=+. The translated post-acquisition reserves of PEAR at 31 December 2002 and 2003 were 4,950,000 and 5,550,000

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=+. The translated post-acquisition reserves of PEAR at 31 December 2002 and 2003 were

€4,950,000 and €5,550,000 respectively.

. Exchange rates have been as follows:

US$ = €1 1 January 2000 2.0 1 December 2002 1.6

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