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Royal

05/21/12 1:44 AM

#194 RE: Royal #193

Compensated Awareness Post View Disclaimer
PSMH additional increase in payroll expense due to investment in recruiting experienced mortgage executives, b) increase in advertising and investor relations expense of $363,054 and $327,857 , c) an increase in rent expense of $223,709 and $448,870 due to additional entities acquired, d) increase in website and information technology maintenance expense $46,325 and $36,092 , e) other administrative overhead incurred due to the acquisition of five entities.