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A benefit has been recognized for foreign loss carryforwards of $277.6 million at May 31, 1998. The foreign loss carryforwards of $105.7 million expires in 2003 and $20.3 million expires in 2005. The remaining $151.6 million of foreign loss carryforwards do not expire. As of May 31, 1998, the Company has utilized all foreign tax credits.