The 2009-2014 World Outlook for Manufacturing Electric Lighting Fixtures and Non-Electric Lighting Equipment Excluding Residential, Commercial, Industrial, Institutional, and Vehicular Electric Lighting Fixtures

WHAT IS LATENT DEMAND AND THE P.I.E.? The concept of latent demand is rather subtle. The term latent typically refers to something that is dormant, not observable, or not yet realized. Demand is the notion of an economic quantity that a target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is commonly defined by economists as the industry earnings of a market when that market becomes accessible and attractive to serve by competing firms. It is a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in an efficient manner. It is typically expressed as the total revenues potentially extracted by firms. The “market” is defined at a given level in the value chain. There can be latent demand at the retail level, at the wholesale level, the manufacturing level, and the raw materials level (the P.I.E. of higher levels of the value chain being always smaller than the P.I.E. of levels at lower levels of the same value chain, assuming all levels maintain minimum profitability). The latent demand for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be lower either lower or higher than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a country market. For reasons discussed later, this report does not consider the notion of “unit quantities”, only total latent revenues (i.e., a calculation of price times quantity is never made, though one is implied). The units used in this report are U.S. dollars not adjusted for inflation (i.e., the figures incorporate inflationary trends) and not adjusted for future dynamics in exchange rates. If inflation rates or exchange rates vary in a substantial way compared to recent experience, actually sales can also exceed latent demand (when expressed in U.S. dollars, not adjusted for inflation). On the other hand, latent demand can be typically higher than actual sales as there are often distribution inefficiencies that reduce actual sales below the level of latent demand. As mentioned in the introduction, this study is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. If fact, all the current products or services on the market can cease to exist in their present form (i.e., at a brand-, R&D specification, or corporate-image level) and all the players can be replaced by other firms (i.e., via exits, entries, mergers, bankruptcies, etc.), and there will still be an international latent demand for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures at the aggregate level. Product and service offering details, and the actual identity of the players involved, while important for certain issues, are relatively unimportant for estimates of latent demand. THE METHODOLOGY In order to estimate the latent demand for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures on a worldwide basis, I used a multi-stage approach. Before applying the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely on the use of certain basic economic assumptions. In particular, there is an assumption governing the shape and type of aggregate latent demand functions. Latent demand functions relate the income of a country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an industry is efficient), at any level of the value chain, takes place if an equilibrium is realized. For firms to serve a market, they must perceive a latent demand and be able to serve that demand at a minimal return. The single most important variable determining consumption, assuming latent demand exists, is income (or other financial resources at higher levels of the value chain). Other factors that can pivot or shape demand curves include external or exogenous shocks (i.e., business cycles), and or changes in utility for the product in question. Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption has been a central theme in economics. The figure below concisely summarizes one aspect of problem. In the 1930s, John Meynard Keynes conjectured that as incomes rise, the average propensity to consume would fall. The average propensity to consume is the level of consumption divided by the level of income, or the slope of the line from the origin to the consumption function. He estimated this relationship empirically and found it to be true in the short-run (mostly based on cross-sectional data). The higher the income, the lower the average propensity to consume. This type of consumption function is labeled "A" in the figure below (note the rather flat slope of the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that the marginal propensity to consume was rather constant (using time series data across countries). This type of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to consume is constant. Is it declining or is it constant? A number of other economists, notably Franco Modigliani and Milton Friedman, in the 1950s (and Irving Fisher earlier), explained why the two functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the more consumption can depend on wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to consume is more constant. Similarly, in the long run, households, industries or countries with no income eventually have no consumption (wealth is depleted). While the debate surrounding beliefs about how income and consumption are related and interesting, in this study a very particular school of thought is adopted. In particular, we are considering the latent demand for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures across some 230 countries. The smallest have fewer than 10,000 inhabitants. I assume that all of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of these countries having wealth, current income dominates the latent demand for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures. So, latent demand in the long-run has a zero intercept. However, I allow firms to have different propensities to consume (including being on consumption functions with differing slopes, which can account for differences in industrial organization, and end-user preferences). Given this overriding philosophy, I will now describe the methodology used to create the latent demand estimates for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures. Since ICON Group has asked me to apply this methodology to a large number of categories, the rather academic discussion below is general and can be applied to a wide variety of categories, not just manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures. Step 1. Product Definition and Data Collection Any study of latent demand across countries requires that some standard be established to define “efficiently served”. Having implemented various alternatives and matched these with market outcomes, I have found that the optimal approach is to assume that certain key countries are more likely to be at or near efficiency than others. These countries are given greater weight than others in the estimation of latent demand compared to other countries for which no known data are available. Of the many alternatives, I have found the assumption that the world’s highest aggregate income and highest income-per-capita markets reflect the best standards for “efficiency”. High aggregate income alone is not sufficient (i.e., China has high aggregate income, but low income per capita and can not assumed to be efficient). Aggregate income can be operationalized in a number of ways, including gross domestic product (for industrial categories), or total disposable income (for household categories; population times average income per capita, or number of households times average household income per capita). Brunei, Nauru, Kuwait, and Lichtenstein are examples of countries with high income per capita, but not assumed to be efficient, given low aggregate level of income (or gross domestic product); these countries have, however, high incomes per capita but may not benefit from the efficiencies derived from economies of scale associated with large economies. Only countries with high income per capita and large aggregate income are assumed efficient. This greatly restricts the pool of countries to those in the OECD (Organization for Economic Cooperation and Development), like the United States, or the United Kingdom (which were earlier than other large OECD economies to liberalize their markets). The selection of countries is further reduced by the fact that not all countries in the OECD report industry revenues at the category level. Countries that typically have ample data at the aggregate level that meet the efficiency criteria include the United States, the United Kingdom and in some cases France and Germany. Latent demand is therefore estimated using data collected for relatively efficient markets from independent data sources (e.g. Euromonitor, Mintel, Thomson Financial Services, the U.S. Industrial Outlook, the World Resources Institute, the Organization for Economic Cooperation and Development, various agencies from the United Nations, industry trade associations, the International Monetary Fund, and the World Bank). Depending on original data sources used, the definition of “manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures” is established. In the case of this report, the data were reported at the aggregate level, with no further breakdown or definition. In other words, any potential product or service that might be incorporated within manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures falls under this category. Public sources rarely report data at the disaggregated level in order to protect private information from individual firms that might dominate a specific product-market. These sources will therefore aggregate across components of a category and report only the aggregate to the public. While private data are certainly available, this report only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this report does not aggregate a number of components to arrive at the “whole”. Rather, it starts with the “whole”, and estimates the whole for all countries and the world at large (without needing to know the specific parts that went into the whole in the first place). Given this caveat, this study covers “manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures” as defined by the North American Industrial Classification system or NAICS (pronounced “nakes”). For a complete definition of manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures, please refer to the Web site at http://www.icongrouponline.com/codes/NAICS.html. The NAICS code for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures is 335129. It is for this definition of manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures that the aggregate latent demand estimates are derived. “Manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures” is specifically defined as follows: 335129 This U.S. industry comprises establishments primarily engaged in manufacturing electric lighting fixtures (except residential, commercial, industrial, institutional, and vehicular electric lighting fixtures) and nonelectric lighting equipment.  3351291 Outdoor lighting equipment (including parts and accessories)  3351293 Electric and nonelectric lighting equipment, nec incl. parts and accessories  3351294 ALL OTHER MISCELLANEOUS ELECTRIC AND NONELECTRIC LIGHTING EQUIPMENT, INCLUDING HAND PORTABLE, PARTS AND ACCESSORIES  335129M Miscellaneous receipts  335129P Primary products  335129S Secondary products   Furthermore, the definition of NAICS code 335129 includes the following: Arc lighting fixtures (except electrotherapeutic), electric, manufacturing Area and sports luminaries (e.g., stadium lighting fixtures), electric, manufactu Christmas tree lighting sets, electric, manufacturing Decorative area lighting fixtures (except residential) manufacturing Fireplace logs, electric, manufacturing Flashlights manufacturing Floodlights (i.e., lighting fixtures) manufacturing Flytraps, electrical, manufacturing Fountain lighting fixtures manufacturing Gas lighting fixtures manufacturing Infrared lamp fixtures manufacturing Insect lamps, electric, manufacturing Lamps, insect, electric fixture, manufacturing Lanterns (e.g., carbide, electric, gas, gasoline, kerosene) manufacturing Lighting fixtures, airport (e.g., approach, ramp, runway, taxi), manufacturing Lighting fixtures, nonelectric (e.g., propane, kerosene, carbide), manufacturing Miners lamps manufacturing Ornaments, Christmas tree, electric, manufacturing Prewired poles, brackets, and accessories for electric lighting, manufacturing Reflectors for lighting equipment, metal, manufacturing Searchlights, electric and nonelectric, manufacturing Spotlights (except vehicular) manufacturing Stage lighting equipment manufacturing Street lighting fixtures (except traffic signals) manufacturing Swimming pool lighting fixtures manufacturing Trouble lights manufacturing Ultraviolet lamp fixtures manufacturing Underwater lighting fixtures manufacturing. Step 2. Filtering and Smoothing Based on the aggregate view of manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures as defined above, data were then collected for as many similar countries as possible for that same definition, at the same level of the value chain. This generates a convenience sample of countries from which comparable figures are available. If the series in question do not reflect the same accounting period, then adjustments are made. In order to eliminate short-term effects of business cycles, the series are smoothed using an 2 year moving average weighting scheme (longer weighting schemes do not substantially change the results). If data are available for a country, but these reflect short-run aberrations due to exogenous shocks (such as would be the case of beef sales in a country stricken with foot and mouth disease), these observations were dropped or "filtered" from the analysis. Step 3. Filling in Missing Values In some cases, data are available for countries on a sporadic basis. In other cases, data from a country may be available for only one year. From a Bayesian perspective, these observations should be given greatest weight in estimating missing years. Assuming that other factors are held constant, the missing years are extrapolated using changes and growth in aggregate national income. Based on the overriding philosophy of a long-run consumption function (defined earlier), countries which have missing data for any given year, are estimated based on historical dynamics of aggregate income for that country. Step 4. Varying Parameter, Non-linear Estimation Given the data available from the first three steps, the latent demand in additional countries is estimated using a “varying-parameter cross-sectionally pooled time series model”. Simply stated, the effect of income on latent demand is assumed to be constant across countries unless there is empirical evidence to suggest that this effect varies (i.e., . the slope of the income effect is not necessarily same for all countries). This assumption applies across countries along the aggregate consumption function, but also over time (i.e., not all countries are perceived to have the same income growth prospects over time and this effect can vary from country to country as well). Another way of looking at this is to say that latent demand for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures is more likely to be similar across countries that have similar characteristics in terms of economic development (i.e., African countries will have similar latent demand structures controlling for the income variation across the pool of African countries). This approach is useful across countries for which some notion of non-linearity exists in the aggregate cross-country consumption function. For some categories, however, the reader must realize that the numbers will reflect a country’s contribution to global latent demand and may never be realized in the form of local sales. For certain country-category combinations this will result in what at first glance will be odd results. For example, the latent demand for the category “space vehicles” will exist for “Togo” even though they have no space program. The assumption is that if the economies in these countries did not exist, the world aggregate for these categories would be lower. The share attributed to these countries is based on a proportion of their income (however small) being used to consume the category in question (i.e., perhaps via resellers). Step 5. Fixed-Parameter Linear Estimation Nonlinearities are assumed in cases where filtered data exist along the aggregate consumption function. Because the world consists of more than 200 countries, there will always be those countries, especially toward the bottom of the consumption function, where non-linear estimation is simply not possible. For these countries, equilibrium latent demand is assumed to be perfectly parametric and not a function of wealth (i.e., a country’s stock of income), but a function of current income (a country’s flow of income). In the long run, if a country has no current income, the latent demand for manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures is assumed to approach zero. The assumption is that wealth stocks fall rapidly to zero if flow income falls to zero (i.e., countries which earn low levels of income will not use their savings, in the long run, to demand manufacturing electric lighting fixtures and non-electric lighting equipment excluding residential, commercial, industrial, institutional, and vehicular electric lighting fixtures). In a graphical sense, for low income countries, latent demand approaches zero in a parametric linear fashion with a zero-zero intercept. In this stage of the estimation procedure, low-income countries are assumed to have a latent demand proportional to their income, based on the country closest to it on the aggregate consumption function. Step 6. Aggregation and Benchmarking Based on the models described above, latent demand figures are estimated for all countries of the world, including for the smallest economies. These are then aggregated to get world totals and regional totals. To make the numbers more meaningful, regional and global demand averages are presented. Figures are rounded, so minor inconsistencies may exist across tables. Step 7. Latent Demand Density: Allocating Across Cities With the advent of a “borderless world”, cities become a more important criteria in prioritizing markets, as opposed to regions, continents, or countries. This report also covers the world’s top 2000 cities. The purpose is to understand the density of demand within a country and the extent to which a city might be used as a point of distribution within its region. From an economic perspective, however, a city does not represent a population within rigid geographical boundaries. To an economist or strategic planner, a city represents an area of dominant influence over markets in adjacent areas. This influence varies from one industry to another, but also from one period of time to another. Similar to country-level data, the reader needs to realize that latent demand allocated to a city may or may not represent real sales. For many items, latent demand is clearly observable in sales, as in the case for food or housing items. Consider, again, the category “satellite launch vehicles.” Clearly, there are no launch pads in most cities of the world. However, the core benefit of the vehicles (e.g. telecommunications, etc.) is "consumed" by residents or industries within the worlds cities. Without certain cities, in other words, the world market for satellite launch vehicles would be lower for the world in general. One needs to allocate, therefore, a portion of the worldwide economic demand for launch vehicles to regions, countries and cities. This report takes the broader definition and considers, therefore, a city as a part of the global market. I allocate latent demand across areas of dominant influence based on the relative economic importance of cities within its home country, within its region and across the world total. Not all cities are estimated within each country as demand may be allocated to adjacent areas of influence. Since some cities have higher economic wealth than others within the same country, a city’s population is not generally used to allocate latent demand. Rather, the level of economic activity of the city vis-à-vis others.

1 INTRODUCTION 10 1.1 Overview 10 1.2 What is Latent Demand and the P.I.E.? 10 1.3 The Methodology 11 1.3.1 Step 1. Product Definition and Data Collection 12 1.3.2 Step 2. Filtering and Smoothing 15 1.3.3 Step 3. Filling in Missing Values 15 1.3.4 Step 4. Varying Parameter, Non-linear Estimation 15 1.3.5 Step 5. Fixed-Parameter Linear Estimation 16 1.3.6 Step 6. Aggregation and Benchmarking 16 1.3.7 Step 7. Latent Demand Density: Allocating Across Cities 16 2 SUMMARY OF FINDINGS 18 2.1 The Worldwide Market Potential 18 3 AFRICA 20 3.1 Executive Summary 20 3.2 Algeria 22 3.3 Angola 23 3.4 Benin 24 3.5 Botswana 25 3.6 Burkina Faso 26 3.7 Burundi 27 3.8 Cameroon 28 3.9 Cape Verde 29 3.10 Central African Republic 30 3.11 Chad 31 3.12 Comoros 32 3.13 Congo (formerly Zaire) 32 3.14 Cote dIvoire 33 3.15 Djibouti 34 3.16 Egypt 35 3.17 Equatorial Guinea 36 3.18 Ethiopia 36 3.19 Gabon 37 3.20 Ghana 38 3.21 Guinea 39 3.22 Guinea-Bissau 40 3.23 Kenya 41 3.24 Lesotho 42 3.25 Liberia 42 3.26 Libya 43 3.27 Madagascar 44 3.28 Malawi 45 3.29 Mali 46 3.30 Mauritania 47 3.31 Mauritius 48 3.32 Morocco 49 3.33 Mozambique 50 3.34 Namibia 51 3.35 Niger 52 3.36 Nigeria 53 3.37 Republic of Congo 54 3.38 Reunion 55 3.39 Rwanda 56 3.40 Sao Tome E Principe 57 3.41 Senegal 57 3.42 Sierra Leone 58 3.43 Somalia 59 3.44 South Africa 60 3.45 Sudan 61 3.46 Swaziland 62 3.47 Tanzania 63 3.48 The Gambia 64 3.49 Togo 65 3.50 Tunisia 66 3.51 Uganda 67 3.52 Western Sahara 68 3.53 Zambia 68 3.54 Zimbabwe 69 4 ASIA 71 4.1 Executive Summary 71 4.2 Bangladesh 73 4.3 Bhutan 74 4.4 Brunei 75 4.5 Burma 75 4.6 Cambodia 76 4.7 China 77 4.8 Hong Kong 78 4.9 India 78 4.10 Indonesia 79 4.11 Japan 80 4.12 Laos 81 4.13 Macau 82 4.14 Malaysia 83 4.15 Maldives 84 4.16 Mongolia 84 4.17 Nepal 85 4.18 North Korea 86 4.19 Papua New Guinea 87 4.20 Philippines 88 4.21 Seychelles 89 4.22 Singapore 89 4.23 South Korea 90 4.24 Sri Lanka 91 4.25 Taiwan 92 4.26 Thailand 93 4.27 Vietnam 94 5 EUROPE 95 5.1 Executive Summary 95 5.2 Albania 97 5.3 Andorra 98 5.4 Austria 98 5.5 Belarus 99 5.6 Belgium 100 5.7 Bosnia and Herzegovina 101 5.8 Bulgaria 102 5.9 Croatia 103 5.10 Cyprus 104 5.11 Czech Republic 105 5.12 Denmark 106 5.13 Estonia 107 5.14 Finland 108 5.15 France 109 5.16 Georgia 110 5.17 Germany 111 5.18 Greece 112 5.19 Hungary 113 5.20 Iceland 114 5.21 Ireland 115 5.22 Italy 116 5.23 Kazakhstan 117 5.24 Latvia 118 5.25 Liechtenstein 119 5.26 Lithuania 120 5.27 Luxembourg 121 5.28 Malta 122 5.29 Moldova 123 5.30 Monaco 123 5.31 Norway 124 5.32 Poland 125 5.33 Portugal 126 5.34 Romania 127 5.35 Russia 128 5.36 San Marino 129 5.37 Slovakia 129 5.38 Slovenia 130 5.39 Spain 131 5.40 Sweden 132 5.41 Switzerland 133 5.42 The Netherlands 134 5.43 The United Kingdom 135 5.44 Ukraine 136 6 LATIN AMERICA 137 6.1 Executive Summary 137 6.2 Argentina 138 6.3 Belize 139 6.4 Bolivia 140 6.5 Brazil 141 6.6 Chile 142 6.7 Colombia 143 6.8 Costa Rica 144 6.9 Ecuador 145 6.10 El Salvador 146 6.11 French Guiana 147 6.12 Guatemala 148 6.13 Guyana 149 6.14 Honduras 150 6.15 Mexico 151 6.16 Nicaragua 152 6.17 Panama 153 6.18 Paraguay 154 6.19 Peru 155 6.20 Suriname 156 6.21 The Falkland Islands 157 6.22 Uruguay 157 6.23 Venezuela 158 7 NORTH AMERICA & THE CARIBBEAN 160 7.1 Executive Summary 160 7.2 Antigua and Barbuda 162 7.3 Aruba 162 7.4 Barbados 163 7.5 Bermuda 164 7.6 Canada 164 7.7 Cuba 165 7.8 Dominica 166 7.9 Dominican Republic 167 7.10 Greenland 168 7.11 Grenada 169 7.12 Guadeloupe 169 7.13 Haiti 170 7.14 Jamaica 171 7.15 Martinique 172 7.16 Puerto Rico 173 7.17 St. Kitts and Nevis 174 7.18 St. Lucia 174 7.19 St. Vincent and the Grenadines 175 7.20 The Bahamas 176 7.21 The British Virgin Islands 176 7.22 The Cayman Islands 177 7.23 The Netherlands Antilles 178 7.24 The U.S. Virgin Islands 178 7.25 The United States 179 7.26 Trinidad and Tobago 180 8 OCEANA 182 8.1 Executive Summary 182 8.2 American Samoa 184 8.3 Australia 185 8.4 Christmas Island 186 8.5 Cook Islands 186 8.6 Fiji 187 8.7 French Polynesia 188 8.8 Guam 189 8.9 Kiribati 190 8.10 Marshall Islands 190 8.11 Micronesia Federation 191 8.12 Nauru 192 8.13 New Caledonia 192 8.14 New Zealand 193 8.15 Niue 194 8.16 Norfolk Island 195 8.17 Palau 196 8.18 Solomon Islands 196 8.19 The Northern Mariana Island 197 8.20 Tokelau 198 8.21 Tonga 198 8.22 Tuvalu 199 8.23 Vanuatu 200 8.24 Wallis and Futuna 200 8.25 Western Samoa 201 9 THE MIDDLE EAST 202 9.1 Executive Summary 202 9.2 Afghanistan 203 9.3 Armenia 204 9.4 Azerbaijan 205 9.5 Bahrain 206 9.6 Iran 207 9.7 Iraq 208 9.8 Israel 209 9.9 Jordan 210 9.10 Kuwait 211 9.11 Kyrgyzstan 211 9.12 Lebanon 212 9.13 Oman 213 9.14 Pakistan 213 9.15 Palestine 214 9.16 Qatar 215 9.17 Saudi Arabia 215 9.18 Syrian Arab Republic 216 9.19 Tajikistan 217 9.20 The United Arab Emirates 218 9.21 Turkey 219 9.22 Turkmenistan 220 9.23 Uzbekistan 220 9.24 Yemen 221 10 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 223 10.1 Disclaimers & Safe Harbor 223 10.2 ICON Group International, Inc. User Agreement Provisions 224

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