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[BOAI] Responses to Martin Hall on Finch on "Neither Green Nor Gold"

From: Stevan Harnad <amsciforum AT gmail.com>
Date: Wed, 13 Feb 2013 07:55:27 -0500


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Responses to Martin Hall on Finch on =93Neither Green nor
Gold<http://www.corporate.salford.ac.uk/leadership-management/martin-hall/b=
log/2013/02/neither-green-nor-gold/>
=94

   1. Stevan Harnad Says:
   February 11th, 2013 at 9.03
pm<http://www.corporate.salford.ac.uk/leadership-management/martin-hall/blo=
g/2013/02/neither-green-nor-gold/#comment-427>

   MARTIN HALL: =93The =93Green=94 versus =93Gold=94 debate... is misleadin=
g. The
   imperative is to get to a point where all the costs of publishing, wheth=
er
   negligible or requiring developed mechanisms for meeting Article Process=
ing
   Charges (APCs), are fully met up front so that copies-of-record can be m=
ade
   freely available under arrangements such as the Creative Commons CC-BY-N=
C
   licence. This was our key argument in the Finch Group report, and the ca=
se
   has been remade in a recent =96 excellent =96 posting by Stuart Shieber,
   Harvard=92s Director of the Office of Scholarly Communication.=94

   STUART SHIEBER: =93Do you have a pointer to something saying that I
   support the Finch approach? If so, I=92m happy to answer it directly =97=
 in the
   negative when it comes to both their lack of support for green and poorl=
y
   designed approach to gold support.=94 (Feb 3 2013, personal communicatio=
n.
   2. Martin Hall Says:
   February 12th, 2013 at 11.59
am<http://www.corporate.salford.ac.uk/leadership-management/martin-hall/blo=
g/2013/02/neither-green-nor-gold/#comment-428>

   Stevan =96 here are two quotations from Stuart Shieber=92s paper which m=
ake
   the point about the significance of moving to full Open Access to
   copy-of-record. The Finch Report, however imperfect, was about the
   transition to this. =93Open-access journals don=92t charge for access, b=
ut that
   doesn=92t mean they eschew revenue entirely. Open-access journals are ju=
st
   selling a different good, and therefore participating in a different
   market. Instead of selling access to readers (or the readers=92 proxy, t=
he
   libraries), they sell publisher services to the authors (or to the autho=
rs=92
   proxy, their research funders). In fact there are now over 8,500
   open-access journals listed in the Directory of Open Access Journals. So=
me
   of them have been mentioned already on this panel: Linguistic Discovery,
   Semantics and Pragmatics. The majority of existing open-access journals,
   like those journals, don=92t charge authorside article-processing charge=
s
   (APCs). But in the end APCs seems to me the most reasonable, reliable,
   scalable, and efficient revenue mechanism for open-access journals. This
   move from reader-side subscription fees to author-side APCs has dramatic
   ramifications for the structure of the market that the publisher
   participates in=94. And later: =93So journals compete for authors in a w=
ay they
   don=92t for readers, and this competition leads to much greater efficien=
cy.
   Open-access publishers are highly motivated to provide better services a=
t
   lower price to compete for authors=92 article submissions. We actually s=
ee
   evidence of this competition on both price and quality happening in the
   market.=94

   *----*

   *Your comment is awaiting moderation.*

   Stevan Harnad Says:

   February 13th, 2013 at 2.41
am<http://www.corporate.salford.ac.uk/leadership-management/martin-hall/blo=
g/2013/02/neither-green-nor-gold/#comment-429>

   *PRIORITIES*

   Martin, I agree with every word you quote from Stuart above, but *that=
=92s
   not what the Finch Report, or the criticism of the Finch Report is about=
*
   .

   Yes, this concerns the transition to Open Access (OA). But the
   disagreement is about the means, not the end.

   The Finch report recommended downgrading cost-free Green OA
   self-archiving in repositories to just preservation archiving and instea=
d
   double-paying pre-emptively for Gold OA (publisher=92s PDF of record, CC=
-BY)
   while worldwide journal subscriptions still need to be paid, and only
   allowing UK authors to publish in journals that don=92t offer Gold if th=
eir
   Green embargo does not exceed 6-12 months.

   This not only wastes a great deal of scarce UK research money but it
   gives publishers the incentive to offer hybrid Gold (continue charging
   subscriptions but offer Gold for individual articles for an extra Gold O=
A
   fee), it restricts free choice of journals, antagonizing authors, and it
   encourages journals to adopt and extend Green OA embargoes beyond the 6-=
12
   limit, thus making Green OA harder to mandate for other countries, *none
   of which have any intention of following the Finch model of paying
   pre-emptively for Gold instead of mandating extra-cost-free Green while
   subscriptions are still paying for publishing: *
   http://sparceurope.org/analysis-of-funder-open-access-policies-around-th=
e-world/

   What Finch/RCUK needs to do instead is to (1) upgrade its Green OA
   mandate, (2) require immediate deposit whether or not OA to the deposit =
is
   embargoed, (3) adopt an effective system for monitoring and ensuring
   compliance, (4) allow free choice of journals, and (5) make Gold OA
   completely optional.

   Stuart Shieber is the architect of Harvard=92s Green OA policy. That
   policy does not constrain researchers' journal choice and it does not of=
fer
   to fund hybrid Gold. There=92s no problem with offering to spend any spa=
re
   cash you may have on Gold =97 *after you have effectively mandated Green=
.
   But not instead*.

   (By the way, neither the publisher=92s PDF nor CC-BY is worth paying ext=
ra
   for today, pre-emptively, while journal subscriptions still need to be
   paid: Once universally mandated Green OA makes journals cancellable,
   publishers will cut costs, phase out the obsolete print and online
   editions, offload all access provision and archiving onto the worldwide
   network of Green OA institutional repositories, and convert to *Fair Gol=
d
   *, at a fair, affordable, sustainable price, paid for out of the
   institutional subscription-cancelation savings =97 instead of the UK
   double-paying pre-emptively and needlessly for the bloated price of both
   subscriptions and *Fool=92s Gold* out of overstretched UK research funds
   today, pre-Green, as Finch/RCUK are proposing to do.)

   *---*

   *ADDENDUM:*

   "If OA were adopted worldwide, the net benefits of Gold OA would exceed
   those of Green OA. However, we are not in an OA world... At the
   institutional level, during a transitional period *when subscriptions
   are maintained, the cost of unilaterally adopting Green OA is much lower
   than the cost of Gold OA* =96 with Green OA self-archiving costing avera=
ge
   institutions sampled around one-fifth the amount that Gold OA might cost=
,
   and as little as one-tenth as much for the most research intensive
   university. Hence, we conclude that *the most affordable and
   cost-effective means of moving towards OA is through Green OA, which can=
 be
   adopted unilaterally at the funder, institutional, sectoral and national
   levels at relatively little cost*." [emphasis added]


    Houghton, John W. & Swan, Alma (2013) Planting the green seeds for a
   golden harvest: Comments and clarifications on =93Going for
Gold=94<http://www.dlib.org/dlib/january13/houghton/01houghton.html>
   *D-Lib Magazine* 19(1/2)

   3.

   *Unilateral UK Gold is the losing choice in a Prisoner=92s Dilemma.* If
   the UK unilaterally mandates Gold OA Publishing (with author publication
   charges) today, instead of first (effectively) mandating Green OA
   self-archiving (at no added cost) then the UK has made the losing choice=
 in
   a non-forced-choice Prisoner's Dilemma:




   Unilateral Green (rest of world)

   Unilateral Gold (rest of world)

   *Unilateral Green (UK only)*

   *win**/*win**

   *win*/lose

   *Unilateral Gold (UK only)*

   *lose*/win

   *win**/*win**

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<div><span 
style=3D"background-color:rgb(255,255,255);font-family:arial,hel=
vetica,clean,sans-serif;font-size:1.2em;line-height:1.22em;text-align:left"=
>Responses to Martin Hall on Finch on =93</span><a 
href=3D"http://www.corpo=
rate.salford.ac.uk/leadership-management/martin-hall/blog/2013/02/neither-g=
reen-nor-gold/" 
style=3D"font-family:arial,helvetica,clean,sans-serif;font-=
size:1.2em;line-height:1.22em;text-align:left">Neither Green nor 
Gold</a><s=
pan 
style=3D"background-color:rgb(255,255,255);font-family:arial,helvetica,=
clean,sans-serif;font-size:1.2em;line-height:1.22em;text-align:left">=94</s=
pan></div>
<div><ol class=3D"commentlist" 
style=3D"margin:0px;padding:0px;list-style:n=
one;line-height:15px;text-align:justify;font-family:arial,helvetica,clean,s=
ans-serif;background-color:rgb(255,255,255)"><li 
class=3D"alt" id=3D"commen=
t-427" style=3D"font-size:12px;margin:15px 0px 3px;padding:5px 10px 
3px;lin=
e-height:1.22em;list-style:none">
<cite 
style=3D"font-style:normal;font-weight:bold;line-height:1.22em">Steva=
n Harnad</cite>=A0Says:=A0<br 
style=3D"line-height:1.22em"><small class=3D"=
commentmetadata" 
style=3D"line-height:1.5em;font-size:0.9em;color:rgb(119,1=
19,119);margin:0px;display:block"><a 
href=3D"http://www.corporate.salford.a=
c.uk/leadership-management/martin-hall/blog/2013/02/neither-green-nor-gold/=
#comment-427" title=3D"" 
style=3D"line-height:1.22em;text-decoration:none;c=
olor:rgb(198,12,48)">February 11th, 2013 at 9.03 
pm</a></small><p style=3D"=
margin:10px 5px 1em 0px;padding:0px;line-height:1.5em">
MARTIN HALL: =93The =93Green=94 versus =93Gold=94 debate... is misleading. =
The imperative is to get to a point where all the costs of publishing, whet=
her negligible or requiring developed mechanisms for meeting Article Proces=
sing Charges (APCs), are fully met up front so that copies-of-record can be=
 made freely available under arrangements such as the Creative Commons CC-B=
Y-NC licence. This was our key argument in the Finch Group report, and the =
case has been remade in a recent =96 excellent =96 posting by Stuart Shiebe=
r, Harvard=92s Director of the Office of Scholarly Communication.=94</p>
<p style=3D"margin:10px 5px 1em 
0px;padding:0px;line-height:1.5em">STUART S=
HIEBER: =93Do you have a pointer to something saying that I support the Fin=
ch approach? If so, I=92m happy to answer it directly =97 in the negative w=
hen it comes to both their lack of support for green and poorly designed ap=
proach to gold support.=94 (Feb 3 2013, personal communication.</p>
</li><li id=3D"comment-428" style=3D"margin:15px 0px 
3px;padding:5px 10px 3=
px;line-height:1.22em;list-style:none"><cite 
style=3D"font-size:12px;font-s=
tyle:normal;font-weight:bold;line-height:1.22em">Martin 
Hall</cite><span st=
yle=3D"font-size:12px">=A0Says:=A0</span><br 
style=3D"line-height:1.22em">
<small class=3D"commentmetadata" 
style=3D"font-size:0.9em;line-height:1.5em=
;color:rgb(119,119,119);margin:0px;display:block"><a 
href=3D"http://www.cor=
porate.salford.ac.uk/leadership-management/martin-hall/blog/2013/02/neither=
-green-nor-gold/#comment-428" title=3D"" 
style=3D"line-height:1.22em;text-d=
ecoration:none;color:rgb(198,12,48)">February 12th, 2013 at 11.59 
am</a></s=
mall><p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-he=
ight:1.5em">
Stevan =96 here are two quotations from Stuart Shieber=92s paper which make=
 the point about the significance of moving to full Open Access to copy-of-=
record. The Finch Report, however imperfect, was about the transition to th=
is. =93Open-access journals don=92t charge for access, but that doesn=92t m=
ean they eschew revenue entirely. Open-access journals are just selling a d=
ifferent good, and therefore participating in a different market. Instead o=
f selling access to readers (or the readers=92 proxy, the libraries), they =
sell publisher services to the authors (or to the authors=92 proxy, their r=
esearch funders). In fact there are now over 8,500 open-access journals lis=
ted in the Directory of Open Access Journals. Some of them have been mentio=
ned already on this panel: Linguistic Discovery, Semantics and Pragmatics. =
The majority of existing open-access journals, like those journals, don=92t=
 charge authorside article-processing charges (APCs). But in the end APCs s=
eems to me the most reasonable, reliable, scalable, and efficient revenue m=
echanism for open-access journals. This move from reader-side subscription =
fees to author-side APCs has dramatic ramifications for the structure of th=
e market that the publisher participates in=94. And later: =93So journals c=
ompete for authors in a way they don=92t for readers, and this competition =
leads to much greater efficiency. Open-access publishers are highly motivat=
ed to provide better services at lower price to compete for authors=92 arti=
cle submissions. We actually see evidence of this competition on both price=
 and quality happening in the market.=94</p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><em 
style=3D"line-height:1.22em;font-style:oblique">----</em></p><p =
style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:1.5=
em">
<em style=3D"line-height:1.22em;font-style:oblique">Your 
comment is awaitin=
g moderation.</em><span 
style=3D"line-height:1.22em">=A0</span></p><p 
style=
=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:1.5em"><=
cite 
style=3D"line-height:1.22em;font-style:normal;font-weight:bold">Stevan=
 Harnad</cite><span 
style=3D"line-height:1.22em">=A0</span><span 
style=3D"l=
ine-height:1.22em">Says:</span><span 
style=3D"line-height:1.22em">=A0</span=
></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><a 
href=3D"http://www.corporate.salford.ac.uk/leadership-management/=
martin-hall/blog/2013/02/neither-green-nor-gold/#comment-429" 
title=3D"" st=
yle=3D"font-size:0.9em;line-height:1.22em;text-decoration:none;color:rgb(19=
8,12,48)">February 13th, 2013 at 2.41 am</a></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span 
style=3D"line-height:1.5em"><b>PRIORITIES</b></span></p><p sty=
le=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:1.5em"=
><span style=3D"line-height:1.5em">Martin, I agree with 
every word you quot=
e from Stuart above, but <i>that=92s not what the Finch Report, or the 
crit=
icism of the Finch Report is about</i>.=A0</span></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span style=3D"line-height:1.5em">Yes, this 
concerns the transition =
to Open Access (OA). But the disagreement is about the means, not the end.<=
/span></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span style=3D"line-height:1.5em">The Finch 
report recommended downg=
rading cost-free Green OA self-archiving in repositories to just preservati=
on archiving and instead double-paying pre-emptively for Gold OA (publisher=
=92s PDF of record, CC-BY) while worldwide journal subscriptions still need=
 to be paid, and only allowing UK authors to publish in journals that don=
=92t offer Gold if their Green embargo does not exceed 6-12 months.=A0</spa=
n></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span style=3D"line-height:1.5em">This not only 
wastes a great deal =
of scarce UK research money but it gives publishers the incentive to offer =
hybrid Gold (continue charging subscriptions but offer Gold for individual =
articles for an extra Gold OA fee), it restricts free choice of journals, a=
ntagonizing authors, and it encourages journals to adopt and extend Green O=
A embargoes beyond the 6-12 limit, thus making Green OA harder to mandate f=
or other countries, <i>none of which have any intention of following the 
Fi=
nch model of paying pre-emptively for Gold instead of mandating extra-cost-=
free Green while subscriptions are still paying for 
publishing:=A0</i></spa=
n><span style=3D"line-height:1.22em"><a 
href=3D"http://sparceurope.org/anal=
ysis-of-funder-open-access-policies-around-the-world/">http://sparceurope.o=
rg/analysis-of-funder-open-access-policies-around-the-world/</a></span></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span style=3D"line-height:1.5em">What 
Finch/RCUK needs to do instea=
d is to (1) upgrade its Green OA mandate, (2) require immediate deposit whe=
ther or not OA to the deposit is embargoed, (3) adopt an effective system f=
or monitoring and ensuring compliance, (4) allow free choice of journals, a=
nd (5) make Gold OA completely optional.</span></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span style=3D"line-height:1.5em">Stuart Shieber 
is the architect of=
 Harvard=92s Green OA policy. That policy does not constrain 
researchers&#3=
9; journal choice and it does not offer to fund hybrid Gold. There=92s no p=
roblem with offering to spend any spare cash you may have on Gold =97 
<i><u=
>after</u> you have effectively mandated Green. But not 
<u>instead</u></i>.=
</span></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span style=3D"line-height:1.5em">(By the way, 
neither the publisher=
=92s PDF nor CC-BY is worth paying extra for today, pre-emptively, while jo=
urnal subscriptions still need to be paid: Once universally mandated Green =
OA makes journals cancellable, publishers will cut costs, phase out the obs=
olete print and online editions, offload all access provision and archiving=
 onto the worldwide network of Green OA institutional repositories, and con=
vert to <i>Fair Gold</i>, at a fair, affordable, sustainable price, 
paid fo=
r out of the institutional subscription-cancelation savings =97 instead of =
the UK double-paying pre-emptively and needlessly for the bloated price of =
both subscriptions and=A0<i>Fool=92s Gold</i> out of overstretched 
UK resea=
rch funds today, pre-Green, as Finch/RCUK are proposing to 
do.)</span></p>
<p style=3D"font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:=
1.5em"><span 
style=3D"line-height:1.22em"><b>---</b></span></p><p style=3D"=
font-size:12px;margin:10px 5px 1em 
0px;padding:0px;line-height:1.5em"><span=
 style=3D"line-height:1.22em"><b>ADDENDUM:</b></span></p>
<p style=3D"margin:10px 5px 1em 
0px;padding:0px;line-height:1.5em"><span st=
yle=3D"line-height:1.22em">














</span></p><p class=3D"MsoNormal" 
style=3D"margin-left:72pt"><span style=3D=
"line-height:107%;font-family:Arial">&quot;If OA were
adopted worldwide, the net benefits of Gold OA would exceed those of Green =
OA.
However, we are not in an OA world... At the institutional level, during a
transitional period <b><i><u>when subscriptions are 
maintained</u>, the cos=
t of unilaterally
adopting Green OA is much lower than the cost of Gold OA</i></b> 
=96 with G=
reen
OA self-archiving costing average institutions sampled around one-fifth the
amount that Gold OA might cost, and as little as one-tenth as much for the =
most
research intensive university. Hence, we conclude that <b><i>the 
most affor=
dable and
cost-effective means of moving towards OA is through Green OA, which can be
adopted unilaterally at the funder, institutional, sectoral and national le=
vels
at relatively little cost</i></b>.&quot; [emphasis added] 
</span></p><p cla=
ss=3D"MsoNormal" style=3D"margin-left:72pt"><span 
style=3D"line-height:107%=
;font-family:Arial"><br></span></p>

<p class=3D"MsoNormal" 
style=3D"margin-left:108pt"><span style=3D"line-heig=
ht:107%;font-family:Arial">=A0Houghton, John W. &amp; Swan, Alma
(2013) </span><a 
href=3D"http://www.dlib.org/dlib/january13/houghton/01houg=
hton.html"><span 
style=3D"line-height:107%;font-family:Arial">Planting the =
green seeds for a golden harvest: Comments and
clarifications on =93Going for Gold=94</span></a><span 
style=3D"line-height=
:107%;font-family:Arial"> <i>D-Lib Magazine</i> 
19(1/2)<font size=3D"3"></f=
ont></span></p>

<p></p></li><li class=3D"alt" 
id=3D"comment-429" style=3D"margin:15px 0px 3=
px;padding:5px 10px 3px;line-height:1.22em;list-style:none"><div>














<p class=3D"MsoNormal" 
style=3D"margin-left:36pt"><b><span 
style=3D"line-he=
ight:107%;font-family:Arial">Unilateral UK Gold is the losing choice in 
a P=
risoner=92s
Dilemma.</span></b><span 
style=3D"line-height:107%;font-family:Arial"> If t=
he UK unilaterally mandates Gold OA
Publishing (with author publication charges) today, instead of first
(effectively) mandating Green OA self-archiving (at no added cost) then the=
 UK
has made the losing choice in a non-forced-choice Prisoner&#39;s 
Dilemma:</=
span></p><p class=3D"MsoNormal" 
style=3D"margin-left:36pt"><span style=3D"l=
ine-height:107%;font-family:Arial"><br></span></p>

<table class=3D"MsoTableGrid" border=3D"1" 
cellspacing=3D"0" cellpadding=3D=
"0" width=3D"479" 
style=3D"font-size:12px;width:478.8pt;margin-left:36pt;bo=
rder-collapse:collapse;border:none">
 <tbody><tr>
  <td width=3D"154" valign=3D"top" 
style=3D"width:154.25pt;border:solid bla=
ck;border:1.0pt;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" 
style=3D"margin-bottom:0.0001pt"><span lang=3D"EN-=
CA" style=3D"font-family:Arial">=A0</span></p>
  </td>
  <td width=3D"165" valign=3D"top" 
style=3D"width:164.95pt;border:solid bla=
ck;border:1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" 
style=3D"margin-bottom:0.0001pt"><span lang=3D"EN-=
CA" style=3D"font-family:Arial;color:green">Unilateral Green 
(rest of world=
)</span></p>
  </td>
  <td width=3D"160" valign=3D"top" 
style=3D"width:159.6pt;border:solid blac=
k;border:1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" 
style=3D"margin-bottom:0.0001pt"><span lang=3D"EN-=
CA" style=3D"font-family:Arial;color:#ffc000">Unilateral Gold 
(rest of worl=
d)</span></p>
  </td>
 </tr>
 <tr>
  <td width=3D"154" valign=3D"top" 
style=3D"width:154.25pt;border:solid bla=
ck;border:1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" 
style=3D"margin-bottom:0.0001pt"><b><span lang=3D"=
EN-CA" style=3D"font-family:Arial;color:green">Unilateral
  Green (UK only)</span></b></p>
  </td>
  <td width=3D"165" valign=3D"top" 
style=3D"width:164.95pt;border-top:none;=
border-left:none;border-bottom:solid black;border-bottom:1.0pt;border-right=
:solid black;border-right:1.0pt;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" align=3D"center" 
style=3D"margin-bottom:0.0001pt;t=
ext-align:center"><b><span lang=3D"EN-CA" 
style=3D"font-family:Arial;color:=
green">win</span></b><b><span 
style=3D"font-family:Arial;color:green">/</sp=
an></b><span 
style=3D"font-family:Arial;color:green">win<b></b></span></p>

  </td>
  <td width=3D"160" valign=3D"top" 
style=3D"width:159.6pt;border-top:none;b=
order-left:none;border-bottom:solid black;border-bottom:1.0pt;border-right:=
solid black;border-right:1.0pt;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" align=3D"center" 
style=3D"margin-bottom:0.0001pt;t=
ext-align:center"><b><span lang=3D"EN-CA" 
style=3D"font-family:Arial;color:=
green">win</span></b><span lang=3D"EN-CA" 
style=3D"font-family:Arial">/<spa=
n style=3D"color:#ffc000">lose</span></span></p>

  </td>
 </tr>
 <tr>
  <td width=3D"154" valign=3D"top" 
style=3D"width:154.25pt;border:solid bla=
ck;border:1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" 
style=3D"margin-bottom:0.0001pt"><b><span lang=3D"=
EN-CA" style=3D"font-family:Arial;color:#ffc000">Unilateral
  Gold (UK only)</span></b></p>
  </td>
  <td width=3D"165" valign=3D"top" 
style=3D"width:164.95pt;border-top:none;=
border-left:none;border-bottom:solid black;border-bottom:1.0pt;border-right=
:solid black;border-right:1.0pt;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" align=3D"center" 
style=3D"margin-bottom:0.0001pt;t=
ext-align:center"><b><span lang=3D"EN-CA" 
style=3D"font-family:Arial;color:=
rgb(255,192,0)">lose</span></b><span 
lang=3D"EN-CA" style=3D"font-family:Ar=
ial">/<span 
style=3D"color:green">win</span></span></p>

  </td>
  <td width=3D"160" valign=3D"top" 
style=3D"width:159.6pt;border-top:none;b=
order-left:none;border-bottom:solid black;border-bottom:1.0pt;border-right:=
solid black;border-right:1.0pt;padding:0cm 5.4pt 0cm 5.4pt">
  <p class=3D"MsoNormal" align=3D"center" 
style=3D"margin-bottom:0.0001pt;t=
ext-align:center"><b><span lang=3D"EN-CA" 
style=3D"font-family:Arial;color:=
rgb(255,192,0)">win</span></b><b><span 
style=3D"font-family:Arial;color:rgb=
(255,192,0)">/</span></b><span 
style=3D"font-family:Arial;color:rgb(255,192=
,0)">win</span><b><span lang=3D"EN-CA" 
style=3D"font-size:12.0pt;font-famil=
y:Arial;color:#ffc000"></span></b></p>

  </td>
 </tr>
</tbody></table>

</div></li></ol></div>

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