A dividend of $1.34 and a price of $8.06, gives Ituran Location a yield of 16.6%. Earnings per share of $2.19 means good dividend coverage.

Growth in both revenues and income has been strong. Revenues has grown from $90 million for the fiscal year ending December 2005 to $125 M for 2007. In the same time period, earnings have grown from $14M to $51M.

Although earnings are forecast to decrease next year, strong revenue growth and a low debt/equity ratio of 0.124 (12.4%) gives a reasonable level of safety of the continuation of dividends.

To view a portfolio of thoroughly researched stocks and learn more about value-contrarian investing, please visit my investment website at:

www.LloydBarclay.com

Best regards,

Lloyd Barclay