The CGPRT Centre The Regional Co-ordination Centre for Research and Development of Coarse Grains, Pulses, Roots and Tuber Crops in the Humid Tropics of Asia and the Pacific (CGPRT Centre) was established in 1981 as a subsidiary body of UN/ESCAP.
Objectives In co-operation with ESCAP member countries, the Centre will initiate and promote research, training and dissemination of information on socio-economic and related aspects of CGPRT crops in Asia and the Pacific. In its activities, the Centre aims to serve the needs of institutions concerned with planning, research, extension and development in relation to CGPRT crop production, marketing and use.
Programmes In pursuit of its objectives, the Centre has two interlinked programmes to be carried out in the spirit of technical cooperation among developing countries:
1. Research and development which entails the preparation and implementation of projects and studies covering production, utilization and trade of CGPRT crops in the countries of Asia and the South Pacific. 2. Human resource development and collection, processing and dissemination of relevant information for use by researchers, policy makers and extension workers.
CGPRT Centre Working Papers currently available:
Working Paper No. 33 Effects of Trade Liberalization on Agriculture in Pakistan: Institutional and Structural Aspects by Muhammad Ramzan Akhtar
Working Paper No. 34 Effects of Trade Liberalization on Agriculture in Malaysia: Institutional and Structural Aspects by Tengku Mohd Ariff Tengku Ahmad
Working Paper No. 35 Effects of Trade Liberalization on Agriculture in the Republic of Korea: Institutional and Structural Aspects by Myung-Hwan Sung
Working Paper No. 36 Effects of Trade Liberalization on Agriculture in Japan: Institutional and Structural Aspects by Hiroaki Kobayashi
Working Paper No. 37 Effects of Trade Liberalization on Agriculture in the Philippines: Institutional and Structural Aspects by Minda C. Mangabat
Working Paper No. 38 Effects of Trade Liberalization on Agriculture in India: Institutional and Structural Aspects by Ramesh Chand
Working Paper No. 39 Effects of Trade Liberalization on Agriculture in Thailand: Institutional and Structural Aspects by Kajonwan Itharattana
(Continued on inside back cover)
Effects of Trade Liberalization on Agriculture in Malaysia: Commodity Aspects
The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area of its authorities, or concerning the delimitation of its frontiers or boundaries. The opinions expressed in signed articles are those of the authors and do not necessarily represent the opinion of the United Nations.
WORKING PAPER 46
Effects of Trade Liberalization on Agriculture in Malaysia: Commodity Aspects
Tengku Mohd Ariff Tengku Ahmad and Ariffin Tawang
CGPRT Centre Regional Co-ordination Centre for Research and Development of Coarse Grains, Pulses, Roots and Tuber Crops in the Humid Tropics of Asia and the Pacific
CGPRT Centre Jalan Merdeka 145, Bogor 16111 Indonesia © 1999 by the CGPRT Centre All rights reserved. Published 1999 Printed in Indonesia
National Library: Cataloguing in Publication
Tengku Mohd Ariff Tengku Ahmad Effects of Trade Liberalization on Agriculture in Malaysia: Commmodity Aspects /Tengku Mohd Ariff Tengku Ahmad and Ariffin Tawang -- Bogor: CGPRT Centre, 1999. xxii, 69 pp.; 25.5 cm. -- (Working paper series; No. 46)
Bibliography: 3 pp ISBN 979-9317-00-2
1. Malaysia - Trade, free and protected 2. Agriculture - economic aspects I. Title II. Ariffin Tawang III. Series 382.710.959.5
Table of Contents
Page List of Tables ...... ix List of Figures ...... xi Glossary of Acronyms ...... xiii Foreword ...... xv Acknowledgements ...... xvii Executive Summary ...... xix
1. Introduction 1.1 Institutional and structural aspects of agricultural trade liberalization in Malaysian agriculture ...... 1 1.2 Scope and objectives of the study ...... 2 1.3 Organization of the study ...... 3
2. Overview of the Malaysian Agriculture Sector 2.1 Introduction ...... 5 2.2 Contribution of the agricultural sector ...... 5 2.3 Composition of Malaysia’s agricultural ...... 5 2.4 Agricultural trade ...... 7 2.5 Composition of agricultural trade ...... 7 2.6 Policy intervention in the agricultural sector ...... 8 2.6.1 Tariff and non-tariff barriers ...... 9 2.7 Issues and challenges facing Malaysian agriculture ...... 10 2.7.1 The financial crisis and its impact on Malaysian agriculture ...... 11
3. Palm Oil 3.1 Introduction ...... 13 3.2 The Malaysian palm oil industry ...... 13 3.2.1 Area and production ...... 13 3.2.2 Marketing of palm oil ...... 15 3.2.3 Trade ...... 15 3.2.4 Milling, refining and other downstream industries ...... 15 3.3 Policies and programs in the palm oil industry ...... 17 3.4 Impacts of liberalization: a review of past studies ...... 18 3.5 The effects of trade liberalization on the Malaysian palm oil industry ...... 19 3.5.1 Conceptual framework ...... 19 3.5.2 Impact on export demand of palm oil ...... 20 3.5.3 Impact on domestic prices...... 21 3.5.4 Effect on domestic demand...... 22 3.5.5 Effect on domestic supply...... 22 3.6 Effects on specific location ...... 23 3.6.1 Background of the smallholder land scheme ...... 24 3.6.2 FELDA Gedangsa today...... 24 3.6.3 Cost and return ...... 24 3.6.4 Liberalization effects ...... 25
v 3.7 Policy implications and recommendations ...... 25
4. Paddy 4.1 Introduction ...... 27 4.2 The paddy subsector ...... 27 4.2.1 Economic and socio-economic contributions of the rice sector ...... 27 4.2.2 Area, yield and production ...... 28 4.2.3 Consumption and self-sufficiency level (SSL) ...... 29 4.2.4 Rice marketing and distribution ...... 32 4.2.5 Cost of production ...... 32 4.3 Policy measures in the paddy and rice industry ...... 34 4.3.1 Fertilizer subsidy ...... 35 4.3.2 Price support ...... 35 4.4 Impact of policy intervention - a review ...... 36 4.5 Commodity-related effects of liberalization ...... 38 4.5.1 Conceptual framework ...... 38 4.5.2 Impact on domestic prices ...... 39 4.5.3 Impact on supply ...... 41 4.5.4 Impact on demand ...... 42 4.5.5 Implications after global liberalization ...... 43 4.5.6 Welfare effects ...... 43 4.6 Location-specific study: MADA region ...... 44 4.6.1 Historical perspectives ...... 44 4.6.2 The MADA region ...... 44 4.6.3 The impact of liberalization on the case study area (MADA) ...... 49 4.6.4 An alternatives analysis of price intervention and its impact on farm profitability ...... 51
5. Tobacco 5.1 Introduction ...... 53 5.2 The Malaysian tobacco industry ...... 53 5.2.1 Area and production ...... 54 5.2.2 Tobacco trade ...... 54 5.2.3 The production system and industry structure ...... 55 5.2.4 Marketing of tobacco ...... 56 5.2.5 Policy interventions in the tobacco industry ...... 56 5.3 The commodity study ...... 57 5.3.1 Impact on import demand ...... 57 5.3.2 Impact on domestic prices...... 58 5.3.3 Effect on domestic demand...... 59 5.3.4 Effect on domestic supply...... 60 5.4 The location-specific study ...... 61 5.4.1 Description of the study area ...... 61 5.4.2 Costs and returns of uncured leaf production ...... 62 5.4.3 Impact of liberalization ...... 62 5.5 Policy implications and recommendations ...... 63 5.5.1 Overall assessment ...... 63 5.5.2 Recommendations ...... 63
vi 6. Summary and Conclusions ...... 65
7. References ...... 67
vii
viii List of Tables
Page Chapter 2 Table 2.1 GDP contribution (%) by sector, 1985 and 1995 ...... 5 Table 2.2 Agricultural landuse (ha), 1995 ...... 6 Table 2.3 Agricultural value-added, 1995 (RM million in 1978 prices) ...... 6 Table 2.4 Share of Malaysia’s agricultural exports by major commodity, 1995 ...... 7 Table 2.5 Value of imports of foodstuffs in 1995 (RM1,000) ...... 8
Chapter 3 Table 3.1 Oil palm planted area (ha), Malaysia, 1975-1996 ...... 14 Table 3.2 Distribution of oil palm area by category of producer, 1996 ...... 14 Table 3.3 Production of CPO and CPKO (’000 tons), Malaysia, 1975-1996 ...... 14 Table 3.4 Exports of CPO and PPO (’000 tons), Malaysia, 1975-1996 ...... 15 Table 3.5 Number and capacity (million tons/yr) of operational palm oil processing facilities, 1985-1997 ...... 17 Table 3.6 Export duty structure of crude palm oil ...... 18 Table 3.7 Cost and returns op palm oil hectare per year, FELDA Gedangsa ...... 24
Chapter 4 Table 4.1 Basic profile of paddy farmers in major rice growing areas, 1990 ...... 28 Table 4.2 Distribution of paddy areas, 1995 ...... 28 Table 4.3 Planted area, production and yield of paddy, Malaysia, 1985-1995 ...... 30 Table 4.4 Distribution of irrigated rice area by classification, Malaysia, 1995 ...... 31 Table 4.5 Rice production, consumption and self-sufficiency level (SSL) in Malaysia, 1970-1995 ...... 31 Table 4.6 Value of food imports to total exports, (RM million), 1965-1995 ...... 31 Table 4.7 Average paddy production cost, Malaysia, 1993 ...... 34 Table 4.8 Average cost of paddy production in granary areas, 1993 ...... 34 Table 4.9 Summary of major policy interventions and their objectives in the paddy and rice industry ...... 36 Table 4.10 Price differential between domestic price (wholesale) and world price ...... 43 Table 4.11 Profile of the farmers and their farm, (1983-1992) ...... 45 Table 4.12 Cultivated area, production and yield of paddy in MADA, 1970-1995 ...... 46 Table 4.13 Planted paddy area (’000 ha), production (’000 ton) and yield (ton/ha) for MADA in relation to other granaries ...... 47 Table 4.14 Farm level average cost of production and return (RM/hectare and RM/farm) under different tenure status, MADA ...... 48 Table 4.15 Impact of paddy price reduction on farm income ...... 49 Table 4.16 Structure of costs, subsidies and returns (RM/hectare and RM/farm) by tenure status ...... 50
Chapter 5 Table 5.1 Planted area and production of MFCV Penisular Malaysia, 1975-1996 ...... 54 Table 5.2 Imports of tobacco, 1976-1995, Malaysia ...... 55 Table 5.3 Costs and returns per hectare of uncured tobacco in Bachok, Kelantan ...... 62
ix
x
List of Figures
Page Chapter 3 Figure 3.1 The marketing channels of Malaysian palm oil ...... 16 Figure 3.2 Effects of tariff reduction on the domestic market of Malaysian palm oil ...... 20
Chapter 4 Figure 4.1 Rice marketing and distribution chain ...... 33 Figure 4.2 Price subsidy and intervention in the rice sector ...... 39
Chapter 5 Figure 5.1 The marketing channels for tobacco ...... 56
xi
xii
Glossary of Acronyms
AFTA ASEAN Free Trade Area BERNAS Beras National Sdn. Bhd CEPT Common Effective Preferential Tariffs CPO Crude palm oil CPKO Crude palm kernel oil DRC Domestic resource cost ECR Export credit financing ECIG Export Credit Insurance and Guarantee Scheme EPO Effective protection coefficient FELDA Federal Land Development Authority FFBs Fresh fruit bunches GMP Guaranteed minimum price KADA Kemubu Agricultural Development Authority LPN Lembaga Padi dan Beras Negara (National Paddy and Rice Board) MADA Muda Agricultural Development Authority MARDI Malaysian Agricultural Research and Development Institute MFCV Malaysian Flue-cured Virginia MPOPC Malaysian Palm Oil Promotion Council MTC Malaysian Tobacco Company NAP National Agricultural Policy NPC National protection coefficient NTB National Tobacco Board PIA Promotion of Investment Act POPCA Palm Oil Credit and Payment Agreement PORIM Palm Oil Research Institute of Malaysia PORLA Palm Oil Registration and Licensing Authority PPO Processed palm oil SSL Self-sufficiency level WTO World Trade Organisation
xiii
xiv
Foreword
Responding to the growing concern for the effects of trade liberalization on regional agriculture, the CGPRT Centre has implemented a three-year research project “Effects of Trade Liberalization on Agriculture in Selected Asian Countries with Special Focus on CGPRT Crops (TradeLib)” since March 1997, in collaboration with partners from ten countries: China, India, Indonesia, Japan, Malaysia, Pakistan, the Philippines, the Republic of Korea, Thailand and Viet Nam. In all these countries, important issues regarding trade liberalization were investigated with an identical research framework by national experts.
The investigation covers major crops which might receive either favorable or unfavorable effects of trade liberalization both in export and import. I believe that the project will provide broad and practical knowledge on various aspects of the effects of trade liberalization; moreover, the information will be useful for researchers and policy planners not only in participating countries but also in other countries in the region. I would like to note that, however, since this project was conceived and started before the current currency and economic crisis began in the middle of 1997, the analysis handles basically the period before the crisis with available current information.
I am pleased to publish Effects of Trade Liberalization on Agriculture in Malaysia: Commodity Aspects as a report of the second phase of the country study of India. A report of the first phase of the country study, which includes institutional and structural aspects on the same subject, has been published before. I certainly hope these reports will be fully utilized for the improvement of agricultural trade and the encouragement of regional agriculture.
I thank Dr. Tengku Mohd Ariff Tengku Ahmad and Dr. Ariffin Tawang of Malaysia for their intensive research and the Malaysian Agricultural Research and Development Institute for allowing them to work with us and for providing continuous support. I am very much obliged to Dr. Boonjit Titapiwatanakun for his devoted contributed to the project as the regional advisor. I would also like to express appreciation to the Government of Japan for funding the project.
Haruo Inagaki Director CGPRT Centre
xv
xvi
Acknowledgements
This study on the effects of trade liberalization on Malaysian agriculture is sponsored by the UN-ESCAP CGPRT Centre. It is part of a larger study to assess the effects and implications of agricultural trade liberalization in the Asia – Pacific Region. In this respect we are especially very grateful to Dr. Haruo Inagaki, Director, CGPRT Centre for his support to this study and also for providing the opportunity for us to be involved in this study. His interest, dedication and leadership during the course of the study are highly appreciated. We would also like to express our gratitude to the Director General of the Malaysian Agricultural Research and Development Institute (MARDI), Dato’ Dr. Md. Sharif Ahmad and the Director of Economics and Technology Management Research Centre (ETM), MARDI, Mr. Samion Haji Abdullah for allowing us to be involved in the study. Their constant support and understanding have facilitated the conduct of this study. We are particularly grateful to two individuals, who have been instrumental in shaping this study. Dr. Boonjit Titapiwatanakun, the Project Regional Advisor and Lecturer at the Faculty of Economics and Business Administration, Kasetsart University, Bangkok not only provided the necessary framework for the study but also advice and guidance throughout the course of this study. Specific constructive comments by Dr. Michio Kanai, the Project Leader, also have been very helpful. Both of them have played a major role in going through the initial drafts of this report and have tremendously contributed in improving the contents and presentation of this report. To both of them we would like to express our utmost gratitude. We also benefited from the various comments and suggestions from other team members during the presentations of the earlier drafts. To all of them, we are indeed very grateful. WE would also like to express our gratitude and appreciation to many other individuals who have contributed to this study. Mr. Chandramohan of the Palm Oil Registration and Licensing Authority provided us with the necessary critical data on tariffs imposed on Malaysian palm oil and other useful information on palm oil in the international market. We would like to thank him for his highly efficient deliverance of data and information despite the short notice given and his other work commitments. Mr. Arif Simeh from the Palm Oil Research Institute of Malaysia also provided as with useful data and suggestions. The chapter on tobacco would not have been as comprehensive without the help and assistance of Mr. Haji Abdul Wahab Jusof, the Director of Corporate Affairs, National Tobacco Board and Mr. Wan Azman Wan Ismail, senior researcher in tobacco at the Malaysian Agricultural Research and Development Institute. Both of them not only provided us with the necessary primary and secondary data required for this study but also helped us in acquiring a deeper understanding of the tobacco industry. To both of them again, our sincere thanks. In the Economics and Technology Management Research Centre, we would like to thank our colleague, Mrs. Salbiah Husin, Head of Statistical Programs, for spending countless hours running the data and estimating the econometric models. We would to also like to thank our support staff, especially Mr. Azwan Mohd Salleh, Mr. Syed Abdillah Syed Alwi, Mr. Mohd Isa Hassan and other research assistants for taking extra effort in collecting and collating the large amount of data as well as providing overall technical support during the implementation of this study.
xvii
Ms. Titiek Pratiwi of UN-ESCAP CGPRT Centre, Bogor deserves a special mention for he excellent secretarial support to this project. Finally, we would like to express our appreciation to Mrs. Norzahrila Jamaluddin and Mrs. Norashikin Idris for their excelent services and dedication in typing this report.
Serdang, Selangor Tengku Mohd Ariff Tengku Ahmad June 30, 1999 Ariffin Tawang Economic and Technology Management Research Centre, MARDI Kuala Lumpur
xviii
Executive Summary
As the effects of agricultural trade liberalization begin to trickle down and start to affect farmers, many governments are realizing that they may have to go through painful adjustment programs that can be politically unpopular. The UR agreement also constrains the choice of policy instruments that can be used in pursuing their respective socio-economic and political agendas. The growing concern on the negative effects of agricultural trade liberalization is not without merit. In developed countries and more so in developing countries, governments are grappling with ‘acceptable’ plans to restructure the sub-sectors affected by liberalization. For a developing country like Malaysia, where agriculture still plays a dominant role in the economy, agricultural trade liberalization is expected to affect the country not only on the economic and social fronts but also on the political front. A number of studies attempt to evaluate the effects of agricultural trade liberalization on Malaysia. However these studies mainly focus on macro aspects of the impact. Studies that analyze the impacts of liberalization at the micro level or the farm level are lacking. As a result, many questions concerning the impacts of liberalization on the individual farmer remain unanswered. In this study, the effects of agricultural trade liberalization are analyzed from two main perspectives. The first is from a commodity perspective, where the effects of trade liberalization on the commodity with respect to prices, consumers’ and producers’ welfare were evaluated. Subsequently, the study analyzed the effects of liberalization on the farmers involved with the commodity. It also attempted to analyze the aggregate effects of liberalization on the areas where the farmers are located. This study covers palm oil, paddy and tobacco, the three crops in Malaysia that are likely to be most affected by the liberalization initiatives. Palm oil is the largest agricultural industry in Malaysia. As an export-oriented industry, which is devoid of any subsidies, this industry is expected to register gains as a result of global liberalization of trade in the oils and fats market. The findings from this study confirm this expectation. Under a free trade environment, where tariffs by importing countries of Malaysian palm oil are zero, exports of Malaysian palm oil are expected increase by 1.973% (current weighted tariff of major importers = 15%). Using the 1996 data of exports of CPO equivalent of 7,587,855 tons, exports of CPO will increase by 149,708 tons under free market conditions. Prices of palm oil in the domestic market are expected to increase by about 3%, which translates into RM35 per ton of CPO equivalent. As such, consumers are expected to lose as a result of this increase in price. The consumer welfare loss is estimated to be in the region of RM28 million. However, producers are expected to register gains. Fresh fruit bunch (FFB) prices are predicted to increase by 3.2% leading to an increase in producer surplus of almost RM263 million. Hence the net gain from totally liberalized trade in palm oil for Malaysia is estimated to be RM235 million. Furthermore, Malaysia will gain from increased foreign exchange earnings resulting from the increased exports of palm oil. In addition, Malaysia’s benefit can be further expanded due to the requirement of other oilseed producers to reduce support to their industries, which will most likely put upward pressure on prices of other edible oils such as soybean and corn oil. The higher prices of these products can result in a substitution effect that will be beneficial to palm oil. Analysis of the likely effects of trade liberalization in palm oil at the farm level reveal that the net income of an average smallholder would increase by more than 9% or by RM147 per hectare per year. Considering that an average smallholder in an organized land scheme has about 3.5 hectares, the difference in income would be in the region of RM5000.
xix
This study recommends that continuous efforts to increase productivity and efficiency of the industry be undertaken to enhance competitiveness of the industry in the long run. In addition increased efforts are also necessary to further promote the use of palm oil in order to better compete against other edible oils. Among the specific recommendations to enhance the industry are reducing labor requirements in the palm oil production process, enhancing competitiveness through productivity gains via R&D and quality improvements, product development and diversification, strengthening institutional support and market diversification and deepening. The paddy sub-sector is one of the most highly protected agricultural sub-sectors in Malaysia with a high degree of market intervention. This protection is based on food security and socio-economic reasons, the paddy sub-sector being the sub-sector with one of the highest incidences of poverty in the country. Liberalization is expected to bring rationalization to the industry. Analyses in this study indicate that liberalization of the paddy and rice industry would, as expected, decrease domestic supply while increasing demand. There are all round efficiency and welfare gains that will benefit Malaysia, mainly brought about by the increase in consumer surplus and a decrease in government spending on subsidies. The total gain in consumer surplus brought about by liberalization is RM286.2 million, while the loss in producer welfare is estimated to be RM354.2 million. Hence net welfare loss is estimated to be RM68.0 million. However, there is a reduction in government expenditure to support the paddy price subsidy program, which is equivalent to RM553 million. Also, imports will increase quite significantly to cater to the increased demand-supply gap and farm incomes would be reduced by about 15%. Supply is predicted to decrease marginally by 1.34%. Hence, from the analysis, it appears that the food security objectives might not be very much compromised even if total liberalization takes place. However the poverty and income issue is a more delicate issue to handle. While the analysis does not indicate a large reduction in farm income, any decline in the income of the poor without compensation, however small, can lead to serious political and social consequences. Furthermore, there is a strong possibility that the actual decline in income by this study might be underestimated, resulting from underestimation of the level of protection in the rice section (the TE). Analyses of farm profitability based on an actual survey of farmers indicated significant financial implications for the farmers. Depending on the tenure status and farm size, the farm income could be reduced by as much as 68% per season. This study recommends several measures for the paddy and rice sub-sector to prepare for the challenge of liberalization. They include new and additional infrastructure in new areas, infrastructural improvements in existing areas to induce productivity and efficiency gains to increase competitiveness, farm consolidation and enhancing rural employment opportunities. In addition the study also recommends that institutional support be strengthened especially in the areas of R&D, extension and technology transfer. The tobacco industry is another industry that receives high protection from the government through a web of policy interventions including high tariffs, production quotas, guaranteed minimum price, input subsidy and others. This protection is accorded with the aim of protecting the small producers, who are mainly located in relatively poor regions of the country. Due to the high degree of protection that the industry now enjoys, complete liberalization would most likely have serious consequences for the domestic industry. Estimates from this study indicate that the supply of green uncured leaves would be reduced by more than 73% with a producer loss amounting to RM17.32 million. Consumers would gain from cheaper tobacco and the net gain in consumer surplus is estimated to be RM58.88 million. Hence net welfare gain is estimated to be RM 56.74 million. However imports would jump by 12,758 tons with an estimated cost of RM170 million. In addition, the government would also lose about RM 500 million in revenue in terms of tobacco taxes.
xx
Analysis at the farm level show that for the average farmer in a major tobacco growing area, operating a farm size of 0.175 hectares, gross income would be reduced to RM952 per season down from the pre-liberalization scenario of RM1,516. Net returns would turn negative although returns to labor are still positive at RM484.57. Net income would decline by almost 111%, while returns to labor decline by almost 54%. This reduction in income is due to the expected decline in the price of tobacco in the domestic market resulting from cheaper imports. The following recommendations are put forward for the tobacco industry to face liberalization: • Implementing a gradual structural adjustment program in the tobacco industry: The structural adjustment can start by gradually dismantling the tobacco tariff especially to ASEAN, so that the process of adjustments can now begin. • Restructuring production: The tobacco industry in its present form is certainly non- viable. The curer system whereby uncured and cured tobacco production processes are separated and under different producer groups has led to high inefficiency in the industry. This system needs to be phased out and replaced with the grower-curer system or a system that will allow increased economy of scale and lower cost of production. Data from NTB, indicate that the average cost of cured tobacco under the grower-curer system ranges between RM6.85 and RM7.38 per kg, while that of the curer system averages RM11.41. The grower-curer system manages to cut the cost of production by almost 38%. With an average cost in the region of RM6.50, Malaysia would be in a better position to compete with Thailand, where cost of production was reported to be in the region of RM4.50/kg. • Implementing an income support program: A de-coupled income support program would assist farmers in gradually picking-up new knowledge and venturing into other economic activities. This direct income support would only be given for a specified number of years, giving sufficient time for farmers to adjust to changing economic conditions and opportunities. • Other facilitating programs: Other programs that will assist the industry include improving infrastructure in selected areas, focussing institutional support on adjustment programs, R&D on alternative crops and increasing productivity of tobacco under alternative production systems.
This study on the effects of liberalization on palm oil, rice and tobacco crops in Malaysia confirms the fact that local industries that are competitive will gain, while inefficient domestic industries will lose from the liberalization initiatives. Palm oil in Malaysia, reputed to be the most efficient in the world, will benefit in all aspects including increased exports, higher earnings to the industry and better competitive footing in the international market as other edible oil producers need to scale down support to their respective industries. Uncompetitive industries, such as rice and tobacco in the Malaysian case, will lose. These industries are expected to be ‘naturally’ downsized as the effects of liberalization work their way through the economy. Eventually there will be all-round efficiency gains to the economy as resources are re-allocated to the more productive sectors of the economy. In facing the challenges and opportunities in agricultural trade liberalization, the approach that has to be adopted in further developing the industries must be market-based. Society-based strategies may no longer be applicable in this globalization era. Strategies and programs to develop specific enterprises may now need to be differentiated from social programs like helping the poor. Competitiveness is not the same as welfare. One of the market-based strategies that developing countries like Malaysia need to adopt would be to strengthen the five pillars of economic foundation, i.e. infrastructure, finance and capital institutional support, R&D and technology as well as human resource development. Strengthening the economic foundation in a particular sector would enable the sector to be more
xxi
efficient. Previous allocation used to support subsidies should now be re-allocated towards strengthening these foundations. In summary the following recommendations that are globally applicable to all sectors can be considered: • Strengthening the economic foundation to increase efficiency of agricultural industries; • preparing for adjustments in the affected sectors including planning for income support programs; • widening product range and value-added to increase product competitiveness and industry profits; • enhancing marketing efforts for market diversification and deepening; • re-structuring of production to allow farm consolidation and operation of better economy of scale; and • increasing rural industrialization to create better employment and income-generating activities from competitive industries.
xxii
! " ! # # $! # ! ! # ! % # " # ! !# ! ! # & ! Q R " # Q R #& ) Q* " R # + , +, ) ! Q& % -R # . ! ) # /0012 #/003 # /001 ! # " # ) #
/001 % ) ) ! #4 +, 5+ % ) /06 " 786 # & ! ! # - ) 9:6 /96 # ! !
# ) ) R ) ) ) # ) ) R R !# $! ! ! ! # ) ) #+ ) # ! ) # $! ;5- ; 5 - ,5< ) # ;5- ,5< " # ! " ! ! # , ! ! # ! % ) ! = #& % ! ) #
- #, # = ! # ! ! = # & ! # ! ! R R ! # , = ! ! # & ! ! # ! % ! ! # # ! ! +> ;5- . ,5< . # # , % ? ) R R ! "
% " #
) # ; % #; ! # = # " ! # & # ! ! #
! #&! " " # % ! #
!
& /00@ *- ! /7#@6# ) # /8 ! R *- 98#16 /01@ /7#@6 /00@ 9#/ #> *- % /0#A6 /01@ 77#/6 /00@# ! " ! ! "! < . /008 # ! *- "" #4!/01@ /00@ 7/#76 /1#86 ! 9@#06 /00@#< ) @#A: ! A#0 ! #
"#$% &'( )*+, **, , /01@ /00@ 98#1 /7#@ /0#A 77#/ ; :#A :#@ /8#@ A#@ , ::#7 :/#: , ?5 - + - R . "B- ? # <? *-/0A1 #
!- R
) # AA6 9#9 # R ! )
,
) # ! # > ) *- ! ! A/6 /00@ 9#7 # :96 " #& 78#@6 /01@:9#/6 /00@#. 786 " /00@# . % /86 *-#
" & ()**, & /00@ > /3A0888 - 9@70088 ; /08A88 - 33A@37 ; 9:1088 - /8988 C :99:8 . 9@A3@: /8@9@ 087@3 @A7A871 , ?5 - + - R 2 , # < ?- # #
" / )**,&0- *1+ ( /00@ & > 6 ! ), 12 > /A/A /8#3 31:9 :9#/ ,! 99@@ /7#0 ; A80 :#: 3 !-- 4),2 5 - 3A9 :#/ . :A3 9#0 C @87 7#/ . /197 //#9 D AA3 :#1 4,1 + " 5) 2 222 , *- 6 /1#A /7#@ ,? , #
& ! # ) # #
5 4
# R ! #$! , /001 ) # ! ) +, >7#1# ! = ! #< ) # ) )" !/01@ /003 >31#@ /01@ >70: /003# ) *- ! 8#A0 /003 # >@9#: /00@# ) >7@#: ! !>/A # R ! /01@ " /00@ ! >1#1 >/1#@ #&! ! /00:"/003 #
, !-
) R # R ) ! # &/00@ A3#96 ) 9#: #
"4 R 6 - -- )**, & , 6 . /9#A - 90#7 > //#: ,! 3#: ,! /8#1 /1#7 = /#@ 0#3 ,? , #
> ! #&/00@ >1#8 # >/8#8 /00A#% ! 9#@ #
1
",7 - **,&0)222( & /00@ 6 A337#3 /88#8 D /:8#9 /#1 E 71/#/ @#8 0@/#0 /9#: . :::#7 @#1 C 317#: 1#0 > 7@3#/ :#3 /311#/ 99#8 . E A39#: 0#0 99@3#/ 90#3 ,? , #
5 %
/001 # ! # & ) #; ! ! # ) ) " ) " /000 # " ! " = #$ ! ! /886 " ! # ) " ! ) # ! # . < - /01: ! , /0A/ M /0A@ - # ! ) , /0082 /001 # R % ! ) R # ! ! " # >E ) ! # /01: " /008 # ! ) # " ! :#36 ! ! /7#A6# ! ! ! ! #, = . < - <- ! ! <- /009"98/8 ! # * ! ) ! /009 #
+
! <-! ! # ! ! R G ! # 5 ! # ! # > " ! !! 3@6 ) ! # ) " ! #& ! ! # & /013 - & -& ! ! # -& ) # -& #
5 " / ! ! #&/007 ! /:6# ! ! /8#:6 ! ! /:#:6# ) #& !! ) ) ) # " # & ! # " # & ! # # *- ! >E # # < 4 < 4 # % ! = ! ) ! ! ! ! # & # ! #- +> #<! !976 1@6#$! # 76 ! ! ! ! @6988:# ! #D ! ! !976 /706# #& @6# $! % #
*
! # >998#:@ @6 >/799#AA @6 # ! # ; % #. ! ! #> %= ) ! = * #
1
< - /001 M 98/8 /000 % # !# , = ? = ) # R /00A >/8#8 >:#3 /008# ! ! #&/00A @/#06 ; - & ) ;-& # , ? ) #$ ! ! #; = ! ! #&/00@ ! !:79888 ! :/6 #$! ! # 788888 #, :88888 #$! # ; ? # +> ;5- . #%) ! ! ! ! ,5< # #- #D @#06 /008" /00@ ! ! :1#36 /007/00@ /000 # , ? = ! # , ! /000 #& " ! # " " # 5)
2
# " ! ! !# ! /00A# /018 #
1 " - ) /00A # ! " # = ) # ! " # & ! " 5 - + /000 #- % ! 1#@6 /008# #& 3#A6 /001#& @#76 :#86# & " ! # 4! /003"/001 8#96 ! ! 9#:6 , -# ! /001# /000 # HD ,5) # ! ! # = # " # >A#0 /00@ >/8#8 /001# ! # + = ! !#. ! ! ) >7#1 +, 786! " # ! 786 # ! #, # + # 5 - + /000 ) /003"/001 ! ! /001#>) !@#36 ! /A6"976 , ) - /00/ " /00@ # & /001 ) ! 8#A6 ! ! ! I # & 9#/6 /003"/001 #$ ! # $! ! ! # .
! #& ! # R ) # #$! " #& ! ! " " /000 # # # < = ! #
%-
# . D .5D " # ! ) #& .5D ! ! ! # ! # ! # ) ! % # , = # ! ## .5D #. ! #
" -
#& % ;- " # Q " R ! ! /038 #, ! #& .5D # " ) # 9#@ 9@8888 18888! # ) ! #
) 3:/A0/ /0A@9309913 /003 " ! 3#16 7#/ # /003A86! - 786! , ,!# ! - ! , ,! 5 #
" - & () )*1,/**5 B -# , ,! /0A@ @31@3/ @0/70 /:80/ 3:/A0/ /018 083@08 0703A 99A:0 /897783 /01@ /909700 /3/@88 91@88 /:19700 /008 /301:01 9A3/A/ @:A0@ 9890:3: /00/ /A::3/@ 9108@: 387@0 980:891 /009 /AA@377 7::11@ AA/:9 9/0A338 /007 /17/AA3 71A/99 1A89A 978@09@ /00: /1@A393 :@9:1@ /8/111 9://000 /00@ /087/A/ @/1/77 //1A17 9@:881A /003 /0937A1 393881 /70088 9309813 , ?- > D 2 , #
7#9 ! ! # @9#816 # ! 706 # & !06 #
" $ - )**5 ; $ - - /:89/03 @9#81 * ? .5D 31913A 9@#73 .5D;> //78A: :#98 >&, 71:1@ /#:7 , 9/3A:8 1#8@ & 97109: 1#11 9309913 ,?- > D #
& ! ;- #4! /0A@ /003;- /#93 1#70 7#7 # " ! ! 0#86 ! # ;-H /81888 //8A888 #
" % !% !%8 &R222 () )*1,M**5 B ;- ;-H /0A@ /9@1 /81 /018 9@A7 999 /01@ :/7@ @// /008 380@ 19A /00/ 3/:/ A19 /009 37A: 1/9 /007 A:8: 033 /00: A99/ 0A1 /00@ A1// /87A /003 1713 //8A ,?- > D #
4
: - ! . 7#/# - ! .5D " # ! # % ! ! G ! , /00/ # , ..4 # & ..4 # ..4 #. #+ ! #
" ) # . 186 " 086 ! ) #5) ;- -- ! # ) % /#9 /0A@A#9 /003) 1#@6 7#: #&/003) ;- -- >0 # ) # ) - & 5+; I , # ) # ) /@7888 /01@ @7@091 /003 ! ) >/#9 #
" 4;6 !% %% &R222 () )*1,/**5 B ;- -- - /0A@ 0@A 9/3 //A7 /018 /01 98A: 99A9 /01@ /7 7:9/ 7:7: /008 07 @37: @A9A /00/ 08 @:17 @@A7 /009 A/ @:07 @@3: /007 @0 38@0 3//1 /00: @@ 330@ 3A@8 /00@ /A 3:03 3@/7 /003 30 A/:7 A9/9 ,?- > D - >D #
4 ) - ; ! ) # <! ! ! ! >E # ) );- ) " # 7#@ ) ! # #
,
3 " -: -
& , 5 4 $ < 4 > . . ; - & & + 4 > , - 5 - > , E. , -
,?, /00/# <?. ? #
5
" ,< - &- =( - )*+,/**1 B > < ; < ; < ; /01@ 990 7@#/9 71 @#7: @ 8#91 /008 93/ :9#1A 7A /8#:@ A 8#70 /00A 781 @3#87 :: /9#78 /7 8#19 ,? - > D #
990 71 /01@781 :: /00A# & ! # % /7! @88888 # # ) >/@/ /00A# " # ! >E" #
% - -
- = ! ) ) # % # - > D - >D - > & - >& - - ; - -; # - >DR # - >D ) # * - >D = I /00@ # ! - >D = = ) ) = # " = R - >&R # - >& >E # % >E = " ! " ! I /00@ # - -;! /008 ) #& ) # % " # & ) - >& ! , , ! # - >D- >& - -;
1
>@ - >& >/#A@ - >D >/ - -;# & >E & > - &>- - >&# >E %) # # $! ) ! # ) ;- " #5) ;- % ### ;- # 7#3 ! ) ;- #
" 5;6 - ;- ### 5) ) >3@8 < - )>@8 /86 - )>@8 /@6 - )>@8 986 - )>@8 9@6 - 786 ,?I /00@#
- & -& /013 & ) /03A /013 ) # ) ) # 5) 5;> ) #& ) ) 5) ; & 4 # 5) ; & *, 5;&* ! /008 " ) # & R ) ! ! - ; - - ;- ! # ) +,J/88 @8888 #
4 - >
, ) ! ! ! # & = ! " ! # * /00: ! :86#- + /00@ Q R ! //8888 ! # ! # ) ) # #4 /007 ! :6 ! ! # &
+
* # /007 # :#/6 #4 :6 R ) ! >@8 /00A ) # , ! # # /003 +#,##/06 " 786 ! +#,## #D ! - ! # ! /001 ! ! +> ,5< # & < # /00A ! ! 98#@6 ! ) #
, " -
& % # ! ;- ..4 ) = #
, ! - : . 7#9 #
+ K / K / - /# & ) = # ! = ) # !
- /- 9#- 9 ! K 9! ! K 9# 5) ! ! # - /- 9 - / - 9# = # ) ! = # = D,# $! ! *D, ; " # = ! ! ! ;- ..4 #
*
3 ; - -: -
, - 6 - - ) ! ! # /01A ) ) = ! )#& < # /00: ) ! R ) ) # ! # & ) ! ? L- M - --, B*<-& >&. >5< ! ? L- M ) ;- = - - M 5 >G -, B M +,JG *<-& M & ) ! *<- >&. M ! /8 % +,JG >5< M 5) ! ! #. ) ! ! /8 % # ; 5 5+ & I -
2
, ,#H +,# " # ! ? DL- M/1#8@:NNN"8#790AD- -NNN"8#/7/@D >&.. 5= / 37#07 "7#90 "/#9A1 >9M8#0372 %#>9M8#0@12M/A2.M937#::NNN2#M/#@8 " ! NNN /6 # = ) ) ! >9 ) # ! - - 8#77 ! # < # /00: ) ! ) 8#/7 8#37 ) #$! /01A 8#A@! ) #$! ) ! ! # . ) = ;- ) ! ;- "8#/7/@# /6 ! ;- ) 8#/7/@6#+ ! ) ! /#0A76 ! % M/@6 #+ /003 ) ;- = A@1A1@@ ) ;- ! /:0A81 #
, - - ! = # = ! ! ! ! = ;- ..4 # = ! ? ->;- M /@@#1ANNO8#081/->;- >NNN"9#9:A0 >&.NNN 5= 9 9#991 /3#800 "7#999 >9M8#0A72 %#>9M8#0312M/A /018"/003 .M/79#3NNN#M/#A9 " ! NNN NN /6 @6 # ->..4 M /8#A78O8#/031->;- NNN 5= 7 @#33A >9M8#0/32 %#>9M8#0/82M/3 /018"/00@ 2.M79#///NNN2#M/#30 ! ? ->;- M ;- >G ->;- >M ;- >G ->..4M ..4 >G # . 5= 9 ;- ! "8#98876# /6 ! 8#98876# ! 7#88@6# 4 /003 ;- >//0/#@ ) ! >/99A#78 >7@ #
&5= 7 ..4 ! ;- /#8A/1 /6 ;- ! ..4/#8A/16#, ;- ) 7#88@6 ..4 ) 7#9/@06# 4 ..4 ..4 ! >/1@#A1 >/0/#3A /003 ..4#
,4 ; - - 4 ! # . ? K;- M ->;- *- ! K;- M ;- = G ->;- M ;- ;-& >G *- M *- >/8888 5 ! *D, ! ? K;- M //:7:#88"1#3@1:->;- NO8#9:83*-NN 5= : 8#A9// "/#A93/ 9#9A1 >9M8#7:2 %#>9M8#7A2M9/2#M9#8 " ! NN N @ /86 # ! >9# < ! ) # ! ! < #/00:2 < #/00A # ! 8#:@# ! 8#71 < # /00A # & ! ! # . = ;- ) 7#88@6# 8#:@ ) /#7@96#4 /003 ! /8@8: # ; ! ! # ! >9A#37 #
,, ; - = # $! ! # & ! # 4 ..4 ?
K..4 M ->..4"/->>+4 >5< ! ? K..4 M = ..4
->..4 M ..4 >G ->>+4 M >G2 >5< M ) 4 ..4 ! ?
K..4 M " :9@AA97/@/O9/177->..4"/NNN "91#01@ 7#/AA
" @@9#7:->>+4O9/@70@8B5>NNN 5= @ "8#A// 90#99@ >9M8#002 %>9M8#012M/@ /01/"/00@ 2.M90:#79ANNN2#M9#38 " ! NNN N / /86 # )! # ) /6 # B5> ..4# 4 8#/: /6 ..4! ..4 8#/:6# ..4 ! ) 7#9/@06# ) ..4 ! 8#:@896# 4 /003 ! 98/@98 # >937#83 # . >97@#:7 # ! ! # ) #& R ) = ! ! # ! # . ! !! ! ! # ! /00: ) . ! AA8 #. " ) ,5< # #
5 ;
.5D $ 4 $ , ,# ! Q.5D * R# $ 4! 99888! $,! A1888 - ; /008 #
5 ? : - - .5D* ! /03/ # ! .5D ! # " #
! ! .5D# , ! ! 7#@: # 7#:: ! ! # ! # ! # ! ! # & ! .5D #
5 3;@$ # .5D* = # ! # !/1:7 @73 # ! ! !9@"78 ! % # 986 ! " #.5D #
5 ! .5D* 7#A# ! /9 # 99 ..4 #
" 1! - )3;@$ # & ; G> > 7 . /913#3A 1@#98 - 71#18 > 9/0#1A 9A#8: $ ///8#88 9A3A#@1 ?$- . ) /08#1/ 90@1#70 !0 B 99#: ..4P>987#:8G :@@3#/3 <& /@0A#AA ,?, /000#
! >/@0A#AA # ; 7#@ ! >@388 # ! ! # #
4
54 @ ! ..4 ..4 ) 7#9/36# ) ) ! 8"@6#4 ! 7#A 99#: ..4 ! >:A89#30# >/:3#@7 # ; ! ! # $ ! >/A::#7 0#/6# ! 7#@ ! >3/8@#8@ >@8@# ! ! /1:7 ! >9A88@@ # ! ! ! # . ! # < ! ! ! #
1 % - --
! ) ) ! ! ! # # ! ! ! ) # ! ! ! #& #; # 5 #, !?
! " ..4# ) # = # ) ! # ! ) #
# > ! # /001 ! ### ! ! # & >E= #<!
,
) & - <! * < ! ! # ; = = # # = ! Q R#
% ) # ! ) ! #, " 5 = # " # & " = ) ! " #
$ & ! ! % # ! ! #> - >D - -; # ! ! ) #
% D " ) #& ! ! = ! " # & % ) #
5 4 %
4
! = # # & ! ! #, = ! ! # ) ! = ! ! #& ! ! " #
4 "
4 # % 8#:6 ! # < ! " # " #& % ! # & # # #& % #
4 ; - / - & #&/01@ ! 8#06 *- :#A6 " /00@! 8#/6 *- :#/6 " # < - /001 " ! 7#A6 7#:6 988@ 98/8 # ! # " ! //3888 ! % # 76 I /003 # 988888 # ! ! ! :#/#* 9@ " ! # ! ! /003 #
1 &
"4? - - )**2 %> < .$ . , 37888 @#9 H :@888 3#3 H G,# /@7@8 @#8 < , /:388 3#8 &--#- :A@88 @#@ H5 > 7A88 @#8 ,? > & >& /008#
4 ) - # /71888 ! 9/9888 # /#@ # /@6 ! 7 I /003 # ! ! 7#16 7 . * /017 # ! # D /00@ 388888 ! 376 - 06 , 916 ,! :#9 #$! @88888 I /003 #
"4$ )**, , & <& - //3/:1 73:1 9@008 H 9:1@ //1337 -#- /:098 99@ /@/:@ - :30/3 :9@@ @//A/ , /0/:: /83 /09@8 , 1:88 /::0 01:0 @0@0 7:7@ 07A: I 789A A:3 7AA7 - /@A8/ /7A03 90:0A /@10A /9/A7 918A8 H ://@9 9@719 33@7: , - 91A9:: 088A9 7AA7/3 , /A/37 77370 @8189 ,! /@/73 /@78A3 /319/9 7//0@:7 9A3A1A @03778 ,? /003#
# # ! ! ! #4 /00@ ! 3A7888 A:6 ! ! - # !/01@"/00@ ! :#7# ! 996 /#A 9#/ ! 96 # ! ! ! 8#76#+ ! ! /#A6! #& ! - !
+
" # ! # ! # ! ! , ! ,! ! # &- " ! # % ! AA6 176 - :#: # /01@"/00@ 3:#76 /01@ A96 /00@ :#7 #B ! ! # ! ! # ! # - ! ! 8#06 :#06 ! # - ! Q R! ! #; A: /A9 ! 91::/ :A3@7 #5 - # ! 1@6 # /@6 " ! ! , ,!# & " ! ! #- ! !8#A G ,! /#1 G , # :#:#
4 ! - / &@( , # ! ,,D A1#@6 /00@ @:6 /03@#. /0A8"/00@ ,,D! AA#A6! !! 3/6 /0A1 1:6 /013 :#@ # ; ,,D 3@6 ! = % # /0A8"/00@ ! # - /7:13#0 /#A6 # /00: ) ! /8#@6 ) /0#@6 /@#/6 9/#@6 1#06 #
* &
"4 % ) ) )*+,/**, /01@ /008 /00@ *! 6 > - - B - - B - - B - - B R888 R888 G R888 R888 G R888 R888 G R888 R888 G - 773#1 //99#: 7#77 7A7#3 /90A#0 7#:A 717#/ /@9A#A 7#00 /#7 7#/ /#1 /13#/ A8/#8 7#AA /10#A A9:#0 7#19 /07#1 139#9 :#:@ 8#: 9#/ /#A H 7A#0 /81#9 9#1@ :3#7 /37#A 7#@: @/#A /1/#9 7#@8 7#/ @#9 9#/ H G :A#9 /::#/ 7#8@ @/#/ /91#A 9#@/ :1#3 /37#8 7#7@ 8#7 /#9 8#0 ,# < 7:#9 0A#: 9#1@ 7@#A /:9#8 7#01 7@#3 /:3#A :#/9 8#: :#/ 7#3 &- /3#8 7/#A /#01 9/#1 7@#0 /#3@ /0#7 39#A 7#9@ /#0 3#1 :#0 -#- ,#- 0#: 98#@ 9#/1 /A#/ A8#@ :#/9 /A#/ @3#0 7#77 @#0 /8#9 :#9 H5 > 3#8 /0#@ 7#9@ 1#8 9@#@ 7#/0 0#@ 7@#7 7#A/ :#3 @#0 /#0 H G " " " 70 3#@ /#3A A#@ /0#A 9#37 " " " , //1#0 779#: 9#18 /98#: 793#0 9#A9 //7#: 7/8#3 9#A: "8#@ "8#A "8#9 ,:@@#A /:@:#3 7#/7 :0:#8 /39:#3 7#90 :03#@ /171#7 7#A8 8#1 9#7 /#@ , 71#8 A0#/ 9#81 @:#1 0:#1 /#A7 @7#/ /:7#@ 9#A8 7#7 @#0 9#3 ,! /3/#9 9//#A /#7/ /7/#1 /3@#3 /#93 /97#/ /:@#: /#/1 "9#A "7#A "/#8 3@:#0 /A:@#: 9#3A 318#3 /11@#8 9#AA 3A9#A 9/9A#9 7#/3 8#93 /#0A /#31 ,?- , #
2
"44$ ) )**, ; * > 6 1 /# 0A888 9# H 7/:AA 7# H M,# 788@1 :# <##, /0899 @# - /7888 3# ,- 0@/8 A# H , A778 1# 4 @/88 9/9:0A 396 ? 91::/ 16 A: ! :A3@7 /:6 /A9 $ </ @:891 /36 7:93/0 /886 ,?I /003#
"4,0 ) - / &@( )*12/**, > - ; ; - ; B ,,D 6 R888 R888 /0A8 090 /7: 1#0 //0@ AA#A /0A@ /800 //1 //#0 /:8: A1#9 /018 //:@ /8@ /7#A /:70 A0#3 /01@ //10 /87 /@#31 /3/@ A7#3 /008 /9/@ 1A /A#A3 /@:@ A1#3 /00@ /7A7 13#0 98#// /A:1 A1#@ ,? ? #
1@888 /0A@ @18888 /003 = #;% C < # /00@! >7@3 # :#@6 /@678 :#3 # >188 ! ! +, /001 #
"457 - 6 &0- ()*5,/**, B * . & > & > 6 . /03@ A:0#3 //9#3 /@#8 /0A8 A13#A 0@#@ /9#/ /0A@ /:8/#@ /:1#8 /8#3 /018 9:::#7 /:8#@ @#A /01@ 78A@#: 97A#1 A#A /008 :@@/#7 930#1 @#0 /00@ A11A#A 7@3#/ :#@ , ? ? #
&
44 0 -: > ! = ! # - . :#/ # 7@9 # D /931 ! 7A888 #& /001 # 45><, - 4 < 4 # ! D- 4 < < > - 4 D-< ! ! /0A/ # ! /00: /003# 45><, ! #& ! " # & " 45><, ) /@ ! # & /001 # ! = ! = # ! % # 45><, ! @86 ! /96 /16 #
4, ! ; " R # :#A# & >0@: H >9891 < ! ,# - >388>/@88 !>8#91 >8#:8 :#A :#1 # % # @96 # !" ! / ! >388 ! >@88G # ! ! !# ! # - !" Q "R R# # ," ! ! ! # ! " " # ! ) ) #$ " ! ) #. ! 9#: # #
3 40 -:
. G &
&- > 5 -B >&;5 45><,E , >&;5
45><, <45><, > 4 > 4
45><,E $ D5,D5 ,
45><,E >5 &D , 4 4
;
&
"41 ) )** ! <& $ & ; - & ; >G >G D /@8 988 " @8 , 08 /98 . >388G /18 / /18 / 789 18 $ A@ /@8 - 78 A@ $ 988 9@8 D 988 7 988 D " 79@ 0@@ /378 AA@ /:@8 @A@ " ) ! 388 /@88 ,?>& # < ?/# 9# 7#
"4+ )** * ; - >G ; - >G /# /8A0#30 8#78 9# H 0@:#89 8#91 7# -#- //A3#@/ 8#:8 :# H G,# /830#@8 8#77 @# < ! , 9891#88 8#:@ 3# H , /981#A8 8#:8 A# 4 /7@@#88 8#:8 1# ,- /730#88 8#70 ,?>& #
& # & ! R ! ! ! ! #
4 % -
4 4/01: #, ! ! 4 /011 ! # . * /008 ) ! #, /001 # % " :#0# & ) % # = ! ! ! ! % #
4
4 3 ! /0@8 ! % " = # ! = ! ! # ! ! 786 /0A/#, ! ! ! # $! ! # " /0A0! ! /886 # ! ! # >97/ 776 ; /01@ # >/:: = /@6 I /003 # /018/013! >:A7 4/011 #+ < . <., ! ! >:9 /018"/013 # :/3888 /018 ! 918888 /01@# & /00A ! >99 = ! #
4 % *- # *-! /0@A ! #+ ! ! ! >/@ = >9@8 # ! # ! ! # , = /0A8 # ! D-< # ! #4/0A: *- " ! >:90#0 # ! >:03 >:77 /0A0 4/011 #. ! # /00A! ! >@@ /88 >@/#30 /88 # ! ! # ! /018 ! ! >9 >77 # ! /019! ! >/8 = >/3A # 186# ! /008 >9:1 #
, &
"4* --- - & % & . # ; # ! 86:6 /013# & #& >:#9 /0@3"/003 /:6 2! # ? % : . & # *- ; >@@ >@/#30 /88 # - & >9:1 # ! 0 : % > 45><, # > ; " # ,? 4/011#
# + ! ! # ! # ) # ; ! ! /@3#+ ! # # ! ! # ! % # ! >10>00 /88 >03 >/83 /88 #> >/@A >/30 /88# ) #
44 - /
&/00@ +> ! ! # ! ! ) ! # =
5
# $ % ! # ) # ! # ! ! ! ! " # ! ! ) # ! 4 * /011 ! # 4 ! ! /01/#, = ! 8#0A /01/ 9#8A /013# ! ! # # A:6 ! # & " " # - # . * /008 4G; # 4G; !!/ !8#7/8#:7 % #& H G- ! ! 8#7/# ) #.- ! :@6 #, ! # ! 3A6 # # ; = ! # & ! # /6 /#@6 ! /96 # 3@#16 7:#96 # A/#@6 ! 71#36# . * /017 ! # ! #4 Q # /013 ! " ! # ! ) #
1 &
4 " < . /007 ! # ) ! 4 /011 ! = ! # % ! ! ! ! # ! 8#97 8#9@# % ! # /01A #4 <-; 5- >; # & /0A0"1/ <-; 8#0/#/#./01:/013 <-; ! 9#98 9#70 ! ! #& 5- /#80 /01/:#37 /01@! # >; /#88 /01/9#89/01@# ! # < R ! #&/01@! !" ! >@/91 ! 3/6 # >13/3! >9/88! " /003 " /#00 :#3G # "! ! ! #, 196 /#: ! ! ! # ! ! ! ! #
4, !-- /
= ! ! # & ! ! ! #. ! = = # = ! ! = ! #
4, ! - : ! ! . :#9#
+
3 4%
, - - -! ,
K/ K7 K@ K3 K: K9
& -! ! ! ! # K/ = ! K9# !K9 K/ K9"K/ -!# *-- K7 ! K:# ! -!- # -!- #
! #& K:"K7 # *-
- K@#$! *- " R - K:# ! K:"K@ ! -!- -!-# -- -- # - #
4, - - & ! = # ! # ! #. = 5 :86 = # 5
* &
* ! O "= " P # 4 = ! ?
D>>5->M D>&->D> . !
D>>5-> M >G ;-&
D>&-> M >G ;-&
D> . M "= >G ;-& 5 ! ?
D>>5-> M "/#909@A@O8#83/7/@D>&-> "/#900 8#98@ O8#978@/8D> . 5= / /#:73 >9M8#:A302 %#>9M8#:/112M992##M/#8/ " # . ! 5 8#978@# /6 5! 8#978@6#$ :86 5! 0#796 8#978@&:8M0#79 # = ?
DD<.-> M D>5-> ! ?
DD<.-> M >G
D>5-> M >G ! ?
DD<.-> M "8#//:71/O/#//3973>5-> 5= 9 "97#793 NNN :9#7918@ NNN >9M8#02 %#>9M8#02M992##M/#8 " ! NNN /6 # . 5= 9 ! /#//39# /6 !
42
/#//396 #+ /003 ! >/#9: #
4, - ! ? , M ->"/K"/ 5;>5"/.5> ;-& ! ?
, M
->"/ M >G
>5"/ M
5; M B5> .5> M = $! ) ! " ! ?
, M "7A@13888"8#3/1:3>5"/O78/#7:-> 9#19/ NN "9#/17 NN 8#0/1A
O/0399 5; 5= 7 :#88/ NN >9M8#@A/:2 %#>9M8#:0/82M992M9#8//: " ! NN @6# ) # ) # @6) # " ! # , ! # $ ! ! ! !! # . !! ! ! #4 ! 8#/7# Q /008 ! ! 8#// < . /01@ 8#/A# 4 /011 8#9 # ! ! # $ #& ! ) ! ) ! *- !#. ! ) ! ! ! % Q /008 #
4 &
.5= //6 ! 8#978@6 # $ :86! 0#996 #5= 9 /6 ! /#//396 # ! 0#996 ! /8#906 0#996 ) /#//39 # 8#/7 /8#906 ! /#7:6# 4 /003 = /0918 # ! >/#9:G ! = >8#1/G #
4,4 - - Q /008 ! # = #& ) # 4 ! ! ! *<-# ! ! ?
> M ->-B
> M
-> M >G
- M ! >G
B M > " = ! ! ?
> M 8#/1@@"8#7808->O8#@:13- 9#79A NNN 9#A90 NNN :#101 NNN
"8#9703B 9#1/9 NNN >9M8#@11@2 M/#:@87 " ! NNN /6# ! # ! ! ) # ! ! 8#780 ! 8#@:13 ) ! ! # ! ! #$ ! ! # ! ! R /030 ! !"8#9 "8#@#< . R /01@ ! "8#@# 4 ! 8#978@6 :86 ## ! 0#996 # 4 /003 >/#:1G ! ! >/#7:G# "8#7/0#996 9#136 0#996)8#7/ = # /003! 98/@71: #$9#136 = @A3:8 # ! 98A789: #
4
4,, - ! ) /@6 A6 % ! + > . /00@ # ! ! /0A@"/003 ! :#/8# ! ! ) /018"/01:# ! # /00@"/003 ! 316 ! #+ ! ! ! /@6 ! ! # $ ! #
"42% - & ( &0( - - - 6 G - /0A@"/0A0 AA8 A@: /89 /018"/01: AA8 A0@ 0A /01@"/010 A39 337 //@ /008"/00: 0:3 A9A /78 /00@"/003 /708 19A /31 ,? ? #
4,5 A 4 ! ! = # /003 #
' ! # # /003 ! 98/@71: # >/:8 >/:18 M >/7:8 >919#9 #; @A3:8 ! >:#8 # $ >913#9 #
( # & ! >/38 # ! /:/0@/:9991:10 /003 /0918 90139 # ! >7@/#A1 >9#70 # $ >7@:#/A #
= #. ! @A3:8 ! /0918 # A3098 #4 ! >1@/G /003 >3@#@ ! #
4 &
) >9:1G ! = >718G # ; /003 9991:10 ) = >@@7 # ) >:88 # # & # ! #
45 @ / > $
45 B # # ! & /030# % . - 03888 H - - #. 4 %! /0A9 >971 #4/0A:096 ! ! /A86 H /003 # /#9 #, = 718888 /0A8 308888 /018# ! ! && /0A1 ! % ! >993 I /003 # ! - ! /9A888 :88 7#
45 " $ ! - H - # /93888 ! AA788 ! H - # "= ! # " 906 :/6 # ! 9886 # ! 908 918; # /008 # ) ! < ! /88# < ! 988"788# % # , = ! #
$ * 4 ! :#//# ! 37888 /017:A888 /009# !
44
# :#@ /017# /009! @7#1 97 A@ #, ) !@/ #&/017 ! :3#: #& ! ! ! #. ! ! #
"4% - - )&*+ /**( /017 /009 37888 :A888 @#9 :#@ :3#: @7#1 /00A % G /#: /#00 ! 6 " ! :A#: 90#: " 93#3 78#: " !" /A#: 7@#@ " 1#3 :#A ,? /017 2I /003 #
! /#00 /#87 # :96 /#: /017# ! ! # ; = !" ! " !" ) # ! ! #
+ , /0A8/00@ ! :#/9# /93:88 /0A8 /0:888 /00@ ! /#A6# & ! ! 8#A6 1@6 :31888 /0A8 138888 /00@ ! 9#::6# ! ) ! #
"4! ) $ )*12/**, /0A8 /0A@ /018 /01@ /008 /00@ *! > - R888 /93#: /1:#@ /1@#: /13#9 /10#3 /07#1 /#A/ - R888 :3A#0 A97#3 A:8#@ A8/#8 A@9#1 139#9 9#:: B G 7#A8 7#09 7#00 7#A3 7#0A :#:@ 8#A: ,? /003#
# .
4, &
# ! :#/7#. /01@"/00@ ! # $! ! # " ! # # < R # /01@"/00@ ! @96 @A6 #$! ! # ! ! /6 ! # R 986 #
:#/: # !>17: !" >/@70 !"# ! @86 # >//0:# % # ! ) # ) !" " # " " # >9A8 >9:8 # 4 /011 !" ! >@// # >797 /8 376# #& # # " # D ! " ! >@A78 >7A0A >9780 !" !"" # = >0@@ >377 >71@ #
45
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
41 &
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
4+
45 " - & $ ( = ! ! ! = # ) 8@6# /00@ #- ! /#A@6! = /@813 # /86 >/#9:G ! = >8#1/G #4 ! /7#36 /@#:6 /#00 ! :#/@ #
"4,- - - & - - ?/#00 - :@10 0/79 - ! >G 8#1/ 8#1/ - ! >G 8#0/ 8#0/ * > 7A/A A703 ; > //0@ 97AA <! > 9@99 @8/0 <! > 90/1 @077 & > 703 0/: 6 /7#3 /@#: ,?I /003#
454 - - ! ! # ! ! ! #4 :#/7 :#/3 # , ! ? ! ! !# , >/:: ! ! # !>9/8 !" >71/ " = @6 36 # ! ! ! #. " @86 >//@: #.!" 386 # + ! ! ! >987: @16# @16 # !" ! 316 >9:88 # ! ! ! = >988 #
4* &
"45 ) &0= 0=-( !" !" " " & >G >G >G >G >G >G >G >G /#:3 /#17 9#3@ /#00 * 9:91#A7 77:7#@7 9/0:#7: 70A:#99 99:7#09 @118#7/ 99A9#9A :://#/0 - //39#A@/3A/#7/ //31#9A 9/:/#9@ //@/#13 78/A#33 //@7#09 9918#33 & /::#81 9/8#7@ /::#81 937#3A /::#81 71/#1/ /::#81 913#A9 * 7A7@#@3 @9/3#/0 7@83#30 37A0#/: 7@70#13 09A0#A1 7@A8#9A 30A1#@A ; 177#A3 /9/A#90 189#0A /:30#:9 18:#77 9/7/#:3 1/@#/3 /399#99 D " " A73#77 /7:A#:1 708#13 /87@#AA 7A0#:3 A@@#/9 < 908/#18 7001#08 /03A#70 7@39#9: 97::#3A 3//9#@@ 97A@#3@ :38/#97 < 9A@A#A9 7A11#@@ /197#7/ 7901#@A 9988#@0 @A78#A: 997/#@A :7/:#@8 < /A70#8@ 979A#@0 A00#/9 /:98#00 //09#1/ 780:#10 /99/#A7 9798#@A < /@0:#0A 9//A#9: 3@@#8: //@A#79 /8:1#A7 9A/7#81 /8AA#3@ 9877#1@ < :3@/ 3A08 :@:A 179/ :393 /99@0 :@10 0/79 ,?I /003#
,2
& ! ! ! ! #. ! ! # ) ! ) ! #
41 % - --
& ) ! ! # ! ! # $! ! = " #. /@6# = #, ) ) /#7:6# $! ) = # *- !! ! # ! ! # # < ! ! # $! ! #. #. % # $! # ! ! = #. 5 # # 316 # 4 ! ? <! ? <! ! , ,! ! ) ! " #, ! # " ! #& ! # . ? > # ) # , = " # 2 ! ! #
, &
5 ? ! # # " " #& ! " = ! # ! # , ? " # & >E ) #. >E ! ! # ! ! ) #
, , "
,
) # ! # ! ! ! ! " # ! # ) ! = ! = !! # 4 H ! #
, "
! ; ; ! ; /0@0 ) # & ! " ) = " # ) ! ! # ) /037! 917 /:83/: #, ; # !" ! ! #+ ! ; ! # ! ; /0A8# 4 /0A8 ) " /9/3 ! % #- /#: # , ! # ) ! ! ) = # ! ) # ; % </01@ #D ;# ) # " ! # ! # ! < 4 < 4 ! #
, ,
! = ! # ) ! ) # ! 9/A88 7A: A97!" 9:@88 ! # ! //888 ! /9 #
, - # 5 , @6 # - . ; C .;C ! 4 # @#/ ! .;C /0A@ " /003# 98 ) ! #& /8888 ! /8 # .;C#, = ! #
",% 3!7)% )*1,/**5 B - /0A@ /:::1 0#987 /0A3 117A :#318 /0AA 0:00 A#9A@ /0A1 /9131 0#98: /0A0 /9:0@ A#@7@ /018 /7971 /8#:0A /01/ /9030 A#30@ /019 /9A9A 0#@A1 /017 /9A07 0#31@ /01: /8@:1 A#/@A /01@ /3@80 0#7:A /013 /A@@7 /7#3:/ /01A /9A@@ /8#1:1 /011 01:A A#918 /010 /9087 /7#37A /008 /8A71 /8#@/A /00/ /@31A 0#9/3 /009 /91/A //#9:@ /007 /7/A1 0#3A0 /00: /8A3A 3#81A /00@ /8@88 /8#788 /003 /9A88 //#011 ,?< 4 #
, " #5) # AA@A >70#/ /0A30@8A >/9A /00@ @#9 # ! # #
,4 -
",- )*15/**,) B & K & C > /0A3 AA@A 70#/87 /018 :9:/ 3/#33: /01@ @@1/ 0A#7@1 /013 @980 09#@/1 /01A 7713 @0#@98 /011 78:1 @A#81A /010 7@A9 31#777 /008 :@3A 1/#7:7 /00/ @@:7 //9#@// /009 @:18 09#/A0 /007 @A/1 10#/:9 /00: 3798 0:#09@ /00@ 0@8A /9A#8:7 ,? , #
, " - ! # ! ! 8#/A@ # & /888 " 7888 # & /00A ! 98@9: < 4 /001 # ! # #; 77@ - # 5 ! ! < 4! ! < 4 # # !! = ! ! # ! # " # < 4 # = < 4 = = < 4# ; ) # # ; < 4 # % ! # !" ! ! !#$! /00A !/88@ !" # - /:6 .;C # ! !" R # ! " " #
,4 :
,, ,
, . @#/ #+ ! ! = #- ) < 4# ! #
3 ," -:
. *D -
;
;
;
,, % # < 4 # % < 4? D ! & = ! , ; - - ) ! 4 - ! ! # < 4 /0A7 % !
,5 -
= /0A:# ! ) #; ! = # = ! R = = ! = # = #186 = H #H 386 =# *- # = #5 I/008 ! ! = # ! " ! # ! A@6 = # = # % = # < 4 ! # = # & >& #& H # & ! % ! ! ! # ! # - ! >E ! ! >E ! ! # ! #
, " --
& " ! R R #
, - - - & ! #4 ) ! ! ) ! # 4 ! ?
& M &->& >*- ! ?
& M = &-> M ;-& >G & > M ;-& >G *- M *- >
,1 ,
& " *- ! /018 ! ! # # ! ? & M /3@1:"8#:09A&->NNN"8#8398& > 5= / 0#31/ "@#30/ "/#7:8 O8#8879*-"8#88@/*-+ 8#/9:1 "8#7319 >9M8#AA92 %#>9M8#A/@2M9/2#M9#/3 " ! NNN /6 # = >9 # $! #& " /# /0AA ! " / = ) ) # ) # 4 & > = ! " 8#:0A /6 ! 8#:0A6# = ! "/#:7# ! ) >98#A9 /0A: >79#1: /018M/01/ >@8#88 /019# & /008 @6 ) ! )#4 ) = ) 7886# $! = = ) ! 9A86# . ! /7:#96 M8#:0A &9A8 #4 /00@ ! /9A@1 # ! >/A8 #
, - - & .;C ! = # = # ! #& ) ! ! ) ) # = # ! ! ! = ? D<->;+>> M"/#@/A:O8#9379D<>->NNO8#/3/9D< >NN 5= 9 "/#/9@ 9#7:9 9#8@1 >9M8#792 %#>9M8#9@2M992.M:#@@1NN2#M/#/8 ->+<;+> M 8#8007O8#8:3:->;+>NNN 5= 7
,+ -
9#AA3 /3#7A >9M8#09:2 %#>9M8#0/02M/32#M/#0/ ! ? D<->;+>> M >G D<->> M ! >G D< > M >G ->+<;+> M >G ->;+> M >G " ! NN @6 # = 5= 9 ) #& >9 %#>98#79 8#9@ ) 796 # $! @6 # , = # ! ! 8#/3/9# /6 ! 8#/3/96 # ; = 9A86 ! :7#@9:6#& /003 ! >A#30 # . = ! 8#1@:# /6 ! 8#1@:6 #$:7#@9:6 ! 7A#/36 #* /003 ! >8#A@1G /003 ! ! >8#:A3G#
, ; - - .;C# ! # ! # > /01/ # .;C ! ?
K ;+> M ->;+>*- ! ? K > M = G ->;+> M ;-& >G *- M *- >/888G & ! = *- ! /018 ! ! ! # = /011 ! # 5 ! D, ! ?
,* ,
K ;+> M /#9A730"8#8933->;+>"8#8888A*-NNN :#:A0 "/#::A "7#/91 O8#888880/*-N+ 8#087 >9M8#@32 %#>9M8#:12M992.MA#3/1NNN2#M9#/19 . = ! # # ! ! = ! # ! ) # & " ! /#8# = ! 8#3@# /6 ! 8#3@6#. ) :7#@6# ) 91#916# 4 /003 0#/89 ! 9#@A: #; >@1#11 # ! # ) ! #
, 4 ; - & ! = ! =#$! < /01@ ! #. ! = !#; ! 86 /886 =# = < 4 = ) ! #; ! = ! < 4# , < 4 ) V V # , # ! ! ! ! # ! # 4 ! = #4 ! ?
,+-+<;+> M D->+<;+>"/K+ B5> ! ?
,+-+<;+> M D->+<;+> M >G K+ M = B5> M )
52 -
5 ! ?
,+-+<;+> M A993#8/10O937#97//D->+<;+>"/NNN 5= : 7#/@A 7#9:7 O/8#1AAAK+ NNN"7#A73/B5>NNN 7#08A "7#/A/ >9M8#3A2 %#>9M8#@02.M1#8:7NNN2M/32#M/#A9 ! = >9# /6 ! ) B5> ! ) # ! ) #$! # 4 ! /#0A# # $! /#09 , /009 # !" /#0A/6 ! /#0A6 = # ) 7A#/36 ! ! A7#9/6 A/#8@ /003 #- >/A#79 #
,4 " /
,4 $ ! 4 H - # #& /#9 /00/ ! 4 /88888# 386 = #&/00A = A#1 #$! A#3 0A6 =# 4 ! = 9#1A: /001 98#76 = # & ! #; 4 /00A! 9879 #& = = #&/00A ! /9@8 986 # !7888 8#:9 8#/A@ # /00A 4 :703 # /00/ ! 9#@6 4 /99888 78@88 #$/@6 # /13@ ! @1 #&
5 ,
@888! #& % #
,4 ! @#7) #< >9109 # , >@009 #$! % 4 8#/A@ # - ! >@83 >/8:1 #
", ! ? :)8 ; G> D & > , ; ,! #, 7A 7A #- /A7 /A7 *! #D 1A8 1A8 #. :33 :33 #- :90 :90 5= 30/ 30/ D 7/88 7/88 @AA3 @AA3 > > //888P>8#A11G ? 1331 @::@ //888P8#:0@ <> 9109 "77/ ,? , < 4 /001#
,4 - + ) 7A#/36#4 /00A >8#A11 4 ! >8#:0@ # ! " >77/ @#7 # $! >9A30 # . 8#/A@ ! >0@9 " >/@/3#< !! ">@A#07 >:1:#@A >/8:1 #< ) ///6! ) @:6#
,, % - --
,, - . ! R R ! ! >:7#90 #$! ! ) #&/003
5 -
! >@88 #. ! # ! /9A38 #4 >3#88 ! >A3 # ! # 5 ! ) >@38 #; 97888 "! ! >/9#0 #& ! ! # ! " # ! ! # " #
,, 0 -- ; ! ? & % ?. # # $! # +>! ;5- ". ,5< ! ) ! !86"@6 ! = # /8 . #& ! ,5< % !# > ? " # ! # ! !" ! ! ! # < 4 !" ! >3#1@ >A#71 ! >//#:/# !" 716# >3#@8 ! ! ! ! >:#@8G# & ? " ! = ! !"! # ! % # ? ! %
5 ,
>E #
54 5 -- !
! ! ! #- ! ! ) ! # + ! # ) QR ! ! ! # 5 ! " " # < % ! # 5 = ! #& # ! % # & " #, " # , ! #; ! # " ! ## >E ! # , ! #- !" ! # & ! ? 2 % 2 ! " 2 2 " ! # & #$! !# ! #
5, 1 0
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
51 .
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
5+
, #I 2 B#/009# R # - < ; 5 * ?& ; > 5 D! # ,#$# /01A# R > - ? ; # &,&, & - # & , & , &,&, HD # # /001# 5 D ? & , # - , <# 7: ;*-> ;4# ! 4# /00:# , ,5< . #> - > - . + < # # *#2 > H#D# /01/# - - # 9 # 5 # & <! B;+ - # 4# /01:# 4 , > ? & - # ;- 5 - > # 4# /011# , > ? > ! > & # ; > # Q #<#2 # 2 $# /013# # I 5 7?/9"90#
5* ; - A: 45 ; " @ > ;6 -- % 66 " " ! # " " " ! #D ) # ! ) ! # ! ! # >913#9 ! ! >988#/ #$! >13#/ #$! ) ! = >@@7 # ! = " ! /@6#, /#7:6# 4 % 4, !-- /
4,5 A 4
( #& ! >/:8 # ! /:/0@/:9/17131 /003 /0918 90339 # ! >/01#A7 >/#7@ #$ >988#81 #