3.3</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Certificate of Amendment to Certificate of Incorporation filed March&nbsp;18, 2004, increasing the number of authorized shares from 30,000,000 to 50,000,000</font></p>
                        </td>

                        <td width="1%">
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(c)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3.4</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Certificate of Amendment to Certificate of Incorporation filed December&nbsp;8, 2006, increasing the number of authorized shares from 50,000,000 to 100,000,000</font></p>
                        </td>

                        <td width="1%">
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(d)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3.5</font></p>
                        </td>

                        <td width="3%">
                        </td>

                        <td valign="top" width="75%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Amended and Restated Certificate of Incorporation January&nbsp;8, 2008</font></p>
                        </td>

                        <td width="1%">
                        </td>

                        <td valign="top" width="10%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(e)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3.6</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Bylaws in effect as of October&nbsp;11, 2007</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(f)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4.1</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Form of Indenture, dated June&nbsp;24, 2008, between Energy Conversion Devices, Inc. and The Bank of New York Trust Company, N.A. as Trustee</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(g)</font></p>
                        </td>
                    </tr>
                </table>

<BR>                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">99</font></font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                <PAGE>
                <hr align="center" width="95%" noshade size="2">

                <div style="PAGE-BREAK-AFTER: always">
                    &nbsp;
                </div>
                <!-- END-P99 -->

                <div align="left">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                </div>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="7" cellpadding="0" width="99%">
                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4.2</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Form of First Supplemental Indenture dated June&nbsp;24, 2008, between Energy Conversion Devices, Inc. and The Bank of New York Trust Company, N.A., as Trustee</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(g)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4.3</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Indenture, dated June&nbsp;24, 2008, between Energy Conversion Devices, Inc. and The Bank of New York Trust Company, N.A., as Trustee</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">105</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4.4</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">First Supplemental Indenture dated June&nbsp;24, 2008, between Energy Conversion Devices, Inc. and The Bank of New York Trust Company, N.A., as Trustee</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">181</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.1</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Energy Conversion Devices, Inc. 1995 Non-Qualified Stock Option Plan</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(h)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.2</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Energy Conversion Devices, Inc. 2000 Non-Qualified Stock Option Plan</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(i)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.3</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Restricted Stock Agreement and Stock Option Agreement dated as of January&nbsp;15, 1999 between the Company and Robert C. Stempel</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(j)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.4</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Amended and Restated Operating Agreement of Cobasys LLC dated as of December&nbsp;2, 2004 by and between ChevronTexaco Technology Ventures, LLC and Ovonic Battery Company, Inc.</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(k)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.5</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Severance agreement as of June&nbsp;5, 2006 by and between Sanjeev Kumar and the Company</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(l)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.6</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Severance agreement as of June&nbsp;5, 2006 by and between Jay B. Knoll and the Company</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(m)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.7</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Energy Conversion Devices, Inc. 2006 Stock Incentive Plan</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(n)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.8</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Energy Conversion Devices, Inc. Executive Severance Plan effective July&nbsp;24, 2007</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(o)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.9</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Form of Severance Plan Participation Agreement</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(p)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.10</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Energy Conversion Devices, Inc. Annual Incentive Plan</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(q)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.11</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Form of Stock Option Agreement</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(r)</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.12</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Form of Restricted Stock Agreement</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(s)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="4%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.13</font></p>
                        </td>

                        <td width="3%">
                        </td>

                        <td valign="top" width="75%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Offer Letter dated July&nbsp;25, 2007 between Energy Conversion Devices, Inc. and Mark D. Morelli</font></p>
                        </td>

                        <td width="1%">
                        </td>

                        <td valign="top" width="10%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(t)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.14</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Letter Agreement dated August&nbsp;23, 2007 among Stanford R. Ovshinsky, Energy Conversion Devices, Inc. and Ovonic Battery Company</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(u)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.15</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Letter Agreement dated August&nbsp;31, 2007 between Robert C. Stempel and Energy Conversion Devices, Inc.</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(v)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.16</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Revised Separation Agreement with executive officer effective December&nbsp;31, 2007</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(w)</font></p>
                        </td>
                    </tr>
                </table>
<BR>
                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">100</font></font></p>

                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                <PAGE>
                <hr align="center" width="95%" noshade size="2">

                <div style="PAGE-BREAK-AFTER: always">
                    &nbsp;
                </div>
                <!-- END-P100 -->

                <div align="left">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                </div>

                <table style="BORDER-COLLAPSE: collapse" cellspacing="7" cellpadding="0" width="99%">
                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.17</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Revised Separation Agreement with executive officer effective December&nbsp;31, 2007</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(x)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.18</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Share Lending Agreement dated as of June&nbsp;18, 2008 among Energy Conversion Devices, Inc. and Credit Suisse International and Credit Suisse Securities (USA) LLC</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(g)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10.19</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Form of Restricted Stock Unit</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">235</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">21.1</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">List of all direct and indirect subsidiaries of the Company</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">244</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">23.1</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Consent of Independent Registered Public Accounting Firm, Grant Thornton LLP</font></p>
                        </td>

                        <td>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">245</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 28.35pt">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31.1</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Certificate of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">246</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 28.35pt">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">31.2</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Certificate of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 9.2pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">247</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 28.35pt">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">32</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></p>
                        </td>

                        <td>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 3.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 28.35pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0.25in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">248</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: justify"><font size="2"><b><font size="2">Notes to Exhibit List</font></b></font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="99%">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(a)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 2-A to the Company&rsquo;s Form 8-A and incorporated herein by reference.</font></p>
                        </td>

                        <td>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(b)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 3.3 to the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended June&nbsp;30, 1999 and incorporated herein by reference.</font></p>
                        </td>

                        <td>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(c)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 3.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2004 and incorporated herein by reference.</font></p>
                        </td>

                        <td>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(d)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed with the Company&rsquo;s Proxy Statement dated October&nbsp;12, 2006 and incorporated herein by reference.</font></p>
                        </td>

                        <td>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(e)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed with the Company&rsquo;s Proxy Statement dated October&nbsp;29, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right" width="7%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(f)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" width="88%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K dated October&nbsp;17, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom" width="5%">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" align="right" width="7%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(g)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="top" width="88%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibits 4.1, 4.2 and 10.18 to the Company&rsquo;s Current Report on Form 8-K dated June&nbsp;19, 2008 and incorporated herein by reference.</font></p>
                        </td>

                        <td width="5%">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(h)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.77 to the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended June&nbsp;30, 1995 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit A to the Company&rsquo;s Proxy Notice and Statement dated January&nbsp;19, 2001 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(j)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibits B, C and D, respectively, to the Company&rsquo;s Proxy Notice and Statement dated February&nbsp;23, 1999 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">101</font></font></p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P101 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="7" cellpadding="0" width="99%">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(k)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K dated December&nbsp;7, 2004 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(l)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated June&nbsp;5, 2006 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(m)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September&nbsp;30, 2006 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(n)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit A to the Company&rsquo;s Proxy Statement dated October&nbsp;12, 2006 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(o)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated July&nbsp;30, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(p)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K dated July&nbsp;30, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(q)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K dated July&nbsp;30, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(r)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.4 to the Company&rsquo;s Current Report on Form 8-K dated July&nbsp;30, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(s)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.5 to the Company&rsquo;s Current Report on Form 8-K dated July&nbsp;30, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(t)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated August&nbsp;3, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(u)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated August&nbsp;27, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(v)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated August&nbsp;31, 2007 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(w)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2008 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom" align="right">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(x)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 8pt; PADDING-TOP: 0in" valign="bottom">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Filed as Exhibit 10.2 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2008 and incorporated herein by reference.</font></p>
                        </td>

                        <td valign="bottom">
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">102</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P102 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 5.43%; TEXT-ALIGN: center"><font size="2"><font size="2">ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES</font></font></p>
            <a name="toc20"></a>

            <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 5.43%; TEXT-ALIGN: center"><font size="2"><u><b><font size="2">Schedule II &ndash; Valuation and Qualifying Accounts</font></b></u></font></p>

            <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%">
                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="5">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Additions</font></p>
                    </td>

                    <td>
                    </td>

                    <td valign="bottom" colspan="9">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Description</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Balance at Beginning of Period</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Charged to Costs and Expenses</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1pt solid" valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Charged to Other Accounts</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Deductions&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="3">
                        <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 1pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Balance at &nbsp;&nbsp;&nbsp;<br>
                        End of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                        Period&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top" width="25%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.15in; TEXT-INDENT: -0.15in; TEXT-ALIGN: left"><font size="2">Allowance for Uncollectible Accounts:</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td width="2%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3.5%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="8.5%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3.5%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3.5%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 2.25pt double" valign="bottom" width="9%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">538,000</font></p>
                    </td>

                    <td width="2%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">868,093</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">5,822</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(586,915</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">825,000</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2007</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">691,000</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">9,817</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">56,781</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(219,598</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">538,000</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2006</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">412,000</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">289,767</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">10,063</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(20,830</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)*</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">691,000</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.15in; TEXT-INDENT: -0.15in; TEXT-ALIGN: left"><font size="2">Reserve for Losses on Government Contracts:</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,899,170</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">158,197</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(206,169</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,851,198</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2007</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,342,961</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">134,356</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(578,147</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,899,170</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2006</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,294,098</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">621,770</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(572,907</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)**</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,342,961</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.15in; TEXT-INDENT: -0.15in; TEXT-ALIGN: left"><font size="2">Reserve for Warranty:</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,325,452</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">390,765</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(216,934</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,499,283</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2007</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,835,136</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(291,764</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(217,920</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,325,452</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2006</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,635,532</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">382,980</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(183,376</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,835,136</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.15in; TEXT-INDENT: -0.15in; TEXT-ALIGN: left"><font size="2">Reserve for Inventory Obsolescence:</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,870,161</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">3,058,477</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 3pt; TEXT-ALIGN: right"><font size="2">(138,889</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">4,789,749</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2007</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,163,833</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,348,361</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(642,033</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,870,161</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td valign="top">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left"><font size="2">Year Ended June&nbsp;30, 2006</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">418,995</font></p>
                    </td>

                    <td width="2%">
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,518,284</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="0">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">(773,446</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,163,833</font></p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p style="MARGIN-TOP: 3pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>
                </tr>
            </table>
            <hr style="WIDTH: 25%; COLOR: black; TEXT-ALIGN: left" noshade size="1">

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="55%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 2pt" valign="top" nowrap width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 2pt" valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">*</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 2pt" valign="top" nowrap width="88%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Represents partial write-off of uncollectible accounts.</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="55%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 2pt" valign="top" nowrap width="4%">
                        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 3pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 2pt" valign="top" nowrap width="6%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">**</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 3pt; PADDING-TOP: 2pt" valign="top" nowrap width="88%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Represents change in accounting estimate.</font></p>
                    </td>
                </tr>
            </table>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><font face="Times New Roman, Times, Serif" size="2">103</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <PAGE>
            <hr align="center" width="95%" noshade size="2">

            <div style="PAGE-BREAK-AFTER: always">
                &nbsp;
            </div>
            <!-- END-P103 -->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a href="#tocmain"><font size="2"><font face="Times New Roman, Times, Serif" size="1"><u><i>Table of Contents</i></u></font></font></a>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <a name="toc21"></a>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-ALIGN: center"><font size="2"><b><font size="2">SIGNATURES</font></b></font></p>

            <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 8pt; TEXT-INDENT: 7.81%; TEXT-ALIGN: justify"><font size="2"><font size="2">Pursuant to the requirements of Section 13 or 15(d) 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>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="97%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 12pt" valign="top" nowrap width="51%">
                        <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 12pt" valign="top" nowrap width="48%">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ENERGY CONVERSION DEVICES, INC.</font></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="3%">
                        <p style="MARGIN-TOP: 0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="315">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="222">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><font size="2">By: /S/ Mark D. Morelli</font></u></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Mark D. Morelli</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">President and Chief Executive Officer</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="1" width="100%">
                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="25%">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Mark D. Morelli</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="7%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="40%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">President, Chief Executive Officer and</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="5%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="15%">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Mark D. Morelli</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director (Principal Executive Officer)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Sanjeev Kumar</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Vice President and Chief Financial Officer</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Sanjeev Kumar</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(Principal Financial and Accounting Officer)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Joseph Avila</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Joseph Avila</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Christopher Belden</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Christopher Belden</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Robert I. Frey</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Robert I. Frey</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ William J. Ketelhut</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">William J. Ketelhut</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Florence I. Metz</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Florence I. Metz</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ Stephen Rabinowitz</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Stephen Rabinowitz</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 40pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">/s/ George A. Schreiber, Jr.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Director</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">August 28, 2008</font></p>
                        </td>
                    </tr>

                    <tr style="page-break-inside: avoid">
                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">George A. Schreiber, Jr.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3.1pt; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>
            <font size="2"><br>
            </font>

            <p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&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">104</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>ex4p3-indenture.htm
<DESCRIPTION>INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;"></DIV>

<p style=' margin-bottom:0pt; margin-top:30pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>TO</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>THE BANK OF NEW YORK TRUST COMPANY, N.A.,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>AS TRUSTEE,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>INDENTURE</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>DATED AS OF JUNE 24,2008</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SENIOR DEBT SECURITIES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p><PAGE>
<!-- EEDocs PBEnd-->


<p style=' margin-bottom:0pt; margin-top:10pt;text-align:center;'><B><font SIZE=2>TABLE OF CONTENTS</font></B></p>


<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

<div align="left">
<TABLE STYLE="BORDER-COLLAPSE: collapse" CELLSPACING="7" CELLPADDING="0" WIDTH="100%" BORDER="0">
<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 1.&nbsp;&nbsp;DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1</font></p>
</td>
</tr>

<tr>
<TD STYLE="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" VALIGN="TOP" WIDTH="10%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<TD STYLE="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.1.</font></p>
</td>

<TD STYLE="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" VALIGN="TOP" WIDTH="75%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DEFINITIONS</font></p>
</td>

<TD STYLE="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" VALIGN="top" ALIGN="RIGHT" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.2.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COMPLIANCE CERTIFICATES AND OPINIONS</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">8</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.3.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORM OF DOCUMENTS DELIVERED TO TRUSTEE</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.4.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">ACTS OF HOLDERS; RECORD DATES</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.5.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NOTICES, ETC., TO TRUSTEE AND COMPANY</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.6.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NOTICE TO HOLDERS; WAIVER</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">11</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.7.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CONFLICT WITH TRUST INDENTURE ACT.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">12</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.8.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">EFFECT OF HEADINGS AND TABLE OF CONTENTS.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">12</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.9.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SUCCESSORS AND ASSIGNS</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">12</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.10.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SEPARABILITY CLAUSE</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">12</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.11.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">BENEFITS OF INDENTURE</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">12</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.12.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">GOVERNING LAW</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">13</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.13.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">LEGAL HOLIDAYS</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">13</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.14.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">13</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.15.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">INDENTURE MAY BE EXECUTED IN COUNTERPARTS</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">13</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.16.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">WAIVER OF JURY TRIAL</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">13</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECTION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">1.17.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORCE MAJEURE</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">14</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 2.&nbsp;&nbsp;SECURITY FORMS</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">2.1.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORMS GENERALLY</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">14</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">2.2.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORM OF FACE OF SECURITY</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">14</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">2.3.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORM OF REVERSE OF SECURITY</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">16</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">2.4.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORM OF LEGEND FOR GLOBAL SECURITIES</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">21</font></p>
</td>
</tr>
</table></div>




<p style="MARGIN-TOP: 20pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">- i -</font></p>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>
<!-- EEDocs PBStart--><!-- EEDocs PBEnd-->
<PAGE>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;"></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="7" CELLPADDING="0" WIDTH="100%" BORDER="0">

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">2.5.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORM OF TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">21</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">2.6.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">FORM OF CONVERSION NOTICE</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">21</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 3.&nbsp;&nbsp;THE SECURITIES</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">22</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.1.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">AMOUNT UNLIMITED; ISSUABLE IN SERIES</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">22</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.2.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DENOMINATIONS</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">25</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.3.</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">EXECUTION, AUTHENTICATION, DELIVERY AND DATING</font></p>
</td>

<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" align="right">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">25</font></p>
</td>
</tr>
<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="10%">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="75%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">TEMPORARY SECURITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" WIDTH="5%" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in" align="right"><font size="2">27</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="2"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in" align="right"><font size="2">3.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="2"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">27</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">29</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.7.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">30</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.8.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PERSONS DEEMED OWNERS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">31</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.9.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CANCELLATION</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">31</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">3.10.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COMPUTATION OF INTEREST</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">31</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" COLSPAN="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 4.&nbsp;&nbsp;SATISFACTION AND DISCHARGE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">32</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">4.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SATISFACTION AND DISCHARGE OF INDENTURE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">32</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">4.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">APPLICATION OF TRUST MONEY</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">33</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" COLSPAN="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 5.&nbsp;&nbsp;REMEDIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">33</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">EVENTS OF DEFAULT.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">33</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">34</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">35</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">TRUSTEE MAY FILE PROOFS OF CLAIM.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">36</font></p>
</td>
</tr>

</table></div>


<p style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">- ii -</font></p>
<PAGE>
<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;"></DIV>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>
<!-- EEDocs PBStart--><!-- EEDocs PBEnd-->
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
<div align="left">
<TABLE STYLE="BORDER-COLLAPSE: collapse" CELLSPACING="7" CELLPADDING="0" WIDTH="100%" BORDER="0">

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">36</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">APPLICATION OF MONEY COLLECTED</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">36</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.7.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">LIMITATION ON SUITS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">37</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.8.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST AND TO CONVERT</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">37</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.9.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">RESTORATION OF RIGHTS AND REMEDIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">38</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.10.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">RIGHTS AND REMEDIES CUMULATIVE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">38</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.11.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DELAY OR OMISSION NOT WAIVER</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">38</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.12.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CONTROL BY HOLDERS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">38</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.13.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">WAIVER OF PAST DEFAULTS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">39</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.14.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">UNDERTAKING FOR COSTS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">39</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="10%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">5.15.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="75%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">WAIVER OF USURY, STAY OR EXTENSION LAWS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" WIDTH="5%" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">39</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" COLSPAN="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 6.&nbsp;&nbsp;THE TRUSTEE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">40</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DUTIES AND RESPONSIBILITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">40</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NOTICE OF DEFAULTS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">40</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CERTAIN RIGHTS OF TRUSTEE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">40</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">42</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">MAY HOLD SECURITIES AND ACT AS TRUSTEE UNDER OTHER INDENTURES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">42</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">MONEY HELD IN TRUST</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">42</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.7.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COMPENSATION AND REIMBURSEMENT</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">42</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.8.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CONFLICTING INTERESTS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">43</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.9.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CORPORATE TRUSTEE REQUIRED; ELIGIBILITY</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">43</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.10.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">44</font></p>
</td>
</tr>

</table></div>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">- iii -</font></p>
<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;"></DIV>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>
<!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
<div align="left">
<TABLE STYLE="BORDER-COLLAPSE: collapse" CELLSPACING="7" CELLPADDING="0" WIDTH="100%" BORDER="0">

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.11.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">ACCEPTANCE OF APPOINTMENT BY SUCCESSOR</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">45</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.12.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">46</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.13.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">46</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">6.14.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">APPOINTMENT OF AUTHENTICATING AGENT</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">46</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" COLSPAN="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 7.&nbsp;&nbsp;HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">48</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">7.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">48</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">7.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">48</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">7.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">REPORTS BY TRUSTEE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">49</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">7.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">REPORTS BY COMPANY</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">49</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" COLSPAN="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 8.&nbsp;&nbsp;CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">49</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">8.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">49</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">8.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SUCCESSOR SUBSTITUTED</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">50</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" COLSPAN="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 9.&nbsp;&nbsp;SUPPLEMENTAL INDENTURES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">50</font></p>
</td>
</tr>
<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="10%">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="75%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" WIDTH="5%" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">50</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">52</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">EXECUTION OF SUPPLEMENTAL INDENTURES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">53</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">EFFECT OF SUPPLEMENTAL INDENTURES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">53</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CONFORMITY WITH TRUST INDENTURE ACT</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">53</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">9.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">53</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 10.&nbsp;&nbsp;COVENANTS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">53</font></p>
</td>
</tr>
</table>
</div>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">- iv -</font></p>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>
<!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>


<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;"></DIV>

<div align="left">
<TABLE STYLE="BORDER-COLLAPSE: collapse" CELLSPACING="7" CELLPADDING="0" WIDTH="100%" BORDER="0">

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">53</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">MAINTENANCE OF&rsquo; OFFICE OR AGENCY</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">54</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">54</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">STATEMENT BY OFFICERS AS TO DEFAULT</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">55</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">EXISTENCE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">55</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">MAINTENANCE OF PROPERTIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">55</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.7.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PAYMENT OF TAXES AND OTHER CLAIMS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">56</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">10.8.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">WAIVER OF CERTAIN COVENANTS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">56</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 11.&nbsp;&nbsp;REDEMPTION OF SECURITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">56</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">APPLICABILITY OF ARTICLE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">56</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">ELECTION TO REDEEM; NOTICE TO TRUSTEE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">56</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">57</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NOTICE OF REDEMPTION</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">57</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DEPOSIT OF REDEMPTION PRICE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">58</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECURITIES PAYABLE ON REDEMPTION DATE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">59</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">11.7.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SECURITIES REDEEMED IN PART</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">59</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 12.&nbsp;&nbsp;SINKING FUNDS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">59</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">12.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">APPLICABILITY OF ARTICLE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">59</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">12.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">60</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">12.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">REDEMPTION OF SECURITIES FOR SINKING FUND</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">60</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 13.&nbsp;&nbsp;DEFEASANCE AND COVENANT DEFEASANCE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">60</font></p>
</td>
</tr>

<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="10%">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="5%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">13.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP" WIDTH="75%">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COMPANY&rsquo;S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" WIDTH="5%" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">60</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">13.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DEFEASANCE AND DISCHARGE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">61</font></p>
</td>
</tr>
</table>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">- v -</font></p>
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<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>



<TABLE STYLE="BORDER-COLLAPSE: collapse" CELLSPACING="7" CELLPADDING="0" WIDTH="100%" BORDER="0">
<tr>
<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">13.3.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">COVENANT DEFEASANCE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">61</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">13.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">62</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">13.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DEPOSITED MONEY, U.S. GOVERNMENT OBLIGATIONS AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; MISCELLANEOUS PROVISIONS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">63</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">13.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">REINSTATEMENT</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">64</font></p>
</td>
</tr>

<tr>
<td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
<p style="MARGIN: 0in 0in 6pt 0.3in; TEXT-INDENT: -0.3in"><font size="2">ARTICLE 14.&nbsp;&nbsp;CONVERSION OF SECURITIES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">64</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.1.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">APPLICABILITY OF ARTICLE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">64</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.2.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">EXERCISE OF CONVERSION PRIVILEGE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">64</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font 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">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NO FRACTIONAL SHARES</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">66</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.4.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">ADJUSTMENT OF CONVERSION PRICE</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">66</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.5.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NOTICE OF CERTAIN CORPORATE ACTIONS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">66</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.6.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">RESERVATION OF SHARES OF COMMON STOCK</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">67</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.7.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PAYMENT OF CERTAIN TAXES UPON CONVERSION</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">67</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.8.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">NONASSESSABILITY</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">68</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.9.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">PROVISION IN CASE OF CONSOLIDATION, MERGER OR SALE OF ASSETS</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="bottom" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">68</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.10.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">DUTIES OF TRUSTEE REGARDING CONVERSION</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">69</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: 0in 0in 6pt; TEXT-INDENT: 0in">&nbsp;</p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<font size="1"></font>

<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="1"><font size="2">SECTION</font></font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in; TEXT-ALIGN: right" align="right"><font size="2">14.11.</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="TOP">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">REPAYMENT OF CERTAIN FUNDS UPON CONVERSION</font></p>
</td>

<TD STYLE="padding-right:5.4pt; padding-left:5.4pt; padding-bottom:0in; padding-top:0in;" VALIGN="top" ALIGN="RIGHT">
<p style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font size="2">69</font></p>
</td>
</tr>
</table>
</div>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; 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"><font size="2">- vi -</font></p>

<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>
<!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

<PAGE>

<DIV TITLE="EE+ Page Break" STYLE="page-break-after:always;"></DIV>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>INDENTURE</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>INDENTURE, dated as of June 24,2008, between Energy Conversion Devices, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the &#147;Company&#148;), having its principal executive office at 2956 Waterview Drive, Rochester Hills, Michigan 48309, and The Bank of New York Trust Company, N.A., a national banking association, as Trustee (herein called the &#147;Trustee&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>RECITALS OF THE COMPANY</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (herein called the &#147;Securities&#148;), to be issued in one or more series as provided in this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>NOW, THEREFORE, THIS INDENTURE WITNESSETH:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof appertaining, as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 1.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</font></B></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="241" style='border-collapse:collapse'>
<tr >
<td width="111" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.1.  </font></B></p> </td>
<td width="131" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>DEFINITIONS.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of America, and, except as otherwise herein expressly provided, the term &#147;generally accepted accounting principles&#148; with respect to any computation required or permitted hereunder shall mean such accounting principles in the United States of America as are generally accepted at the date of such computation;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all references to &#147;$&#148; refer to the lawful currency of the United States of America;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless the context otherwise requires, any reference to an &#147;Article&#148; or a &#147;Section&#148; refers to an Article or a Section, as the case may be, of this Indenture; and</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the words &#147;herein,&#148; &#147;hereof&#146; and &#147;hereunder&#148; and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Act,&#148; when used with respect to any Holder, has the meaning specified in Section 1.4.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Affiliate&#148; of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Authenticating Agent&#148; means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Board of Directors&#148; means either the board of directors of the Company or any duly authorized committee of that board empowered to act for it with respect to this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Board Resolution&#148; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Business Day,&#148; when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Commission&#148; means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Common Stock&#148; includes any stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by the Company; provided, however, subject to the provisions of Section 14.9, shares issuable upon conversion of Securities shall include only shares of the class designated as Common Stock of the Company at the date of this Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and which have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which are not subject to redemption by the Company; provided, further, that if at any time there shall be more
than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Company&#148; means the corporation named as the &#147;Company&#148; in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#147;Company&#148; shall mean such successor Person.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Company Request&#148; or &#147;Company Order&#148; means a written request or order signed in the name of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2></font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Executive Officer, its President or a Vice President, and by its principal financial officer, its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Control&#148; when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Corporate Trust Office&#148; means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the dated hereof is located at 2 N. LaSalle Street, Suite 1020, Chicago, IL 60602, Attention: Corporate Trust Administration, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Corporation&#148; means a corporation, association, company, joint-stock company or business trust.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Covenant Defeasance&#148; has the meaning specified in Section 13.3.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Defaulted Interest&#148; has the meaning specified in Section 3.7.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Defeasance&#148; has the meaning specified in Section 13.2.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Depositary&#148; means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.1.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Euro&#148; or &#147;Euros&#148; means the currency adopted by those nations participating in the third stage of the economic and monetary union provisions of the Treaty on European Union, signed at Maastricht on February 2, 1992.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;European Economic Area&#148; means the member nations of the European Economic Area pursuant to the Oporto Agreement on the European Economic Area dated May 2, 1992, as amended.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;European Union&#148; means the member nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 2, 1992, which amended the Treaty of Rome establishing the European Community.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Event of Default&#148; has the meaning specified in Section 5.1.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Exchange Act&#148; means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Expiration Date&#148; has the meaning specified in Section 1.4.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 3 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Foreign Government Obligation&#148; means with respect to Securities of any series which are not denominated in the currency of the United States of America (x) any security which is (i) a direct obligation of the government which issued or caused to be issued the currency in which such security is denominated and for the payment of which obligations its full faith and credit is pledged or, with respect to Securities of any series which are denominated in euros, a direct obligation of any member nation of the European Union for the payment of which obligation the full faith and credit of the respective nation is pledged so long as such nation has a credit rating at least equal to that of the highest rated member nation of the European Economic Area, or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of a government specified in
clause (i) above the payment of which is unconditionally guaranteed as a full faith and credit obligation by the such government, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any Foreign Government Obligation which is specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any Foreign Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Foreign Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Global Security&#148; means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.4 (or such legend as may be specified as contemplated by Section 3.1 for such Securities).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Holder&#148; means a Person in whose name a Security is registered in the Security Register.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Indenture&#148; means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term &#147;Indenture&#148; shall also include the terms of particular series of Securities established as contemplated by Section 3.1; provided, however, that if at any time more than one Person is acting as Trustee under this Indenture due to the appointment of one or more separate Trustees for any one or more separate series of Securities, &#147;Indenture&#148; shall mean, with respect to such series of Securities for which
any such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities for which such Person is Trustee established as contemplated by Section 3.1, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee, but to which such person, as such Trustee, was not a party; provided, further that in the event that this Indenture is supplemented or amended by one or more indentures supplemental </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 4 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>hereto which are only applicable to certain series of Securities, the term &#147;Indenture&#148; for a particular series of Securities shall only include the supplemental indentures applicable thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Interest,&#148; when used with respect to an Original Issue Discount Security, which by its terms bears interest only after Maturity, means interest payable after Maturity.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Interest Payment Date,&#148; when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Investment Company Act&#148; means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Maturity,&#148; when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, repurchase at the option of the Holder, upon redemption or otherwise.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Notice of Default&#148; means a written notice of the kind specified in Section 5.1(4).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Officers&#146; Certificate&#148; means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer, the President or a Vice President, and by the principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers' Certificate given pursuant to Section 10.4 shall be the principal executive, financial or accounting officer of the Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Opinion of Counsel&#148; means a written opinion of counsel, who may be counsel for, or an employee of, the Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Original Issue Discount Security&#148; means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Outstanding,&#148; when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture except:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities as to which Defeasance has been effected pursuant to Section 13.2; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 5 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.1, (C) the principal amount of a Security denominated in one or more non-U.S. dollar currencies or currency units
which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.1, of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of the amount determined as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Paying Agent&#148; means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Person&#148; means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Place of Payment,&#148; when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 3.1.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Predecessor Security&#148; of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Record Date&#148; means any Regular Record Date or Special Record Date.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 6 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Redemption Date,&#148; when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Redemption Price,&#148; when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Regular Record Date&#148; for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.1.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Responsible Officer&#148; shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person&#146;s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Securities&#148; has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Securities Act&#148; means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Security Register&#148; and &#147;Security Registrar&#148; have the respective meanings specified in Section 3.5.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Special Record Date&#148; for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Stated Maturity,&#148; when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Subsidiary&#148; means a Person of which at least a majority of the outstanding voting stock having the power to elect a majority of the board of directors of such Person (in the case of a corporation) is, or of which at least a majority of the equity interests (in the case of a Person which is not a corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, &#147;voting stock&#148; means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Trust Indenture Act&#148; means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, &#147;Trust Indenture Act&#148; means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 7 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Trustee&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &#147;Trustee&#148; shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;U.S. Government Obligation&#148; means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;Vice President,&#148; when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title &#147;vice president.&#148;</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.2.  </font></B></p> </td>
<td width="381" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>COMPLIANCE CERTIFICATES AND OPINIONS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers&#146; Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 8 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.3.  </font></B></p> </td>
<td width="411" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>FORM OF DOCUMENTS DELIVERED TO TRUSTEE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.4.  </font></B></p> </td>
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<p  align=left style='text-align:left'><b><font size=2>ACTS OF HOLDERS; RECORD DATES.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. The Trustee shall promptly deliver to the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &#147;Act&#148; of the Holders signing such instrument or instruments. Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority. The fact and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 9 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The ownership of Securities shall be proved by the Security Register.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, vote, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings referred to in Section 5.7(2), or (iv) any direction referred to in Section 5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 10 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company&#146;s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the &#147;Expiration Date&#148; and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding
the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.5.  </font></B></p> </td>
<td width="377" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>NOTICES, ETC., TO TRUSTEE AND COMPANY.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee by any Holder or by the Company shall be Sufficient for every purpose hereunder if made, given, furnished or filed in writing (or by facsimile transmissions, provided that oral confirmation of receipt shall have been received) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first- class postage prepaid, personally delivered or sent via overnight courier to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company, Attention: Chief Financial Officer.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.6.  </font></B></p> </td>
<td width="307" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><b><font size=2>NOTICE TO HOLDERS; WAIVER.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first- class postage prepaid, or delivered by hand or overnight courier to each Holder affected by such event, at its address as it appears in the Security Register, not later than the latest date (if any), </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 11 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>and not earlier than the earliest date (if any), prescribed for the giving of such notice. Neither the failure to mail or deliver by hand or overnight courier any notice, nor any defect in any notice so mailed or delivered by hand or overnight courier, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.7.  </font></B></p> </td>
<td width="352" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>CONFLICT WITH TRUST INDENTURE ACT.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act, which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.8.  </font></B></p> </td>
<td width="417" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>EFFECT OF HEADINGS AND TABLE OF CONTENTS.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.9.  </font></B></p> </td>
<td width="241" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SUCCESSORS AND ASSIGNS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.10.  </font></B></p> </td>
<td width="213" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SEPARABILITY CLAUSE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.11.  </font></B></p> </td>
<td width="229" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>BENEFITS OF INDENTURE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.
</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 12 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.12.  </font></B></p> </td>
<td width="165" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>GOVERNING LAW.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font SIZE=2>THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.13.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>LEGAL HOLIDAYS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security or the last date on which a Holder has the right to convert a Security at a particular conversion price shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) or, if applicable to a particular series of Securities, conversion need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, at the Stated Maturity or on such last day for conversion, as the case may be.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 1.14.   INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No recourse for the payment of the principal of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration
for, the execution of this Indenture and the issue of the Securities.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.15.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>INDENTURE MAY BE EXECUTED IN COUNTERPARTS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>This instrument may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.16.  </font></B></p> </td>
<td width="219" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>WAIVER OF JURY TRIAL.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font SIZE=2>EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 13 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 1.17.  </font></B></p> </td>
<td width="163" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>FORCE MAJEURE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 2.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>SECURITY FORMS</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 2.1.  </font></B></p> </td>
<td width="187" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>FORMS GENERALLY.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities. Any such Board Resolution or record of such action shall have attached thereto a true and correct copy of the form of Security referred to therein approved by or pursuant to such Board Resolution.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 2.2.  </font></B></p> </td>
<td width="259" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>FORM OF FACE OF SECURITY.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2> [INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>THE REGULATIONS THEREUNDER.]</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ENERGY CONVERSION DEVICES, INC.</font></B></p>


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<p  style='margin-top:6.0pt;text-indent:0in'><font size=2>No. _______</font></p> </td>
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<p  style='margin-top:6.0pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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<p  align=right style='margin-top:6.0pt;text-align:right; text-indent:0in'><font size=2>$ _________</font></p> </td> </tr>
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<p  style='margin-bottom:6.0pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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<p  style='margin-bottom:6.0pt;text-indent:0in'><B><font SIZE=2>CUSIP:</font></B></p> </td>
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<p  style='margin-bottom:6.0pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 14 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Energy Conversion Devices, Inc., a corporation duly organized and existing under the laws of Delaware (herein called the &#147;Company,&#148; which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to __________,or registered assigns, the principal sum of __________ dollars on __________</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>[IF THE SECURITY IS TO BEAR INTEREST PRIOR TO MATURITY, INSERT &#151;, and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on and in each year, commencing ,at the rate of % per annum, until the principal hereof is paid or made available for payment [IF APPLICABLE, INSERT -,provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the or (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
said Indenture].</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF THE SECURITY IS TO BEAR INTEREST PRIOR TO MATURITY, INSERT &#151;, The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of _____% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium shall be payable on demand. [Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of _____% per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available
for payment. Interest on any overdue interest shall be payable on demand.]]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Payment of the principal of (and premium, if any) and </font><b><font size=2>[IF APPLICABLE, INSERT &#151; any such]</font></b><font size=2> interest on this Security will be made at the office or agency of the Company maintained for that purpose in ,in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 15 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF APPLICABLE, INSERT &#151;,</font></b><font size=2> </font><b><font size=2>provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register].</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.</font></p>


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<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>Dated: </font></p> </td>
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<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>ENERGY CONVERSION DEVICES, Inc.</font></p> </td> </tr>
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<td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:1.0pt;text-align:left'><font size=1>&nbsp;</font></p> </td>
<td width="53" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:1.0pt;text-align:left'><font size=2>By: </font><u></u></p> </td>
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<p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td> </tr>
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<td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:1.0pt;text-align:left'><font size=1>&nbsp;</font></p> </td>
<td width="53" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:1.0pt;text-align:left'><font size=2>Title:</font><u></u></p> </td>
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<p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td> </tr>
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<p  align=left style='text-align:left'><font SIZE=2>ATTEST:</font></p> </td>
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<p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td>
<td width="297" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td> </tr>
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<p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td>
<td width="53" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:1.0pt;text-align:left'><font size=1>&nbsp;</font></p> </td>
<td width="297" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:1.0pt;text-align:left'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 2.3.  </font></B></p> </td>
<td width="291" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>FORM OF REVERSE OF SECURITY.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>This Security is one of a duly authorized issue of securities of the Company (herein called the &#147;Securities&#148;), issued and to be issued in one or more series under an Indenture, dated as of ____________, </font><i><font size=2>200</font></i><font size=2>_ herein called the &#147;Indenture,&#148; which term shall have the meaning assigned to it in such instrument), between the Company and ________________, as Trustee (herein called the &#147;Trustee,&#148; which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the
series designated on the face hereof [IF APPLICABLE, INSERT -,limited in aggregate principal amount to $ ____________].</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF APPLICABLE, INSERT &#151; The Securities of this series are subject to redemption upon not less than [if APPLICABLE, INSERT &#151; (1) days&#146; notice by mail, [IF APPLICABLE, INSERT&#151; (1) on ___________ in any year commencing with the year ________ and ending with the year __________ through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [IF APPLICABLE, INSERT &#151; on or after _________, 20__, as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [IF APPLICABLE, INSERT &#151; on or before _________, ____%, and if redeemed] during the 12-month period beginning ____________ of the years indicated,</font></b></p>


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<p ><font size=2>_______YEAR_______</font></p> </td>
<td width="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>
<td width="149" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p ><font SIZE=2>REDEMPTION</font></p>
<p ><font size=2>_______PRICE_______</font></p> </td>
<td width="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>
<td width="147" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>_______YEAR_______</font></p> </td>
<td width="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>
<td width="143" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p ><font SIZE=2>REDEMPTION</font></p>
<p ><font SIZE=2>PRICE</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 16 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>and thereafter at a Redemption Price equal to _____% of the principal amount, together in the case of any such redemption [IF APPLICABLE, INSERT&#151; (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>[IF APPLICABLE, INSERT&#151; The Securities of this series are subject to redemption upon not less than [if applicable, insert 30] days&#146; notice by mail, (1) on __________ in any year commencing with the year __________ and ending with the year __________ through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [IF APPLICABLE, INSERT&#151; on or after __________], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning __________ of the years indicated,</font></b></p>


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<td width="164" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  ALIGN="Center"><font size=2>YEAR</font></p> </td>
<td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>
<td width="193" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<P ALIGN="Center"><font SIZE=2>REDEMPTION PRICE FOR<BR>REDEMPTION THROUGH<BR>
OPERATION OF THE<BR>SINKING FUND</font></p> </td>
<td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>
<td width="250" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  ALIGN="Center"><font SIZE=2>REDEMPTION PRICE FOR
REDEMPTION OTHERWISE <BR>THAN THROUGH OPERATION <BR>THE SINKING FUND</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>and thereafter at a Redemption Price equal to ____% of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF APPLICABLE, INSERT &#151; Notwithstanding the foregoing, the Company may not, prior to _________,redeem any Securities of this series as contemplated by [IF APPLICABLE, INSERT&#151; clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than ____% per annum.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF APPLICABLE, INSERT &#151; The sinking fund for this series provides for the redemption on _____ in each year beginning with the year _____ and ending with the year _____ of [IF APPLICABLE, INSERT &#151;  not less than $_____ (&#147;mandatory sinking fund&#148;) and not more than] $_____ aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [IF APPLICABLE, INSERT &#151;  mandatory] sinking fund payments may be credited against subsequent [IF APPLICABLE, INSERT &#151;mandatory] sinking fund payments otherwise required to be made [IF APPLICABLE, INSERT &#151; , in the inverse order in which they become due].]</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 17 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF THE SECURITY IS SUBJECT TO REDEMPTION OF ANY KIND, INSERT &#151; In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF APPLICABLE, INSERT &#151;  The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF THE SECURITY IS CONVERTIBLE INTO COMMON STOCK OF THE COMPANY, INSERT &#151; Subject to the provisions of the Indenture, the Holder of this Security is entitled, at its option, at any time on or before [insert date] (except that, in case this Security or any portion hereof shall be called for redemption, such right shall terminate with respect to this Security or portion hereof, as the case may be, so called for redemption at the close of business on the first Business Day next preceding the date fixed for redemption as provided in the Indenture unless the Company defaults in making the payment due upon redemption), to convert the principal amount of this Security (or any portion hereof which is $1,000 or an integral multiple thereof), into fully paid and non- assessable shares (calculated as to each conversion to the nearest 1/100th of a share) of the Common Stock of the Company, as
said shares shall be constituted at the date of conversion, at the conversion price of $ _____ principal amount of Securities for each share of Common Stock, or at the adjusted conversion price in effect at the date of conversion determined as provided in the Indenture, upon surrender of this Security, together with the conversion notice hereon duly executed, to the Company at the designated office or agency of the Company in ____________,accompanied (if so required by the Company) by instruments of transfer, in form satisfactory to the Company and to the Trustee, duly executed by the Holder or by its duly authorized attorney in writing. Such surrender shall, if made during any period beginning at the close of business on a Regular Record Date and ending at the opening of business on the Interest Payment Date next following such Regular Record Date (unless this Security or the portion being converted shall have been called for redemption on a Redemption Date during the period
beginning at the close of business on a Regular Record Date and ending at the opening of business on the first Business Day after the next succeeding Interest Payment Date, or if such Interest Payment Date is not a Business Day, the second such Business Day), also be accompanied by payment in funds acceptable to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of this Security then being converted. Subject to the aforesaid requirement for payment and, in the case of a conversion after the Regular Record Date next preceding any Interest Payment Date and on or before such Interest Payment Date, to the right of the Holder of this Security (or any Predecessor Security) of record at such Regular Record Date to receive an installment of interest (with certain exceptions provided in the Indenture), no adjustment is to be made on conversion for interest accrued hereon or for dividends on shares of Common Stock issued on conversion.
The Company is not required to issue fractional shares upon any such conversion, but shall make adjustment therefor in cash on the basis of the current market value of such fractional interest as provided in the Indenture. The conversion price is subject to adjustment as provided in the Indenture. In addition, the Indenture provides </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 18 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>that in case of certain consolidations or mergers to which the Company is a party or the sale of substantially all of the assets of the Company, the Indenture shall be amended, without the consent of any Holders of Securities, so that this Security, if then outstanding, will be convertible thereafter, during the period this Security shall be convertible as specified above, only into the kind and amount of securities, cash and other property receivable upon the consolidation, merger or sale by a holder of the number of shares of Common Stock into which this Security might have been converted immediately prior to such consolidation, merger or sale (assuming such holder of Common Stock failed to exercise any rights of election and received per share the kind and amount received per share by a plurality of non-electing shares). In the event of conversion of this Security in part only, a new Security or
Securities for the unconverted portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF THE SECURITY IS CONVERTIBLE INTO OTHER SECURITIES OF THE COMPANY, SPECIFY THE CONVERSION FEATURES.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF THE SECURITY IS NOT AN ORIGINAL ISSUE DISCOUNT SECURITY, INSERT &#151; If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><b><font size=2>[IF THE SECURITY IS AN ORIGINAL ISSUE DISCOUNT SECURITY, INSERT &#151; If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to -INSERT FORMULA FOR DETERMINING THE AMOUNT.  Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company&#146;s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.]</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 19 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed
to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Securities of this series are issuable only in registered form without coupons in denominations of $_____</font><b><font size=2> </font></b><font size=2>and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 20 -</font></p>
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<td width="112" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 2.4.  </font></B></p> </td>
<td width="381" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>FORM OF LEGEND FOR GLOBAL SECURITIES.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Unless otherwise specified as contemplated by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font SIZE=2>THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</font></p>


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<td width="112" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 2.5.  </font></B></p> </td>
<td width="485" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><b><font size=2>FORM OF TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION.</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee&#146;s certificates of authentication shall be in substantially the following form:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>This is one of the Securities of the series designated herein referred to in the within- mentioned Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<td width="38" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="307" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:0in;margin-right:-5.4pt;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>The Bank of New York Trust Company, N.A.,</font></p> </td>
<td width="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="57" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="38" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="307" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=center style='margin-bottom:0in;text-align:center;text-indent:0in'><font size=2>as Trustee</font><u></u></p> </td>
<td width="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="57" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="38" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>By:</font></p> </td>
<td width="307" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="57" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>Dated:</font><u></u></p> </td>
<td width="139" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td> </tr>
<tr >
<td width="38" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="307" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=center style='margin-bottom:0in;text-align:center;text-indent:0in'><font size=2>Authorized Officer</font><u></u></p> </td>
<td width="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="57" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<td width="112" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 2.6.  </font></B></p> </td>
<td width="277" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>FORM OF CONVERSION NOTICE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Conversion notices shall be in substantially the following form:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>To Energy Conversion Devices, Inc.:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The undersigned owner of this Security hereby irrevocably exercises the option to convert this Security, or portion hereof (which is $1,000 or an integral multiple thereof) below designated, into shares of Common Stock of the Company in accordance with the terms of the Indenture referred to in this Security, and directs that the shares issuable and deliverable upon the conversion, together with any check in payment for fractional shares and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If this Notice is being delivered on a date after the close of business on a Regular Record Date and prior to the opening of business on the related Interest Payment Date (unless this Security or the portion thereof being converted has been called for redemption on a Redemption Date
during the period beginning at the close of business on a Regular Record Date and ending at the opening of business on the first Business Day after the next succeeding Interest Payment Date, or if such Interest Payment Date is not a Business Day, the second such Business Day), this Notice is accompanied by payment, in funds acceptable to the Company, of an amount equal to the interest payable on such Interest </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 21 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Payment Date of the principal of this Security to be converted. If shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect hereto. Any amount required to be paid by the undersigned on account of interest accompanies this Security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Principal Amount to be Converted (in an integral multiple of $1,000, if less than all)</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font SIZE=2>U.S. $</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Dated:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Signature(s) must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad-15.</font></p>


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<td width="638" valign=top style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Signature Guaranty</font><u></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Fill in for registration of shares of Common Stock and Security if to be issued otherwise than to the registered Holder.</font></p>


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<td width="281" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:26.5pt'>
<p  style='margin-bottom:6.0pt;text-indent:0in'><font size=2>Name</font></p> </td>
<td width="45" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:26.5pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 6.0pt;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="312" valign=top style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:26.5pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 6.0pt;margin-left:0in;text-indent:0in'><font size=2>Social Security or Other Taxpayer</font><br> <font size=2>Identification Number</font></p> </td> </tr>
<tr >
<td width="281" valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:6.0pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="45" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 6.0pt;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="312" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 6.0pt;margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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<td width="281" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:6.0pt;text-indent:0in'><font size=2>Please Name and Address</font><br> <font size=2>(including zip code)</font></p> </td>
<td width="45" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:6.0pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="312" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:6.0pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>[The above conversion notice is to be modified, as appropriate, for conversion into other securities or property of the Company.]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 3.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>THE SECURITIES</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.1.  </font></B></p> </td>
<td width="397" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><b><font size=2>AMOUNT UNLIMITED; ISSUABLE IN SERIES.</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 22 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>provided, in an Officers&#146; Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4,3.5,3.6,9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date or dates on which the principal of any Securities of the series is payable;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate or rates (which may be fixed or variable) at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date (or the method for determining the dates and rates);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the place or places where the principal of and any premium and interest on any Securities of the series shall be payable;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series shall be issuable;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 23 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent herefrom</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thereof in the currency of the United States of America for any purpose, including for purposes of the definition of &#147;Outstanding&#148; in Section 1.1;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.2 or Section 13.3 or both such Sections, or any other defeasance provisions applicable to any Securities of the series, and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the terms of any right to convert or exchange Securities of the series into shares of Common Stock of the Company or other securities or property;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to or in lieu of those set forth in clause (2) of the last paragraph of Section 3.5 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;</font></p>


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<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>(19)</font></p> </td>
<td width="541" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>any addition to or change in the Events of Default which applies to any Securities</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 24 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#145;the series and any change in the right of the Trustee or the requisite Holders of such Securities declare the principal amount thereof due and payable pursuant to Section 5.2;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any addition to or change in the covenants set forth in Article 10 which applies to Securities of the series;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Authenticating Agents, Paying Agents, Security Registrars or such other agents necessary in connection with the issuance of the Securities of such series, including, without limitation, exchange rate agents and calculation agents;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the terms of any security that will be provided for a series of Securities, including any provisions regarding the circumstances under which collateral may be released or substituted;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the terms of any guaranties for the Securities and any circumstances under which there may be additional obligors on the Securities; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.1(5)).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers&#146; Certificate referred to above or in any such indenture supplemental hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers&#146; Certificate setting forth the terms of the series.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.2.  </font></B></p> </td>
<td width="165" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>DENOMINATIONS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 3.1. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.3.  </font></B></p> </td>
<td width="477" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>EXECUTION, AUTHENTICATION, DELIVERY AND DATING.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Securities shall be executed on behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its principal financial officer, its President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of its Assistant Treasurers or Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 25 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be provided with, and (subject to Section 6.1) shall be fully protected in relying upon, a copy of such Board Resolution, the Officers&#146; Certificate setting forth the terms of the series and an Opinion of
Counsel, with such Opinion of Counsel stating,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has been established in conformity with the provisions of this Indenture;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been established in conformity with the provisions of this Indenture; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#146; rights and to general equity principles.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee&#146;s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers&#146; Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Each Security shall be dated the date of its authentication.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 26 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Neither the Company nor the Trustee shall have any responsibility for any defect in the CUSP number that appears on any Security, check, advice of payment or redemption notice, and any such document may contain a statement to the effect that CUSP numbers have been assigned by an independent service for convenience of reference and that neither the Company nor the Trustee shall be liable for any inaccuracy in such numbers.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.4.  </font></B></p> </td>
<td width="229" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>TEMPORARY SECURITIES.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities of such series and tenor.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><b><font size=2>SECTION 3.5.   REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the &#147;Security Register&#148;) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed &#147;Security Registrar&#148; for the purpose of registering Securities and transfers of Securities as herein provided.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 27 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon surrender for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or its attorney duly authorized in writing.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4,9.6 or 11.7 not involving any transfer. *</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 11.3 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The provisions of clauses (I), (2), (3) and (4) below shall apply only to Global Securities:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 28 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>that it is unwilling or unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 3.1.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.6.  </font></B></p> </td>
<td width="491" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 29 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.7.  </font></B></p> </td>
<td width="505" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><b><font size=2>PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called &#147;Defaulted Interest&#148;) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.6, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 30 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to the provisions of Section 14.2, in the case of any Security (or any part thereof) which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Security the principal of (or premium, if any, on) which shall become due and payable, whether at Stated Maturity or by declaration of acceleration or otherwise prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Security (or any one or more Predecessor Securities) is registered at the close of business on such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence or in Section 14.2, in
the case of any Security (or any part thereof) which is converted, interest whose Stated Maturity is after the date of conversion of such Security (or such part thereof) shall not be payable.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.8.  </font></B></p> </td>
<td width="247" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>PERSONS DEEMED OWNERS.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.9.  </font></B></p> </td>
<td width="155" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>CANCELLATION.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All
canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 3.10.  </font></B></p> </td>
<td width="259" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>COMPUTATION OF INTEREST.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Except as otherwise specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 31 -</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 4.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>SATISFACTION AND DISCHARGE</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 4.1.  </font></B></p> </td>
<td width="411" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SATISFACTION AND DISCHARGE OF INDENTURE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>This Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when</font></p>


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<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>(1)</font></p> </td>
<td width="55" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>either</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
<p ><font size=2>(A)</font></p> </td>
<td  valign=top style='padding:0in 0in 12.0pt 0in'>
<p  align=left style='text-align:left'><font size=2>all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
<p ><font size=2>(B)</font></p> </td>
<td  valign=top style='padding:0in 0in 12.0pt 0in'>
<p  align=left style='text-align:left'><font size=2>all such Securities not theretofore delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case
may be;</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has paid or caused to be paid all other sums payable hereunder by the Company; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive such satisfaction and discharge.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 32 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 4.2.  </font></B></p> </td>
<td width="284" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>APPLICATION OF TRUST MONEY.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 5.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>REMEDIES</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.1.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>EVENTS OF DEFAULT.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2> &#147;Event of Default,&#148; wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless in the Board Resolution, supplemental indenture or Officers&#146; Certificate establishing such series, it is provided that such series shall not have the benefit of said Event of Default:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of the principal of or any premium on any Security of that series at its Maturity; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a &#147;Notice of Default&#148; hereunder; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 33 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or
other similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other Event of Default provided with respect to Securities of that series in the Board Resolution, supplemental indenture or Officers&#146; Certificate establishing that series.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><b><font size=2>SECTION 5.2.   ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Unless the Board Resolution, supplemental indenture or Officers&#146; Certificate establishing such series provides otherwise, if an Event of Default (other than an Event of Default specified in Section 5.1(5) or 5.1(6)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and
upon any such declaration such principal amount (or specified amount), and premium, if any, together with accrued and unpaid interest, if any, thereon, shall become immediately due and payable. If an Event of Default specified in Section 5.1(5) or 5.1(6) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 34 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if</font></p>


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<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
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<p  align=left style='text-align:left'><font size=2>(1)</font></p> </td>
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<p  align=left style='text-align:left'><font size=2>the Company has paid or deposited with the Trustee a sum sufficient to pay</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
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<p ><font size=2>(A)</font></p> </td>
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<p  align=left style='text-align:left'><font size=2>all overdue interest on all Securities of that series,</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
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<p ><font size=2>(B)</font></p> </td>
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<p  align=left style='text-align:left'><font size=2>the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
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<p ><font size=2>(C)</font></p> </td>
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<p  align=left style='text-align:left'><font size=2>to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
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<p ><font size=2>(D)</font></p> </td>
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<p  align=left style='text-align:left'><font size=2>all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Events of Default with respect to Securities of that series, other than the non- payment of the principal of Securities of that series that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No such rescission shall affect any subsequent default or impair any right consequent thereon.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 5.3.   COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company covenants that if</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 35 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.4.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>TRUSTEE MAY FILE PROOFS OF CLAIM.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors&#146; or other similar committee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 5.5.   TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.6.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>APPLICATION OF MONEY COLLECTED.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>FIRST:  To the payment of all amounts due the Trustee under Section 6.7;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 36 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>SECOND:  To the payment of the amounts then due and unpaid for principal of and any premium, if any, and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium, if any, and interest, respectively; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>THIRD:  The balance, if any, to the Company.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.7.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>LIMITATION ON SUITS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 5.8.   UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST AND TO CONVERT.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date), to convert such Securities in accordance with Article 14 to the extent that such right to convert is applicable to such Security, and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 37 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.9.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>RESTORATION OF RIGHTS AND REMEDIES.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.10.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>RIGHTS AND REMEDIES CUMULATIVE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.11.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>DELAY OR OMISSION NOT WAIVER.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given-by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee (subject to the limitations contained in this Indenture) or by the Holders, as the case may be.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.12.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>CONTROL BY HOLDERS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such direction shall not be in conflict with any rule of law or with this Indenture and the Trustee shall not have determined that the action so directed would be unjustly prejudicial to Holders of Securities of that series, or any other series, not taking part in such direction; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction or this Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 38 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.13.  </font></B></p> </td>
<td width="251" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>WAIVER OF PAST DEFAULTS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a default in the payment of the principal of or any premium or interest on any Security of such series as and when the same shall become due and payable by the terns thereof, otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest, principal and premium, if any, has been deposited with the Trustee), or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the extent such right is applicable to such Security, a failure by the Company on request to convert any Security into Common Stock; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.14.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>UNDERTAKING FOR COSTS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, including attorneys&#146; fees and expenses, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company or in any suit for the enforcement of the right to convert any Security in accordance with Article 14.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 5.15.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>WAIVER OF USURY, STAY OR EXTENSION LAWS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 39 -</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 6.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>THE TRUSTEE</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.1.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>DUTIES AND RESPONSIBILITIES.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.2.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>NOTICE OF DEFAULTS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that except in the case of a default in the payment of principal of (or premium, if any) or interest on any Securities of such series or in the payment of any sinking fund installment or any conversion right applicable to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the holders of Securities of such series; provided, further, however, that in the case of any default of the character specified in Section 5.1(4) with respect to Securities of such
series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term &#147;default&#148; means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Except with respect to Section 10.1, the Trustee shall have no duty to inquire as to the performance Of the Company with respect to the covenants contained in Article 10. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on the Securities) or (ii) any Default or Event of Default of which the Trustee shall have received written notification or obtained actual knowledge.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Delivery of reports, information and documents to the Trustee under Section 7.4 is for informational purposes only and the Trustee&#146;s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company&#146;s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely conclusively on Officers&#146; Certificates).</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.3.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>CERTAIN RIGHTS OF TRUSTEE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to the provisions of Section 6.1:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 40 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) is entitled to and may, in the absence of bad faith on its part, rely upon an Officers&#146; Certificate;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 41 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 6.4.   NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The recitals contained herein and in the Securities, except the Trustee&#146;s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity, sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 6.5.   MAY HOLD SECURITIES AND ACT AS TRUSTEE UNDER OTHER INDENTURES.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to the limitations imposed by the Trust Indenture Act, nothing in this Indenture shall prohibit the Trustee from becoming and acting as trustee under other indentures under which other securities, or certificates of interest of participation in other securities, of the Company are outstanding in the same manner as if it were not Trustee hereunder.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.6.  </font></B></p> </td>
<td width="213" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>MONEY HELD IN TRUST.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.7.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>COMPENSATION AND REIMBURSEMENT.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company agrees:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trustee in </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 42 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance shall be caused by its own negligence or willful misconduct; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to indemnify the Trustee for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>When the Trustee incurs expenses or renders services after an Event of Default specified in Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any applicable bankruptcy, insolvency, reorganization or similar law.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee shall have priority over the Securities as to all property and funds held by it hereunder for any amount owing it or any predecessor Trustee pursuant to this Section 6.7, except with respect to funds held in trust for the benefit of the Holders of particular Securities.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The provisions of this Section shall survive the termination of this Indenture or the resignation or removal of the Trustee.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.8.  </font></B></p> </td>
<td width="232" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>CONFLICTING INTERESTS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act and there is an Event of Default under the Securities of that series, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.9.  </font></B></p> </td>
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<p  align=left style='text-align:left'><b><font size=2>CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has (or if the Trustee is a member of a bank holding company system, its bank holding company has) a combined capital and surplus of at least $50,000,000. If any such Person or bank holding company publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person or bank holding company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 43 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><b><font size=2>SECTION 6.10.   RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.1 1 shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the removed Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If at any time:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder, or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 44 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.1 1, the retiring Trustee may petition, or any Holder who has been a bona fide Holder of a Security of such series for at least six months may petition, on behalf of himself and all others
similarly situated, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.11.  </font></B></p> </td>
<td width="411" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 45 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 6.12.   MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated such Securities. In the event that any Securities shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities in &amp;her its own name or that of such predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.13.  </font></B></p> </td>
<td width="520" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 6.14.  </font></B></p> </td>
<td width="384" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>APPOINTMENT OF AUTHENTICATING AGENT.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 46 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee&#146;s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having (or if the
Authenticating Agent is a member of a bank holding company system, its bank holding company has) a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or ally corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.7.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 47 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If an appointment with respect to one or more series is made pursuant to this Section 6.12, the Securities of such series may have endorsed thereon, in lieu of the Trustee&#146;s certificate of authentication, an alternative certificate of authentication in the following form:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td>
<td width="277" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='text-align:left;text-indent:179.25pt'><font size=2>,</font><u></u></p> </td> </tr>
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<td width="46" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>
<td width="277" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=2>as Trustee</font><u></u></p> </td> </tr>
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<td width="46" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:1.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:left'><font size=2>By:</font></p> </td>
<td width="277" valign=top style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:6.0pt;margin-right:0in;margin-bottom: 6.0pt;margin-left:0in'><font size=2>as Authenticating Agent</font></p> </td> </tr>
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<td width="46" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=left style='margin-top:6.0pt;margin-right:0in; margin-bottom:6.0pt;margin-left:0in;text-align:left'><font size=2>By:</font></p> </td>
<td width="277" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:6.0pt;margin-right:0in;margin-bottom: 6.0pt;margin-left:0in'><font size=2>Authorized Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 7.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><b><font size=2>HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 7.1.   COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will furnish or cause to be furnished to the Trustee</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;semi-annually, not later than 15 days after the Regular Record Date for each respective series of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of each series as of such Regular Record Date, as the case may be, or if there is no Regular Record Date for such series of Securities, semi- annually, and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided that no such list need be furnished by the Company to the Trustee so long as the Trustee is acting as Security Registrar.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><b><font size=2>SECTION 7.2.   PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 48 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 7.3.  </font></B></p> </td>
<td width="205" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>REPORTS BY TRUSTEE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Reports so required to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than May 15 in each calendar year, commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 7.4.  </font></B></p> </td>
<td width="213" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>REPORTS BY COMPANY.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act; provided that any such information, documents or reports required to be filed with the commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 8.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 8.1.   COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company shall not consolidate with or merge into any other Person (in a transaction in which the Company is not the surviving corporation) or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in case the Company shall consolidate with or merge into another Person (in a transaction in which the Company is not the surviving corporation) or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, limited liability company, partnership or trust, shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 49 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed and the conversion rights shall be provided for in accordance with Article 14, if applicable, or as otherwise specified pursuant to Section 3.1, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee, by the Person (if other than the Company) formed by such consolidation or into which the Company shall have been merged or by the Person which shall have acquired the Company&#146;s assets;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 8.2.  </font></B></p> </td>
<td width="237" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SUCCESSOR SUBSTITUTED.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 9.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>SUPPLEMENTAL INDENTURES</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 9.1.   SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence the succession of another Person to the Company, or successive successions, and the assumption by any such successor of the covenants of the Company herein and in the Securities in compliance with Article 8; or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 50 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to secure the Securities, including provisions regarding the circumstances under which collateral may be released or substituted; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add or provide for a guaranty of the Securities or additional obligors on the Securities; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Articles 4 and 13, provided that any such action shall not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in any material respect.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 51 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 9.2.  </font></B></p> </td>
<td width="504" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>With the consent of the Holders of a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or change the coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or modify the provisions of this Indenture in the case of Securities of any series that are convertible into Securities or
other securities of the Company, adversely affect the right of Holders to convert any of the Securities of such series other than as provided in or pursuant to this Indenture, or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify any of the provisions of this Section, Section 5.13 or Section 10.8, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to &#147;the Trustee&#148; and concomitant changes in this Section and Section 10.8, or the deletion of this proviso, in accordance with the requirements of Sections 6.1 1 and 9.1(8), or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, make any change that adversely affects the right to convert any security as provided in Article 14 or pursuant to Section 3.1 (except as permitted by Section 9.1(9)) or decrease the conversion rate or increase the conversion price of any such security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 52 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 9.3.  </font></B></p> </td>
<td width="391" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>EXECUTION OF SUPPLEMENTAL INDENTURES.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be provided with, and (subject to Sections 6.1 and 6.3) shall be fully protected in relying upon, an Opinion of Counsel and an Officers&#146; Certificate each stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or otherwise.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 9.4.  </font></B></p> </td>
<td width="357" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>EFFECT OF SUPPLEMENTAL INDENTURES.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 9.5.  </font></B></p> </td>
<td width="381" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>CONFORMITY WITH TRUST INDENTURE ACT.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 9.6.  </font></B></p> </td>
<td width="517" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 10.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>COVENANTS</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.1.  </font></B></p> </td>
<td width="435" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 53 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.2.  </font></B></p> </td>
<td width="344" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><b><font size=2>MAINTENANCE OF&#146; OFFICE OR AGENCY.</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that series may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental indenture or pursuant to Section 3.1 hereof, the Place of Payment for any series of Securities shall be the Corporate Trust Office of the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.3.  </font></B></p> </td>
<td width="499" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 54 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for a period ending on the earlier of the date that is ten Business Days prior to the date such money would escheat to the State or two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in each Place of Payment, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.</font></p>


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<td width="119" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.4.  </font></B></p> </td>
<td width="368" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>STATEMENT BY OFFICERS AS TO DEFAULT.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers&#146; Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. The fiscal year of the Company currently ends on June 30; and the Company will give the Trustee prompt written notice of any change of its fiscal year.</font></p>


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<td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.5.  </font></B></p> </td>
<td width="116" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>EXISTENCE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to Article 8, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence.</font></p>


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<td width="119" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.6.  </font></B></p> </td>
<td width="279" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>MAINTENANCE OF PROPERTIES.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will cause all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as, and to the extent, in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 55 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders.</font></p>


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<td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.7.  </font></B></p> </td>
<td width="357" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>PAYMENT OF TAXES AND OTHER CLAIMS.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim (i) whose amount, applicability or validity is being contested in good faith by appropriate proceedings or (ii) if the failure to pay or discharge would not have a material adverse effect on the assets, business, operations, properties or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole.</font></p>


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<td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 10.8.  </font></B></p> </td>
<td width="299" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>WAIVER OF CERTAIN COVENANTS.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Except as otherwise specified as contemplated by Section 3.1 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.1(19), 9.1(2), 9.1(7), 10.6 or 10.7 for the benefit of the Holders of such series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of
any such term, provision or condition shall remain in full force and effect.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 11.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>REDEMPTION OF SECURITIES</font></B></p>


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<td width="120" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 11.1.  </font></B></p> </td>
<td width="253" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>APPLICABILITY OF ARTICLE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1 for such Securities) in accordance with this Article.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 11.2.  </font></B></p> </td>
<td width="419" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><b><font size=2>ELECTION TO REDEEM; NOTICE TO TRUSTEE.</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least 45 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 56 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers&#146; Certificate evidencing compliance with such restriction.</font></p>


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<td width="119" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 11.3.  </font></B></p> </td>
<td width="499" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot, or in the Trustee&#146;s discretion, on a pro-rata basis, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not
more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If any Security selected for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities that have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Trustee shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.</font></p>


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<td width="119" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 11.4.  </font></B></p> </td>
<td width="228" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>NOTICE OF REDEMPTION.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Notice of redemption shall be given by first-class mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 57 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>in the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address appearing in the Security Register.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>All notices of redemption shall state:</font></p>


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<td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>(1)</font></p> </td>
<td width="159" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>the Redemption Date,</font></p> </td> </tr></table>
</div>



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<td width="52" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="44" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>(2)</font></p> </td>
<td width="387" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>the Redemption Price (including accrued interest, if any),</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2> (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in case any Security is to be redeemed in part only, that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the place or places where each such Security is to be surrendered for payment of the Redemption Price,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if applicable, the conversion price, the date on which the right to convert the principal of the Securities or the portions thereof to be redeemed will terminate, and the place or places where such Securities may be surrendered for conversion,</font></p>


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<td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>(8)</font></p> </td>
<td width="428" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>that the redemption is for a sinking fund, if such is the case, and</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2> (9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the CUSP number or numbers and/or common codes of the Security being redeemed.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company&#146;s request, by the Trustee in the name and at the expense of the Company and shall be irrevocable.</font></p>


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<td width="119" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 11.5.  </font></B></p> </td>
<td width="289" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>DEPOSIT OF REDEMPTION PRICE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3)an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 58 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If any Security called for redemption is converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for the redemption of such Security shall (subject to the right of any Holder of such Security to receive interest as provided in the last paragraph of Section 3.7) be paid to the Company on Company Request, or if then held by the Company, shall be discharged from such trust.</font></p>


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<td width="119" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 11.6.  </font></B></p> </td>
<td width="392" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECURITIES PAYABLE ON REDEMPTION DATE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section 3.7.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.</font></p>


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<td width="119" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 11.7.  </font></B></p> </td>
<td width="287" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>SECURITIES REDEEMED IN PART.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or its attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 12.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>SINKING FUNDS</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 12.1.  </font></B></p> </td>
<td width="253" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>APPLICABILITY OF ARTICLE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by Section 3.1 for such Securities.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as a &#147;mandatory sinking fund payment,&#148; and any payment in excess of such minimum amount provided for by the terns of such Securities is herein referred to </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 59 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>as an &#147;optional sinking fund payment.&#148; If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 12.2.   SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company (1)may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 12.3.  </font></B></p> </td>
<td width="421" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>REDEMPTION OF SECURITIES FOR SINKING FUND.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Not fewer than 60 days prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers&#146; Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 12.2 and will also deliver to the Trustee any Securities to be so delivered. Not fewer than 30 days prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 13.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>DEFEASANCE AND COVENANT DEFEASANCE</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><b><font size=2>SECTION 13.1.   COMPANY&#146;S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company may elect, at its option at any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in accordance with any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 60 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 13.2.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>DEFEASANCE AND DISCHARGE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon the Company&#146;s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter called &#147;Defeasance&#148;). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rights of Holders of such Securities to receive, solely from the trust fund described in Section 13.4 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&#146;s obligations with respect to such Securities under Sections 3.4,3.5, 3.6, 10.2 and 10.3, and, if applicable, Article 14,</font></p>


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<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>(3)</font></p> </td>
<td width="517" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>the rights, powers, trusts, duties and immunities of the Trustee hereunder, and</font></p> </td> </tr></table>
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<p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="44" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>(4)</font></p> </td>
<td width="95" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><font size=2>this Article.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 13.3 applied to such Securities.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 13.3.  </font></B></p> </td>
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<p  align=left style='text-align:left'><B><font SIZE=2>COVENANT DEFEASANCE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Upon the Company&#146;s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company shall be released from its obligations under Sections 10.6 and 10.7 and any covenants provided pursuant to Sections 3.1(19), 9.1(2) or 9.1(7) for the benefit of the Holders of such Securities and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of any event specified in Section 5.1(4) (with respect to any of Sections 10.6 and 10.7 and any such covenants provided pursuant to Section 3.1(19), 9.1(2) or 9.1(7)) and the occurrence of any other Event of Default specified pursuant to Section 3.1 shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities or any series of Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter called &#147;Covenant Defeasance&#148;). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 5.1(4) and
the occurrence of any Event of Default specified pursuant to Section 3.1), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 61 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 13.4.  </font></B></p> </td>
<td width="501" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The following shall be the conditions to the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case may be:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 6.9 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities,</font></p>


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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
<p ><font size=2>(A)</font></p> </td>
<td  valign=top style='padding:0in 0in 12.0pt 0in'>
<p  align=left style='text-align:left'><font size=2>in the case of Securities of a series denominated in currency of the United States of America, (i) cash in currency of the United States of America in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, an amount in cash, or (iii) a combination thereof, or</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
<p ><font size=2>(B)</font></p> </td>
<td  valign=top style='padding:0in 0in 12.0pt 0in'>
<p  align=left style='text-align:left'><font size=2>in the case of Securities of a series denominated in currency other than that of the United States of America, (i) cash in the currency in which such series of Securities is denominated in an amount, or (ii) Foreign Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, an amount in cash, or (iii) a combination thereof, in each case sufficient, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Securities denominated in United States dollars, in the event of an election to have Section 29.2 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that</font></p>


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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
<p ><font size=2>(A)</font></p> </td>
<td  valign=top style='padding:0in 0in 12.0pt 0in'>
<p  align=left style='text-align:left'><font size=2>the Company has received from, or there has been published by, the Internal Revenue Service a ruling or</font></p> </td> </tr></table>
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<p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
<td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
<p ><font size=2>(B)</font></p> </td>
<td  valign=top style='padding:0in 0in 12.0pt 0in'>
<p  align=left style='text-align:left'><font size=2>since the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 62 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Securities denominated in United States dollars, in the event of an election to have Section 13.3 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to the Trustee an Officers&#146; Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.1(5) and (6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><b><font size=2>SECTION 13.5.   DEPOSITED MONEY, U.S. GOVERNMENT OBLIGATIONS AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; MISCELLANEOUS PROVISIONS.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Subject to the provisions of the last paragraph of Section 10.3, all money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6, the Trustee and any such other trustee are referred to collectively as the &#147;Trustee&#148;) pursuant to Section 13.4 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 63 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 13.4 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities. Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money,
U.S. Government Obligations or Foreign Government Obligations held by it as provided in Section 13.4 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 13.6.  </font></B></p> </td>
<td width="165" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>REINSTATEMENT.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.2 or 13.3 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the
Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>ARTICLE 14.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;line-height: 150%;'><B><font SIZE=2>CONVERSION OF SECURITIES</font></B></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.1.  </font></B></p> </td>
<td width="253" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>APPLICABILITY OF ARTICLE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The provisions of this Article shall be applicable to the Securities of any series which are convertible into shares of Common Stock of the Company, and the issuance of such shares of Common Stock upon the conversion of such Securities, except as otherwise specified as contemplated by Section 3.1 for the Securities of such series.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.2.  </font></B></p> </td>
<td width="339" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>EXERCISE OF CONVERSION PRIVILEGE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In order to exercise a conversion privilege, the Holder of a Security of a series with such a privilege shall surrender such Security to the Company at the office or agency maintained for that purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice to the Company substantially in the form set forth in Section 2.6 stating that the Holder elects to </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 64 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>convert such Security or a specified portion thereof. Such notice shall also state, if different from the name and address of such Holder, the name or names (with address) in which the certificate or certificates for shares of Common Stock, which shall be issuable on such conversion, shall be issued. Securities surrendered for conversion shall (if so required by the Company or the Trustee) be duly endorsed by or accompanied by instruments of transfer in forms satisfactory to the Company and the Trustee duly executed by the Holder or its attorney duly authorized in writing; and Securities so surrendered for conversion (in whole or in part) during the period from the close of business on any Regular Record Date to the opening of business on the next succeeding Interest Payment Date (excluding Securities or portions thereof called for redemption during the period beginning at the close of business on a Regular
Record Date and ending at the opening of business on the first Business Day after the next succeeding Interest Payment Date, or if such Interest Payment Date is not a Business Day, the second such Business Day) shall also be accompanied by payment in funds acceptable to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of such Security then being converted, and such interest shall be payable to such Holder notwithstanding the conversion of such Security, subject to the provisions of Section 3.7 relating to the payment of Defaulted Interest by the Company. As promptly as practicable after the receipt of such notice and of any payment required pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided, in an Officers&#146; Certificate, or established in one or more indentures supplemental hereto setting forth the terms of such series of Security, and the surrender of such Security
in accordance with such reasonable regulations as the Company may prescribe, the Company shall issue and shall deliver, at the office or agency at which such Security is surrendered, to such Holder or on its written order, a certificate or certificates for the number of full shares of Common Stock issuable upon the conversion of such Security (or specified portion thereof), in accordance with the provisions of such Board Resolution, Officers&#146; Certificate or supplemental indenture, and cash as provided therein in respect of any fractional share of such Common Stock otherwise issuable upon such conversion. Such conversion shall be deemed to have been effected immediately prior to the close of business on the date on which such notice and such payment, if required, shall have been received in proper order for conversion by the Company and such Security shall have been surrendered as aforesaid (unless such Holder shall have so surrendered such Security and shall have instructed the
Company to effect the conversion on a particular date following such surrender and such Holder shall be entitled to convert such Security on such date, in which case such conversion shall be deemed to be effected immediately prior to the close of business on such date) and at such time the rights of the Holder of such Security as such Security Holder shall cease and the person or persons in whose name or names any certificate or certificates for shares of Common Stock of the Company shall be issuable upon such conversion shall be deemed to have become the Holder or Holders of record of the shares represented thereby. Except as set forth above and subject to the final paragraph of Section 3.7, no payment or adjustment shall be made upon any conversion on account of any interest accrued on the Securities (or any part thereof) surrendered for conversion or on account of any dividends on the Common Stock of the Company issued upon such conversion. In the case of any Security which is
converted in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations, in aggregate principal amount equal to the unconverted portion of such Security.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 65 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.3.  </font></B></p> </td>
<td width="228" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>NO FRACTIONAL SHARES.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>No fractional share of Common Stock of the Company shall be issued upon conversions of Securities of any series. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted hereby) so surrendered. If, except for the provisions of this Section 14.3, any Holder of a Security or Securities would be entitled to a fractional share of Common Stock of the Company upon the conversion of such Security or Securities, or specified portions thereof, the Company shall pay to such Holder an amount in cash equal to the current market value of such fractional share computed, (i) if such Common Stock is listed or admitted to unlisted trading privileges on a national
securities exchange or market, on the basis of the last reported sale price regular way on such exchange or market on the last trading day prior to the date of conversion upon which such a sale shall have been effected, or (ii) if such Common Stock is not at the time so listed or admitted to unlisted trading privileges on a national securities exchange or market, on the basis of the average of the bid and asked prices of such Common Stock in the over-the-counter market, on the last trading day prior to the date of conversion, as reported by the National Quotation Bureau, Incorporated or similar organization if the National Quotation Bureau, Incorporated is no longer reporting such information, or if not so available, the fair market price as determined by the Board of Directors. For purposes of this Section, &#147;trading day&#148; shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the Common Stock is not traded on the Nasdaq National Market,
or if the Common Stock is not traded on the Nasdaq National Market, on the principal exchange or market on which the Common Stock is traded or quoted.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.4.  </font></B></p> </td>
<td width="325" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>ADJUSTMENT OF CONVERSION PRICE.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The conversion price of Securities of any series that is convertible into Common Stock of the Company shall be adjusted for any stock dividends, stock splits, reclassifications, combinations or similar transactions in accordance with the terms of the supplemental indenture or Board Resolutions setting forth the terms of the Securities of such series. Whenever the conversion price is adjusted, the Company shall compute the adjusted conversion price in accordance with terms of the applicable Board Resolution or supplemental indenture and shall prepare an Officers&#146; Certificate setting forth the adjusted conversion price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee. The
Company shall forthwith cause a notice setting forth the adjusted conversion price to be mailed, first class postage prepaid, to each Holder of Securities of such series at its address appearing on the Security Register and to any conversion agent other than the Trustee.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.5.  </font></B></p> </td>
<td width="375" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>NOTICE OF CERTAIN CORPORATE ACTIONS.</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company shall declare a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its retained earnings (other than a dividend for which </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 66 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>approval of any shareholders of the Company is required) that would require an adjustment pursuant to Section 14.4; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company shall authorize the granting to all or substantially all of the holders of its Common Stock of rights, options or warrants to subscribe for or purchase any shares of capital stock of any class or of any other rights (other than any such grant for which approval of any shareholders of the Company is required); or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock, or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any shareholders of the Company is required), or of the sale of all or substantially all of the assets of the Company; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the voluntary or involuntary dissolution, liquidation or winding up of the Company; then the Company shall cause to be filed with the Trustee, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register, at least 20 days (or 10 days in any case specified in clause (1) or (2) above) prior to the applicable record date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution, rights, options or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights, options or warrants are to be determined, or (ii) the date on which such reclassification, consolidation, merger, share exchange, sale, dissolution, liquidation or
winding up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution, liquidation or winding up. If at any time the Trustee shall not be the conversion agent, a copy of such notice shall also forthwith be filed by the Company with the Trustee.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.6.  </font></B></p> </td>
<td width="404" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>RESERVATION OF SHARES OF COMMON STOCK.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of effecting the conversion of Securities, they full number of shares of Common Stock of the Company then issuable upon the conversion of all outstanding Securities of any series that has conversion rights.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.7.  </font></B></p> </td>
<td width="428" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>PAYMENT OF CERTAIN TAXES UPON CONVERSION.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Except as provided in the next sentence, the Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of its Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of its Common Stock in a name other than that of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless and until the person requesting such issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of the Company, that such tax has been paid.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 67 -</font></p>
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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.8.  </font></B></p> </td>
<td width="185" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>NONASSESSABILITY.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company covenants that all shares of its Common Stock that may be issued upon conversion of Securities will upon issue in accordance with the terms hereof be duly and validly issued and fully paid and nonassessable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><B><font SIZE=2>SECTION 14.9.   PROVISION IN CASE OF CONSOLIDATION, MERGER OR SALE OF ASSETS.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In case of any consolidation or merger of the Company with or into any other Person, any merger of another Person with or into the Company (other than a merger which does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the Company) or any conveyance, sale, transfer or lease of all or substantially all of the assets of the Company, the Person formed by such consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver to the Trustee a supplemental indenture providing that the Holder of each Security of a series then Outstanding that is convertible into Common Stock of the Company shall have the right thereafter (which right shall be the exclusive conversion right thereafter available to said Holder), during the period such Security shall be convertible, to convert such
Security only into the kind and amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by a holder of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to such consolidation, merger, conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i) is not a Person with which the Company consolidated or merged with or into or which merged into or with the Company or to which such conveyance, sale, transfer or lease was made, as the case may be (a &#147;Constituent Person&#148;), or an Affiliate of a Constituent Person and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided that if the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, conveyance, sale, transfer, or lease is not the same for each share of Common Stock of the Company held immediately prior to such consolidation, merger, conveyance, sale, transfer or lease by others than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised (&#147;Non-electing Share&#148;), then for the purpose of this Section 14.9 the kind and amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by the holders of each Non-electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of the Non-electing Shares). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article or in accordance with the terms of the
supplemental indenture or Board Resolutions setting forth the terms of such adjustments. The above provisions of this Section 14.9 shall similarly apply to successive consolidations, mergers, conveyances, sales, transfers or leases. Notice of the execution of such a supplemental indenture shall be given by the Company to the Holder of each Security of a series that is convertible into Common Stock of the Company as provided in Section 1.6 promptly upon such execution. Neither the Trustee nor any conversion agent, if any, shall be under any responsibility to determine the correctness of any provisions contained in any such supplemental indenture relating either to the kind or amount of shares of stock or other </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 68 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>securities or property or cash receivable by Holders of Securities of a series convertible into Common Stock of the Company upon the conversion of their Securities after any such consolidation, merger, conveyance, transfer, sale or lease or to any such adjustment, but may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect thereto, which the Company shall cause to be furnished to the Trustee upon request.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.10.  </font></B></p> </td>
<td width="405" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>DUTIES OF TRUSTEE REGARDING CONVERSION.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Neither the Trustee nor any conversion agent shall at any time be under any duty or responsibility to any Holder of Securities of any series that is convertible into Common Stock of the Company to determine whether any facts exist which may require any adjustment of the conversion price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed, whether herein or in any supplemental indenture, any resolutions of the Board of Directors or written instrument executed by one or more officers of the Company provided to be employed in making the same. Neither the Trustee nor any conversion agent shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock of the Company, or of any securities or property, which may at any time be issued or delivered upon the conversion of any Securities and
neither the Trustee nor any conversion agent makes any representation with respect thereto. Subject to the provisions of Section 6.1, neither the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of its Common Stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of conversion or to comply with any of the covenants of the Company contained in this Article 14 or in the applicable supplemental indenture, resolutions of the Board of Directors or written instrument executed by one or more duly authorized officers of the Company.</font></p>


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<p  align=left style='text-align:left'><B><font SIZE=2>SECTION 14.11.  </font></B></p> </td>
<td width="451" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
<p  align=left style='text-align:left'><B><font SIZE=2>REPAYMENT OF CERTAIN FUNDS UPON CONVERSION.</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Any funds which at any time shall have been deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of paying the principal of, and premium, if any, and interest, if any, on any of the Securities (including, but not limited to, funds deposited for the sinking fund referred to in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and which shall not be required for such purposes because of the conversion of such Securities as provided in this Article 14 shall after such conversion be repaid to the Company by the Trustee upon the Company&#146;s written request.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 69 -</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'>
<font size=2>IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</font></p>

<p style=' margin-bottom:26pt; margin-top:10pt;text-align:left;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.</font></p>


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<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>By:</font></p> </td>
<TD WIDTH="524" VALIGN="TOP" STYLE="border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt">
<p  align=center style='margin-bottom:0in;text-align:center;text-indent:0in'><font size=2>/s/</font></p> </td> </tr>
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<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="524" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Name:</font></p> </td> </tr>
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<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="524" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Title:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:26pt; margin-top:20pt;text-align:left;'><font size=2>THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='margin-left:5.4pt;border-collapse:collapse'>
<tr >
<td width="74" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>By:</font></p> </td>
<td width="524" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  align=center style='margin-bottom:0in;text-align:center;text-indent:0in'><font size=2>/s/</font></p> </td> </tr>
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<td width="74" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="524" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Name:&nbsp;&nbsp;Benita A. Vaughn</font></p> </td> </tr>
<tr >
<td width="74" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="524" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Title:&nbsp;&nbsp;Vice President</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>- 70 -</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>ex4p4-supplemindenture.htm
<DESCRIPTION>SUPPLEMENTAL INDENTURE
<TEXT>
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<p style=' margin-bottom:180.65pt; margin-top:0pt;text-align:right;'><B><font SIZE=2>EXECUTION COPY</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>FIRST SUPPLEMENTAL INDENTURE </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>by and among </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>THE BANK OF NEW YORK TRUST COMPANY, N.A.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>as Trustee </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Dated as of June 24, 2008 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Supplemental to Indenture for Debt Securities </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Dated as of June 24, 2008 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3.0% Convertible Senior Notes due 2013 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><U><font SIZE=2>TABLE OF CONTENTS</font></U></p>


<div align=left>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse:collapse;">
    <tr >
        <TD COLSPAN="2" NOWRAP VALIGN="BOTTOM" STYLE="padding:12pt 0in 12pt 0in;">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC2"><U><font SIZE=2>ARTICLE I DEFINITIONS</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p ><a href="#TOC2"><u><font size=2>2</font></u></a></p> </td> </tr>
    <tr >
        <TD WIDTH="7%"  VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD WIDTH="87%"  VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC3"><u><font size=2>Section 1.01</font></u>                   <u><font size=2>Scope of Supplemental Indenture</font></u></a></p> </td>
        <TD WIDTH="5%"  VALIGN="BOTTOM">
            <p ><a href="#TOC3"><u><font size=2>2</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC4"><u><font size=2>Section 1.02</font></u>                   <u><font size=2>Definitions</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC4"><u><font size=2>2</font></u></a></p> </td> </tr>

    <tr >
        <TD COLSPAN="2" NOWRAP VALIGN="BOTTOM" STYLE="padding:12pt 0in 12pt 0in;">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC5"><U><font SIZE=2>ARTICLE II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION  AND EXCHANGE OF NOTES</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p ><a href="#TOC5"><u><font size=2>9</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC6"><u><font size=2>Section 2.01</font></u>                   <u><font size=2>Designation and Amount: Ranking</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC6"><u><font size=2>9</font></u></a></p> </td> </tr>

    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC7"><u><font size=2>Section 2.02</font></u>                   <u><font size=2>Form of Notes</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC7"><u><font size=2>9</font></u></a></p> </td> </tr>
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        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC8"><u><font size=2>Section 2.03</font></u>                   <u><font size=2>Date and Denomination of Notes; Payments of Interest</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC8"><u><font size=2>9</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC9"><u><font size=2>Section 2.04</font></u>                   <u><font size=2>Payments of Additional Interest</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC9"><u><font size=2>10</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC10"><u><font size=2>Section 2.05</font></u>                   <u><font size=2>Exchange and Registration of Transfer of Notes; Depositary</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC10"><u><font size=2>10</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC11"><u><font size=2>Section 2.06</font></u>                   <u><font size=2>CUSP Numbers</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC11"><u><font size=2>12</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC12"><u><font size=2>Section 2.07</font></u>                   <u><font size=2>Additional Notes; Repurchases</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC12"><u><font size=2>12</font></u></a></p> </td> </tr>
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        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC13"><u><font size=2>Section 2.08</font></u>                   <u><font size=2>Provisions of the Indenture and Notes for the Sole Benefit of the Parties and the Holders</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC13"><u><font size=2>13</font></u></a></p> </td> </tr>
    <tr >
        <TD COLSPAN="2" NOWRAP VALIGN="BOTTOM" STYLE="padding:12pt 0in 12pt 0in;">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC14"><U><font SIZE=2>ARTICLE III PARTICULAR COVENANTS OF THE COMPANY</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p ><a href="#TOC14"><u><font size=2>13</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC15"><u><font size=2>Section 3.01</font></u>                   <u><font size=2>Payment of Principal, Premium and Interest</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC15"><u><font size=2>13</font></u></a></p> </td> </tr>
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        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC16"><u><font size=2>Section 3.02</font></u>                   <u><font size=2>Maintenance of Office or Agency</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC16"><u><font size=2>13</font></u></a></p> </td> </tr>

    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC17"><u><font size=2>Section 3.03</font></u>                   <u><font size=2>Existence</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC17"><u><font size=2>14</font></u></a></p> </td> </tr>

    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC18"><u><font size=2>Section 3.04</font></u>                   <u><font size=2>Stay, Extension and Usury Laws</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC18"><u><font size=2>14</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC19"><u><font size=2>Section 3.05</font></u>                   <u><font size=2>Compliance Certificate; Statements as to Defaults</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC19"><u><font size=2>14</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC20"><u><font size=2>Section 3.06</font></u>                   <u><font size=2>Additional Interest</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC20"><u><font size=2>14</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC21"><u><font size=2>Section 3.07</font></u>                   <u><font size=2>Further Instruments and Acts</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC21"><u><font size=2>14</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC22"><u><font size=2>Section 3.08</font></u>                   <u><font size=2>Reporting Obligations</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC22"><u><font size=2>15</font></u></a></p> </td> </tr>
    <tr >
        <TD COLSPAN="2" NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC23"><U><font SIZE=2>ARTICLE IV DEFAULTS AND REMEDIES</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p ><a href="#TOC23"><u><font size=2>15</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC24"><u><font size=2>Section 4.01</font></u>                   <u><font size=2>Events of Default</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC22"><u><font size=2>15</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC25"><u><font size=2>Section 4.02</font></u>                   <u><font size=2>Sole Remedy for Failure to Report</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC25"><u><font size=2>17</font></u></a></p> </td> </tr>
    <tr >
        <TD colspan=2 NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC26"><U><font SIZE=2>ARTICLE V [RESERVED]</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p ><a href="#TOC26"><u><font size=2>17</font></u></a></p> </td> </tr>
    <tr >
        <TD colspan=2 NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC27"><U><font SIZE=2>ARTICLE VI MODIFICATIONS AND AMENDMENTS</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p ><a href="#TOC27"><u><font size=2>17</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC28"><u><font size=2>Section 6.01</font></u>                   <u><font size=2>Modifications and Amendments Without Consent of Noteholders</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC28"><u><font size=2>18</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC29"><u><font size=2>Section 6.02</font></u>                   <u><font size=2>Modifications and Amendments With Consent of Noteholders</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC29"><u><font size=2>18</font></u></a></p> </td> </tr>
    <tr >
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC30"><u><font size=2>Section 6.03</font></u>                   <u><font size=2>Amendment Notification</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC30"><u><font size=2>19</font></u></a></p> </td> </tr>

    <tr >
        <TD COLSPAN="2" NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC31"><U><font SIZE=2>ARTICLE VII CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;">
            <p ><a href="#TOC31"><u><font size=2>19</font></u></a></p> </td> </tr>
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        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC32"><u><font size=2>Section 7.01</font></u>                   <u><font size=2>Company May Consolidate, Etc. on Certain Terms</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p ><a href="#TOC32"><u><font size=2>19</font></u></a></p> </td> </tr>
    <tr >
        <td colspan=2 nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC33"><U><font SIZE=2>ARTICLE VIII CONVERSION OF NOTES</font></U></a></p> </td>
        <td nowrap valign=top style='padding:12.0pt 0in 12.0pt 0in; '>
            <p ><a href="#TOC33"><u><font size=2>20</font></u></a></p> </td> </tr>
</table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>i</font></p>

<PAGE>
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<div align=left>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse:collapse;" BORDER="0">
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        <TD WIDTH="7%"  VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD WIDTH="87%"  VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC34"><u><font size=2>Section 8.01</font></u>                   <u><font size=2>Right to Convert</font></u></a></p> </td>
        <TD WIDTH="5%" NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC34"><u><font size=2>20</font></u></a></p> </td> </tr>

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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC35"><u><font size=2>Section 8.02</font></u>                   <u><font size=2>Conversion Procedure; Payment Upon Conversion</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC35"><u><font size=2>23</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC36"><u><font size=2>Section 8.03</font></u>                   <u><font size=2>Increase of Conversion Rate Upon Conversion Upon Make-Whole Fundamental Changes</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC36"><u><font size=2>26</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC37"><u><font size=2>Section 8.04</font></u>                   <u><font size=2>Adjustment of Conversion Rate</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC37"><u><font size=2>30</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC38"><u><font size=2>Section 8.05</font></u>                   <u><font size=2>Shares to Be Fully Paid</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC38"><u><font size=2>38</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC39"><u><font size=2>Section 8.06</font></u>                   <u><font size=2>Effect of Reclassification, Consolidation, Merger or Sale; Treatment of Reference Property</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC39"><u><font size=2>38</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC40"><u><font size=2>Section 8.07</font></u>                   <u><font size=2>Certain Covenants</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC40"><u><font size=2>39</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC41"><u><font size=2>Section 8.08</font></u>                   <u><font size=2>Responsibility of Trustee</font></u></a></p> </td>
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            <p ><a href="#TOC41"><u><font size=2>39</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC42"><U><font SIZE=2>ARTICLE IX REPURCHASE OF NOTES AT OPTION OF HOLDERS</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;" ALIGN="RIGHT">
            <p ><a href="#TOC42"><u><font size=2>40</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC43"><u><font size=2>Section 9.01</font></u>                   <u><font size=2>Repurchase at Option of Holders upon a Fundamental Chang</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC43"><u><font size=2>40</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC44"><u><font size=2>Section 9.02</font></u>                   <u><font size=2>Withdrawal of Fundamental Change Repurchase Notice</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC44"><u><font size=2>43</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC45"><u><font size=2>Section 9.03</font></u>                   <u><font size=2>Deposit of Fundamental Change Repurchase Price</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC45"><u><font size=2>43</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC46"><U><font SIZE=2>ARTICLE X MISCELLANEOUS PROVISIONS</font></U></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" STYLE="padding:12.0pt 0in 12.0pt 0in;" ALIGN="RIGHT">
            <p ><a href="#TOC46"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC47"><u><font size=2>Section 10.01</font></u>           <u><font size=2>Ratification and Incorporation of Original Indenture</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC47"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC48"><u><font size=2>Section 10.02</font></u>           <u><font size=2>Governing Law</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC48"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC49"><u><font size=2>Section 10.03</font></u>           <u><font size=2>Payments on Business Days</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC49"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC50"><u><font size=2>Section 10.04</font></u>           <u><font size=2>No Security Interest Created</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC50"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC51"><u><font size=2>Section 10.05</font></u>           <u><font size=2>Trust Indenture Act</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC51"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC52"><u><font size=2>Section 10.06</font></u>           <u><font size=2>Benefits of Indenture</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC52"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC53"><u><font size=2>Section 10.07</font></u>           <u><font size=2>Calculations</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC53"><u><font size=2>44</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <TD NOWRAP VALIGN="BOTTOM">
            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC54"><u><font size=2>Section 10.08</font></u>           <u><font size=2>Table of Contents, Headings, Etc</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC54"><u><font size=2>45</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC55"><u><font size=2>Section 10.09</font></u>           <u><font size=2>Execution in Counterparts</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC55"><u><font size=2>45</font></u></a></p> </td> </tr>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin:0in;margin-bottom:.0001pt;text-indent:0in; '><a href="#TOC56"><u><font size=2>Section 10.10</font></u>           <u><font size=2>Severability</font></u></a></p> </td>
        <TD NOWRAP VALIGN="BOTTOM" ALIGN="RIGHT">
            <p ><a href="#TOC56"><u><font size=2>45</font></u></a></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font SIZE=2>EXHIBITS</font></p>


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            <p  style='line-height:115%'><font SIZE=2>EXHIBIT A</font></p> </td>
        <td width="107" nowrap valign=top >
            <p  style='line-height:115%'><font size=2>Form of Note</font></p> </td> </tr></table>
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            <p  style='line-height:115%'><font SIZE=2>EXHIBIT B</font></p> </td>
        <td width="213" nowrap valign=top >
            <p  style='line-height:115%'><font size=2>Form of Notice of Conversion</font></p> </td> </tr></table>
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            <p  style='line-height:115%'><font SIZE=2>EXHIBIT C</font></p> </td>
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            <p  style='line-height:115%'><font size=2>Form of Fundamental Change Repurchase Notice</font></p> </td> </tr></table>
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            <p  style='line-height:115%'><font SIZE=2>EXHIBIT D</font></p> </td>
        <td width="237" nowrap valign=top >
            <p  style='line-height:115%'><font size=2>Form of Assignment and Transfer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>ii</font></p>
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<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font SIZE=2>FIRST SUPPLEMENTAL INDENTURE</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>THIS FIRST SUPPLEMENTAL INDENTURE dated as of June 24,2008 (this &#147;</font><u><font size=2>Supplemental Indenture</font></u><font size=2>&#148;), is entered into among Energy Conversion Devices, Inc., a Delaware corporation (the &#147;</font><u><font size=2>Company</font></u><font size=2>&#148;), and The Bank of New York Trust Company, N.A., a national banking association, as trustee (the &#147;</font><u><font size=2>Trustee</font></u><font size=2>&#148;).  Capitalized terms used herein and not otherwise defined have the meanings set forth in the Original Indenture (as defined below).</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font SIZE=2>RECITALS</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Trustee entered into that certain Indenture, dated as of June 24, 2008 (the &#147;</font><u><font size=2>Original Indenture</font></u><font size=2>&#148;), pursuant to which the Company may from time to time issue its debentures, notes, bonds or other evidences of indebtedness (collectively, the &#147;</font><u><font size=2>Debt Securities</font></u><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 of the Original Indenture provides that the Company, when authorized by a resolution of the Board of Directors of the Company, and the Trustee may, without the consent of the holders of the Debt Securities, enter into a supplemental indenture to establish the form or terms of Debt Securities of any series as permitted by Sections 2.1 and 3.1 of the Original Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has duly authorized the issue of 3.0% Convertible Senior Notes due 2013 (as they may be issued from time to time under this Supplemental Indenture, including any Additional Notes, the &#147;</font><u><font size=2>Notes</font></u><font size=2>&#148;), initially in an aggregate principal amount not to exceed $316,250,000 and in connection therewith, the Company has duly determined to make, execute and deliver this Supplemental Indenture to set forth the terms and provisions of the Notes as required by the Original Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has determined that this Supplemental Indenture is authorized or permitted by Section 9.1 of the Original Indenture and has delivered to the Trustee an Opinion of Counsel and Officers&#146; Certificate to the effect that all conditions precedent provided for in the Original Indenture to the execution and delivery of this Supplemental Indenture have been complied with and such execution and delivery are authorized and permitted by the Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Form of Note, the Trustee&#146;s Certificate of Authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided for.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in the Original Indenture provided, the valid and legally binding obligations of the Company have been done.</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All things necessary to make this Supplemental Indenture a valid and legally binding indenture and agreement according to its terms, and a valid and legally binding amendment of, and supplement to, the Original Indenture have been done.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>NOW, THEREFORE, in consideration of the mutual agreements and covenants set forth herein, the parties hereto agree, subject to the terms and conditions hereinafter set forth, as follows for the benefit of the Trustee and the Noteholders:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE I</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc2"></a>DEFINITIONS</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 1.01&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Scope of Supplemental Indenture</font></u><font size=2>.  The changes, modifications and supplements to the Original Indenture affected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, which shall be limited initially to $316,250,000 aggregate principal amount, except as otherwise provided herein, and which may be issued from time to time, and shall not apply to any other Debt Securities that may be issued under the Original Indenture unless a supplemental indenture with respect to such other Debt Securities specifically incorporates such changes, modifications and supplements.  The provisions of this Supplemental Indenture shall supersede any corresponding or inconsistent provisions in the Original Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 1.02&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Definitions</font></u><font size=2>.  The terms defined in this Section 1.02 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Supplemental Indenture and for purposes of the Original Indenture as it relates to the Notes shall have the respective meanings specified in this Section 1.02.  Except as otherwise provided in this Supplemental Indenture, all words, terms and phrases defined in the Original Indenture (but not otherwise defined herein) shall have the same meaning herein as in the Original Indenture.  All other terms used in this Supplemental Indenture that are defined in the Trust Indenture Act or that are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the
meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this Supplemental Indenture.  The words &#147;</font><u><font size=2>herein</font></u><font size=2>,&#148; &#147;</font><u><font size=2>hereof</font></u><font size=2>,&#148; &#147;</font><u><font size=2>hereunder</font></u><font size=2>,&#148; and words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.  The terms defined in this Article include the plural as well as the singular.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Additional Interest</font></u><font size=2>&#148; shall have the meaning specified in Section 4.02.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Additional Shares</font></u><font size=2>&#148; shall have the meaning specified in Section 8.03(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Applicable Stock Price</font></u><font size=2>&#148; per share of Common Stock on any Trading Day means the per share volume-weighted average price as displayed under the heading &#147;</font><u><font size=2>Bloomberg VWAP</font></u><font size=2>&#148; on Bloomberg (or any successor service) page ENER &#60;Equity&#62; AQR (or any equivalent successor page) in respect of the period from the scheduled open of trading on the principal U.S. national securities exchange or quotation system on which the Common Stock is traded on such Trading Day, or, if such volume-weighted average price is not available, the Applicable Stock </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Price means the volume-weighted average price per share of Common Stock on such day as determined by a nationally recognized investment banking firm retained for this purpose by the Company.  The Applicable Stock Price of other securities that constitute Reference Property and that are traded on a National Securities Exchange shall be determined in a manner substantially equivalent to the foregoing as determined in good faith by the Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Bid Solicitation Agent</font></u><font size=2>&#148; means any reputable financial services provider that customarily provides administrative agency or trustee services as the Company may designate from time to time, but it shall not be the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Capital Stock</font></u><font size=2>&#148; of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests (including partnership interests) in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Cash Settlement Averaging Period</font></u><font size=2>&#148; means, with respect to any Note being converted, the 20 consecutive Trading Days beginning on, and including, the second Trading Day after the Conversion Date for such Note; </font><i><font size=2>provided </font></i><font size=2>that with respect to any Conversion Date that is on or after the 24th Scheduled Trading Day immediately preceding the Maturity Date, the Cash Settlement Averaging Period shall mean the 20 consecutive Trading Days beginning on, and including, the 22nd Scheduled Trading Day immediately preceding the Maturity Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>close of business</font></u><font size=2>&#148; means 5:00 p.m. (New York City time).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Code</font></u><font size=2>&#148; means the Internal Revenue Code of 1986, as amended from time to time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Company</font></u><font size=2>&#148; means Energy Conversion Devices, Inc., a Delaware corporation, and subject to the provisions of Article VII hereof (which, for purposes of the Notes, supersede and replace the provisions of Article 8 of the Original Indenture), shall include its successors and assigns.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Conversion Agent</font></u><font size=2>&#148; shall have the meaning specified in Section 3.02.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Conversion Date</font></u><font size=2>&#148; shall have the meaning specified in Section 8.02(d).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Conversion Obligation</font></u><font size=2>&#148; shall have the meaning specified in Section 8.01(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Conversion Price</font></u><font size=2>&#148; on any day means a dollar amount (initially, approximately $91.80) equal to $1,000 divided by the Conversion Rate in effect on such day.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Conversion Rate</font></u><font size=2>&#148; is initially 10.8932 shares of Common Stock, subject to adjustment as set forth herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Custodian</font></u><font size=2>&#148; means the Trustee, as custodian for the Depositary, with respect to the Notes in global form, or any successor entity thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Daily Conversion Value</font></u><font size=2>&#148; means, for each of the 20 consecutive Trading Days during the Cash Settlement Averaging Period, 1/20th of the product of (i) the Conversion Rate </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>and (ii) the Applicable Stock Price of the Common Stock on such day.  For purposes of the foregoing, the Daily Conversion Value of Reference Property will be determined by reference to (a) in the case of Reference Property or part of Reference Property that is traded on a National Securities Exchange, the Applicable Stock Price of such security or common stock, (b) in the case of any other property other than cash, the value thereof as determined by two independent nationally recognized investment banks as of the effective date of the applicable Reference Property transaction and (c) in the case of cash, 100% of the amount thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Daily Settlement Amount</font></u><font size=2>&#148; means for each of the 20 consecutive Trading Days during the Cash Settlement Averaging Period (1) cash equal to $50, or if less, the Daily Conversion Value; and (2) to the extent the Daily Conversion Value exceeds $50, a number of shares equal to (A) the difference between the Daily Conversion Value and $50, </font><i><font size=2>divided</font></i><font size=2> by(B) the Applicable Stock Price of the Common Stock for such day.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Defaulted Interest</font></u><font size=2>&#148; means any interest on any Note that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Designated Institution</font></u><font size=2>&#148; shall have the meaning specified in Section 8.02(1).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Distributed Property</font></u><font size=2>&#148; shall have the meaning specified in Section 8.04(c).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Effective Date</font></u><font size=2>&#148; means, with respect to a Make-Whole Fundamental Change, a consolidation, merger, share exchange, sale of all or substantially all of the Company&#146;s assets or other similar transaction, the date on which such event or transaction becomes effective (or the date on which the Company reasonably believes such event or transaction becomes effective, if the Company is unable to ascertain the precise date in the case of a Fundamental Change as described in clause (a) of the definition of Fundamental Change).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Ex-Dividend Date</font></u><font size=2>&#148; means, with respect to any issuance, dividend or distribution in which the holders of Common Stock (or other security) have the right to receive any cash, securities or other property, the first date on which the shares of the Common Stock (or other security) trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Fundamental Change</font></u><font size=2>&#148; means the occurrence after the original issuance of the Notes of any of the following events:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a &#147;person&#148; or &#147;group&#148; within the meaning of Section 13(d)(3) of the Exchange Act becomes the direct or indirect &#147;beneficial owner,&#148; as defined in Rule 13d-3 under the Exchange Act, of shares of the Common Stock representing more than 50% of the voting power of the Common Stock entitled to vote generally in the election of directors and (i) files a Schedule 13D or Schedule TO or any other schedule, form or report under the Exchange Act disclosing such beneficial ownership or (ii) the Company otherwise becomes aware of any such person or group; </font><i><font size=2>provided </font></i><font size=2>that this clause (a) shall not apply to a transaction covered in clause (d) below, including any exception thereto; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Common Stock into which the Notes are then convertible ceases to be listed for trading on a National Securities Exchange; or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>4</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the first day on which a majority of the members of the board of directors of the Company does not consist of continuing directors; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company is a party to a consolidation, merger or binding share exchange, or any conveyance, transfer, sale, lease or other disposition in a single transaction or a series of transactions of all or substantially all of the Company&#146;s properties and assets other than any transaction:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of the Company&#146;s capital stock or pursuant to which holders of the Company&#146;s capital stock immediately prior to the transaction have the entitlement to exercise, directly or indirectly, 50% or more of the total voting power of all shares of capital stock entitled to vote generally in elections of directors of the continuing or surviving or successor Person (or any parent thereof) immediately after giving effect to such transaction; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that is effected solely for the purpose of changing the Company&#146;s jurisdiction of incorporation and resulting in a reclassification, conversion or exchange of outstanding shares of Common Stock, if at all, solely into shares of common stock of the surviving entity or a direct or indirect parent of the surviving corporation; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with any of the Company&#146;s wholly-owned subsidiaries, so long as such transaction is not part of a plan or a series of transactions designed to or having the effect of merging or consolidating with, or conveying, transferring, selling, leasing or disposing of all or substantially all of the Company&#146;s properties and assets to any other Person or Persons; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&#146;s shareholders approve any plan or proposal for the Company&#146;s liquidation or dissolution.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>For purposes of this Fundamental Change definition: (a) &#147;</font><u><font size=2>board of directors</font></u><font size=2>&#148; means the board of directors or other governing body charged with the ultimate management of any person; (b) &#147;</font><u><font size=2>continuing director</font></u><font size=2>&#148; means a director who either was a member of the Board of Directors of the Company on the date hereof, or who becomes a member of the Board of Directors subsequent to that date and whose initial election, appointment or nomination for election by the Company&#146;s shareholders is duly approved by a majority of the continuing directors on the Board of Directors of the Company at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the Company on behalf of the entire Board of Directors of the Company in which such individual is
named as a nominee for director; and (c) &#147;</font><u><font size=2>person</font></u><font size=2>&#148; includes any syndicate or group that would be deemed to be a &#147;person&#148; under Section 13(d)(3) of the Exchange Act.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Notwithstanding the foregoing, a Fundamental Change will be deemed not to have occurred if more than 90% of the consideration in the transaction or transactions (other than cash payments for fractional shares and cash payments made in respect of dissenters&#146; appraisal rights) which otherwise would constitute a Fundamental Change under clause (d) above consists of shares of common stock, depositary receipts or other certificates representing common equity </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>5</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>interests traded or to be traded immediately following such transaction on a National Securities Exchange and, as a result of the transaction or transactions, the Notes become convertible into such common stock, depositary receipts or other certificates representing common equity interests (and any rights attached thereto) and other applicable consideration.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Fundamental Change Company Notice</font></u><font size=2>&#148; shall have the meaning specified in Section 9.01(b).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Fundamental Change Expiration Time</font></u><font size=2>&#148; shall have the meaning specified in Section 9.01 (b).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Fundamental Change Repurchase Date</font></u><font size=2>&#148; shall have the meaning specified in Section 9.01(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Fundamental Change Repurchase Notice</font></u><font size=2>&#148; shall have the meaning specified in Section 9.01(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Fundamental Change Repurchase Price</font></u><font size=2>&#148; shall have the meaning specified in Section 9.01(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Global Note</font></u><font size=2>&#148; shall have the meaning specified in Section 2.05(b).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Indenture</font></u><font size=2>&#148; means the Original Indenture, as amended and supplemented by this Supplemental Indenture and, if further amended or supplemented as herein provided, as so amended or supplemented.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>interest</font></u><font size=2>&#148; means, when used with reference to the Notes, any interest payable under the terms of the Notes, including (unless context otherwise requires) Defaulted Interest, if any, and Additional Interest, if any.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Interest Payment Date</font></u><font size=2>&#148; means each June 15 and December 15 of each year, beginning on December 15, 2008.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Interest Record Date</font></u><font size=2>,&#148; with respect to any Interest Payment Date, shall mean the June 1 or December 1 (whether or not such day is a Business Day) immediately preceding the applicable June 15 or December 15 Interest Payment Date, respectively.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Last Reported Sale Price</font></u><font size=2>&#148; of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the last bid and ask prices or, if more than one in either case, the average of the last bid and the last ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is listed for trading.  If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, then the &#147;</font><u><font size=2>Last Reported Sale Price</font></u><font size=2>&#148; will be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization.  If the Common Stock
is not so quoted, the &#147;</font><u><font size=2>Last Reported Sale Price</font></u><font size=2>&#148; will be the average of the mid-point of the last bid and ask prices for the Common Stock on the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Make-Whole Fundamental Change</font></u><font size=2>&#148; means any transaction or event that constitutes a Fundamental Change as described in clause (a) or clause (d) of the definition of Fundamental Change.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Market Disruption Event</font></u><font size=2>&#148; means (a) a failure by the primary exchange or quotation system on which the Common Stock trades or is quoted to open for trading during its regular trading session or (b) the occurrence or existence on any Trading Day for the Common Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts relating to the Common Stock for an aggregate period in excess of one half hour.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Maturity Date</font></u><font size=2>&#148; means June 15, 2013.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Merger Event</font></u><font size=2>&#148; shall have the meaning specified in Section 8.06.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>National Securities Exchange</font></u><font size=2>&#148; means the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or another U.S. national securities exchange.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Noteholder</font></u><font size=2>&#148; or &#147;</font><u><font size=2>holder</font></u><font size=2>,&#148; as applied to any Note, or other similar terms (but excluding the term &#147;beneficial holder&#148;), shall mean any person in whose name at the time a particular Note is registered on the Note Register.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Note Register</font></u><font size=2>&#148; shall have the meaning specified in Section 2.05(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Note Registrar</font></u><font size=2>&#148; shall have the meaning specified in Section 2.05(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Notice of Conversion</font></u><font size=2>&#148; shall have the meaning specified in Section 8.02(b).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>open of business</font></u><font size=2>&#148; means 9:00 a.m.  (New York City time).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Original Indenture</font></u><font size=2>&#148; means the indenture for Debt Securities dated as of June 24, 2008 by and between the Company and the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Paying Agent</font></u><font size=2>&#148; shall have the meaning specified in Section 3.02.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Preferred Stock</font></u><font size=2>&#148;, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Record Date</font></u><font size=2>&#148; shall have the meaning specified in Section 8.04(f).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>7</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Reference Property</font></u><font size=2>&#148; shall have the meaning specified in Section 8.06(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Scheduled Trading Day</font></u><font size=2>&#148; means any day that is scheduled to be a Trading Day.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Settlement Amount</font></u><font size=2>&#148; shall have the meaning specified in Section 8.02.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Significant Subsidiary</font></u><font size=2>&#148; shall mean any Subsidiary of the Company that is a &#147;significant subsidiary&#148; (as defined in Regulation S-X under the Exchange Act) and in addition, shall include any group of Subsidiaries of the Company that in the aggregate would constitute a &#147;significant subsidiary&#148; (as defined in Regulation S-X under the Exchange Act).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Spin-Off</font></u><font size=2>&#148; shall have the meaning specified in Section 8.04(c).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Stock Price</font></u><font size=2>&#148; means (a) in the case of a Make-Whole Fundamental Change in which holders of Common Stock receive solely cash consideration in connection with such Make-Whole Fundamental Change, the amount of cash paid per share of the Common Stock and (b) in the case of all other Make-Whole Fundamental Changes, the average of the Last Reported Sale Prices per share of Common Stock over the period of ten consecutive Trading Days ending on the Trading Day immediately preceding the Effective Date of such Make-Whole Fundamental Change.  The Board of Directors may make appropriate adjustments, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, during such ten consecutive Trading Days.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Tax Original Issue Discount</font></u><font size=2>&#148; means the amount of ordinary interest income on a Note that must be accrued as original issue discount for U.S. federal income tax purposes pursuant to Treasury regulation Section 1.1275-4 or any successor thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Trading Day</font></u><font size=2>&#148; means a day during which trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange or quotation system on which the Common Stock is listed for trading and during which there is no Market Disruption Event; </font><i><font size=2>provided </font></i><font size=2>that if the Common Stock is not listed for trading on a U.S.  national or regional securities exchange or quotation system, &#147;</font><u><font size=2>Trading Day</font></u><font size=2>&#148; will mean a Business Day.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Trading Price</font></u><font size=2>&#148; with respect to the Notes, on any date of determination means the average of the secondary market bid quotations per Note obtained by the Bid Solicitation Agent for $5.0 million principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers selected by the Company; </font><i><font size=2>provided </font></i><font size=2>that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent, but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Trustee</font></u><font size=2>&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this Supplemental Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Supplemental Indenture, and thereafter &#147;Trustee&#148; shall mean or include each Person who is then a Trustee hereunder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>8</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE II</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc5"></a>ISSUE, DESCRIPTION, EXECUTION, REGISTRATION </font></b></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>AND EXCHANGE OF NOTES </font></B></U><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 2.01&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Designation and Amount: Ranking</font></u><font size=2>.  The Notes shall be designated as the &#147;3.0% Convertible Senior Notes due 2013.&#148;  The aggregate principal amount of Notes that may be authenticated and delivered under this Supplemental Indenture is initially limited to $316,250,000, subject to Section 2.07 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section 2.05, Section 2.07, Section 8.02, Section 9.03 hereof and Section 3.6 of the Original Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 2.02&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Form of Notes</font></u><font size=2>.  The Notes and the Trustee&#146;s Certificate of Authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, which are incorporated in and made a part of this Supplemental Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Global Note shall represent such principal amount of the Outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, conversions, transfers or exchanges permitted hereby.  Any endorsement of the Global Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the holder of such Notes in accordance with this Supplemental Indenture.  Payment of principal, accrued and unpaid interest, premium, if any (including any Fundamental Change Repurchase Price)
and conversion proceeds, if any, on the Global Note shall be made to or upon the order of the holder of such Note on the date of payment, unless a record date or other means of determining holders eligible to receive payment is provided for herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 2.03&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Date and Denomination of Notes; Payments of Interest.</font></u><font size=2>  The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof.  Each Note shall be dated the date of its authentication and shall bear </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>9</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>interest from the date specified on the face of the form of Note attached as Exhibit A hereto.  Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Person in whose name any Note (or its predecessor security) is registered on the Note Register at the close of business on any Interest Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date.  Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes in the United States, which shall initially be the office of the Paying Agent at The Bank of New York Trust Company, N.A., 2 N.  LaSalle Street, Suite 1020, Chicago, IL 60602, Attention: Corporate Trust Administration.  The Company shall pay interest (a) on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Note Register (or upon written application by such Person to the Trustee and Paying Agent (if different from the Trustee) not later than the
relevant Interest Record Date, by wire transfer in immediately available funds to such Person&#146;s account within the United States, if such Person is entitled to interest on an aggregate principal in excess of $1,000,000, which application shall remain in effect until the Noteholder notifies the Trustee and Paying Agent to the contrary) or (b) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 2.04&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Payments of Additional Interest</font></u><font size=2>.  If required by Section 4.02, each Note shall bear Additional Interest in the manner set forth herein.  Whenever in this Supplemental Indenture there is mentioned, in any context, the payment of the principal of, premium, if any, or interest on, or in respect of, any Note, such mention shall be deemed to include mention of the payment of &#147;Additional Interest&#148; provided for in Section 4.02 to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof and express mention of the payment of Additional Interest (if applicable) in any provisions hereof shall not be construed as excluding Additional Interest in those provisions hereof where such express mention is not made.</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="584" style='border-collapse:collapse; '>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="96" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>Section 2.05</font></p> </td>
        <td width="440" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><u><font size=2>Exchange and Registration of Transfer of Notes; Depositary</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause to be kept at the corporate trust office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 3.02 being herein sometimes collectively referred to as the &#147;</font><u><font size=2>Note Register</font></u><font size=2>,&#148; which Note Register shall constitute a Security Register (as such term is defined in the Original Indenture) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes.  Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time.  The Trustee is hereby appointed &#147;</font><u><font size=2>Note Registrar</font></u><font size=2>&#148; and shall constitute a
Security Registrar (as such term is defined in the Original Indenture) for the purpose of registering Notes and transfers of Notes as herein provided.  The Company may appoint one or more co-registrars in accordance with Section 3.02.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 3.02.  Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>10</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>deliver, the Notes that the Noteholder making the exchange is entitled to receive, bearing registration numbers not contemporaneously Outstanding.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>None of the Company, the Trustee, the Note Registrar or any co-registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 9 hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>All Notes issued upon any registration of transfer or exchange of Notes in accordance with this Supplemental Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Supplemental Indenture as the Notes surrendered upon such registration of transfer or exchange.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, all Notes shall be represented by one or more Notes in global form (each, a &#147;</font><u><font size=2>Global Note</font></u><font size=2>&#148;) registered in the name of the Depositary or the nominee of the Depositary.  The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a definitive Note, shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Supplemental Indenture and the procedures of the Depositary therefor.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Notwithstanding any other provisions of the Indenture (other than the provisions set forth in this Section 2.05(b)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section 2.05.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Depositary shall be a clearing agency registered under the Exchange Act.  The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Note.  Initially, the Global Note shall be issued to the Depositary, registered in the name of Cede &amp; Co., as the nominee of the Depositary, and deposited with the Trustee as Custodian for the Depositary.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 calendar days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 calendar days or (iii) an Event of Default in respect of the Notes has occurred and is continuing, and any Noteholder has requested that the Notes be issued in definitive form in exchange for a Global Note, the Company will execute, and the Trustee, upon receipt of an Officers&#146; Certificate and a Company Order for the authentication and delivery of Notes, will authenticate and deliver Notes in definitive form to each person that the Depositary identifies as a beneficial owner of the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>11</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>related Notes (or a portion thereof) in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, and upon delivery of the Global Note to the Trustee such Global Note shall be canceled.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Definitive Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(b) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  Upon execution and authentication, the Trustee shall deliver such definitive Notes to the Persons in whose names such definitive Notes are so registered.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>At such time as all interests in a Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the Custodian, At any time prior to such cancellation, if any interest in a Global Note is exchanged for definitive Notes, converted, canceled, repurchased or transferred to a transferee who receives definitive Notes therefor or any definitive Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of
the Trustee, to reflect such reduction or increase.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>None of the Company, the Trustee, nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 2.06&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>CUSP Numbers</font></u><font size=2>.  The Company in issuing the Notes may use &#147;CUSIP&#148; numbers (if then generally in use), and, if so, the Trustee shall use &#147;CUSP&#148; numbers in all notices issued to Noteholders as a convenience to holders of the Notes; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes.  The Company will promptly notify the Trustee in writing of any change in the &#147;CUSIP&#148; numbers.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 2.07&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Additional Notes; Repurchases</font></u><font size=2>.  The Company may, without the consent of the Noteholders and notwithstanding Section 2.01, reopen this Supplemental Indenture and issue additional Notes hereunder with the same terms and with the same CUSP number as the Notes initially issued hereunder in an unlimited aggregate principal amount, which will form the same series with the Notes initially issued hereunder; </font><i><font size=2>provided </font></i><font size=2>that no such additional Notes will be treated as part of the same series as the Notes unless such additional Notes will be part of the same issue as the Notes initially issued hereunder for U.S. federal income tax purposes.  Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officers&#146;
Certificate and an Opinion of Counsel, such Officers&#146; Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 1.2 of the Original Indenture, as the Trustee shall reasonably request.  The Company may also from time to </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>12</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>time repurchase the Notes in open market purchases or negotiated transactions without prior notice to Noteholders.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 2.08&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Provisions of the Indenture and Notes for the Sole Benefit of the Parties and the Holders</font></u><font size=2>.  Nothing in this Indenture or in the Notes, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto, the Holders or any Note Registrar, paying agent, or conversion agent, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all its covenants, conditions and provisions being for the sole benefit of the parties hereto, the Holders and any Note Registrar, paying agent, and conversion agent.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE III</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc14"></a>PARTICULAR COVENANTS OF THE COMPANY</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.01&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Payment of Principal, Premium and Interest</font></u><font size=2>.  The Company covenants and agrees that it will cause to be paid the principal of and premium, if any (including the Fundamental Change Repurchase Price), and accrued and unpaid interest on each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.  Each installment of interest on the Notes, may be paid by mailing checks for the amount payable to Noteholders entitled thereto as they shall appear on the registry books of the Company; </font><i><font size=2>provided </font></i><font size=2>that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at the application of such holder in writing to the Trustee and Paying Agent (if different from the Trustee) not later than the relevant
Interest Record Date, interest on such holder&#146;s Notes shall be paid by wire transfer in immediately available funds to such holder&#146;s account in the United States, which application shall remain in effect until the Noteholder notifies the Trustee and Paying Agent to the contrary; </font><i><font size=2>provided further</font></i><font size=2> that payment of interest made to the Depositary shall be paid by wire transfer in immediately available funds in accordance with such wire transfer instructions and other procedures provided by the Depositary from time to time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Maintenance of Office or Agency</font></u><font size=2>.  The Company will maintain in the United States, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (&#147;</font><u><font size=2>Paying Agent</font></u><font size=2>&#148;) or for conversion (&#147;</font><u><font size=2>Conversion Agent</font></u><font size=2>&#148;) and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served.  The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the corporate trust office or the office or agency of the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Company may also from time to time designate as co-registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; </font><i><font size=2>provided </font></i><font size=2>that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the United States, for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>13</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>other office or agency.  The terms &#147;Paying Agent&#148; and &#147;Conversion Agent&#148; include any such additional or other offices or agencies, as applicable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the corporate trust office and the office or agency of the Trustee each shall be considered as one such office or agency of the Company for each of the aforesaid purposes.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.03&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Existence</font></u><font size=2>.  Except as permitted by Section 7.01, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.  For purposes of the Notes, this Section 3.03 supersedes and replaces Section 10.5 of the Original Indenture in its entirety.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.04&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Stay, Extension and Usury Laws</font></u><font size=2>.  The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of the Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.05&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Compliance Certificate; Statements as to Defaults</font></u><font size=2>.  The Company shall deliver to the Trustee within 120 calendar days after the end of each fiscal year of the Company (beginning with the fiscal year ending on June 30, 2009) an Officers&#146; Certificate stating whether or not each signer thereof has knowledge of any failure by the Company to comply in all material respects with all conditions and covenants then required to be performed under the Indenture and, if so, specifying each such failure and the nature thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In addition, the Company shall deliver to the Trustee, as soon as possible and in any event within 30 calendar days after the Company becomes aware of the occurrence of any Event of Default or Default, an Officers&#146; Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company proposes to take with respect thereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.06&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Additional Interest</font></u><font size=2>.  If Additional Interest is payable by the Company, the Company shall deliver to the Trustee an Officers&#146; Certificate to that effect stating (a) the amount of such Additional Interest that is payable and (b) the date on which such interest is payable.  Unless and until a responsible officer of the Trustee receives at the corporate trust office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.07&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Further Instruments and Acts</font></u><font size=2>.  Upon request of the Trustee or as necessary, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>14</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 3.08&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Reporting Obligations</font></u><font size=2>.  (a) The Company shall provide the Trustee with a copy of the reports the Company must file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act no later than 15 calendar days after those reports are filed with the Commission.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also shall comply with the other provisions of Section 3 14(a) of the Trust Indenture Act.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Notes, the provisions of this Section 3.08 supersede and replace in their entirety the provisions of Section 7.4 of the Original Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE IV</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2><a name="toc23"></a>DEFAULTS AND REMEDIES</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 4.01&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Events of Default</font></u><font size=2>.  In replacement of those Events of Default set forth in Section 5.1 of the Original Indenture, the following events shall be the only Events of Default with respect to the Notes:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of the principal of the Notes when the same shall become due and payable, whether at maturity or otherwise; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure by the Company to pay the cash and issue the shares (if any) owing upon conversion of any Note (including any Additional Shares) within the time period required under Article VIII; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure to pay any interest amounts on any Note when due if such failure continues for 30 days;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure by the Company to comply with its obligations upon consolidation, merger, or convey, transfer or lease of all or substantially all of the Company&#146;s properties and assets as required under Article VII; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure by the Company to issue a Fundamental Change Company Notice when such notice becomes due in accordance with Section 9.01(b); or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure by the Company to comply with its obligations to repurchase the Notes as required under Article IX; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company in this Indenture applicable to the Notes (other than a covenant or agreement, the default in the performance of which is elsewhere in this Section specifically dealt with), but other than a covenant included in the Indenture solely for the benefit of a different series of the Company&#146;s debt securities, which failure to comply continues for a period of 90 days after the date on which written notice stating that it is a &#147;Notice of Default,&#148; specifying such failure and requiring the Company to remedy the same shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>15</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Trustee by the Holders of at least 25% in aggregate principal amount of the Notes at the time Outstanding; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any indebtedness for borrowed money of the Company or one of the Company&#146;s Significant Subsidiaries in an outstanding principal amount in excess of $20 million is not paid within any applicable grace period after final maturity or is accelerated by the holders thereof because of a default, and such indebtedness is not discharged, and such default remains uncured or such acceleration is not rescinded within 60 days after the date on which written notice stating that it is a &#147;Notice of Default,&#148; specifying such failure and requiring the Company to remedy the same shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes at the time Outstanding; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure by the Company or one of the Company&#146;s Significant Subsidiaries to pay, discharge or stay one or more final and non-appealable judgments entered by a court or courts of competent jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $50 million, within 60 days after the date on which written notice stating that it is a &#147;Notice of Default,&#148; specifying such failure and requiring the Company to remedy the same shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes at the time Outstanding; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or any of its Significant Subsidiaries in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company or any of its Significant Subsidiaries a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any of its Significant Subsidiaries under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any of its Significant Subsidiaries or of any substantial part of its property, or ordering the winding up
or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the commencement by the Company or any of its Significant Subsidiaries of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company or any of its Significant Subsidiaries in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or any of its Significant Subsidiaries, or the filing by the Company or any of its Significant Subsidiaries of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law,
or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any of its Significant Subsidiaries or of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>16</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>any substantial part of its property, or the making by the Company or any of its Significant Subsidiaries of an assignment for the benefit of creditors, or the admission by the Company or any of its Significant Subsidiaries in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any of its Significant Subsidiaries in furtherance of any such action.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 4.02&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Sole Remedy for Failure to Report</font></u><font size=2>.  Notwithstanding any other provision of the Indenture, if the Company so elects, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations under Section 3.08 will, for the period beginning on the 91st calendar day and ending on the 180th day after the written notice of the occurrence of such failure to report from the Trustee or holders of 25% of the Outstanding principal amount of the Notes, consist exclusively of the right to receive additional interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes and, if the Company so elects, for the period beginning on the 181st calendar day and ending on the 360th day after the written notice of the occurrence of such failure to report from the
Trustee or holders of 25% of the Outstanding principal amount of the Notes, consist exclusively of the right to receive additional interest on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes (the &#147;</font><u><font size=2>Additional Interest</font></u><font size=2>&#148;).  This Additional Interest will be payable in the same manner and on the same dates as the stated interest payable on the Notes.  If the Company so elects, this Additional Interest will accrue on all Outstanding Notes from and including the 91st day following the date of such written notice of the failure to comply with Section 3.08 to but not including the date on which the Event of Default relating to the reporting obligations as set forth in Section 3.08 shall have been cured or waived.  On the 270th calendar day after the Commencement of such Additional Interest (if such violation is not cured or waived prior to such 270th calendar day), the Notes will be subject to
acceleration as provided in Section 5.2 of the Original Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In order to exercise the extension right and elect to pay the Additional Interest as the sole remedy following the occurrence of any Event of Default relating to the failure to comply with Section 3.08 in accordance with the preceding paragraph, the Company must notify all Noteholders and the Trustee and Paying Agent of such election prior to the close of business on the 91st calendar day after the written notice to the Company of such failure to report (or, if such date is not a Business Day, on the first Business Day thereafter).  Upon the Company&#146;s failure to timely give such notice, the Notes will be subject to acceleration as provided in Section 5.2 of the Original Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>For the avoidance of doubt, the provisions of this Section 4.02 will not affect the rights of Noteholders in the event of the occurrence of any other Event of Default.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE V</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2><a name="toc26"></a>[</font></b><U><B><font SIZE=2>RESERVED</font></B></U><b><font size=2>]</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE VI</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc27"></a>MODIFICATIONS AND AMENDMENTS</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>17</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Modifications and Amendments Without Consent of Noteholders</font></u><font size=2>.  In addition to the matters described in Section 9.1 of the Original Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture, supplemental indenture or amendment to this Supplemental Indenture (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Noteholders:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity, omission, defect or inconsistency in the Indenture or conform the terms of the Indenture to the &#147;Description of the Notes&#148; in the Prospectus Supplement dated June 18, 2008; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to provide for succession as contemplated in Article VII hereof and Article 8 of the Original Indenture; or</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="561" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(c)</font></p> </td>
        <td width="417" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>that does not adversely affect the rights of any Holder; or</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2> (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act as then in effect; or</font></p>

<p style=' margin-bottom:12.25pt; margin-top:12pt; text-indent:0.93in;text-align:left;'><font size=2>Any indenture, supplemental indenture or amendment to this Supplemental Indenture authorized by the provisions of this Section 6.01 may be executed by the Company and the Trustee without the consent of the holders of any of the Outstanding Notes, notwithstanding any of the provisions of Section 6.02 hereof or Section 9.2 of the Original Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 6.02&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Modifications and Amendments With Consent of Noteholders</font></u><font size=2>.  With the consent (evidenced as provided in Section 1.4 of the Original Indenture or in accordance with the procedures of the Depositary) of the holders of at least a majority of Outstanding principal amount of the Notes (determined in accordance with Section 1.4 of the Original Indenture and including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), the Company, when authorized by a Board Resolution and the Trustee, at the Company&#146;s expense, may from time to time enter into an indenture, supplemental indenture or amendment to this Supplemental Indenture or the Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Supplemental Indenture or any supplemental indenture or of modifying in any manner the rights of the holders of the Notes; </font><i><font size=2>provided, however</font></i><font size=2>, that in addition to the matters described in the proviso to Section 9.2 of the Original Indenture, with respect to the Notes, no such amendment shall, without the consent of each Noteholder affected hereby:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make any change that impairs or adversely affects the conversion rights of any Notes;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce any amount payable upon repurchase of any Note (including the Fundamental Repurchase Price) or change the time at which or circumstances under which the Notes may or shall be repurchased; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the holders of the Notes the Company&#146;s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>18</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the ranking of the Notes within the Company&#146;s Indebtedness; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impair the right of a Noteholder of the Notes to receive payment of principal of and interest on such Noteholder&#146;s Notes on or after the due dates therefor; or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify any of the provisions of this Section which require each Noteholder&#146;s consent or provision in the Indenture that require waiver by the Noteholders.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 6.03&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Amendment Notification</font></u><font size=2>.  Upon the effectiveness of any amendment to this Supplemental Indenture or the Notes, the Company will deliver (or cause the Trustee to deliver) to the holders of Notes a notice briefly describing such amendment, provided, that the failure to deliver such notice to all of the holders of Notes, or any defect in such notice, will not impair or otherwise affect the validity of such amendment.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE VII</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc31"></a>CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 7.01&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Company May Consolidate, Etc. on Certain Terms</font></u><font size=2>.  Notwithstanding anything to the contrary in Section 8.1 of the Original Indenture, which Section is hereby superseded and replaced in its entirety by this Section 7.01 for purposes of the Notes, the Company shall not consolidate with or merge into any other Person or convey, transfer or lease all or substantially all of the Company&#146;s properties and assets to any successor Person in a single transaction or series of transactions, unless:</font></p>


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        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(a)</font></p> </td>
        <td width="60" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>either:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the resulting, continuing, surviving or transferee Person is the Company;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>or</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the resulting, continuing, surviving or transferee Person, if other than the Company, is organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company under the Notes and the Indenture;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has delivered to the Trustee an Officers&#146; Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Section 7.01 and that all conditions precedent herein provided for relating to such transaction have been complied with; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>19</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company has satisfied any other applicable conditions in the Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Any reference in the Original Indenture to Section 8.1 therein shall, for the Notes, be deemed a reference to this Section 7.01.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE VIII</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2><a name="toc33"></a>CONVERSION OF NOTES</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 8.01&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Right to Convert</font></u><font size=2>.  (a) Subject to the provisions of this Article VIII, on or prior to the close of business on the Business Day immediately preceding the Maturity Date, each Noteholder shall have the right, at such holder&#146;s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such holder&#146;s Note into cash, and, if applicable, Common Stock based on the Conversion Rate, unless such Notes have been previously repurchased or are subject to a Fundamental Change Repurchase Notice that has not been validly withdrawn.  The obligation of the Company to convert the Notes is referred to as the &#147;</font><u><font size=2>Conversion Obligation</font></u><font size=2>.&#148; If a Noteholder has exercised its right to require the
Company to repurchase its Notes under Article 9, such Noteholder may convert its Notes only if it withdraws its notice and converts its Notes before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date.  The delivery to the Noteholder of the Settlement Amount together with any cash payment for such holder&#146;s fractional shares, will be deemed to satisfy the Company&#146;s obligation to pay the principal amount of the Notes and to satisfy the Company&#146;s obligation to pay accrued and unpaid interest through the Conversion Date, except as provided in Section 8.02(i).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Prior to March 15, 2013, the Notes are convertible only in the circumstances described below in clauses (i)-(iii).  On or after March 15, 2013, a Noteholder may surrender Notes for conversion at any time prior to the close of business on the Business Day preceding the Maturity Date without regard to such conditions.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Conversion Upon Satisfaction of Common Stock Price Condition</font></i><font size=2>.  Notes may be converted during any calendar quarter commencing after June 30, 2008, and only during such quarter, if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days during the period of 30 consecutive Trading Days ending on the last Trading Day of the calendar quarter immediately preceding such calendar quarter (appropriately adjusted to take into account the occurrence, during such 30 consecutive Trading Days, of any event requiring adjustment of the Conversion Price under this Indenture) is more than 130% of the Conversion Price on such 30th Trading Day.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font size=2>Conversion Upon Satisfaction of Trading Price Condition.</font></i><font size=2>  Notes may be converted during the five consecutive Business Days after any ten consecutive Trading Days on which the Trading Price of $1,000 principal amount of Notes, as determined by the Bid Solicitation Agent following a request by a Noteholder in accordance with the procedures described below in Section 8.01(c), for each Trading Day of such ten Trading Days was less than 97% of the product of the Last Reported Sale Price of the Common Stock for such Trading Day and the Conversion Rate.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>20</font></p>
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            <p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(iii)</font></p> </td>
        <td width="357" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><i><font size=2>Conversion Upon Specified Corporate Transactions</font></i><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12.25pt; margin-top:0pt; margin-left:0.48in; text-indent:0.99in;text-align:left;'><font size=2>A Note may be converted during the applicable time period specified below if:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1.5in;text-align:left;'><font size=2>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company makes a distribution to all or substantially all holders of Common Stock of rights, warrants or options entitling them (for a period commencing no earlier than the date of distribution and expiring not more than 45 calendar days after the Record Date of the distribution) to subscribe for or purchase shares of Common Stock at a price per share less than the average Last Reported Sale Prices of the Common Stock for the 10 Trading Days immediately preceding the date such distribution was first publicly announced;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1.5in;text-align:left;'><font size=2>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company makes a distribution to all or substantially all holders of Common Stock, of cash or other assets, debt securities, or rights or warrants to purchase the Company&#146;s securities (other than those referred to above), where the fair market value of such distribution per share of Common Stock (as determined by the Board of Directors, whose determination shall be conclusive evidence of such fair market value) exceeds 10% of the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the date such distribution was first publicly announced;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1.5in;text-align:left;'><font size=2>(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company is party to a consolidation, merger, share exchange, sale of all or substantially all of its assets or other similar transaction (in each case other than with one of the Company&#146;s wholly-owned Subsidiaries), in each case pursuant to which the Common Stock would be converted into (or holders of Common Stock would be entitled to receive) cash, securities or other property; or</font></p>


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        <td width="192" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(D)</font></p> </td>
        <td width="305" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>a Make-Whole Fundamental Change occurs.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In the event of a distribution described in Sections 8.0l(a)(iii)(A) and (B), the Company shall cause a written notice of such distribution to be given to the Trustee and the Conversion Agent and to be mailed to each Noteholder no later than 20 Trading Days prior to the Ex-Dividend Date for such distribution.  Once the Company has given such notice, Noteholders may surrender their Notes for conversion at any time thereafter until the earlier of the close of business on the Business Day immediately preceding the Ex-Dividend Date or the Company&#146;s announcement that such distribution will not take place.  If such distribution does not occur as anticipated, the Company will issue a press release and notify the holders who have elected to convert their Notes promptly after the Company determines that such transaction will not occur and each such holder may elect to withdraw any then pending
election to convert by a written notice of withdrawal delivered to the Conversion Agent within 10 Business Days (or longer period if required by law) after the Company makes such announcement.  In such event, the Noteholders who do not make such a withdrawal election will receive the applicable Settlement Amount with respect to Notes surrendered for conversion three Trading Days following the later of (i) the end of the applicable Cash Settlement Averaging Period or (ii) the expiration of the 10 Business Day (or longer period if required by law) withdrawal period referred to above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>21</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In the event of a transaction described in Section 8.01(a)(iii)(C), the Company shall cause a written notice of such transaction to be given to the Trustee and the Conversion Agent and to each Noteholder no later than the date on which such transaction becomes effective.  Once the Company has given such notice, Noteholders may surrender their Notes for conversion at any time from and including the Effective Date of such transaction until and including the date that is 30 calendar days after the Effective Date of such transaction.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In the event of a Make-Whole Fundamental Change, the Company shall give notice to the Trustee, the Conversion Agent and the Noteholders in accordance with the provisions of Section 8.03(d).  Once the Company has given such notice, Noteholders may surrender their Notes for conversion at any time from and including the Effective Date of such transaction (or 15 Trading Days prior to the date the Company has announced as the anticipated Effective Date of the Make-Whole Fundamental Change if such event constitutes a Fundamental Change as described under clause (d) of the definition of Fundamental Change) until and including the date that is 30 calendar days after the Effective Date of such transaction; </font><i><font size=2>provided</font></i><font size=2>, </font><i><font size=2>however</font></i><font size=2>, the Company will have no obligation to deliver any Settlement Amount in respect of
any such conversion prior to the Effective Date of such Make-mole Fundamental Change.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In the case of an event constituting a Fundamental Change as described under clause (d) of the definition of Fundamental Change, if the Company determines that such transaction will not occur on substantially the terms anticipated, the Company will not be obligated to increase the Conversion Rate pursuant to Section 8.03, regardless of the fact that holders may have elected to convert Notes in anticipation of the Effective Date of such event and the Company will issue a press release and notify the holders who have elected to convert their Notes promptly after the Company determines that such transaction will not occur and each such holder may elect to withdraw any then pending election to convert by a written notice of withdrawal delivered to the Conversion Agent within 10 Business Days (or longer period if required by law) after the Company makes such announcement.  In such event, the
Noteholders who do not make such a withdrawal election will receive the applicable Settlement Amount with respect to Notes surrendered for conversion three Trading Days following the later of (i) the end of the applicable Cash Settlement Averaging Period or (ii) the expiration of the 10 Business Day (or longer period if required by law) withdrawal period referred to above.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each quarter of the Company commencing prior to March 15, 2013, the Company shall determine, on the first Business Day following the last Trading Day of the immediately preceding quarter, whether the Notes are convertible pursuant to clause (i) of Section 8.01(a).  If the conditions set forth in clause (i) of Section 8.01(a) have been met, the Company shall so notify the Trustee and mail to each Noteholder a written notice.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bid Solicitation Agent shall have no obligation to determine the Trading Price of the Notes pursuant to clause (ii) of Section 8.01(a) unless the Company has requested such determination in writing; and the Company shall have no obligation to make such request unless a Noteholder properly makes such a request in writing to the Company and provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on a recent date on or prior to the date of such request would be less than 97% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate then in effect on such date.  If a Noteholder provides such evidence or if the Company otherwise </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>22</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>elects to require such determination, the Company shall instruct the Bid Solicitation Agent to determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price of the Notes is greater than or equal to 97% of the product of the Last Reported Sale price of the Common Stock and the Conversion Rate on such date.  The Bid Solicitation Agent shall promptly notify the Company of its determination on each such day.  If the condition set forth in clause (ii) of Section 8.01(a) has been met, the Company shall so notify the Noteholders.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of close (ii) of Section 8.01(a), if the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5.0 million principal amount of Notes from an independent nationally recognized securities dealer on a Trading Day, then the Trading Price of Notes will be deemed to be less than 97% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for such Trading Day.</font></p>


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        <td width="96" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>Section 8.02</font></p> </td>
        <td width="380" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><u><font size=2>Conversion Procedure; Payment Upon Conversion</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to this Section 8.02, the Company will satisfy the Conversion Obligation with respect to each $1,000 principal amount of Notes surrendered for conversion in cash and shares of fully paid Common Stock, if applicable, by delivering a &#147;</font><u><font size=2>Settlement Amount</font></u><font size=2>&#148; equal to the sum of the Daily Settlement Amounts for each of the 20 consecutive Trading Days during the applicable Cash Settlement Averaging Period.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Except as otherwise provided herein, the Company shall deliver the Settlement Amount to the Noteholders who have surrendered Notes for conversion on the third Business Day immediately following the last day of the Cash Settlement Averaging Period in respect of such Notes; </font><i><font size=2>provided </font></i><font size=2>that, in the event of Reference Property which consists entirely of assets under clauses (b) and (c) of the definition of Daily Conversion Value, the Company shall pay the Settlement Amount as promptly as practicable, but in no event later than the third Business Day after the date of determination of the value of such consideration, provided</font><i><font size=2> </font></i><font size=2>that no payment will be made prior to the occurrence of the applicable Reference Property transaction.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The (i) Conversion Rate, (ii) cash component of the Settlement Amount, (iii) number of full shares of Common Stock, if any, to be delivered, and (iv) cash deliverable in lieu of fractional shares pursuant to Section 8.02(k), if any, shall be determined by the Company promptly following the last day of the Cash Settlement Averaging Period.  Promptly after such determination, the Company shall provide written notice to the Trustee and the Conversion Agent of such determination.  The Trustee and the Conversion Agent shall have no responsibility for any such determination.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before any holder of a Note shall be entitled to convert the same as set forth above, such holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such holder is not entitled as set forth in Section 8.02(i) and, if required, all transfer or similar taxes, if any, as set forth Section 8.02(f) and (ii) in the case of a Note issued in certificated form, (1) complete and manually sign and deliver an irrevocable notice to the Conversion Agent in the form on the reverse of such certificated Note (or a facsimile thereof) (Exhibit B hereto) (a &#147;</font><b><font size=2>Notice of Conversion</font></b><font size=2>&#148;) at the office of the Conversion </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>23</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Agent and shall state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such holder wishes the certificate or certificates for the shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank, at the office of the Conversion Agent, (3) if required, pay funds equal to interest payable on the next Interest Payment Date to which such holder is not entitled as set forth in Section 8.02(i), (4) if required, furnish appropriate endorsements and transfer documents, and (5) if required, pay all transfer or similar taxes, if any, as set forth in Section 8.02(f).  The Trustee (and if different, the relevant Conversion Agent) shall notify the Company of any conversion pursuant to this Article 8 on the date of such conversion.  No Notice of Conversion
with respect to any Notes may be surrendered by a holder thereof if such holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and not validly withdrawn such Fundamental Change Repurchase Notice, as the case may be, in accordance with Section 9.02.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>If more than one Note shall be surrendered for conversion at one time by the same holder, the Conversion Obligation with respect to such Notes, if any, that shall be payable upon conversion shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon effectiveness of corporate transactions specified in Section 8.06, the Company will settle conversion with respect to such transactions as described above (based on the Conversion Rate as increased by the Additional Shares (if any) as set forth in Section 8.03, as applicable) on the later to occur of (i) the third Trading Day immediately following the Effective Date of the transaction and (ii) the third Trading Day following the last day of the applicable Cash Settlement Averaging Period.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Note shall be deemed to have been converted immediately prior to the close of business on the date that the holder has complied with the requirements set forth in Section 8.02(b) above (the &#147;</font><u><font size=2>Conversion Date</font></u><font size=2>&#148;).  The payment of cash and delivery of shares of Common Stock, if any, and the payment of cash, if any, in lieu of fractional shares, pursuant to Section 8.02(a) in satisfaction of the Conversion Obligation shall be made by the Company in no event later than the date specified in Section 8.02(a) or 8.02(c) or elsewhere in this Supplemental Indenture by (i) payment of the cash comprising a portion of the Settlement Amount (including amounts of cash in lieu of the issuance of any fractional shares, if any), and (ii) by issuing or causing to be issued, and delivering to the Conversion
Agent or to such holder, or such holder&#146;s nominee or nominees, certificates or a book-entry transfer through the Depositary for the number of full shares of Common Stock, if any, to which such holder shall be entitled as part of such Conversion Obligation.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the holder of the Note so surrendered, without charge to such holder, a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, provided, that the Company and the Trustee may refuse to deliver such new Note or Notes in a name other than the surrendering Noteholder&#146;s name until the Trustee receives a sum sufficient to pay any tax, assessments or other governmental charges that may be </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>24</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>imposed in connection therewith as a result of the name of the Noteholder of the new Notes issued being different from the name of the Noteholder of the old Notes surrendered.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a holder submits a Note for conversion, the Company shall pay all documentary, stamp or similar issue or transfer tax, if any, that may be imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of shares of Common Stock, upon the conversion.  However, the holder shall pay any such tax that is due because the holder requests any such shares of Common Stock to be issued in a name other than the holder&#146;s name.  The Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the holder&#146;s name until the Trustee receives a sum sufficient to pay any tax that will be due because the shares are to be issued in a name other than the holder&#146;s name.  Nothing herein shall preclude any tax
withholding required by law or regulations.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 8.04, no adjustment shall be made for dividends on any shares issued upon the conversion of any Note as provided in this Article.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby.  The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Notes are converted after the close of business on an Interest Record Date but prior to the open of business on the immediately following Interest Payment Date, holders of such Notes as of the close of business on the Interest Record Date will receive the interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion.  Notes, upon surrender for conversion during the period from the close of business on any Interest Record Date but prior to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of the interest payable on the Notes so converted; </font><i><font size=2>provided</font></i><font size=2>, however ,that no such payment shall be required (1)to the extent of any overdue interest, if any, existing at the time of conversion
with respect to such Note or (2) if the Notes are surrendered for conversion after the close of business on the Interest Record Date immediately preceding the Maturity Date and before the close of business on the Business Day immediately preceding the Maturity Date.  Except as described above, no payment or adjustment will be made for accrued and unpaid interest on converted Notes.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Person in whose name the certificate for any shares of Common Stock delivered upon conversion is registered shall be treated as a stockholder of record as of the close of business on the last Trading Day of the Cash Settlement Averaging Period; </font><i><font size=2>provided</font></i><font size=2>, </font><i><font size=2>however</font></i><font size=2>, if the last Trading Day of the Cash Settlement Averaging Period occurs on any date when the stock transfer books of the Company shall be closed, such occurrence shall not be effective to constitute the Person or Persons entitled to receive any such shares of Common Stock due upon conversion as the record holder or holders of such shares of Common Stock on such date, but such occurrence shall be effective to constitute the Person or Persons entitled to receive such shares of Common Stock
as the record holder or holders thereof for all purposes at </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>25</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>the close of business on the next succeeding day on which such stock transfer books are open.  Upon conversion of Notes, such Person shall no longer be a Noteholder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fractional shares of Common Stock shall be issued upon conversion of any Note or Notes.  Instead of any fractional share of Common Stock that would otherwise be issued upon conversion of any Note or Notes (or specified portions thereof), the Company shall pay a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a share), as determined by the Company, in an amount equal to the same fraction of the average of the Applicable Stock Prices on each Trading Day of the applicable Cash Settlement Averaging Period.  If more than one Note shall be surrendered for conversion at one time by the same holder, the number of full shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof) so surrendered.  For purposes of the
foregoing, fractional shares arising from the calculation of the Daily Settlement Amount for any day in the Cash Settlement Averaging Period shall be aggregated with fractional shares of all other days in such period in determining the Settlement Amount, and any whole shares resulting therefrom shall be issued and any remaining fractional shares shall be paid in cash.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a Noteholder surrenders Notes for conversion, the Company may direct, in writing, the Conversion Agent to surrender such Notes to a financial institution designated by the Company (the &#147;</font><u><font size=2>Designated Institution</font></u><font size=2>&#148;) for exchange in lieu of conversion.  In order to accept any Notes surrendered for conversion, the Designated Institution must agree to deliver, in exchange for such Notes, cash and the number of shares of Common Stock, if any, due upon conversion based upon the Conversion Rate in full satisfaction of the Conversion Obligation, as determined pursuant to Section 8.02(a).  By the close of business on the Scheduled Trading Day immediately preceding the start of the Cash Settlement Averaging Period (or, if provision of notice on such date is impracticable, promptly following
conversion), the Company will provide written notification to the Noteholder surrendering the Notes for conversion that it has directed the Designated Institution to make an exchange in lieu of conversion.  If the Designated Institution accepts any such Notes, it will deliver the cash, and if any, the number of shares of Common Stock due upon conversion to the Conversion Agent, and the Conversion Agent will deliver such cash and shares of Common Stock to the converting Noteholder.  Any Notes exchanged by the Designated Institution will remain Outstanding.  If the Designated Institution does not accept the Notes for exchange or agrees to accept any Notes for exchange but does not timely deliver the related cash and shares of Common Stock, the Company will, as promptly as practical thereafter (but in any event, no later than the third Trading Day immediately following the last Trading Day of the relevant Cash Settlement Averaging Period) convert the Notes as set forth under Section
8.02(a).  The Company&#146;s designation of a Designated Institution to which the Notes may be submitted for exchange does not require the Designated Institution to accept any Notes.  The Company will not pay any consideration to, or otherwise enter into any agreement with, the Designated Institution for or with respect to such designation.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 8.03&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Increase of Conversion Rate Upon Conversion Upon Make-Whole Fundamental Changes</font></u><font size=2>.  (a) If a Noteholder elects to convert Notes in connection with a Make- Whole Fundamental Change, then the Conversion Rate of the Notes being converted by such Noteholder shall be increased by an additional number of shares of Common Stock (the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>26</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>&#147;</font><u><font size=2>Additional Shares</font></u><font size=2>&#148;) if any, as described herein.  For purposes of this Section 8.03, any conversion of the Notes by a Noteholder will be deemed to be &#147;</font><u><font size=2>in connection with</font></u><font size=2>&#148; such Make- Whole Fundamental Change if it occurs during the period that begins on the Effective Date of such Make-Whole Fundamental Change (or 15 Trading Days prior to the date the Company has announced as the anticipated Effective Date of such Make-Whole Fundamental Change pursuant to clause (d) below if such event constitutes a Fundamental Change as described under clause (d) of the definition of Fundamental Change) and ends on (and includes) the Business Day prior to the Fundamental Change Repurchase Date relating to such Make-Whole Fundamental Change.  In the case of a transaction described in clause (d) of the definition of
Fundamental Change, if the Company determines that such transaction will not occur on substantially the terms anticipated, the Company will not be obligated to increase the Conversion Rate, regardless of the fact that holders may have elected to convert Notes in anticipation of the effective date of such event, and the Company will issue a press release and notify the holders who have so elected to convert their Notes promptly after the Company determines that the transaction in question will not occur.  Each such holder may then elect to withdraw any election to convert by a written notice of withdrawal delivered to the Conversion Agent within 10 Business Days after the Company announces that the transaction will not occur as anticipated (or longer period if required by applicable law).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The increase in the Conversion Rate in connection with a Make-Whole Fundamental Change, expressed as a number of Additional Shares, will be determined by the Company by reference to the table and adjustments thereto in Section 8.03(b), based on the Effective Date of the Make-Whole Fundamental Change and the applicable Stock Price.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;he following table sets forth the Effective Date and number of Additional Shares by which the Conversion Rate will be increased upon a conversion in connection with a Make-Whole Fundamental Change that occurs in the corresponding period to be determined by reference to the Stock Price and Effective Date of the Make-Whole Fundamental Change:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>27</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Number of Additional Shares</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(per $1,000 principal amount of Notes)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr style='height:22.5pt'>
        <td width="111" style='border:solid black 1.0pt;border-right: none; padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  ><font size=2>Effective Date</font></p> </td>
        <td width="70" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="104" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="93" style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="93" style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>
        <td width="109" style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p  align=right style='text-align:right'><font size=2>Stock Price</font></p> </td>
        <td  colspan="4" valign=top style='border:solid black 1.0pt; border-left:none;padding: 0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:23.9pt'>
        <td width="111" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:solid black 1.0pt;border-right: none;  padding:0in 5.4pt 0in 5.4pt;height:23.9pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="70" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  align=center style='text-align:center'><font size=2>$72.00</font></p> </td>
        <td width="104" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  align=center style='text-align:center'><font size=2>$85.00</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  align=center style='text-align:center'><font size=2>$105.00</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  align=center style='text-align:center'><font size=2>$125.00</font></p> </td>
        <td width="109" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  align=center style='text-align:center'><font size=2>$145.00</font></p> </td>
        <td width="92" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  ><font size=2>$165.00</font></p> </td>
        <td width="71" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  align=center style='text-align:center'><font size=2>$185.00</font></p> </td>
        <td width="74" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.9pt'>
            <p  align=center style='text-align:center'><font size=2>$205.00</font></p> </td>
        <td width="66" style='border-top:none;border-left:none;border-bottom: solid black 1.0pt;border-right:solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:23.9pt'>
            <p  align=right style='text-align:right'><font size=2>$225.00</font></p> </td> </tr>
    <tr style='height:24.0pt'>
        <td width="111" style='border-top:none;border-left:solid black 1.0pt; border-bottom:solid black 1.0pt;border-right:none;padding: 0in 5.4pt 0in 5.4pt;height:24.0pt'>
            <p  ><font size=2>June 24, 2008</font></p> </td>
        <td width="70" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  align=center style='text-align:center'><font size=2>2.9957</font></p> </td>
        <td width="104" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  align=center style='text-align:center'><font size=2>2.1820</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  align=center style='text-align:center'><font size=2>1.4548</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  align=center style='text-align:center'><font size=2>1.0453</font></p> </td>
        <td width="109" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.7936</font></p> </td>
        <td width="92" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  ><font size=2>0.6276</font></p> </td>
        <td width="71" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.5119</font></p> </td>
        <td width="74" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.4274</font></p> </td>
        <td width="66" style='border-top:none;border-left:none;border-bottom: solid black 1.0pt;border-right:solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:24.0pt'>
            <p  align=right style='text-align:right'><font size=2>0.3633</font></p> </td> </tr>
    <tr style='height:23.0pt'>
        <td width="111" style='border-top:none;border-left:solid black 1.0pt; border-bottom:solid black 1.0pt;border-right:none;padding: 0in 5.4pt 0in 5.4pt;height:23.0pt'>
            <p  ><font size=2>June 15, 2009</font></p> </td>
        <td width="70" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  align=center style='text-align:center'><font size=2>2.9957</font></p> </td>
        <td width="104" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  align=center style='text-align:center'><font size=2>2.1105</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  align=center style='text-align:center'><font size=2>1.3464</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.9336</font></p> </td>
        <td width="109" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.6903</font></p> </td>
        <td width="92" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  ><font size=2>0.5360</font></p> </td>
        <td width="71" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.4319</font></p> </td>
        <td width="74" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:23.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.3579</font></p> </td>
        <td width="66" style='border-top:none;border-left:none;border-bottom: solid black 1.0pt;border-right:solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:23.0pt'>
            <p  align=right style='text-align:right'><font size=2>0.3029</font></p> </td> </tr>
    <tr style='height:24.4pt'>
        <td width="111" style='border-top:none;border-left:solid black 1.0pt; border-bottom:solid black 1.0pt;border-right:none;padding: 0in 5.4pt 0in 5.4pt;height:24.4pt'>
            <p  ><font size=2>June 15, 2010</font></p> </td>
        <td width="70" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  align=center style='text-align:center'><font size=2>2.9957</font></p> </td>
        <td width="104" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  align=center style='text-align:center'><font size=2>2.0084</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  align=center style='text-align:center'><font size=2>1.1960</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  align=center style='text-align:center'><font size=2>0.7827</font></p> </td>
        <td width="109" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  align=center style='text-align:center'><font size=2>0.5541</font></p> </td>
        <td width="92" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  ><font size=2>0.4177</font></p> </td>
        <td width="71" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  align=center style='text-align:center'><font size=2>0.3305</font></p> </td>
        <td width="74" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:24.4pt'>
            <p  align=center style='text-align:center'><font size=2>0.2712</font></p> </td>
        <td width="66" style='border-top:none;border-left:none;border-bottom: solid black 1.0pt;border-right:solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:24.4pt'>
            <p  align=right style='text-align:right'><font size=2>0.2285</font></p> </td> </tr>
    <tr style='height:22.5pt'>
        <td width="111" style='border-top:none;border-left:solid black 1.0pt; border-bottom:solid black 1.0pt;border-right:none;padding: 0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p  ><font size=2>June 15, 2011</font></p> </td>
        <td width="70" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  align=center style='text-align:center'><font size=2>2.9957</font></p> </td>
        <td width="104" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  align=center style='text-align:center'><font size=2>1.8497</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  align=center style='text-align:center'><font size=2>0.9761</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  align=center style='text-align:center'><font size=2>0.5727</font></p> </td>
        <td width="109" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  align=center style='text-align:center'><font size=2>0.3734</font></p> </td>
        <td width="92" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  ><font size=2>0.2672</font></p> </td>
        <td width="71" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  align=center style='text-align:center'><font size=2>0.2057</font></p> </td>
        <td width="74" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.5pt'>
            <p  align=center style='text-align:center'><font size=2>0.1670</font></p> </td>
        <td width="66" style='border-top:none;border-left:none;border-bottom: solid black 1.0pt;border-right:solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:22.5pt'>
            <p  align=right style='text-align:right'><font size=2>0.1407</font></p> </td> </tr>
    <tr style='height:22.65pt'>
        <td width="111" style='border-top:none;border-left:solid black 1.0pt; border-bottom:solid black 1.0pt;border-right:none;padding: 0in 5.4pt 0in 5.4pt;height:22.65pt'>
            <p  ><font size=2>June 15, 2012</font></p> </td>
        <td width="70" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  align=center style='text-align:center'><font size=2>2.9957</font></p> </td>
        <td width="104" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  align=center style='text-align:center'><font size=2>1.553 1</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  align=center style='text-align:center'><font size=2>0.6111</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  align=center style='text-align:center'><font size=2>0.2632</font></p> </td>
        <td width="109" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  align=center style='text-align:center'><font size=2>0.1354</font></p> </td>
        <td width="92" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  ><font size=2>0.0862</font></p> </td>
        <td width="71" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  align=center style='text-align:center'><font size=2>0.0646</font></p> </td>
        <td width="74" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:22.65pt'>
            <p  align=center style='text-align:center'><font size=2>0.0532</font></p> </td>
        <td width="66" style='border-top:none;border-left:none;border-bottom: solid black 1.0pt;border-right:solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:22.65pt'>
            <p  align=right style='text-align:right'><font size=2>0.0459</font></p> </td> </tr>
    <tr style='height:17.0pt'>
        <td width="111" valign=bottom style='border-top:none;border-left: solid black 1.0pt;border-bottom:solid black 1.0pt;border-right: none;  padding:0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  ><font size=2>June 15, 2013</font></p> </td>
        <td width="70" valign=bottom style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  align=center style='text-align:center'><font size=2>2.9957</font></p> </td>
        <td width="104" valign=bottom style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.8676</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:17.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.0000</font></p> </td>
        <td width="93" style='border-bottom:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:17.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.0000</font></p> </td>
        <td width="109" valign=bottom style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.0000</font></p> </td>
        <td width="92" valign=bottom style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  ><font size=2>0.0000</font></p> </td>
        <td width="71" valign=bottom style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.0000</font></p> </td>
        <td width="74" valign=bottom style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  align=center style='text-align:center'><font size=2>0.0000</font></p> </td>
        <td width="66" valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:17.0pt'>
            <p  align=right style='text-align:right'><font size=2>0.0000</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>28</font></p>
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<p style=' margin-bottom:12.25pt; margin-top:0pt; margin-left:0.97in;text-align:left;'><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the actual Stock Price of such Make-Whole Fundamental Change is between two Stock Prices listed in the table above under the column titled &#147;Stock Price,&#148; or if the actual Effective Date of such Make-Whole Fundamental Change is between two Effective Dates listed in the table above in the row immediately below the title &#147;Effective Date,&#148; then the number of Additional Shares for such Make-Whole Fundamental Change shall be determined by the Company by a straight-line interpolation between the number of Additional Shares set forth for such higher and lower Stock Prices, or for such earlier and later Effective Dates based on a 365 day year, as applicable;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the actual Stock Price of such Make-Whole Fundamental Change is greater than $225.00 per share (subject to adjustment in the same manner as the Stock Price as provided in clause (iii) below), or if the actual Stock Price of such Make-Whole Fundamental Change is less than $72.00 per share (subject to adjustment in the same manner as the Stock Price as provided in clause (iii) below), then the number of Additional Shares shall be equal to zero and this Section 8.03 shall not require the Company to increase the Conversion Rate with respect to such Make-Whole Fundamental Change;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if an event occurs that requires, pursuant to Section 8.04, an adjustment to the Conversion Rate, then, on the date and at the time such adjustment is so required to be made, each price set forth in the table above under the column titled &#147;Stock Price&#148; shall be adjusted so that such Stock Price, at and after such time, shall be equal to the product of (1) such Stock Price as in effect immediately before such adjustment to such Bock Price and (2) a fraction whose numerator is the Conversion Rate in effect immediately before such adjustment to the Conversion Rate and whose denominator is the Conversion Rate to be in effect, in accordance with Section 8.04, immediately after such adjustment to the Conversion Rate; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each number of Additional Shares set forth in the table above shall be adjusted in the same manner in which, and for the same events for which, the Conversion Rate is to be adjusted pursuant to Section 8.04.</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In no event will the Conversion Rate after adjustment described in this Section 8.03(b) exceed 13.8889 per $1,000 principal amount of Notes, subject to adjustments as set forth in Section 8.04.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, the increases provided for in Section 8.03 shall only be made with respect to the Notes being converted in connection with such Make- Whole Fundamental Change and shall not be effective as to any Notes not so converted.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the Company determines the anticipated Effective Date of any proposed Make-Whole Fundamental Change and no later than the 15th Scheduled Trading Day prior to the date on which such Make-Whole Fundamental Change is anticipated to become effective, or if later, promptly upon becoming aware of such transaction, the Company shall provide written notice of such anticipated Effective Date to the Trustee and the Conversion Agent and mail a notice to each Noteholder, and shall issue a press release indicating, and publicly announce, through a public medium that is customary for such announcements, and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>29</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>publish on the Company&#146;s website, the anticipated Effective Date of such proposed Make-Whole Fundamental Change.  Each such notice, press release notice, announcement and publication shall also state that in connection with such Make-Whole Fundamental Change, the Company shall increase, in accordance herewith, the Conversion Rate applicable to Notes entitled as provided herein to such increase (along with a description of how such increase shall be calculated and the time periods during which Notes must be surrendered in order to be entitled to such increase).  No later than the actual Effective Date of each Make- Whole Fundamental Change, the Company shall provide written notice to the Trustee and the Conversion Agent and mail a notice to each Noteholder, and shall issue a press release indicating, and publicly announce, through a public medium that is customary for such announcements, and publish on
the Company&#146;s website, such Effective Date and the amount by which the Conversion Rate has been so increased.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 8.04&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Adjustment of Conversion Rate</font></u><font size=2>.  The Conversion Rate shall be adjusted from time to time by the Company as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the Company shall issue shares of Common Stock as a dividend or distribution on shares of Common Stock to all holders of the outstanding shares of Common Stock, or if the Company effects a share split or share combination, the Conversion Rate will be adjusted based on the following formula:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>CR&#146;=CR 0 X </font></b><u><b><font size=2>&nbsp;&nbsp;OS&#146;&nbsp;</font></b></u></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="401" style='border-collapse:collapse; '>
    <tr >
        <td width="348" nowrap valign=top >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=top >
            <p ><B><font SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;OS 0</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>where,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="633" style='border-collapse:collapse'>
    <tr style='height:54.75pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:54.75pt'>
            <p  align=center style='text-align:center'><font SIZE=2>&nbsp;CR 0</font></p> </td>
        <td width="30" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:54.75pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="535" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:54.75pt'>
            <p  ><font size=2>the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or the open of business on the effective date of such share split or share combination, as the case may be;</font></p> </td> </tr>
    <tr style='height:55.15pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.15pt'>
            <p  align=center style='text-align:center'><font size=2>CR&#146;</font></p> </td>
        <td width="30" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.15pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="535" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.15pt'>
            <p  ><font size=2>the new Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or the open of business on the effective date of such share split or share combination, as the case may be;</font></p> </td> </tr>
    <tr style='height:69.25pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:69.25pt'>
            <p  align=center style='text-align:center'><font SIZE=2>OS 0</font></p> </td>
        <td width="30" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:69.25pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="535" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:69.25pt'>
            <p  ><font size=2>the number of outstanding shares of Common Stock immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution, or the open of business on the effective date of such share split or share combination, as the case may be; and</font></p> </td> </tr>
    <tr style='height:33.15pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:33.15pt'>
            <p  align=center style='text-align:center'><font size=2>0S&#146;</font></p> </td>
        <td width="30" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:33.15pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="535" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:33.15pt'>
            <p  ><font size=2>the number of outstanding shares of Common Stock immediately after such dividend or distribution, or the open of business on the effective date of such share split or share combination, as the case may be.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Such adjustment shall become effective immediately after the open of business on the Ex- Dividend Date for such dividend or distribution, or the effective date for such share split or share combination.  If any dividend or distribution of the type described in this Section 8.04(a) is declared but not so paid or made, or any split or combination of the type described in this Section 8.04(a) is announced but the outstanding shares of Common Stock are not split or combined, as the case may be, the new Conversion Rate shall be immediately readjusted, effective as of the date </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>30</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>the Board of Directors determines not to pay such dividend or distribution, or split or combine the outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or such share split or share combination had not been announced.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the Company shall distribute to all or substantially all holders of its Common Stock any rights or warrants entitling them for a period of not more than 45 calendar days after the Record Date of such distribution to subscribe for or purchase shares of the Common Stock at a price per share less than the average of the Last Reported Sale Prices of the Common Stock on the 10 Trading Days immediately preceding the date that such distribution was first publicly announced, the Conversion Rate shall be adjusted based on the following formula:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>CR&#146; = CR 0 X  </font></b><U><B><font SIZE=2>&nbsp;&nbsp;OS 0+ X&nbsp;</font></B></U></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="421" style='border-collapse:collapse; '>
    <tr >
        <td width="340" nowrap valign=top style='padding:0in 0in 25.0pt 0in; '>
            <p  style='margin-bottom:25.0pt; '><font size=1>&nbsp;</font></p> </td>
        <td width="81" nowrap valign=top style='padding:0in 0in 25.0pt 0in; '>
            <p  ><B><font SIZE=2>&nbsp;&nbsp;&nbsp; OS 0 + Y</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>where, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="641" style='border-collapse:collapse'>
    <tr style='height:40.5pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:40.5pt'>
            <p  align=center style='text-align:center'><font SIZE=2>CR 0</font></p> </td>
        <td width="46" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:40.5pt'>
            <p  ><font size=2>=</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:40.5pt'>
            <p  ><font size=2>the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;</font></p> </td> </tr>
    <tr style='height:41.4pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.4pt'>
            <p  align=center style='text-align:center'><font size=2>CR&#146;</font></p> </td>
        <td width="46" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.4pt'>
            <p  ><font size=2>=</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.4pt'>
            <p  ><font size=2>the new Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;</font></p> </td> </tr>
    <tr style='height:41.5pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.5pt'>
            <p  align=center style='text-align:center'><font SIZE=2>OS 0</font></p> </td>
        <td width="46" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.5pt'>
            <p  ><font size=2>=</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:41.5pt'>
            <p  ><font size=2>the number of outstanding shares of the Common Stock immediately prior to the open of business on the Ex-Dividend Date for such distribution;</font></p> </td> </tr>
    <tr style='height:40.75pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:40.75pt'>
            <p  align=center style='text-align:center'><font SIZE=2>X</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:40.75pt'>
            <p  ><font size=2>= </font></p> </td>
        <td width="522" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:40.75pt'>
            <p  ><font size=2>the total number of shares of the Common Stock issuable pursuant to such rights or warrants; and</font></p> </td> </tr>
    <tr style='height:75.5pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:75.5pt'>
            <p  align=center style='text-align:center'><font SIZE=2>Y</font></p> </td>
        <td width="46" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:75.5pt'>
            <p  ><font size=2>=</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:75.5pt'>
            <p  ><font size=2>the number of shares of the Common Stock equal to the aggregate price payable to exercise such rights or warrants, divided by the average of the Last Reported Sale Prices of Common Stock over the 10 consecutive Trading Days ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution of such rights or warrants.</font></p> </td> </tr>
    <tr>
        <td width="68" ></td>

        <td width="46" ></td>

        <td width="6" ></td>

        <td width="522" ></td> </tr> </table>
            </div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Such adjustment shall be successively made whenever any such rights or warrants are distributed and shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution.  To the extent that shares of the Common Stock are not delivered after the expiration of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered.  If such rights or warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such distribution had not been declared. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>31</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at less than the applicable Last Reported Sale Price of the Common Stock, and in determining the aggregate exercise or conversion price payable for such Common Stock, there shall be taken into account any consideration received by the Company for such rights or warrants and any amount payable upon exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.  In no event shall the Conversion Rate be decreased pursuant to this Section 8.04(b), except for readjustments described above.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the Company shall distribute shares of its Capital Stock, evidences of its indebtedness or other of its assets or property other than (i) dividends or distributions covered by Section 8.04(a) or Section 8.04(b), (ii) dividends or distributions paid exclusively in cash, and (iii) Spin-offs to which the provisions set forth below in this Section 8.04(c) shall apply (any of such shares of Capital Stock, indebtedness, or other asset or property hereinafter in this Section 8.04(c) called the &#147;</font><b><font size=2>Distributed Property&#148;</font></b><font size=2>), to all or substantially all holders of its Common Stock, then, in each such case, the Conversion Rate shall be adjusted based on the following formula:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="389" style='border-collapse:collapse; '>
    <tr >
        <td width="205" nowrap valign=top >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="133" nowrap valign=top >
            <p ><b><font size=2>CR&#146;= CR 0 X</font></b></p> </td>
        <td width="51" nowrap valign=top >
            <p ><U><B><font SIZE=2>&nbsp;&nbsp;&nbsp;SP 0&nbsp;&nbsp;&nbsp;</font></B></U></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="436" style='border-collapse:collapse; '>
    <tr >
        <td width="336" nowrap valign=top style='padding:0in 0in 12.25pt 0in; '>
            <p  style='margin-bottom:12.25pt; '><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=top style='padding:0in 0in 12.25pt 0in; '>
            <p  ><B><font SIZE=2>SP 0 - FMV</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>where,</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="28" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='margin-bottom:12.25pt;line-height:14.15pt; '><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:117%'><font SIZE=2>CR 0 = </font></p> </td>
        <td  valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:117%'><font size=2>the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="28" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='margin-bottom:12.25pt;line-height:13.65pt; '><font size=1>&nbsp;</font></p> </td>
        <td width="81" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:113%'><font size=2>CR&#146; = </font></p> </td>
        <td  valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:113%'><font size=2>the new Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="28" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='margin-bottom:12.25pt;line-height:13.8pt; '><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:115%'><font SIZE=2>SP 0 = </font></p> </td>
        <td  valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:115%'><font size=2>the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Days ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="28" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='margin-bottom:12.25pt;line-height:13.9pt; '><font size=1>&nbsp;</font></p> </td>
        <td width="82" valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:115%'><font SIZE=2>FMV = </font></p> </td>
        <td  valign=top style='padding:0in 0in 12.25pt 0in'>
            <p  style='line-height:115%'><font size=2>the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to one share of the Common Stock on the Ex- Dividend Date for such distribution.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Such adjustment shall become effective immediately prior to the open of business on the Ex- Dividend Date for such distribution; provided</font><i><font size=2> </font></i><font size=2>that if &#147;FMV&#148; as set forth above is equal to or greater than &#147;SPO&#148; as set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall receive on the date on which the Distributed Property is distributed to holders of the Common Stock, for each $1,000 principal amount of Notes upon conversion, the amount of Distributed Property such holder would have received had such holder owned a number of shares of Common Stock equal to the Daily Conversion Rate on the Record Date for such distribution.  If such distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or
distribution had not been declared.  Except as provided below, if the Board of Directors determines &#147;FMV&#148; for purposes of this Section 8.04(c) by reference to the actual or when issued </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>32</font></p>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p><PAGE>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Days ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In lieu of the foregoing, with respect to an adjustment pursuant to this Section 8.04(c) where there has been a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company (a &#147;</font><b><font size=2>Spin -Off</font></b><font size=2>&#148;), the Conversion Rate in effect immediately before the close of business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off will be increased based on the following formula:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>CR&#146; = CR 0 X</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><U><B><font SIZE=2>FMV + MP 0</font></B></U></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="421" style='border-collapse:collapse; '>
    <tr >
        <td width="364" nowrap valign=top >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="57" nowrap valign=top >
            <p ><B><font SIZE=2>&nbsp;MP 0</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>where, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="625" style='border-collapse:collapse'>
    <tr style='height:55.35pt'>
        <td width="70" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.35pt'>
            <p  align=right style='text-align:right'><font SIZE=2>CR 0</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.35pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.35pt'>
            <p  ><font size=2>the Conversion Rate in effect immediately prior to the close of business on the</font></p>
<p  ><font size=2>tenth Trading Day immediately following, and including, the effective date of</font></p>
<p  ><font size=2>the Spin-Off;</font></p> </td> </tr>
    <tr style='height:21.0pt'>
        <td width="70" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:21.0pt'>
            <p  align=right style='text-align:right'><font size=2>CR&#146;</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:21.0pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:21.0pt'>
            <p  ><font size=2>the new Conversion Rate in effect immediately after the close of business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off;</font></p> </td> </tr>
    <tr style='height:83.35pt'>
        <td width="70" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:83.35pt'>
            <p  align=right style='text-align:right'><font SIZE=2>FMV</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:83.35pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:83.35pt'>
            <p  ><font size=2>the average of the last reported sale prices of the Capital Stock or similar equity</font></p>
<p  ><font size=2>interest distributed to holders of the Common Stock on its principal trading</font></p>
<p  ><font size=2>market applicable to one share of the Common Stock over the 10 consecutive</font></p>
<p  ><font size=2>Trading Days immediately following, and including, the effective date of the</font></p>
<p  ><font size=2>Spin-Off; and</font></p> </td> </tr>
    <tr style='height:49.35pt'>
        <td width="70" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:49.35pt'>
            <p  align=right style='text-align:right'><font SIZE=2>MP 0</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:49.35pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:49.35pt'>
            <p  ><font size=2>the average of the Last Reported Sale Prices of the Common Stock over the 10</font></p>
<p  ><font size=2>consecutive Trading Days immediately following, and including, the effective</font></p>
<p  ><font size=2>date of the Spin-Off.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>The adjustment to the Conversion Rate under the preceding paragraph shall become effective immediately prior to the open of business on the day immediately following the tenth Trading Day immediately following, and including, the effective date of the Spin-Off; </font><i><font size=2>provided </font></i><font size=2>that, for purposes of determining the Conversion Rate, in respect of any conversion during the 10 Trading Days immediately following, and including, the effective date of any Spin-Off, references in the portion of this Section 8.04(c) related to Spin-offs to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days (but in no event fewer than five Trading Days) as have elapsed between the effective date of such Spin-Off and the Conversion Date for such conversion.  If such Spin-Off is not consummated or made, the Conversion Rate shall again be adjusted to be the Conversion
Rate that would then be in effect if such Spin-Off had not been declared.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>33</font></p>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p><PAGE>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any cash dividend or distribution is made to all or substantially all holders of its Common Stock, the Conversion Rate shall be adjusted based on the following formula:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>CR&#146;=CR 0 X</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size=2> </font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2> </font></b><u><b><font size=2>SP 0&nbsp;&nbsp;</font></b></u></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="427" style='border-collapse:collapse'>
    <tr >
        <td width="352" nowrap valign=top >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="75" nowrap valign=top >
            <p ><B><font SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SP 0 - C</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>where,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="633" style='border-collapse:collapse'>
    <tr style='height:35.15pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:35.15pt'>
            <p  ><font SIZE=2>CR 0</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:35.15pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="536" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:35.15pt'>
            <p  ><font size=2>the Conversion Rate in effect immediately prior to the open of business on the</font></p>
<p  ><font size=2>Ex-Dividend Date for such dividend or distribution;</font></p> </td> </tr>
    <tr style='height:11.5pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>CR&#146;</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>=</font></p> </td>
        <td width="536" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p  ><font size=2>the new Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;</font></p> </td> </tr>
    <tr style='height:11.5pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>SP 0</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>=</font></p> </td>
        <td width="536" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p  ><font size=2>the average of the Last Reported Sale Price of the Common Stock on the ten Trading Days immediately preceding the Ex-Dividend Date for such dividend or distribution; and</font></p> </td> </tr>
    <tr style='height:11.5pt'>
        <td width="68" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>C</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>=</font></p> </td>
        <td width="536" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:11.5pt'>
            <p  ><font size=2>the aggregate amount of cash so distributed applicable to one share of Common Stock.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Such adjustment shall become effective immediately after the open of business on the Ex- Dividend Date for such dividend or distribution; provided</font><i><font size=2> </font></i><font size=2>that if the portion of the cash so distributed applicable to one share of the Common Stock is equal to or greater than SPO as set forth above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have the right to receive on the date on which the relevant cash dividend or distribution is distributed to holders of Common Stock, for each $1,000 principal amount of Notes upon conversion, the amount of cash such holder would have received had such holder owned a number of shares equal to the Daily Conversion Rate on the Record Date for such distribution.  If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion
Rate that would then be in effect if such dividend or distribution had not been declared.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>For the avoidance of doubt, for purposes of this Section 8.04(d), in the event of any reclassification of the Common Stock, as a result of which the Notes become convertible into cash and more than one class of Common Stock, if an adjustment to the Conversion Rate is required pursuant to this Section 8.04(d), references in this Section to one share of Common Stock or Last Reported Sale Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit consisting of an amount of cash and shares equal to the number of shares of each class of Common Stock into which the Notes are then convertible plus the cash issued in respect of one share of Common Stock in such reclassification.  The above provisions of this paragraph shall similarly apply to successive reclassifications.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for the Common Stock and the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Days commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>34</font></p>
<!-- EEDocs PBStart-->
<p style='page-break-before:always'></p><PAGE>
<!-- EEDocs PBEnd-->

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>CR&#146; = CR 0  X&nbsp;  </font></b><u><b><font size=2>AC + (SP&#146; X 0S&#146;)</font></b></u></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="432" style='border-collapse:collapse'>
    <tr >
        <td width="336" nowrap valign=top >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p  ><b><font size=2>OS 0 X SP&#146;</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>where,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="628" style='border-collapse:collapse'>
    <tr style='height:68.9pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:68.9pt'>
            <p  align=center style='text-align:center'><font SIZE=2>CR 0</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:68.9pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="530" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:68.9pt'>
            <p  ><font size=2>the Conversion Rate in effect immediately prior to the close of business on the last Trading Day of the 10 consecutive Trading Days commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires;</font></p> </td> </tr>
    <tr style='height:55.25pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.25pt'>
            <p  align=center style='text-align:center'><font size=2>CR&#146;</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.25pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="530" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.25pt'>
            <p  ><font size=2>the new Conversion Rate in effect immediately after the close of business on the day immediately following the tenth Trading Day immediately following, and including, the date such tender or exchange offer expires;</font></p> </td> </tr>
    <tr style='height:55.15pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.15pt'>
            <p  align=center style='text-align:center'><font SIZE=2>AC</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.15pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="530" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:55.15pt'>
            <p  ><font size=2>the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;</font></p> </td> </tr>
    <tr style='height:39.5pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:39.5pt'>
            <p  align=center style='text-align:center'><font SIZE=2>OS 0</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:39.5pt'>
            <p  align=center style='text-align:center'><font size=2>=</font></p> </td>
        <td width="530" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:39.5pt'>
            <p  ><font size=2>the number of outstanding shares of Common Stock immediately prior to the date such tender or exchange offer expires;</font></p> </td> </tr>
    <tr style='height:70.5pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:70.5pt'>
            <p  align=center style='text-align:center'><font size=2>0S&#146;</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:70.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>=</font></p> </td>
        <td width="530" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:70.5pt'>
            <p  ><font size=2>the number of outstanding shares of Common stock immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares accepted for purchase or exchange pursuant to such tender offer or exchange offer); and</font></p> </td> </tr>
    <tr style='height:47.4pt'>
        <td width="69" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:47.4pt'>
            <p  align=center style='text-align:center'><font size=2>SP&#146;</font></p> </td>
        <td width="29" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:47.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>=</font></p> </td>
        <td width="530" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:47.4pt'>
            <p  ><font size=2>the average of the Last Reported Sale Prices of Common Stock over the 10 consecutive Trading Days commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires,</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>such adjustment to become effective immediately after the close of business on the day immediately following the tenth Trading Day immediately following, and including, the date such tender or exchange offer expires; </font><i><font size=2>provided </font></i><font size=2>that, for purposes of determining the Conversion Rate, in respect of any conversion during the 10 Trading Days immediately following, but excluding, the date that any such tender or exchange offer expires, references in this Section 8.04(e) to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the date that such tender or exchange offer expires and the Conversion Date for such conversion, but in no event less than five Trading Days.  If the Company or one of its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender or exchange offer but is permanently
prevented by applicable law from effecting any or all or any portion of such purchases or all or any portion of such purchases are rescinded, the new Conversion Rate shall be readjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases that had been effected.  In no event shall the Conversion Rate be decreased pursuant to this Section 8.04(e), except with respect to readjustment described above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>35</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 8.04, the term &#147;</font><u><font size=2>Record Date</font></u><font size=2>&#148; shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other security) have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of stockholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of its Common Stock or any securities convertible into or exchangeable for shares of its Common Stock or the right to purchase shares of its Common Stock or such convertible or exchangeable securities.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to those required by clauses Section 8.04(a), (b), (c), (d) and of this Section 8.04, and to the extent permitted by applicable law and subject to the applicable rules of the National Securities Exchanges, the Company from time to time may (but is under no obligation to) increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Company&#146;s best interest.  In addition, the Company may also (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with any dividend or distribution of shares (or rights to acquire shares) or similar event.  Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall
mail to the holder of each Note at its last address appearing on the Note Register provided for in Section 2.05 a notice of the increase at least 15 calendar days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect.</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="585" style='border-collapse:collapse; '>
    <tr >
        <td width="96" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(i)</font></p> </td>
        <td width="441" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>For avoidance of doubt, the Conversion Rate will not be adjusted:</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon the issuance of any shares of the Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company&#146;s securities and the investment of additional optional amounts in shares of the Common Stock under any plan;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon the issuance of any shares of the Common Stock or restricted stock units or options or rights (including stockholder appreciation rights) to purchase those shares pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company&#146;s Subsidiaries;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued or issued after such date and not expressly covered by a transaction described in 8.04(a), 8.04(b), 8.04(c), 8.04(d) or 8.04(e);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon the issuance of any shares of the Common Stock not otherwise described in this Section 8.04(i) that is not expressly covered by Sections 8.04(a), 8.04(b), </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>36</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>8.04(c), 8.04(d) or 8.04(e), regardless of the price at which such Common Stock are issued;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon the repurchase of any of the Common Stock pursuant to an open-market share repurchase program or other buy-back transaction that is not a tender offer or exchange offer of the nature described in this Section 8.04;</font></p>


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    <tr >
        <td width="144" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(vi)</font></p> </td>
        <td width="383" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>for a change in the par value of the Common Stock;</font></p> </td> </tr></table>
</div>



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    <tr >
        <td width="148" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="44" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(vii)</font></p> </td>
        <td width="316" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>for accrued and unpaid interest, if any; or</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2> (viii)&nbsp;&nbsp;&nbsp;&nbsp;for any transactions described in this Section 8.04, if Noteholders participate (as a result of holding the Notes, and at the same time as holders of Common Stock participate) in such transactions as if such Noteholders held a number of shares of Common Stock equal to the Applicable Daily Conversion Rate at the time such adjustment would be required, multiplied by the principal amount (expressed in thousands) of Notes held by such Noteholder, without having to convert their Notes.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All calculations and other determinations under this Article 8 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share.  Notwithstanding anything in this Section 8.04, the Company will not be required to adjust the Conversion Rate unless the adjustment would result in a change of at least 1% of the Conversion Rate.  However, the Company will carry forward any adjustments that are less than 1% of the Conversion Rate and take them into account when determining subsequent adjustments.  In addition, the Company will make any carry forward adjustments not otherwise effected (i) upon conversion of the Notes, (ii) upon required repurchases of the Notes in connection with a Fundamental Change, and (iii) 25 Scheduled Trading Days prior to the Maturity Date of the Notes.  No adjustment to the Conversion
Rate will be made if it results in a Conversion Price that is less than the par value (if any) of Common Stock.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officers&#146; Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment.  Unless and until a responsible officer of the Trustee shall have received such Officers&#146; Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect.  Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall
mail such notice of such adjustment of the Conversion Rate to the holder of each Note at its last address appearing on the Note Register provided for in Section 2.05, within 10 calendar days of the effective date of such adjustment.  Failure to deliver such notice shall not affect the legality or validity of any such adjustment.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 8.04, the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>37</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors will make appropriate adjustments, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, during any consecutive Trading Day period used for the measurement of any adjustment required under this Section 8.04.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 8.05&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Shares to Be Fully Paid</font></u><font size=2>.  The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 8.06&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Effect of Reclassification, Consolidation, Merger or Sale; Treatment of Reference Property</font></u><font size=2>.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of (i) any reclassification of the Common Stock (other than a change only in par value, or from par value to no par value, or from no par value to par value, or change as a result of a subdivision or combination of Common Stock), (ii) any consolidation, merger or combination involving the Company, or (iii) any sale or conveyance to another Person of the property and assets of the Company as an entirety or substantially as an entirety, and pursuant to such reclassification, consolidation, merger, combination, sale or conveyance, the Common Stock is converted into or exchanged for stock, other securities, other property or assets (including cash) or any combination thereof (any such event a &#147; </font><u><font size=2>Merger Event</font></u><font size=2>&#148;), then the Company, or such successor or surviving, purchasing or
transferee Person, as the case may be, shall, as a condition precedent to such Merger Event, execute and deliver to the Trustee a supplemental indenture providing that, at the effective time of the Merger Event, the right to receive shares of the Common Stock upon conversion of a Note, if any, will be changed into the right to receive the kind and amount of shares of stock, other securities or other property or assets (including cash) or any combination thereof that a holder would have been entitled to receive (the &#147;</font><u><font size=2>Reference Property&#148;</font></u><font size=2>) upon such transaction in respect of such Common Stock.  From and after the Effective Time of such transaction, (i) Conversion Rate will relate to units of such Reference Property (a &#147;unit&#148; of Reference Property being the kind and amount of Reference Property that a holder of one share of the Common Stock would receive in such transaction) and (ii) the Daily Conversion Values will be
determined based on the value of one unit of Reference Property determined as provided under the definition of Daily Conversion Value.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In the event the Company shall execute a supplemental indenture pursuant to this Section 8.06, the Company shall promptly give the Trustee an Officers&#146; Certificate briefly stating the reasons therefore, the kind or amount of cash, securities or property or asset that will comprise the Reference Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Noteholders.  The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Noteholder, at its address appearing on the Note Register provided for in this First Supplemental Indenture, within 20 calendar days after execution thereof.  Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Merger Event causes the Common Stock to be converted into the right to receive more than a single type of consideration (determined based in part upon any form </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>38</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>of stockholder election), the Reference Property into which the Notes will be convertible will be deemed to be the weighted average of the types and amounts of such consideration received by the holders of Common Stock that affirmatively make such an election.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the foregoing provisions shall affect the right of a Noteholder to convert its Notes in accordance with the provisions of this Article 8 prior to the effective date of such Merger Event.  The provisions of this Section 8.06 shall similarly apply to successive Merger Events.</font></p>


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            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="96" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>Section 8.07</font></p> </td>
        <td width="141" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><u><font size=2>Certain Covenants</font></u><font size=2>.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 8.02(f) hereof, the Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued upon conversion, the Company shall, to the extent then permitted by the rules and interpretations of such governmental authority(ies), secure such registration or approval, as the case may be.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company further covenants that if at any time the Common Stock shall be listed on any National Securities Exchange or automated quotation system the Company shall, if permitted and required by the rules of the relevant exchange or automated quotation system, list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 8.08&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Responsibility of Trustee</font></u><font size=2>.  The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Noteholder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same.  The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the
Trustee and any other Conversion Agent make no representations with respect thereto.  Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article.  Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 8.06 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Noteholders upon the conversion of their Notes after any event referred to in such Section 8.06 or to any adjustment to be made with respect thereto, but,
subject to the provisions of Section 6.1 of the Original Indenture, may accept </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>39</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>(without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers&#146; Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE IX</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc42"></a>REPURCHASE OF NOTES AT OPTION OF HOLDER</font></b></u><B><font SIZE=2>S</font></B></p>


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            <p   style='text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="96" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>Section 9.01</font></p> </td>
        <td width="421" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><u><font size=2>Repurchase at Option of Holders upon a Fundamental Chang</font></u><font size=2>e.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event a Fundamental Change shall occur at any time when any Notes remain Outstanding, each Noteholder shall have the right, at such holder&#146;s option, to require the Company to purchase all of such holders&#146; Notes or any portion of the principal amount thereof that is equal to $1,000 or an integral multiple thereof on a date specified by the Company (the &#147;</font><u><font size=2>Fundamental Change Repurchase Date</font></u><font size=2>&#148;) that is not less than 20 nor more than 35 calendar days (or any longer period required by law) after the Effective Date for such Fundamental Change, at a purchase price in cash equal to 100% of the principal amount thereof, together with accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the &#147;</font><u><font size=2>Fundamental Change
Repurchase Price</font></u><font size=2>&#148;).  If such Fundamental Change Repurchase Date falls after a Interest Record Date and on or prior to the corresponding Interest Payment Date, the Company shall instead pay the principal amount to the Noteholders surrendering the Notes for repurchase pursuant to this Section 9.01, and pay the full amount of accrued and unpaid interest payable on such Interest Payment Date to the holder of record on the close of business on the corresponding Interest Record Date.  Repurchases of Notes under this Section 9.01 shall be made on the Fundamental Change Repurchase Date, at the option of the holder thereof, upon:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;delivery to the Paying Agent by a Noteholder of a duly completed notice in the form set forth on the reverse of the Note as Exhibit C thereto (the &#147;</font><u><font size=2>Fundamental Change Repurchase Notice</font></u><font size=2>&#148;) on or prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;delivery or book-entry transfer of the Notes to the Paying Agent at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements) at the corporate trust office of the Paying Agent in the United States, such book-entry transfer or delivery being a condition to receipt by the holder of the Fundamental Change Repurchase Price therefor; </font><i><font size=2>provided </font></i><font size=2>that such Fundamental Change Repurchase Price shall be so paid pursuant to this Section 9.01 only if the Note so delivered to the Paying Agent shall conform in all respects to the description thereof in the related Fundamental Change Repurchase Notice.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Fundamental Change Repurchase Notice shall state:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1.5in;text-align:left;'><font size=2>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if certificated, the certificate numbers of Notes to be delivered for repurchase;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1.5in;text-align:left;'><font size=2>(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>40</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1.5in;text-align:left;'><font size=2>(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Supplemental Indenture;</font></p>

<p style=' margin-bottom:12.25pt; margin-top:12pt;text-align:left;'><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the Notes are not in certificated form, the Fundamental Change Repurchase Notice must comply with appropriate Depositary procedures.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.01 shall be consummated by the payment of the Fundamental Change Repurchase Price promptly following the later of the Business Day following the Fundamental Change Repurchase Date and the time of the book-entry transfer or delivery of the Note as described in Section 9.03(a).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Notwithstanding anything herein to the contrary, any holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 9.01 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 9.02 below.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 15 calendar days after the occurrence of a Fundamental Change, the Company shall give to the Trustee, the Paying Agent and the Conversion Agent and provide or cause to be provided to all holders of record of the Notes a written notice (the &#147;</font><u><font size=2>Fundamental Change Company Notice</font></u><font size=2>&#148;) of the occurrence of the Effective Date of the Fundamental Change and of the repurchase right at the option of the holders arising as a result thereof.  Simultaneously with the providing of such notice, the Company will also publish a notice containing the information set forth in the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company&#146;s website or through such other public medium as the Company may use at that time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Each Fundamental Change Company Notice shall specify: set forth in this Section 9.01;</font></p>


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        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(i)</font></p> </td>
        <td width="337" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>the events causing the Fundamental Change;</font></p> </td> </tr></table>
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        <td width="44" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(ii)</font></p> </td>
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            <p ><font size=2>the effective date of the Fundamental Change;</font></p> </td> </tr></table>
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        <td width="44" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(iii)</font></p> </td>
        <td width="435" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>the last date on which a holder may exercise the repurchase right</font></p> </td> </tr></table>
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        <td width="44" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(iv)</font></p> </td>
        <td width="331" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>the Fundamental Change Repurchase Price;</font></p> </td> </tr></table>
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            <p   style='margin-left:0in;text-indent:0in'><font size=1>&nbsp;</font></p>  </td>
        <td width="44" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>(v)</font></p> </td>
        <td width="328" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p ><font size=2>the Fundamental Change Repurchase Date;</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2> (vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the name and address of the Paying Agent and the Conversion Agent, if applicable;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>41</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Rate, and if applicable, any adjustments to the Conversion Rate;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(viii)&nbsp;&nbsp;&nbsp;&nbsp;if applicable, that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a holder may be converted only if the holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of the Indenture;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the holder must exercise the repurchase right set forth in this Section 9.01 on or prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date (the &#147;</font><u><font size=2>Fundamental Change Expiration Time</font></u><font size=2>&#148;);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the holder shall have the right to withdraw any Notes surrendered prior to the Fundamental Change Expiration Time; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the procedures that holders must follow to require the Company to repurchase their Notes.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>No failure of the Company to give the foregoing notices and no defect therein shall limit the Noteholders&#146; repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 9.01.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, no Notes may be repurchased by the Company at the option of the holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to the Fundamental Change Repurchase Date (except in the case of an acceleration resulting from a default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any repurchase of Notes pursuant to this Section 9.01, the Company will, to the extent applicable:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comply with the provisions of Rule 13e-4, Rule 14e-1 and any other applicable tender offer rules under the Exchange Act;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file a Schedule TO or any successor or similar schedule, if required under the Exchange Act; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise comply with all applicable U.S. federal and state securities laws in connection with any offer by the Company to purchase the Notes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>42</font></p>
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            <p ><font size=2>Section 9.02</font></p> </td>
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            <p ><u><font size=2>Withdrawal of Fundamental Change Repurchase Notice</font></u><font size=2>.</font></p> </td> </tr></table>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the corporate trust office of the Paying Agent in accordance with the terms hereof, at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the certificate number, if any, of the Note in respect of which such notice of withdrawal is being submitted, or the appropriate Depositary information if the Note in respect of which such notice of withdrawal is being submitted is represented by a Global Note;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the principal amount of the Note with respect to which such notice of withdrawal is being submitted; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:left;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, as the case may be, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000;</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that if the Notes are not in certificated form, the notice must comply with appropriate procedures of the Depositary.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 9.03&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Deposit of Fundamental Change Repurchase Price</font></u><font size=2>.  (a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 10.03 of the Original Indenture) on or prior to 11:00 a.m., New York City time, on the Business Day following the Fundamental Change Repurchase Date, as the case may be, an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price, as the case may be.  Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes properly surrendered for repurchase (and not withdrawn prior to the Fundamental Change Expiration Time, as
applicable) will be made on the later of (i) the Business Day following the Fundamental Change Repurchase Date, as the case may be, with respect to such Note (provided the holder has satisfied the conditions in Section 9.01) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the holder thereof in the manner required by Section 9.01, by mailing checks for the amount payable to the holders of such Notes entitled thereto as they shall appear in the Note Register; </font><u><font size=2>provided</font></u><font size=2>, </font><u><font size=2>however</font></u><font size=2>, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee.  The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price, as the case may
be.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If by 11:00 a.m., New York City time, on the Business Day following the Fundamental Change Date, as the case may be, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased, then (i) such Notes will cease to be Outstanding and interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (ii) all other rights of the holders of such </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>43</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price, as the case may be, upon delivery or transfer of the Notes).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender of a Note that is to be repurchased in part pursuant to Section 9.01, the Company shall execute and the Trustee shall authenticate and deliver to the holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ARTICLE X</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font size=2><a name="toc46"></a>MISCELLANEOUS PROVISIONS</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.01&nbsp;&nbsp;</font><u><font size=2>Ratification and Incorporation of Original Indenture</font></u><font size=2>.  As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument, provided, that in the event of any conflict or inconsistency between the terms of the Original Indenture and this Supplemental Indenture, the terms of this Supplemental Indenture shall prevail.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.02&nbsp;&nbsp;</font><u><font size=2>Governing Law</font></u><font size=2>.  THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.03&nbsp;&nbsp;</font><u><font size=2>Payments on Business Days</font></u><font size=2>.  In any case where any Interest Payment Date, Maturity Date or Fundamental Change Repurchase Date is not a Business Day, then the required payment or delivery will be made on the next succeeding Business Day with the same force and effect as if made on such date, and no interest shall accrue for the period from and after such date to that next succeeding Business Day.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.04&nbsp;&nbsp;</font><u><font size=2>No Security Interest Created</font></u><font size=2>.  Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.05&nbsp;&nbsp;</font><u><font size=2>Trust Indenture Act</font></u><font size=2>.  This Supplemental Indenture is hereby made subject to, and shall be governed by, the provisions of the Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in an indenture qualified under the Trust Indenture Act, such required provision shall control.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.06&nbsp;&nbsp;</font><u><font size=2>Benefits of Indenture</font></u><font size=2>.  Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder or the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.07&nbsp;&nbsp;</font><u><font size=2>Calculations</font></u><font size=2>.  Except as otherwise provided herein, the Company will be responsible for making all calculations called for under this Supplemental Indenture and the Notes </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>44</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>(including any determinations of the Last Reported Sale Price of the Common Stock, the Applicable Stock Price, accrued interest and the Conversion Rate).  The Company shall make all such calculations in good faith and, absent manifest error; its calculations will be final and binding on Noteholders.  The Company upon request shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company&#146;s calculations without independent verification.  The Trustee shall deliver a copy of such schedule to any Noteholder upon the written request of such Noteholder.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.08&nbsp;&nbsp;</font><u><font size=2>Table of Contents, Headings, Etc</font></u><font size=2>.  The table of contents and the titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.09&nbsp;&nbsp;</font><u><font size=2>Execution in Counterparts</font></u><font size=2>.  This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Section 10.10&nbsp;&nbsp;</font><u><font size=2>Severability</font></u><font size=2>.  In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Signature Page Follows]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>45</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'>
<font size=2>IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representatives as of the date first above written.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>




<p style=' margin-bottom:26pt; margin-top:10pt;text-align:left;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.</font></p>


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<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>By:</font></p> </td>
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<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
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<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Name:</font></p> </td> </tr>
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<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Title:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:26pt; margin-top:20pt;text-align:left;'><font size=2>THE BANK OF NEW YORK TRUST COMPANY, N.A.<BR>AS TRUSTEE</font></p>


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<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;text-indent:0in'><font size=2>By:</font></p> </td>
<td width="424" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  align=center style='margin-bottom:0in;text-align:center;text-indent:0in'><font size=2>/s/</font></p> </td> </tr>
<tr >
<td width="74" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="424" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Name:&nbsp;&nbsp;Benita A. Vaughn</font></p> </td> </tr>
<tr >
<td width="74" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=1>&nbsp;</font></p> </td>
<td width="424" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-bottom:0in; text-indent:0in'><font size=2>Title:&nbsp;&nbsp;Vice President</font></p> </td> </tr></table>
</div>






















<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>46</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.67in; text-indent:-0.67in;text-align:right;'><B><font SIZE=2>EXHIBIT A</font></B></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font size=2>[FORM OF FACE OF NOTE]</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font SIZE=2>THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to Section 2.4 of the Indenture, the foregoing legend is required.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-1</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font size=2>3.0% Convertible Senior Note due 2013</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="643" style='border-collapse:collapse; '>
    <tr >
        <td width="615" nowrap valign=top style='padding:0in 0in 12.25pt 0in; '>
            <p ><font size=2>No.  A-1</font></p> </td>
        <td width="28" nowrap valign=top style='padding:0in 0in 12.25pt 0in; '>
            <p ><font size=2>$</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>CUSIP No. 292659 AA7</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Energy Conversion Devices, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (herein called the &#147;Company,&#148; which term includes any successor corporation or other entity under the Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to __________________,or registered assigns, the principal sum of ____________ Dollars (which amount may from time to time be increased or decreased to such other principal amounts by adjustments made on the records of the Trustee or the Custodian of the Depositary as set forth in Schedule A hereto, in accordance with the rules and procedures of the Depositary) on June 15, 2013.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>This Note shall bear interest at the rate of 3.00% per year (subject to increase as set forth in Section 4.02 of the Supplemental Indenture) from June 24, 2008, or from the most recent date to which interest had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until June 15, 2013, or such later date on which the principal amount hereof shall have been paid in full.  Interest is payable semi-annually in arrears on each June 15 and December 15, commencing December 15, 2008, to holders of record at the close of business on the preceding June 1 and December 1 (whether or not such day is a Business Day), respectively.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Payment of the principal of and premium, if any, and accrued and unpaid interest on this Note shall be made at the office or agency of the Company maintained for that purpose in the United States, in such lawful money of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.  Each installment of interest may be paid by check mailed to such holder&#146;s address as it appears in the Note Register; </font><i><font size=2>provided, however</font></i><font size=2>, that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at the application of such holder in writing to the Trustee and Paying Agent (if different from the Trustee) not later than the relevant Interest Record Date, accrued and unpaid interest on such holder&#146;s Notes shall be paid by wire transfer in immediately available
funds to such holder&#146;s account in the United States, which application shall remain in effect until the Noteholder notifies the Trustee and Paying Agent to the contrary; </font><i><font size=2>provided </font></i><font size=2>that any payment to the Depositary or its nominee shall be paid by wire transfer in immediately available funds in accordance with the wire transfer instructions supplied by the Depositary or its nominee from time to time to the Trustee and Paying Agent (if different from Trustee).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the holder of this Note the right to convert this Note into cash and Common Stock, if any, on the terms set forth in the Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>This Note shall be governed by the laws of the State of New York.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-2</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>This Note shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>[Remainder of page intentionally left blank]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-3</font></p>
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<p style=' margin-bottom:21.4pt; margin-top:0pt;text-align:left;'>
<font size=2>IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.</font></p>

<p style=' margin-bottom:25pt; margin-top:0pt; margin-left:2.7in;text-align:left;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="260" valign=top >
            <p  style='line-height:13.8pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p  style='line-height:115%'><font size=2>By:</font></p> </td>
        <td  valign=top >
            <p  style='line-height:115%'><font size=2>________________________</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.21in;text-align:left;'><font size=2>Name: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.21in;text-align:left;'><font size=2>Title:</font></p>

<p style=' margin-bottom:38.15pt; margin-top:0pt;text-align:left;'><font size=2>Dated:</font></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:left;'><font SIZE=2>ATTEST:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:84pt; margin-top:0pt;text-align:left;'><font size=2>______________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.02in;text-align:left;'><font size=2>This is one of the Notes of the series designated therein referred to in the within- mentioned Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="649" style='border-collapse:collapse; '>
    <tr >
        <td width="336" nowrap valign=top >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="313" nowrap valign=top >
            <p ><font size=2>The Bank of New York Trust Company, N.A.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="603" style='border-collapse:collapse; '>
    <tr >
        <td width="336" nowrap valign=top >
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="267" nowrap valign=top >
            <p ><font size=2>By:  ___________________________</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.21in; text-indent:0.79in;text-align:left;'><font size=2>Authorized Signature</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-4</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<font size=2>[FORM OF REVERSE OF NOTE]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3.0% Convertible Senior Note due 2013</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>This Note is one of a duly authorized issue of Notes of the Company, designated as its 3.0% Convertible Senior Notes due 2013 (herein called the &#147;</font><u><font size=2>Notes</font></u><font size=2>&#148;), issued or to be issued under and pursuant to an Indenture dated as of June 24,2008 by and between the Company and The Bank of New York Trust Company, N.A. (herein called the &#147;</font><u><font size=2>Trustee</font></u><font size=2>&#148;) (herein called the &#147;</font><u><font size=2>Original Indenture</font></u><font size=2>&#148;), as supplemented by the First Supplemental Indenture dated as of June 24, 2008 by and among the Company and the Trustee (herein called the &#147;</font><u><font size=2>First Supplemental Indenture</font></u><font size=2>&#148; and the Original Indenture, as supplemented by the First Supplemental Indenture, the &#147;</font><u><font
size=2>Indenture</font></u><font size=2>&#148;) to which Indenture reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Notes.  Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, except as set forth in Section 4.02 of the Supplemental Indenture, the principal of, premium, if any, and interest on all Notes may be declared, by either the Trustee or Noteholders of not less than 25% in aggregate principal amount of Notes then Outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt; text-indent:1.01in;text-align:left;'><font size=2>Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price and the principal amount on the Maturity Date, as the case may be, to the holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note.  The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the holders of the Notes, and in other circumstances, with the consent of the holders of not less than a majority of Outstanding principal amount of the Notes, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein.  It is also provided in the Indenture that, subject to certain exceptions, the holders of a majority of Outstanding principal amount of the Notes may on behalf of the holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and accrued and unpaid interest on this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed.</font></p>

<p style=' margin-bottom:25pt; margin-top:0pt; text-indent:1.01in;text-align:left;'><font size=2>The Notes are issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof.  At the office or agency of the Company </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-5</font></p>
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<p style=' margin-bottom:25pt; margin-top:0pt;text-align:left;'><font size=2>referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any tax, assessments or other governmental charges that may be imposed in connection therewith as a result of the name of the Noteholder of the new Notes issued upon such exchange of Notes being different from the name of the Noteholder of the old Notes surrendered for such exchange.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The Notes are not subject to redemption through the operation of any sinking fund.</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt; text-indent:1.01in;text-align:left;'><font size=2>Subject to the provisions of the Indenture, the holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified in the Indenture, prior to the close of business on the Business Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into cash and shares of Common Stock, if any, based on the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1.01in;text-align:left;'><font size=2>Terms used in this Note and defined in the Indenture are used herein as therein defined.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-6</font></p>
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<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'>
<font SIZE=2>ABBREVIATIONS</font></p>

<p style=' margin-bottom:18.75pt; margin-top:0pt;text-align:left;'><font size=2>The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="669" style='border-collapse:collapse'>
    <tr style='height:.25in'>
        <td width="296" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.25in'>
            <p  ><font size=2>TEN COM -as tenants in common</font></p> </td>
        <td width="246" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.25in'>
            <p  ><font SIZE=2>UNIF GIFT MIN ACT</font></p> </td>
        <td width="128" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:20.9pt'>
        <td width="296" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:20.9pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="246" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:20.9pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________________</font></p> </td>
        <td width="128" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:20.9pt'>
            <p  align=center style='text-align:center'><font size=2>Custodian</font></p> </td> </tr>
    <tr style='height:23.5pt'>
        <td width="296" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:23.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="246" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:23.5pt'>
            <p  style='text-indent:81.0pt'><font size=2>(Cust)</font></p> </td>
        <td width="128" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:23.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:28.15pt'>
        <td width="296" style='padding:0in 5.4pt 0in 5.4pt;height:28.15pt'>
            <p  ><font size=2>TEN ENT -as tenants by the entireties</font></p> </td>
        <td width="246" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:28.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>___________________________</font></p> </td>
        <td width="128" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:28.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:27.75pt'>
        <td width="296" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:27.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="246" style='padding:0in 5.4pt 0in 5.4pt;height:27.75pt'>
            <p  style='text-indent:81.0pt'><font size=2>(Minor)</font></p> </td>
        <td width="128" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:27.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:21.9pt'>
        <td width="296" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:21.9pt'>
            <p  ><font size=2>JT TEN -as joint tenants with right of survivorship and not as tenants in common</font></p> </td>
        <td width="246" style='padding:0in 5.4pt 0in 5.4pt;height:21.9pt'>
            <p  ><font size=2>Uniform Gifts to Minors</font></p>
<p  ><font size=2>Act ____________ (State)</font></p> </td>
        <td width="128" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:21.9pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Additional abbreviations may also be used </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>though not in the above list.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-7</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>
<B><font SIZE=2>SCHEDULE A</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.11in; text-indent:-0.11in;text-align:center;'><font SIZE=2>ENERGY CONVERSION DEVICES, INC.</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt; margin-left:0.11in; text-indent:-0.11in;text-align:center;'><font size=2>3.0% Convertible Senior Notes due 2013</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>The initial principal amount of this Global Note is $_______________ _______.   The following increases or decreases in this Global Note have been made:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="647" style='border-collapse:collapse; '>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p>
<p  align=center style='text-align:center'><font size=1>Date of</font></p>
<p  align=center style='text-align:center'><font size=1>Exchange</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p>
<p  align=center style='text-align:center'><font size=1>Amount of decrease in</font></p>
<p  align=center style='text-align:center'><font size=1>Principal Amount of</font></p>
<p  align=center style='text-align:center'><font size=1>this Global Note</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>&nbsp;</font></p>
<p  align=center style='text-align:center'><font size=1>Amount of increase in</font></p>
<p  align=center style='text-align:center'><font size=1>Principal Amount of</font></p>
<p  align=center style='text-align:center'><font size=1>this Global Note</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>Principal Amount of</font></p>
<p  align=center style='text-align:center'><font size=1>this Global Note</font></p>
<p  align=center style='text-align:center'><font size=1>following such decrease</font></p>
<p  align=center style='text-align:center'><font size=1>or increase</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=1>Signature of</font></p>
<p  align=center style='text-align:center'><font size=1>authorized signatory</font></p>
<p  align=center style='text-align:center'><font size=1>of Trustee or</font></p>
<p  align=center style='text-align:center'><font size=1>Custodian</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr>
    <tr >
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>___________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td>
        <td width="129" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><font size=2>__________</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>A-8</font></p>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="643" style='border-collapse:collapse; '>
    <tr >
        <td width="540" nowrap valign=top style='padding:0in 0in 25.0pt 0in; '>
            <p  style='margin-bottom:25.0pt; '><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=top style='padding:0in 0in 25.0pt 0in; '>
            <p  ><B><font SIZE=2>EXHIBIT B</font></B></p> </td> </tr></table>
</div>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font size=2> [FORM OF NOTICE OF CONVERSION]</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>To: Energy Conversion Devices, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into cash and, if applicable, shares of Common Stock in accordance with the terms of the Indenture referred to in this Note, and directs that the cash and shares of Common Stock issuable and deliverable upon such conversion, together with any cash in lieu of fractional shares, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below.  If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto.  Any amount required to be paid by the undersigned on
account of interest accompanies this Note.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="596" style='border-collapse:collapse; '>
    <tr >
        <td width="336" nowrap valign=top >
            <p ><font size=2>Dated:_______________</font></p> </td>
        <td width="260" nowrap valign=top >
            <p ><font size=2>______________________________</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="596" style='border-collapse:collapse; '>
    <tr >
        <td width="336" nowrap valign=top >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="260" nowrap valign=top >
            <p  ><font size=2>______________________________</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="433" style='border-collapse:collapse; '>
    <tr >
        <td width="336" nowrap valign=top >
            <p  ><font size=1>&nbsp;</font></p> </td>
        <td width="97" nowrap valign=top >
            <p  ><font size=2>Signature(s)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Signature Guarantee</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of .the registered holder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in</font></p>

<p style=' margin-bottom:25pt; margin-top:0pt;text-align:left;'><font size=2>the name of the registered holder:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>____________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Name)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>____________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Street Address)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>____________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(City, State and Zip Code) </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Please print name and address </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>B-1</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:left;'><font size=2>Principal amount to be converted (if less than all): </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:left;'><font size=2>$___,000</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:left;'><font size=2>NOTICE: The above signature(s) of the holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:left;'><font size=2>_____________________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:center;'><font size=2>Social Security or Other Taxpayer </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:center;'><font size=2>Identification Number </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>B-2</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.6in;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:38.15pt; margin-top:0pt; margin-left:5.66in;text-align:left;'><B><font SIZE=2>EXHIBIT C</font></B></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font size=2>[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>To: Energy Conversion Devices, Inc.</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Energy Conversion Devices, Inc.  (the &#147;</font><u><font size=2>Company</font></u><font size=2>&#148;) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to repay to the registered holder hereof in accordance with the applicable provisions of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Interest Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest thereon to, but excluding, such Fundamental Change Repurchase Date.</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>In the case of certificated Notes, the certificate numbers of the Notes to be repurchased are as set forth below:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="338" valign=top >
            <p ><font size=2>Dated: _____________</font></p> </td>
        <td  valign=top >
            <p ><font size=2>__________________________</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.52in;text-align:left;'><font size=2>Signature(s)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.53in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.53in;text-align:left;'><font size=2>Social Security or Other Taxpayer Identification Number</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.52in;text-align:left;'><font size=2>Principal amount to be repaid (if less than all): $___,000</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.52in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.52in;text-align:left;'><font size=2>NOTICE: The above signature(s) of the holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>C-1</font></p>
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<p style=' margin-bottom:78pt; margin-top:0pt; margin-left:5.66in;text-align:left;'><B><font SIZE=2>EXHIBIT D</font></B></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:center;'><font size=2>[FORM OF ASSIGNMENT AND TRANSFER]</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>For value received ___________ ___________hereby sell(s), assign(s) and transfer(s) unto ____________________ (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes and appoints __________ ___________ attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Dated: ___________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>__________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Signature(s)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>___________________</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>Signature Guarantee</font></p>

<p style=' margin-bottom:12.25pt; margin-top:0pt;text-align:left;'><font size=2>Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 Notes are to be delivered, other than to and in the name of the registered holder.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>D-1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>5
<FILENAME>ex10p19formrsuagrmt.htm
<DESCRIPTION>FORM OF RESTRICTED STOCK UNIT AGREEMENT
<TEXT>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><small>ENERGY CONVERSION DEVICES, INC.</small></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">Form of Restricted Stock Unit Award Agreement<br>
  under the Energy Conversion Devices, Inc.<br>2006 Stock Incentive Plan</font></b></p>

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            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in"><b><font size="2">Participant:</font></b></p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; BORDER-BOTTOM: black 1px solid" valign="top" nowrap width="80%" colspan="2">
            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in">&nbsp;</p></td></tr>

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            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in"><b><font size="2">Grant Date:</font></b></p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; BORDER-BOTTOM: black 1px solid" valign="top" nowrap width="40%">
            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in">&nbsp;</p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" valign="top" nowrap width="40%">
            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in"><font size="2">, 2008</font></p></td></tr>

    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" valign="top" nowrap width="30%">
            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in"><b><font size="2">Number of<br>
            Restricted Stock Units:</font></b></p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; BORDER-BOTTOM: black 1px solid" valign="top" nowrap width="10%">
            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in">&nbsp;</p></td>
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            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in">&nbsp;</p></td></tr>

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            <p style="MARGIN-TOP: 0.2in; MARGIN-BOTTOM: 0in; TEXT-INDENT: 0in">&nbsp;</p></td></tr>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">This Restricted Stock Unit Award Agreement (&ldquo;Agreement&rdquo;), dated as of the Grant Date, is entered into by and between Energy Conversion Devices, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), and the Participant under the Company&rsquo;s 2006 Stock Incentive Plan (the &ldquo;Plan&rdquo;). Certain variable terms are set forth in Exhibit A, which is part of this
  Agreement. The words &ldquo;you,&rdquo; &ldquo;your,&rdquo; and similar terms refer to the Participant to whom this Award is granted.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Definitions and the Plan</font></u><font size="2">.&nbsp;&nbsp;&nbsp;All capitalized terms that are not otherwise defined in this Agreement have the meanings set forth in the Plan, the text of which is incorporated into this Agreement by reference. In case of any conflict between this Agreement and the
  Plan, the terms of the Plan shall control.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Number of Shares</font></u><font size="2">.&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement entitles you to the number of Restricted Stock Units set forth above. Each Restricted Stock Unit will have a nominal value equal to the Fair Market Value of one Share.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;The number of Restricted Stock Units shall be adjusted to reflect certain events affecting the Company&rsquo;s capitalization in accordance with Section 5.7 of the Plan.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Vesting and Lapse of the Restriction Period</font></u><font size="2">.&nbsp;&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units (</font><i><font size="2">i.e.</font></i><font size="2">, your rights to receive Shares or cash) in this Award are subject to forfeiture until they vest. Exhibit A indicates whether the Restricted Stock Units vest (i)&nbsp;in accordance with the Vesting Schedule set forth in Exhibit A and/or (ii) upon achievement of the Performance
  Measure(s) set forth in Exhibit A. Exhibit A also indicates whether any Restricted Stock Units will vest upon a Change of Control prior to your termination of employment.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

  <p style="BORDER-TOP: 0.25pt solid; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px; TEXT-ALIGN: left">&nbsp;</p>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

<div align="left">
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    <tr>
        <td valign="top" nowrap width="575">
            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>
        <td valign="top" nowrap width="81">
            <p><font size="1">Page</font> <font size="2">2 of 10</font></p></td></tr>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Payment</font></u><font size="2">. When any Restricted Stock Units vest, the Shares or cash represented by the vested Restricted Stock Units shall be delivered to you as soon as practicable after the applicable vesting criteria are satisfied (as certified by the Committee in writing, with respect to
  Performance Measures). Subject to the Restrictions on Delivery and Resale set forth below, unless you have elected to defer payment pursuant to Exhibit B of this Agreement, Shares or cash shall be delivered no later than March 15<sup>th</sup> of the 1<sup>st</sup> calendar year after which the Restriction Period ends.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of the Participant as Shareholder</u></font><font size="2">.&nbsp;&nbsp;&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not give you any rights of a stockholder. However, if these Restricted Stock Units are settled in Shares, you will gain stockholder rights when Shares are transferred to you.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;You are eligible to receive payments equivalent to dividends or other distributions with respect to Restricted Stock Units underlying Shares only if so indicated in Exhibit A of this Agreement. As indicated in Exhibit A, any such payments shall be either (i)&nbsp;subject to forfeiture until the applicable Restricted Stock Units vest, or (ii)&nbsp;distributed
  as soon as practicable after the dividend or distribution date. All payments of dividends, payment equivalent to dividends, and other distributions shall be made no later than March 15<sup>th</sup> of the 1<sup>st</sup> calendar year after which the payments cease to be subject to a substantial risk of forfeiture.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Forfeiture Upon Termination of Employment</font></u><font size="2">. Except for a Qualifying Termination under the terms of the Company&rsquo;s Executive Severance Plan in which case vesting will be accelerated, if you cease to be an employee before some or all of your Restricted Stock Units vest, the
  unvested Restricted Stock Units shall be forfeited and your rights with respect to the unvested Restricted Stock Units shall immediately terminate without any payment to you.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u></font><font size="2">.&nbsp;&nbsp;&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company may be required to withhold income and employment taxes when it pays cash or delivers Shares following a Restriction Period. To the extent that the Restricted Stock Units are settled in Shares, the Company may not issue Shares until it determines that such withholding obligation has been satisfied. In the discretion of the Committee or its
  designee, the Company may:</font></p>

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    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="110">
            <p style="MARGIN: 0in 0in 6pt">&nbsp;</p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="20">
            <p><font size="4"><b>&bull;</b></font></p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
            <p><font size="2">Take deductions from amounts paid to you in cash (whether under the Plan or otherwise);</font></p></td></tr>
</table>
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<div align="left">
<table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="110">
            <p style="MARGIN: 0in 0in 6pt">&nbsp;</p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top" width="20">
            <p><font size="4"><b>&bull;</b></font></p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 6pt; PADDING-TOP: 0in" valign="top">
            <p><font size="2">Retain Shares otherwise to be issued to you (whether under this Award or otherwise), or</font></p></td></tr>
</table>
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<table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="110">
            <p style="MARGIN: 0in 0in 12pt">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="20">
            <p><font size="4"><b>&bull;</b></font></p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
            <p><font size="2">Permit you to tender Shares.</font></p></td></tr>
</table>
</div>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left"><font size="2">Alternatively, you may be required to pay the Company an amount sufficient to satisfy the withholding obligation.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

  <p style="BORDER-TOP: 0.25pt solid; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px; TEXT-ALIGN: left">&nbsp;</p>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

<div align="left">
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    <tr>
        <td valign="top" nowrap width="575">
            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>

        <td valign="top" nowrap width="81">
            <p><font size="1">Page</font> <font size="2">3 of 10</font></p></td></tr>
</table>
</div>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;You remain responsible at all times for paying any federal, state, and local income and employment taxes with respect to this Award. The Company is not responsible for any liability or penalty relating to taxes (including excise taxes) on compensation (including imputed compensation) or other income attributed to you (or your Beneficiary) pursuant to this
  Agreement, whether as a result of failing to make timely payments of tax or otherwise.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u></font><font size="2">.&nbsp;&nbsp;&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Committee or its designee determines otherwise, you may not transfer the Restricted Stock Units awarded under this Agreement.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by law, your rights and interests under this Award may not be subject to lien, obligation, or liability.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Restrictions on Delivery and Resale</u></font><font size="2">.&nbsp;&nbsp;&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;Following lapse of a Restriction Period, Shares shall not be delivered (if this Award is to be settled in Shares) and you may not sell any Shares awarded under this Agreement at a time when lifting the restrictions or sale of the Shares would be prohibited under any applicable federal, state, local, or exchange laws, rules, or regulations (&ldquo;Applicable
  Law&rdquo;).</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;Payment shall not be made until (i)&nbsp;all conditions of this Award have been met to the satisfaction of the Committee, (ii)&nbsp;all other legal matters in connection with lifting the restrictions and/or delivery of the Shares have been satisfied, and (iii)&nbsp;you have executed and delivered all representations and agreements as are necessary and
  appropriate to satisfy the requirements of any Applicable Law.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless you have elected to defer payment pursuant to Exhibit B of this Agreement, no payment shall be made later than the last day on which payment must be paid in order for the payment to constitute a &ldquo;short-term deferral&rdquo; under section 409A of the Internal Revenue Code and the regulations thereunder.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Recoupment</font></u><font size="2">. The Company will, to the extent permitted by governing law, in all appropriate cases as determined by the Board, require, and the Participant shall pay, reimbursement to the Company of the gain realized on the Award where all of the following factors, as determined by the Board
  (and whose determination shall be conclusive), are present: (a) the gain realized on the Award was attributable, at least in part, to the achievement of certain financial results that were subsequently the subject of a restatement, (b) the Participant engaged in fraud or intentional misconduct that was a substantial contributing cause to the need for the restatement, and (c) the Participant would have received less or no gain with respect to the Award based upon the restated
  financial results. In each such instance, the Participant shall pay to the Company the entire gain realized by the Participant on the Award, plus a reasonable rate of interest. For purposes of this Section, a Participant&rsquo;s gain realized on the Award is (x) if settled in</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

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    <tr>
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            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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: 18pt; TEXT-ALIGN: left"><font size="2">cash, the amount of cash received by or due to the Participant, and (y) if settled in Shares, the Fair Market Value (determined without regard to the restatement) of the Shares on the Vesting Date.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u></font><font size="2">.&nbsp;&nbsp;&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;Any notice from you to the Company must be in writing and shall be deemed effective when it is received by the Company at the Company&rsquo;s principal office.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 1in; TEXT-ALIGN: left"><font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;Any notice from the Company to you must be in writing and shall be deemed effective when it is personally delivered to you or when</font><font size="2">it is deposited in the U.S. Mail, with postage and fees prepaid.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Not an Employment Contract</font></u><font size="2">. This Agreement is not an employment agreement and does not give you any right to continued employment (or other service relationship) with the Company or any Affiliate. Unless provided otherwise in a written agreement between you and the Company or an Affiliate,
  your employment (or other service relationship) is &ldquo;at will&rdquo; and may be terminated at any time and for any reason.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Governing Law</font></u><font size="2">. This Agreement shall be governed by and interpreted in accordance with Delaware law, without regard to any principles of Delaware law that might direct resolution to the laws of a different jurisdiction.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Severability</font></u><font size="2">. If any provision in this Agreement is determined to be unenforceable or invalid, such invalidity or unenforceability shall not affect any other provision hereof, and the Plan shall be construed and enforced as if such provision had not been included.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Waiver</font></u><font size="2">. The waiver by you or the Company or an Affiliate of any provision of this Agreement at any time or for any purpose shall not operate as or be construed to be a waiver of the same or any other provision of this Agreement at any subsequent time or for any other purpose.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Interpretation and Construction</font></u><font size="2">. This Agreement shall be construed and interpreted by the Committee, in its sole discretion. Any interpretation or other determination by the Committee (including, but not limited to, correction of any defect or omission and reconciliation of any
  inconsistency in the Agreement or the Plan) shall be binding and conclusive.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Headings</font></u><font size="2">. The headings in this Agreement are provided solely as a convenience to facilitate reference. The headings shall not be relevant for purposes of construing or interpreting any part of this Agreement.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

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        <td valign="top" nowrap width="575">
            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>

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            <p><font size="1">Page</font> <font size="2">5 of 10</font></p></td>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Entire Understanding</font></u><font size="2">. This Agreement and the Plan constitute the entire understanding between you and the Company and its Affiliates regarding this Award. Any prior agreements, commitments, or negotiations concerning this Award are superseded.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: left; text-indent: 4in"></p>


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            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>
        <td colspan=2 align=left style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: 0in" valign="bottom" nowrap>
            <p style="MARGIN: 0in 0in 0.0in"><small>ENERGY CONVERSION DEVICES, INC.</small></p></td></tr>

    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .2in" valign="bottom" nowrap width="52%">
            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>
        <td align=left style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: 0in" valign="bottom" nowrap width="5.5%">
            <p style="MARGIN: 0in 0in 0.0in">By:</p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: 0in; BORDER-bottom: black 1px solid" valign="bottom" nowrap width="42.5%">
            <p style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p></td></tr>

    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .15in" valign="bottom" nowrap width="52%">
            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>
        <td align=left style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .0in" valign="bottom" nowrap width="5.5%">
            <p style="MARGIN: 0in 0in 0.0in">Title:</p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .0in; BORDER-BOTTOM: black 1px solid" valign="bottom" nowrap width="42.5%">
            <p style="MARGIN: 0in 0in 0pt"><font size="2">&nbsp;</font></p></td></tr>
</table>
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  <p style="MARGIN-TOP: 20pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">&nbsp;</p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">I have read this Agreement and the Plan, and I understand and agree to their terms and conditions.</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">&nbsp;</p>


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            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in; border-top: black 1px solid" valign="top" nowrap width="48%">
            <p style="MARGIN: 0in 0in 0pt"><font size="2">Participant&rsquo;s Signature</font></p></td></tr>

    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" nowrap width="52%">
            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in; border-top: black 1px solid" valign="top" nowrap width="48%">
            <p style="MARGIN: 0in 0in 0pt"><font size="2">Participant&rsquo;s Name (please print)</font></p></td></tr>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

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    <tr>
        <td valign="top" nowrap width="575">
            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>

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            <p><font size="1">Page</font> <font size="2">6 of 10</font></p></td></tr>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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: 6pt; TEXT-ALIGN: center"><b><font size="2">EXHIBIT A</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">TERMS AND CONDITIONS</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">Restricted Stock Unit Award Agreement</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">under the Energy Conversion Devices, Inc.</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-ALIGN: center"><b><font size="2">2006 Stock Incentive Plan</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">Pursuant to the Agreement above, Energy Conversion Devices, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), grants to you Restricted Stock Units with respect to shares of its common stock (the &ldquo;Shares&rdquo;). The terms and conditions of the Award are set forth in this Exhibit A, and in the Energy Conversion Devices, Inc. 2006 Stock Incentive Plan, as amended from
  time to time (the &ldquo;Plan&rdquo;).</font></p>

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    <TR STYLE="padding-bottom:.1em;">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Form of</font></b><br>
            <b><font size="2">Payment</font></b></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="528">
            <p style="MARGIN-TOP: 0in; TEXT-INDENT: 0in"><font size="2">For each vested Restricted Stock Unit, the Participant shall receive:</font></p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equal to the Fair Market Value of one Share (determined as of the date that the Restricted Stock Unit becomes vested).</font></p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Share.</font></p>
        </td></tr>


    <TR STYLE="padding-bottom:.1em;">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .20in" valign="top" width="125">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Restriction</font></b><br>
            <b><font size="2">Period</font></b></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .20in" valign="top" width="528">
            <p style="MARGIN: 0in 0in 0.25in"><font size="2">The Restricted Stock Units (</font><i><font size="2">i.e.</font></i><font size="2">, your rights to receive Shares or cash) are subject to forfeiture unless you are continuously employed by the Company until expiration of the Restriction Period upon satisfaction of the Vesting Conditions below.</font></p>
        </td></tr>

    <TR STYLE="padding-bottom:.1em;">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .20in" valign="top" width="125">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Vesting <BR>Conditions<BR><BR></font></b>
            <font size="2">(Check <BR>applicable <BR>box(es))</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .20in" valign="top" width="528">
            <p style="MARGIN: 0in 0in 0in 55.4pt; TEXT-INDENT: -18.7pt; LINE-HEIGHT: 3pt">&nbsp;</p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ Restricted Stock Units shall vest upon achievement of the Performance Measures listed below.</font></p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ Restricted Stock Units shall vest according to the Vesting Schedule below.</font></p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ Restricted Stock Units shall vest according to the Vesting Schedule below, contingent upon achievement of the Performance Measures listed below.</font></p>
        </td></tr>

    <TR STYLE="padding-bottom:.1em;">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .20in" valign="top" width="125">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Performance Measures</font></b></p>

            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .20in" valign="top" width="528">
            <p style="MARGIN: 0in 0in 6pt 55.4pt; TEXT-INDENT: -18.7pt"></p><HR SIZE="1" COLOR="Black" NOSHADE="Noshade"><BR>

            <p style="MARGIN: 0in 0in 6pt 55.4pt; TEXT-INDENT: -18.7pt"></p><HR SIZE="1" COLOR="Black" NOSHADE="Noshade"><BR>

            <p style="MARGIN: 0in 0in 6pt 55.4pt; TEXT-INDENT: -18.7pt"></p><HR SIZE="1" COLOR="Black" NOSHADE="Noshade">

            <p style="MARGIN: 0in 0in 6pt">&nbsp;</p>
        </td></tr>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

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    <tr>
        <td valign="top" nowrap width="575">
            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>

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            <p><font size="1">Page</font> <font size="2">7 of 10</font></p></td></tr>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="1">EXHIBIT A (Continued)</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
    <tr style="HEIGHT: 27.15pt">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="top" width="106" rowspan="3">
            <p style="MARGIN: 0in 0in 12pt"><b><font size="2">Vesting Schedule</font></b></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="bottom" colspan="2">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center"><u><b><font size="2">Date</font></b></u></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center"><b><font size="2">Percent</font></b> <u><b><font size="2">Vested</font></b></u></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="top" width="16">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="bottom" width="89">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center"><u><b><font size="2">Date</font></b></u></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center"><b><font size="2">Percent</font></b><br>
            <u><b><font size="2">Vested</font></b></u></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="bottom" width="16">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="bottom" width="89">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center"><u><b><font size="2">Date</font></b></u></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27.15pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center" align="center"><b><font size="2">Percent</font></b> <u><b><font size="2">Vested</font></b></u></p></td>
    </tr>

    <tr style="HEIGHT: 24.55pt">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="bottom" colspan="2">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">________</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">_____%</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="top" width="16">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="bottom" width="89">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">________</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">_____%</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="bottom" width="16">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="bottom" width="89">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">________</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.55pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">_____%</font></p></td>
    </tr>

    <tr style="HEIGHT: 24.5pt">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="bottom" colspan="2">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">________</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">_____%</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="top" width="16">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="bottom" width="89">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">________</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">_____%</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="bottom" width="16">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="bottom" width="89">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">________</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 24.5pt" valign="bottom" width="80">
            <p style="MARGIN-BOTTOM: 0.25in; TEXT-ALIGN: center" align="center"><font size="2">_____%</font></p></td>
    </tr>

    <tr style="HEIGHT: 17.55pt">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .30in; HEIGHT: 17.55pt" valign="top" colspan="2">
            <p style="MARGIN: 4pt 0in 0.25in"><b><font size="2">Change in</font></b><br>
            <b><font size="2">Control</font></b></p>
            <p style="MARGIN: 4pt 0in 0.25in">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .30in; HEIGHT: 17.55pt" valign="top" colspan="8">
            <p style="MARGIN: 4pt 0in 0.25in"><font size="2">Upon a Change in Control that occurs before your termination of employment with the Company, any unvested portion of this Award will, at the discretion of the Committee in accordance with the Plan, (a) vest, (b) be cancelled in exchange for cash payment based on the Fair Market Value of the Company&rsquo;s common stock on the date of the Change in Control, or (c) be substituted for restricted stock units based on the
            class of shares into which each outstanding Common Share shall be converted pursuant to such Change in Control, if any, provided that the number of new restricted stock units shall be calculated to preserve the economic value of the Award, as determined in the sole discretion of the Committee.</font></p></td>
    </tr>

    <tr style="HEIGHT: 17.55pt">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .30in; HEIGHT: 17.55pt" valign="top" colspan="2">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Dividends</font></b></p>

            <p style="MARGIN: 0in 0in 0.25in"><font size="2">(Check applicable box(es))</font></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .30in; HEIGHT: 17.55pt" valign="bottom" colspan="8">
            <p style="MARGIN: 0in 0in 0.25in"><font size="2">The Participant is </font><font size="4">&#144;</font><font size="2"> is not </font><font size="4">&#144;</font><font size="2"> eligible to receive payments equivalent to dividends or other distributions with respect to the Shares underlying Restricted Stock Units. Such payments (if the Participant is eligible to receive them) shall:</font></p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be subject to forfeiture until the vesting date of the Restricted Stock Units with respect to which the payments are made, at which point such payments or distributions shall be made in the same form and amount as previously paid to shareholders.</font></p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be paid as soon as practicable after the dividend or distribution date, provided that the Award remains outstanding and the Participant remains employed by the Company until the payment is made.</font></p></td>
    </tr>

    <tr>
        <td width="106"></td>
        <td width="17"></td>
        <td width="72"></td>
        <td width="80"></td>
        <td width="16"></td>
        <td width="89"></td>
        <td width="80"></td>
        <td width="16"></td>
        <td width="89"></td>
        <td width="80"></td>
    </tr>
</table>
</div>

  <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.4in; TEXT-ALIGN: left"><i><b><font size="2">My initials at the end of this Exhibit A indicate that I understand and agree to the terms and conditions set forth in this Exhibit A, the Agreement, and the Plan.</font></b></i></p>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.1in; PADDING-TOP: 0in" valign="bottom" nowrap width="7%">
            <p style="MARGIN: 0in 0in 0pt"><b><font size="2">Initials:</font></b></p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.1in; PADDING-TOP: 0in; border-bottom: 1px solid black;" valign="bottom" nowrap width="15%">
            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.1in; PADDING-TOP: 0in;" valign="top" nowrap>
            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>
    </tr>

    <tr>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: 0in" valign="bottom" nowrap width="7%">
            <p style="MARGIN: 0in 0in 0pt"><b><font size="2">Date:</font></b></p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: 0in; border-bottom: 1px solid black;" valign="bottom" nowrap width="15%">
            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: 0in;" valign="top" nowrap>
            <p style="MARGIN: 0in 0in 0.25in">&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>
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  <PAGE><!-- EEDocs PBEnd-->

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
    <tr>
        <td valign="top" nowrap width="575">
            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>

        <td valign="top" nowrap width="81">
            <p><font size="1">Page</font> <font size="2">8 of 10</font></p></td>
    </tr>
</table>
</div>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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: 6pt; TEXT-ALIGN: center"><b><font size="2">EXHIBIT B</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">DEFERRAL ELECTION FORM</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">Restricted Stock Unit Award Agreement</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">under the Energy Conversion Devices, Inc.</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center"><b><font size="2">2006 Stock Incentive Plan</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">You have the opportunity to make a one-time election to defer payment of all or a portion of the restricted stock units (&ldquo;RSUs&rdquo;) granted to you on the date below. If you wish to make this election, please complete this Form and return a signed copy to ______________</font> <i><b><font size="2">no later than 60 days after the date on which the RSUs were granted to you. If
  you do not return this form by that deadline, payment of your RSUs will not be deferred.</font></b></i></p>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
          <tr>
              <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .0in" valign="bottom" nowrap width="23%">
                  <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><b><font size="2">Participant:</font></b></p></td>

              <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .0in; border-bottom: 1px solid black;" valign="bottom" nowrap width="37%">
                  <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><b><font size="2">&nbsp;</font></b></p></td>

              <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .0in" valign="bottom" nowrap width="40%">
                  <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><b><font size="2">&nbsp;</font></b></p></td>
          </tr>


          <tr>
              <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .20in" valign="bottom" nowrap width="23%">
                  <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><b><font size="2">Grant Date of RSUs:</font></b></p></td>

              <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .20in; border-bottom: 1px solid black;" valign="bottom" nowrap width="37%">
                  <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><b><font size="2">&nbsp;</font></b></p></td>

              <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.0in; PADDING-TOP: .20in" valign="bottom" nowrap width="40%">
                  <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><b><font size="2">&nbsp;</font></b></p></td></tr>


</table>
</div>

  <p style="MARGIN-TOP: 24pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.53in; TEXT-ALIGN: left"><font size="2">If you elect to defer payment of RSUs, the amounts that otherwise would have been paid on the payment date referenced in paragraph 4 of the Restricted Stock Unit Award Agreement evidencing your RSU award will instead be credited to a hypothetical account, net of mandatory taxes, and paid in either cash or Company stock at the time you specify below. (If paid in cash, the RSUs will
  be valued upon your payment date instead of your vesting date.) You will not have any rights (including voting rights) as a shareholder with respect to the RSUs until they are actually paid to you.</font></p>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">

    <tr style="page-break-inside: avoid">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Deferral <BR>Election</font></b></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="528">
            <p style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 3pt">&nbsp;</p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">
            &#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby elect to defer receipt of all (100%) of my RSU grant pursuant to the terms of this deferral election form.</font></p>

            <p style="MARGIN: 0in 0in 6pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">
            &#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby elect to defer receipt of _____% of my RSU grant pursuant to the terms of this deferral election form. (If my election would otherwise result in a payment of partial shares, the number of RSUs deferred shall be rounded up.)</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: .25in" valign="top" width="125">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">&nbsp;</font></b></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: .25in" valign="top" width="528">
            <p style="MARGIN: 0in 0in 0.25in"><font size="2">My election to defer (if any), will be effective only to the extent that it complies with section 3.01 of IRS Notice 2007-86, which permits a payment election to be made in 2008 provided that no amount otherwise paid in 2008 will be paid in a later year and no amount otherwise paid in a later year will be paid in 2008.</font></p></td>
    </tr>
</table>
</div>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

  <p style="BORDER-TOP: 0.25pt solid; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px; TEXT-ALIGN: left">&nbsp;</p>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
    <tr>
        <td valign="top" nowrap width="575">
            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>

        <td valign="top" nowrap width="81">
            <p><font size="1">Page</font> <font size="2">9 of 10</font></p></td>
    </tr>
</table>
</div>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="1">EXHIBIT B (Continued)</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" 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="123">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Payment</font></b><br>
            <b><font size="2">Date</font></b></p>
            <p style="MARGIN: 0in 0in 0.25in">&nbsp;</p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="520">
            <p style="MARGIN: 0in 0in 12pt"><font size="2">I hereby irrevocably elect to defer payment of the portion of my RSU grant designated above until (</font><i><font size="2">select only one of the following</font></i><font size="2">):</font></p>

            <p style="MARGIN: 0in 0in 12pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___</font><u><font size="2">/</font></u><font size="2">___ (</font><i><font size="2">specify month/year</font></i><font size="2">)</font></p>

            <p style="MARGIN: 0in 0in 12pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ month(s) following the month of my separation from service (as defined in section 409A of the Internal Revenue Code (&ldquo;&sect;&nbsp;409A&rdquo;))</font></p>

            <p style="MARGIN: 0in 0in 0.25in 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ calendar year(s) following the calendar year of my separation from service (as defined in &sect;&nbsp;409A)</font></p>

            <p style="MARGIN: 0in 0in 12pt"><font size="2">In addition, payment shall be made, if earlier:</font></p>

            <p style="MARGIN: 0in 0in 12pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ months following the month in which a &ldquo;change in control&rdquo; (as defined in &sect;&nbsp;409A) occurs.</font></p>

            <p style="MARGIN: 0in 0in 0.25in 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ years following the year in which a &ldquo;change in control&rdquo; (as defined in &sect;&nbsp;409A) occurs</font></p>

            <p style="MARGIN: 0in 0in 12pt"><font size="2">(If no election made, a deferred payment shall not be accelerated upon a change in control.)</font></p>

            <p style="MARGIN: 0in 0in 0.25in"><font size="2">Notwithstanding my payment election, if I die before I have received my full payment, payment of the remaining portion of my RSUs under this deferral arrangement shall be made to my beneficiary (as determined under the Plan) in the month following my death. In addition, if I am a &ldquo;specified employee&rdquo; (as defined in &sect;&nbsp;409A) on the date of my separation from service, any payment triggered by my
            separation from service that would otherwise be due within the first six months following my separation from service will instead be paid in the seventh month following my separation from service (or, if earlier, in the month following my death).</font></p></td>
    </tr>
</table>
</div>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

<div align="left">
<table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
    <tr style="page-break-inside: avoid">
        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="123">
            <p style="MARGIN: 0in 0in 0.25in"><b><font size="2">Payment</font></b><br>
            <b><font size="2">Form</font></b></p></td>

        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="520">
            <p style="MARGIN: 0in 0in 12pt"><font size="2">I hereby elect to have my RSU grant paid in the following terms:</font></p>

            <p style="MARGIN: 0in 0in 12pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A single lump-sum payment</font></p>

            <p style="MARGIN: 0in 0in 12pt 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ approximately equal monthly installment payments</font></p>

            <p style="MARGIN: 0in 0in 0.25in 0.7in; TEXT-INDENT: -0.4in"><font size="4">&#144;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______ approximately equal annual installment payments</font></p>

            <p style="MARGIN: 0in 0in 0.25in"><i><font size="2">Please note that if installments are elected, each payment will be calculated on the payment date by dividing the account balance by the number of remaining installments.</font></i></p></td>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="1">Energy Conversion Devices, Inc.</font></p>

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            <p><font size="1">Restricted Stock Unit Award Agreement</font></p></td>

        <td valign="top" nowrap width="87">
            <p><font size="1">Page</font> <font size="2">10 of 10</font></p></td>
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  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="1">EXHIBIT B (Continued)</font></b></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 1px; BORDER-BOTTOM: 0.3pt solid; 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: 18pt; TEXT-ALIGN: left"><b><font size="2">Terms and Conditions</font></b> </p>


  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.52in; TEXT-ALIGN: left"><font size="2">
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">General Asset Obligation</font></u><font size="2">. The obligation to pay the amounts deferred is an unfunded and unsecured obligation of Energy Conversion Devices, Inc. (the &ldquo;Company&rdquo;). I shall
  have no legal or equitable rights, interest, or claims in any property or assets of the Company with respect to amounts deferred under this agreement.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Withholding</font></u><font size="2">. The Company shall have the right to deduct from all payments under this deferral arrangement any federal, state, or local income or employment tax
  required by law to be withheld. Although this arrangement is intended to allow me to defer federal income tax, the amounts that I elect to defer generally will be subject to federal employment tax as I earn them.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Nonassignable</font></u><font size="2">. My rights and interest under this deferral arrangement may not be assigned, pledged,
  or transferred, other than to a designated beneficiary or my estate upon death, or to a person named in a domestic relations order.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="2">Section 409A</font></u><font size="2">. This form shall be interpreted to ensure that my deferral election and the payments made pursuant to the election comply with &sect;&nbsp;409A; provided, however, that nothing in this form or otherwise shall be interpreted or construed to transfer any liability for any
  tax (including a tax or penalty due as a result of a failure to comply with &sect;&nbsp;409A) from me to the Company or to any other individual or entity.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 18pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">
By executing this Deferral Election Form, I hereby acknowledge my understanding of, and agreement with, its terms.</font></p>

  <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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            <p><font size="2">Participant Signature</font></p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.4in; PADDING-TOP: 0in" valign="top" nowrap width="5%">
            <p><font size="2">&nbsp;</font></p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.4in; PADDING-TOP: 0in; border-top: solid black 1px;" valign="top" nowrap width="40%">
            <p><font size="2">Date</font></p></td>
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        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: .10in; PADDING-TOP: 0in; border-top: solid black 1px;" valign="top" nowrap width="55%">
            <p><font size="2">Received by Energy Conversion Devices, Inc.</font></p></td>

        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: .10in; PADDING-TOP: 0in" valign="top" nowrap width="5%">
            <p><font size="2">&nbsp;</font></p></td>

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            <p><font size="2">Date</font></p></td>
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            <p><FONT SIZE="2">Name: </FONT></p></td>
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            <p><font size="2">&nbsp;</font></p></td>
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            <p><font size="2">&nbsp;</font></p></td>

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            <p><FONT SIZE="2">Title:</font>&nbsp;<FONT SIZE="2"> </FONT></p></td>
        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: .0in; border-bottom: solid black 1px" valign="top" nowrap width="50%">
            <p><font size="2">&nbsp;</font></p></td>
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            <p><font size="2">&nbsp;</font></p></td>


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<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>ex23p1_consent.htm
<DESCRIPTION>CONSENTS OF GRANT THORNTON LLP
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:58.33%; text-indent:8.33%;text-align:center;'><font size=2>Exhibit 23.1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Consent of Independent Registered Public Accounting Firm</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We have issued our reports dated August 25, 2008, with respect to the consolidated financial statements, accompanying financial statement schedule, and internal control over financial reporting included in the Annual Report of Energy Conversion Devices, Inc. on Form 10-K for the year ended June 30, 2008.
We hereby consent to the incorporation by reference of said reports in the Registration Statements of Energy Conversion Devices, Inc. on Forms S-3 (File No. 333-131886, effective February 16, 2006 and File No. 333-129234, effective November 7, 2005) and on Forms S-8 (File No. 333-142061, effective April 12, 2007, File No. 333-84398, effective March 15, 2002 and File No. 33-92918, effective May 31, 1995).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>/S/ Grant Thornton LLP&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Southfield, Michigan</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>August 25, 2008</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>7
<FILENAME>ex31p1ceocert.htm
<DESCRIPTION>CEO RULE 13A-14(A)/15D-14(A) CERTIFICATION
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<p style=' margin-bottom:6pt; margin-top:6pt; text-indent:4in;text-align:center;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Exhibit 31.1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CERTIFICATION OF CEO PURSUANT TO </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font></B></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:6pt;text-align:justify;'><font size=2>I, Mark D. Morelli, Chief Executive Officer of Energy Conversion Devices, Inc., certify that:</font></p>


<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

I have reviewed this annual report on Form 10-K of Energy Conversion Devices, Inc.;</font></p>


<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>

<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p>

<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>


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        <td width="36" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>
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        <td width="36" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
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        <td width="36" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>c)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font></p> </td> </tr></table>
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        <td width="36" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>d)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </font></p> </td> </tr></table>
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<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of registrant&#146;s Board of Directors (or persons performing the equivalent functions):</font></p>


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        <td width="36" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>b)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt;text-align:justify;'><font size=2>&nbsp;</font></p>





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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date: August 28, 2008</font></p> </td>
        <td width="45%" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt; border-bottom: solid black 1px;'><font size=2>/S/ Mark D. Morelli</font></p> </td> </tr>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mark D. Morelli</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<TYPE>EX-31.2
<SEQUENCE>8
<FILENAME>ex31p2cfocert.htm
<DESCRIPTION>CFO RULE 13A-14(A)/15D-14(A) CERTIFICATION
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<p style=' margin-bottom:6pt; margin-top:6pt; text-indent:4in;text-align:center;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Exhibit 31.2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CERTIFICATION OF CFO PURSUANT TO </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font></B></p>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:6pt;text-align:justify;'><font size=2>I, Sanjeev Kumar, Chief Financial Officer of Energy Conversion Devices, Inc., certify that:</font></p>



<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I have reviewed this annual report on Form 10-K of Energy Conversion Devices, Inc.;</font></p>



<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>

<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p>

<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>c)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>d)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </font></p> </td> </tr></table>
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<p style=' margin-bottom:6pt; margin-top:12pt;text-align:justify;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of registrant&#146;s Board of Directors (or persons performing the equivalent functions):</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>b)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt;text-align:justify;'><font size=2>&nbsp;</font></p>








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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date: August 28, 2008</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt; border-bottom: solid black 1px;'><font size=2>/S/ Sanjeev Kumar</font></p> </td> </tr>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Sanjeev Kumar</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer</font></p> </td> </tr></table>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>9
<FILENAME>ex32-906cert.htm
<DESCRIPTION>CEO-CFO SECTION 1350 CERTIFICATIONS
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>CERTIFICATIONS PURSUANT TO</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(18 U.S.C. SECTION 1350)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.4in;text-align:left;'><font size=2>In connection with the Annual Report of Energy Conversion Devices, Inc. (the &#147;Company&#148;) on Form 10-K for the period ended June 30, 2008, as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), Mark D. Morelli, Chief Executive Officer of the Company, and Sanjeev Kumar, Chief Financial Officer of the Company, respectively, do each hereby certify, pursuant to Section 906 of the </font><i><font size=2>Sarbanes-Oxley</font></i><font size=2> Act of 2002 (18 U.S.C. Section 1350), that based on his knowledge:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.4in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.96in; text-indent:-0.24in;text-align:left;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.96in; text-indent:-0.24in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.96in; text-indent:-0.24in;text-align:left;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.4in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.4in;text-align:left;'><font size=2>&nbsp;</font></p>





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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/S/ Mark D. Morelli</FONT></TD></TR>
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     <TD STYLE="border-top:black solid 1px"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Mark D. Morelli<BR>Chief Executive Officer<BR>August 28, 2008</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/S/ Sanjeev Kumar</FONT></TD></TR>
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     <TD STYLE="border-top:black solid 1px"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sanjeev Kumar<BR>Chief Financial Officer<BR>August 28, 2008</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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