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128.11 227.50 Td (mark ) Tj ET Q q 0 0 0 rg BT 151.53 227.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 186.60 227.50 Td (the ) Tj ET Q q 0 0 0 rg BT 201.68 227.50 Td (registrant ) Tj ET Q q 0 0 0 rg BT 242.31 227.50 Td (is ) Tj ET Q q 0 0 0 rg BT 251.84 227.50 Td (a ) Tj ET Q q 0 0 0 rg BT 259.15 227.50 Td (lar) Tj ET Q q 0 0 0 rg BT 269.51 227.50 Td (ge ) Tj ET Q q 0 0 0 rg BT 281.82 227.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 329.64 227.50 Td (filer) Tj ET Q q 0 0 0 rg BT 345.89 227.50 Td (, ) Tj ET Q q 0 0 0 rg BT 351.26 227.50 Td (an ) Tj ET Q q 0 0 0 rg BT 363.56 227.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 411.38 227.50 Td (filer) Tj ET Q q 0 0 0 rg BT 427.64 227.50 Td (, ) Tj ET Q q 0 0 0 rg BT 433.00 227.50 Td (a ) Tj ET Q q 0 0 0 rg BT 440.31 227.50 Td (non-accelerated ) Tj ET Q q 0 0 0 rg BT 506.46 227.50 Td (filer) Tj ET Q q 0 0 0 rg BT 522.71 227.50 Td (, ) Tj ET Q q 0 0 0 rg BT 528.08 227.50 Td (or ) Tj ET Q q 0 0 0 rg BT 539.27 227.50 Td (a ) Tj ET Q q 0 0 0 rg BT 546.58 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.50 Td (Lar) Tj ET Q q 0 0 0 rg BT 67.70 188.50 Td (ge ) Tj ET Q q 0 0 0 rg BT 79.63 188.50 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 127.09 188.50 Td (filer ) Tj ET Q q 0 0 0 rg BT 146.25 188.50 Td ( ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 148.75 186.34 cm /I13 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.66 188.50 Td ( ) Tj ET Q q 0 0 0 rg BT 180.00 188.50 Td (Accelerated ) Tj ET Q q 0 0 0 rg BT 230.24 188.50 Td (filer ) Tj ET Q q 0 0 0 rg BT 249.39 188.50 Td ( ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 251.89 186.34 cm /I14 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.81 188.50 Td ( ) Tj ET Q q 0 0 0 rg BT 288.00 188.50 Td (Non-accelerated ) Tj ET Q q 0 0 0 rg BT 356.01 188.50 Td (filer ) Tj ET Q q 0 0 0 rg BT 375.16 188.50 Td ( ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 377.66 186.34 cm /I15 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.57 188.50 Td ( ) Tj ET Q q 0 0 0 rg BT 396.00 188.50 Td ( ) Tj ET Q q 0 0 0 rg BT 432.00 188.50 Td (Smaller ) Tj ET Q q 0 0 0 rg BT 465.60 188.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 504.76 188.50 Td (company ) Tj ET Q q 0 0 0 rg BT 543.91 188.50 Td ( ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 546.41 186.34 cm /I16 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.65 175.90 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.90 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 88.66 157.90 Td (by ) Tj ET Q q 0 0 0 rg BT 101.12 157.90 Td (check ) Tj ET Q q 0 0 0 rg BT 126.90 157.90 Td (mark ) Tj ET Q q 0 0 0 rg BT 149.91 157.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 184.58 157.90 Td (the ) Tj ET Q q 0 0 0 rg BT 199.25 157.90 Td (registrant ) Tj ET Q q 0 0 0 rg BT 239.48 157.90 Td (is ) Tj ET Q q 0 0 0 rg BT 248.61 157.90 Td (a ) Tj ET Q q 0 0 0 rg BT 255.51 157.90 Td (shell ) Tj ET Q q 0 0 0 rg BT 276.86 157.90 Td (company ) Tj ET Q q 0 0 0 rg BT 315.97 157.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 330.09 157.90 Td (defined ) Tj ET Q q 0 0 0 rg BT 362.54 157.90 Td (in ) Tj ET Q q 0 0 0 rg BT 372.78 157.90 Td (Rule ) Tj ET Q q 0 0 0 rg BT 394.13 157.90 Td (12b-2 ) Tj ET Q q 0 0 0 rg BT 419.92 157.90 Td (of ) Tj ET Q q 0 0 0 rg BT 430.71 157.90 Td (the ) Tj ET Q q 0 0 0 rg BT 445.39 157.90 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 486.73 157.90 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 509.09 157.90 Td (Y) Tj ET Q q 0 0 0 rg BT 515.31 157.90 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 528.64 155.74 cm /I17 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.55 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 540.02 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 542.48 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 544.94 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 547.40 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 549.86 157.90 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 567.08 155.74 cm /I18 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 139.90 Td (The ) Tj ET Q q 0 0 0 rg BT 78.15 139.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 119.61 139.90 Td (market ) Tj ET Q q 0 0 0 rg BT 149.97 139.90 Td (value ) Tj ET Q q 0 0 0 rg BT 174.22 139.90 Td (of ) Tj ET Q q 0 0 0 rg BT 185.15 139.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.97 139.90 Td (14,421,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.97 139.90 Td ( ) Tj ET Q q 0 0 0 rg BT 247.57 139.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 275.16 139.90 Td (of ) Tj ET Q q 0 0 0 rg BT 286.09 139.90 Td (the ) Tj ET Q q 0 0 0 rg BT 300.90 139.90 Td (Registrant) Tj ET Q q 0 0 0 rg BT 344.79 139.90 Td (s ) Tj ET Q q 0 0 0 rg BT 351.28 139.90 Td (Common ) Tj ET Q q 0 0 0 rg BT 391.10 139.90 Td (Stock, ) Tj ET Q q 0 0 0 rg BT 418.98 139.90 Td (par ) Tj ET Q q 0 0 0 rg BT 434.35 139.90 Td (value ) Tj ET Q q 0 0 0 rg BT 458.60 139.90 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 483.70 139.90 Td (per ) Tj ET Q q 0 0 0 rg BT 499.07 139.90 Td (share, ) Tj ET Q q 0 0 0 rg BT 525.27 139.90 Td (held ) Tj ET Q q 0 0 0 rg BT 545.08 139.90 Td (by ) Tj ET Q q 0 0 0 rg BT 557.68 139.90 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 127.90 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 127.90 Td (filiates ) Tj ET Q q 0 0 0 rg BT 74.09 127.90 Td (based ) Tj ET Q q 0 0 0 rg BT 100.15 127.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 123.43 127.90 Td (the ) Tj ET Q q 0 0 0 rg BT 138.94 127.90 Td (last ) Tj ET Q q 0 0 0 rg BT 156.11 127.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 174.95 127.90 Td (price, ) Tj ET Q q 0 0 0 rg BT 200.72 127.90 Td (as ) Tj ET Q q 0 0 0 rg BT 212.34 127.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 248.95 127.90 Td (on ) Tj ET Q q 0 0 0 rg BT 262.24 127.90 Td (the ) Tj ET Q q 0 0 0 rg BT 277.74 127.90 Td (New ) Tj ET Q q 0 0 0 rg BT 299.42 127.90 Td (Y) Tj ET Q q 0 0 0 rg BT 305.64 127.90 Td (ork ) Tj ET Q q 0 0 0 rg BT 322.26 127.90 Td (Stock ) Tj ET Q q 0 0 0 rg BT 348.33 127.90 Td (Exchange, ) Tj ET Q q 0 0 0 rg BT 393.54 127.90 Td (of ) Tj ET Q q 0 0 0 rg BT 405.16 127.90 Td (the ) Tj ET Q q 0 0 0 rg BT 420.67 127.90 Td (Common ) Tj ET Q q 0 0 0 rg BT 461.18 127.90 Td (Stock ) Tj ET Q q 0 0 0 rg BT 487.25 127.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.54 127.90 Td (June30, ) Tj ET Q q 0 0 0 rg BT 537.15 127.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.15 127.90 Td ( ) Tj ET Q q 0 0 0 rg BT 560.44 127.90 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 115.90 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.26 115.90 Td ($544 ) Tj ET Q q 0 0 0 rg BT 118.76 115.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.65 115.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.90 Td (As ) Tj ET Q q 0 0 0 rg BT 67.61 97.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 97.90 Td (February21, ) Tj ET Q q 0 0 0 rg BT 132.04 97.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.04 97.90 Td (, ) Tj ET Q q 0 0 0 rg BT 157.04 97.90 Td (the ) Tj ET Q q 0 0 0 rg BT 171.76 97.90 Td (registrant ) Tj ET Q q 0 0 0 rg BT 212.02 97.90 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.96 97.90 Td (15,164,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.96 97.90 Td ( ) Tj ET Q q 0 0 0 rg BT 276.46 97.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 303.95 97.90 Td (of ) Tj ET Q q 0 0 0 rg BT 314.78 97.90 Td (Common ) Tj ET Q q 0 0 0 rg BT 354.51 97.90 Td (Stock ) Tj ET Q q 0 0 0 rg BT 379.79 97.90 Td (outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.40 76.90 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 319.83 76.90 Td (TED BY) Tj ET Q q 0 0 0 rg BT 356.41 76.90 Td ( REFERENCE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 73.03 58.90 Td (III ) Tj ET Q q 0 0 0 rg BT 85.94 58.90 Td (of ) Tj ET Q q 0 0 0 rg BT 97.19 58.90 Td (this ) Tj ET Q q 0 0 0 rg BT 113.91 58.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 146.27 58.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 176.41 58.90 Td (on ) Tj ET Q q 0 0 0 rg BT 189.33 58.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 213.92 58.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 237.39 58.90 Td (incorporates ) Tj ET Q q 0 0 0 rg BT 289.73 58.90 Td (by ) Tj ET Q q 0 0 0 rg BT 302.65 58.90 Td (reference ) Tj ET Q q 0 0 0 rg BT 342.75 58.90 Td (information ) Tj ET Q q 0 0 0 rg BT 392.89 58.90 Td (\(to ) Tj ET Q q 0 0 0 rg BT 406.92 58.90 Td (the ) Tj ET Q q 0 0 0 rg BT 422.05 58.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 449.41 58.90 Td (specific ) Tj ET Q q 0 0 0 rg BT 483.42 58.90 Td (sections ) Tj ET Q q 0 0 0 rg BT 518.56 58.90 Td (are ) Tj ET Q q 0 0 0 rg BT 533.68 58.90 Td (referred ) Tj ET Q q 0 0 0 rg BT 568.24 58.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 46.90 Td (herein\) ) Tj ET Q q 0 0 0 rg BT 66.82 46.90 Td (from ) Tj ET Q q 0 0 0 rg BT 88.75 46.90 Td (the ) Tj ET Q q 0 0 0 rg BT 103.47 46.90 Td (Registrant) Tj ET Q q 0 0 0 rg BT 147.35 46.90 Td (s ) Tj ET Q q 0 0 0 rg BT 153.74 46.90 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 180.14 46.90 Td (Statement ) Tj ET Q q 0 0 0 rg BT 222.63 46.90 Td (for ) Tj ET Q q 0 0 0 rg BT 236.79 46.90 Td (its ) Tj ET Q q 0 0 0 rg BT 248.73 46.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 270.68 46.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 302.62 46.90 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 338.45 46.90 Td (of ) Tj ET Q q 0 0 0 rg BT 349.28 46.90 Td (Shareholders ) Tj ET Q q 0 0 0 rg BT 403.98 46.90 Td (to ) Tj ET Q q 0 0 0 rg BT 414.26 46.90 Td (be ) Tj ET Q q 0 0 0 rg BT 426.20 46.90 Td (held ) Tj ET Q q 0 0 0 rg BT 445.92 46.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.42 46.90 Td (May1) Tj ET Q q 0 0 0 rg BT 483.88 46.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 493.88 46.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.88 46.90 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 36.39999999999998 m 576.5 36.39999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 32.39999999999998 m 576.5 32.39999999999998 l s BT /F1 10.00 Tf ET endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 717.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 717.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 717.25 Td ( CONTENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.80 684.43 Td (PART I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 669.42 Td (ITEM1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 668.0833984375 m 149.236328125 668.0833984375 l s q 0 0 1 rg BT 102.00 669.42 Td (BUSINESS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 654.42 Td (ITEM1A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 653.0833984375 m 171.375 653.0833984375 l s q 0 0 1 rg BT 102.00 654.42 Td (RISK F) Tj ET Q q 0 0 1 rg BT 132.10 654.42 Td (ACT) Tj ET Q q 0 0 1 rg BT 151.92 654.42 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 639.42 Td (ITEM1B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 638.0833984375 m 258.6357421875 638.0833984375 l s q 0 0 1 rg BT 102.00 639.42 Td (UNRESOL) Tj ET Q q 0 0 1 rg BT 147.20 639.42 Td (VED ST) Tj ET Q q 0 0 1 rg BT 181.12 639.42 Td (AFF COMMENTS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 624.42 Td (ITEM2.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 623.0833984375 m 160.30078125 623.0833984375 l s q 0 0 1 rg BT 102.00 624.42 Td (PROPER) Tj ET Q q 0 0 1 rg BT 139.19 624.42 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 609.42 Td (ITEM3.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 608.0833984375 m 205.7939453125 608.0833984375 l s q 0 0 1 rg BT 102.00 609.42 Td (LEGAL) Tj ET Q q 0 0 1 rg BT 134.40 609.42 Td ( PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 594.42 Td (ITEM4.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 593.0833984375 m 237.2001953125 593.0833984375 l s q 0 0 1 rg BT 102.00 594.42 Td (MINE SAFETY) Tj ET Q q 0 0 1 rg BT 167.46 594.42 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.85 564.43 Td (PART II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 550.32 Td (ITEM5.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 548.0833984375 m 452.8935546875 548.0833984375 l s q 0 0 1 rg BT 102.00 549.42 Td (MARKET) Tj ET Q q 0 0 1 rg BT 144.04 549.42 Td ( FOR REGISTRANT'S COMMON EQUITY) Tj ET Q q 0 0 1 rg BT 325.12 549.42 Td (, RELA) Tj ET Q q 0 0 1 rg BT 355.12 549.42 Td (TED SHAREHOLDER ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 538.0833984375 m 386.7197265625 538.0833984375 l s q 0 0 1 rg BT 106.50 539.42 Td (MA) Tj ET Q q 0 0 1 rg BT 121.50 539.42 Td (TTERS ) Tj ET Q q 0 0 1 rg BT 154.01 539.42 Td (AND ISSUER PURCHASES OF EQUITY) Tj ET Q q 0 0 1 rg BT 327.55 539.42 Td ( SECURITIES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 524.42 Td (ITEM6.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 523.0833984375 m 236.09912109375 523.0833984375 l s q 0 0 1 rg BT 102.00 524.42 Td (SELECTED FINANCIAL) Tj ET Q q 0 0 1 rg BT 208.01 524.42 Td ( DA) Tj ET Q q 0 0 1 rg BT 223.85 524.42 Td (T) Tj ET Q q 0 0 1 rg BT 229.15 524.42 Td (A) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 510.32 Td (ITEM7.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 508.0833984375 m 450.3642578125 508.0833984375 l s q 0 0 1 rg BT 102.00 509.42 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 1 rg BT 246.46 509.42 Td (AND ) Tj ET Q q 0 0 1 rg BT 270.07 509.42 Td (ANAL) Tj ET Q q 0 0 1 rg BT 296.84 509.42 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0 1 rg BT 389.82 509.42 Td ( CONDITION ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 498.0833984375 m 251.98828125 498.0833984375 l s q 0 0 1 rg BT 106.50 499.42 Td (AND RESUL) Tj ET Q q 0 0 1 rg BT 161.42 499.42 Td (TS OF OPERA) Tj ET Q q 0 0 1 rg BT 222.54 499.42 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 484.42 Td (ITEM7A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 483.0833984375 m 441.6923828125 483.0833984375 l s q 0 0 1 rg BT 102.00 484.42 Td (QUANTIT) Tj ET Q q 0 0 1 rg BT 145.63 484.42 Td (A) Tj ET Q q 0 0 1 rg BT 151.75 484.42 Td (TIVE ) Tj ET Q q 0 0 1 rg BT 176.46 484.42 Td (AND QUALIT) Tj ET Q q 0 0 1 rg BT 237.04 484.42 Td (A) Tj ET Q q 0 0 1 rg BT 243.15 484.42 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 1 rg BT 337.61 484.42 Td (ABOUT) Tj ET Q q 0 0 1 rg BT 371.87 484.42 Td ( MARKET) Tj ET Q q 0 0 1 rg BT 416.41 484.42 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 469.42 Td (ITEM8.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 468.0833984375 m 359.15087890625 468.0833984375 l s q 0 0 1 rg BT 102.00 469.42 Td (FINANCIAL) Tj ET Q q 0 0 1 rg BT 155.52 469.42 Td ( ST) Tj ET Q q 0 0 1 rg BT 168.88 469.42 Td (A) Tj ET Q q 0 0 1 rg BT 175.00 469.42 Td (TEMENTS ) Tj ET Q q 0 0 1 rg BT 223.05 469.42 Td (AND SUPPLEMENT) Tj ET Q q 0 0 1 rg BT 310.87 469.42 Td (AR) Tj ET Q q 0 0 1 rg BT 324.21 469.42 Td (Y) Tj ET Q q 0 0 1 rg BT 331.06 469.42 Td ( DA) Tj ET Q q 0 0 1 rg BT 346.90 469.42 Td (T) Tj ET Q q 0 0 1 rg BT 352.21 469.42 Td (A) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 455.32 Td (ITEM9.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 453.0833984375 m 463.240234375 453.0833984375 l s q 0 0 1 rg BT 102.00 454.42 Td (CHANGES IN ) Tj ET Q q 0 0 1 rg BT 164.23 454.42 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 1 rg BT 274.05 454.42 Td (WITH ) Tj ET Q q 0 0 1 rg BT 302.09 454.42 Td (ACCOUNT) Tj ET Q q 0 0 1 rg BT 349.63 454.42 Td (ANTS ON ) Tj ET Q q 0 0 1 rg BT 394.63 454.42 Td (ACCOUNTING ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 443.0833984375 m 248.35546875 443.0833984375 l s q 0 0 1 rg BT 106.50 444.42 Td (AND FINANCIAL) Tj ET Q q 0 0 1 rg BT 184.18 444.42 Td ( DISCLOSURE) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 429.42 Td (ITEM9A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 428.0833984375 m 245.9111328125 428.0833984375 l s q 0 0 1 rg BT 102.00 429.42 Td (CONTROLS ) Tj ET Q q 0 0 1 rg BT 156.73 429.42 Td (AND PROCEDURES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 414.42 Td (ITEM9B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 413.0833984375 m 206.7216796875 413.0833984375 l s q 0 0 1 rg BT 102.00 414.42 Td (OTHER INFORMA) Tj ET Q q 0 0 1 rg BT 182.84 414.42 Td (TION) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.90 384.43 Td (PART III) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 369.42 Td (ITEM10.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 368.0833984375 m 423.5087890625 368.0833984375 l s q 0 0 1 rg BT 102.00 369.42 Td (DIRECT) Tj ET Q q 0 0 1 rg BT 137.93 369.42 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 1 rg BT 269.61 369.42 Td (AND CORPORA) Tj ET Q q 0 0 1 rg BT 339.91 369.42 Td (TE GOVERNANCE) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 354.42 Td (ITEM11.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 353.0833984375 m 237.830078125 353.0833984375 l s q 0 0 1 rg BT 102.00 354.42 Td (EXECUTIVE COMPENSA) Tj ET Q q 0 0 1 rg BT 213.95 354.42 Td (TION) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 340.32 Td (ITEM12.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 338.0833984375 m 401.990234375 338.0833984375 l s q 0 0 1 rg BT 102.00 339.42 Td (SECURITY) Tj ET Q q 0 0 1 rg BT 150.52 339.42 Td ( OWNERSHIP) Tj ET Q q 0 0 1 rg BT 210.98 339.42 Td ( OF CER) Tj ET Q q 0 0 1 rg BT 247.62 339.42 Td (T) Tj ET Q q 0 0 1 rg BT 252.92 339.42 Td (AIN BENEFICIAL) Tj ET Q q 0 0 1 rg BT 331.16 339.42 Td ( OWNERS ) Tj ET Q q 0 0 1 rg BT 377.83 339.42 Td (AND ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 328.0833984375 m 372.984375 328.0833984375 l s q 0 0 1 rg BT 106.50 329.42 Td (MANAGEMENT) Tj ET Q q 0 0 1 rg BT 178.54 329.42 Td ( ) Tj ET Q q 0 0 1 rg BT 180.48 329.42 Td (AND RELA) Tj ET Q q 0 0 1 rg BT 229.65 329.42 Td (TED SHAREHOLDER MA) Tj ET Q q 0 0 1 rg BT 342.43 329.42 Td (TTERS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 315.32 Td (ITEM13.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 313.0833984375 m 452.46875 313.0833984375 l s q 0 0 1 rg BT 102.00 314.42 Td (CER) Tj ET Q q 0 0 1 rg BT 120.85 314.42 Td (T) Tj ET Q q 0 0 1 rg BT 126.16 314.42 Td (AIN RELA) Tj ET Q q 0 0 1 rg BT 171.43 314.42 Td (TIONSHIPS ) Tj ET Q q 0 0 1 rg BT 224.50 314.42 Td (AND RELA) Tj ET Q q 0 0 1 rg BT 273.66 314.42 Td (TED ) Tj ET Q q 0 0 1 rg BT 295.42 314.42 Td (TRANSACTIONS, ) Tj ET Q q 0 0 1 rg BT 375.98 314.42 Td (AND DIRECT) Tj ET Q q 0 0 1 rg BT 436.08 314.42 Td (OR ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 106.5 303.0833984375 m 182.603515625 303.0833984375 l s q 0 0 1 rg BT 106.50 304.42 Td (INDEPENDENCE) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 289.42 Td (ITEM14.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 288.0833984375 m 320.623046875 288.0833984375 l s q 0 0 1 rg BT 102.00 289.42 Td (PRINCIP) Tj ET Q q 0 0 1 rg BT 139.43 289.42 Td (AL) Tj ET Q q 0 0 1 rg BT 152.39 289.42 Td ( ) Tj ET Q q 0 0 1 rg BT 154.33 289.42 Td (ACCOUNT) Tj ET Q q 0 0 1 rg BT 201.87 289.42 Td (ANT) Tj ET Q q 0 0 1 rg BT 222.24 289.42 Td ( FEES ) Tj ET Q q 0 0 1 rg BT 250.03 289.42 Td (AND SER) Tj ET Q q 0 0 1 rg BT 291.73 289.42 Td (VICES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.30 259.43 Td (PART IV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 244.42 Td (ITEM15.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 243.08339843750002 m 347.3125 243.08339843750002 l s q 0 0 1 rg BT 102.00 244.42 Td (EXHIBITS ) Tj ET Q q 0 0 1 rg BT 149.50 244.42 Td (AND FINANCIAL) Tj ET Q q 0 0 1 rg BT 227.18 244.42 Td ( ST) Tj ET Q q 0 0 1 rg BT 240.55 244.42 Td (A) Tj ET Q q 0 0 1 rg BT 246.66 244.42 Td (TEMENT) Tj ET Q q 0 0 1 rg BT 287.03 244.42 Td ( SCHEDULES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 229.42 Td (ITEM 16.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 228.08339843750002 m 206.8388671875 228.08339843750002 l s q 0 0 1 rg BT 102.00 229.42 Td (FORM 10-K SUMMAR) Tj ET Q q 0 0 1 rg BT 199.80 229.42 Td (Y) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 102 213.08339843750002 m 163.1181640625 213.08339843750002 l s q 0 0 1 rg BT 102.00 214.42 Td (SIGNA) Tj ET Q q 0 0 1 rg BT 131.45 214.42 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 668.0833984375 m 539 668.0833984375 l s q 0 0 1 rg BT 534.00 669.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 653.0833984375 m 539 653.0833984375 l s q 0 0 1 rg BT 534.00 654.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 638.0833984375 m 539 638.0833984375 l s q 0 0 1 rg BT 529.00 639.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 623.0833984375 m 539 623.0833984375 l s q 0 0 1 rg BT 529.00 624.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 608.0833984375 m 539 608.0833984375 l s q 0 0 1 rg BT 529.00 609.42 Td (22) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 593.0833984375 m 539 593.0833984375 l s q 0 0 1 rg BT 529.00 594.42 Td (22) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 538.0833984375 m 539 538.0833984375 l s q 0 0 1 rg BT 529.00 539.42 Td (23) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 523.0833984375 m 539 523.0833984375 l s q 0 0 1 rg BT 529.00 524.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 498.0833984375 m 539 498.0833984375 l s q 0 0 1 rg BT 529.00 499.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 483.0833984375 m 539 483.0833984375 l s q 0 0 1 rg BT 529.00 484.42 Td (60) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 529 468.0833984375 m 539 468.0833984375 l s q 0 0 1 rg BT 529.00 469.42 Td (61) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 443.0833984375 m 538.97890625 443.0833984375 l s q 0 0 1 rg BT 524.35 444.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 444.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 428.0833984375 m 538.97890625 428.0833984375 l s q 0 0 1 rg BT 524.35 429.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 429.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 413.0833984375 m 538.97890625 413.0833984375 l s q 0 0 1 rg BT 524.35 414.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 414.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 368.0833984375 m 538.97890625 368.0833984375 l s q 0 0 1 rg BT 524.35 369.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 369.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 353.0833984375 m 538.97890625 353.0833984375 l s q 0 0 1 rg BT 524.35 354.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 354.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 328.0833984375 m 538.97890625 328.0833984375 l s q 0 0 1 rg BT 524.35 329.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 329.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 303.0833984375 m 538.97890625 303.0833984375 l s q 0 0 1 rg BT 524.35 304.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 304.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 288.0833984375 m 538.97890625 288.0833984375 l s q 0 0 1 rg BT 524.35 289.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 289.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.35 243.08339843750002 m 538.97890625 243.08339843750002 l s q 0 0 1 rg BT 524.35 244.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 244.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524 228.08339843750002 m 539 228.08339843750002 l s q 0 0 1 rg BT 524.00 229.42 Td (123) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524 213.08339843750002 m 539 213.08339843750002 l s q 0 0 1 rg BT 524.00 214.42 Td (124) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 7 0 obj <>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 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(information ) Tj ET Q q 0 0 0 rg BT 554.17 645.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.77 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.16 633.75 Td (current ) Tj ET Q q 0 0 0 rg BT 137.54 633.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 182.26 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 199.76 633.75 Td (may ) Tj ET Q q 0 0 0 rg BT 220.04 633.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 245.30 633.75 Td (to ) Tj ET Q q 0 0 0 rg BT 256.14 633.75 Td (our ) Tj ET Q q 0 0 0 rg BT 272.53 633.75 Td (future ) Tj ET Q q 0 0 0 rg BT 299.47 633.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 323.64 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.14 633.75 Td (objectives ) Tj ET Q q 0 0 0 rg BT 384.74 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.24 633.75 Td (results, ) Tj ET Q q 0 0 0 rg BT 433.91 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 451.41 633.75 Td (also ) Tj ET Q q 0 0 0 rg BT 470.58 633.75 Td (may ) Tj ET Q q 0 0 0 rg BT 490.85 633.75 Td (include ) Tj ET Q 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326.07 549.75 Td (www) Tj ET Q q 0 0 0 rg BT 347.09 549.75 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 379.21 549.75 Td (. ) Tj ET Q q 0 0 0 rg BT 383.98 549.75 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 454.02 549.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 498.50 549.75 Td (speak ) Tj ET Q q 0 0 0 rg BT 523.54 549.75 Td (only ) Tj ET Q q 0 0 0 rg BT 543.59 549.75 Td (as ) Tj ET Q q 0 0 0 rg BT 554.19 549.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 537.75 Td (date ) Tj ET Q q 0 0 0 rg BT 83.37 537.75 Td (they ) Tj ET Q q 0 0 0 rg BT 103.09 537.75 Td (are ) Tj ET Q q 0 0 0 rg BT 117.80 537.75 Td (made, ) Tj ET Q q 0 0 0 rg BT 144.45 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 161.39 537.75 Td (we ) Tj ET Q q 0 0 0 rg BT 175.55 537.75 Td (undertake ) Tj ET Q q 0 0 0 rg BT 217.47 537.75 Td (no ) Tj ET Q q 0 0 0 rg BT 229.97 537.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 273.03 537.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.30 537.75 Td (update ) Tj 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (ITEM1. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 513.75 Td (BUSINESS.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.34 465.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.82 465.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.65 465.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.38 465.75 Td (\("Piper ) Tj ET Q q 0 0 0 rg BT 182.64 465.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 194.12 465.75 Td (fray"\) ) Tj ET Q q 0 0 0 rg BT 220.36 465.75 Td (is ) Tj ET Q q 0 0 0 rg BT 229.76 465.75 Td (an ) Tj ET Q q 0 0 0 rg BT 241.93 465.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.55 465.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 310.72 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.89 465.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 350.07 465.75 Td (management ) Tj ET Q q 0 0 0 rg BT 403.89 465.75 Td (firm, ) Tj ET Q q 0 0 0 rg BT 426.34 465.75 Td (serving ) Tj ET Q q 0 0 0 rg BT 458.51 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 473.46 465.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 498.96 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.03 465.75 Td (corporations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (private ) Tj ET Q q 0 0 0 rg BT 80.47 453.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 108.66 453.75 Td (groups, ) Tj ET Q q 0 0 0 rg BT 141.59 453.75 Td (public ) Tj ET Q q 0 0 0 rg BT 169.78 453.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 204.37 453.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 248.12 453.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 280.20 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 297.84 453.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 348.82 453.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 388.13 453.75 Td (in ) Tj ET Q q 0 0 0 rg BT 399.11 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.53 453.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 435.52 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 453.16 453.75 Td (internationally) Tj ET Q q 0 0 0 rg BT 510.82 453.75 Td (. ) Tj ET Q q 0 0 0 rg BT 516.53 453.75 Td (Founded ) Tj ET Q q 0 0 0 rg BT 554.73 453.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (1895, ) Tj ET Q q 0 0 0 rg BT 73.73 441.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 96.56 441.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 108.04 441.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 125.86 441.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 162.03 441.75 Td (a ) Tj ET Q q 0 0 0 rg BT 168.19 441.75 Td (broad ) Tj ET Q q 0 0 0 rg BT 192.69 441.75 Td (set ) Tj ET Q q 0 0 0 rg BT 205.52 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.58 441.75 Td (products ) Tj ET Q q 0 0 0 rg BT 251.74 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 267.91 441.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 304.34 441.75 Td (including ) Tj ET Q q 0 0 0 rg BT 343.84 441.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 370.56 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 386.73 441.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 405.67 441.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 434.05 441.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 467.43 441.75 Td (products; ) Tj ET Q q 0 0 0 rg BT 506.37 441.75 Td (public ) Tj ET Q q 0 0 0 rg BT 533.09 441.75 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 86.63 429.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 123.75 429.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 160.33 429.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 197.46 429.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.60 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 241.18 429.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 263.88 429.75 Td (income ) Tj ET Q q 0 0 0 rg BT 295.45 429.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 345.37 429.75 Td (brokerage; ) Tj ET Q q 0 0 0 rg BT 390.27 429.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 417.41 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 433.99 429.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 456.68 429.75 Td (income ) Tj ET Q q 0 0 0 rg BT 488.26 429.75 Td (research; ) Tj ET Q q 0 0 0 rg BT 526.49 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 543.07 429.75 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (management ) Tj ET Q q 0 0 0 rg BT 103.07 417.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 140.27 417.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 158.30 417.75 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 211.87 417.75 Td (are ) Tj ET Q q 0 0 0 rg BT 226.57 417.75 Td (located ) Tj ET Q q 0 0 0 rg BT 257.92 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 268.19 417.75 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 323.17 417.75 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 367.87 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.79 417.75 Td (we ) Tj ET Q q 0 0 0 rg BT 398.94 417.75 Td (have ) Tj ET Q q 0 0 0 rg BT 420.30 417.75 Td (of) Tj ET Q q 0 0 0 rg BT 428.45 417.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 449.81 417.75 Td (across ) Tj ET Q q 0 0 0 rg BT 477.29 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.99 417.75 Td (United ) Tj ET Q q 0 0 0 rg BT 521.69 417.75 Td (States ) Tj ET Q q 0 0 0 rg BT 548.06 417.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (international ) Tj ET Q q 0 0 0 rg BT 101.65 405.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 139.37 405.75 Td (in ) Tj ET Q q 0 0 0 rg BT 148.76 405.75 Td (London, ) Tj ET Q q 0 0 0 rg BT 183.62 405.75 Td (Aberdeen, ) Tj ET Q q 0 0 0 rg BT 226.60 405.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 250.44 405.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 274.27 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.32 405.75 Td (Zurich. ) Tj ET Q q 0 0 0 rg BT 320.97 405.75 Td (W) Tj ET Q q 0 0 0 rg BT 329.61 405.75 Td (e ) Tj ET Q q 0 0 0 rg BT 335.66 405.75 Td (market ) Tj ET Q q 0 0 0 rg BT 365.04 405.75 Td (our ) Tj ET Q q 0 0 0 rg BT 379.98 405.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.48 405.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 459.31 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 475.36 405.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 524.75 405.75 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (business ) Tj ET Q q 0 0 0 rg BT 86.11 393.75 Td (under ) Tj ET Q q 0 0 0 rg BT 111.60 393.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 135.43 393.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 146.91 393.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 165.73 393.75 Td (and ) Tj ET Q q 0 0 0 rg BT 182.89 393.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 223.40 393.75 Td (& ) Tj ET Q q 0 0 0 rg BT 233.90 393.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 275.51 393.75 Td (International ) Tj ET Q q 0 0 0 rg BT 329.32 393.75 Td ( ) Tj ET Q q 0 0 0 rg BT 337.04 393.75 Td (Ener) Tj ET Q q 0 0 0 rg BT 355.74 393.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 368.46 393.75 Td (Specialists ) Tj ET Q q 0 0 0 rg BT 413.95 393.75 Td (of ) Tj ET Q q 0 0 0 rg BT 425.00 393.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 448.83 393.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 460.31 393.75 Td (fray) Tj ET Q q 0 0 0 rg BT 475.76 393.75 Td (. ) Tj ET Q q 0 0 0 rg BT 480.98 393.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 499.25 393.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 543.07 393.75 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (management ) Tj ET Q q 0 0 0 rg BT 103.09 381.75 Td (business ) Tj ET Q q 0 0 0 rg BT 139.48 381.75 Td (is ) Tj ET Q q 0 0 0 rg BT 148.65 381.75 Td (marketed ) Tj ET Q q 0 0 0 rg BT 188.35 381.75 Td (under ) Tj ET Q q 0 0 0 rg BT 213.07 381.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 252.79 381.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 294.44 381.75 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.32 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 82.92 357.75 Td (1998, ) Tj ET Q q 0 0 0 rg BT 108.24 357.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 132.17 357.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 143.65 357.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 162.56 357.75 Td (was ) Tj ET Q q 0 0 0 rg BT 180.94 357.75 Td (an ) Tj ET Q q 0 0 0 rg BT 193.19 357.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 244.89 357.75 Td (public ) Tj ET Q q 0 0 0 rg BT 272.70 357.75 Td (company) Tj ET Q q 0 0 0 rg BT 308.71 357.75 Td (. ) Tj ET Q q 0 0 0 rg BT 314.03 357.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 334.63 357.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 371.33 357.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 408.57 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.61 357.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 447.53 357.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 459.01 357.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 477.93 357.75 Td (business ) Tj ET Q q 0 0 0 rg BT 514.64 357.75 Td (in ) Tj ET Q q 0 0 0 rg BT 525.24 357.75 Td (1998 ) Tj ET Q q 0 0 0 rg BT 548.06 357.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (operated ) Tj ET Q q 0 0 0 rg BT 86.58 345.75 Td (it ) Tj ET Q q 0 0 0 rg BT 94.78 345.75 Td (through ) Tj ET Q q 0 0 0 rg BT 128.54 345.75 Td (various ) Tj ET Q q 0 0 0 rg BT 160.63 345.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 210.50 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 227.59 345.75 Td (divisions. ) Tj ET Q q 0 0 0 rg BT 268.28 345.75 Td (At ) Tj ET Q q 0 0 0 rg BT 280.93 345.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.79 345.75 Td (end ) Tj ET Q q 0 0 0 rg BT 312.88 345.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.87 345.75 Td (2003, ) Tj ET Q q 0 0 0 rg BT 349.02 345.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 369.45 345.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 405.98 345.75 Td (facilitated ) Tj ET Q q 0 0 0 rg BT 448.61 345.75 Td (a ) Tj ET Q q 0 0 0 rg BT 455.70 345.75 Td (tax-free ) Tj ET Q q 0 0 0 rg BT 489.43 345.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 538.20 345.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 345.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (common ) Tj ET Q q 0 0 0 rg BT 87.00 333.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 110.60 333.75 Td (to ) Tj ET Q q 0 0 0 rg BT 120.88 333.75 Td (all ) Tj ET Q q 0 0 0 rg BT 133.38 333.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 153.66 333.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 190.04 333.75 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 245.57 333.75 Td (causing ) Tj ET Q q 0 0 0 rg BT 278.62 333.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 302.23 333.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 313.71 333.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 332.31 333.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.59 333.75 Td (become ) Tj ET Q q 0 0 0 rg BT 376.18 333.75 Td (an ) Tj ET Q q 0 0 0 rg BT 388.12 333.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 439.49 333.75 Td (public ) Tj ET Q q 0 0 0 rg BT 466.99 333.75 Td (company ) Tj ET Q q 0 0 0 rg BT 506.14 333.75 Td (again.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 309.75 Td ( ) Tj ET Q q 0 0 0 rg BT 69.60 309.75 Td (Businesses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 285.75 Td (e ) Tj ET Q q 0 0 0 rg BT 64.16 285.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 95.17 285.75 Td (through ) Tj ET Q q 0 0 0 rg BT 127.87 285.75 Td (two ) Tj ET Q q 0 0 0 rg BT 144.46 285.75 Td (reportable ) Tj ET Q q 0 0 0 rg BT 186.58 285.75 Td (business ) Tj ET Q q 0 0 0 rg BT 222.05 285.75 Td (segments, ) Tj ET Q q 0 0 0 rg BT 263.36 285.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 293.83 285.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 328.18 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 343.86 285.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 367.67 285.75 Td (Management. ) Tj ET Q q 0 0 0 rg BT 423.84 285.75 Td (W) Tj ET Q q 0 0 0 rg BT 432.48 285.75 Td (e ) Tj ET Q q 0 0 0 rg BT 438.50 285.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 468.96 285.75 Td (that ) Tj ET Q q 0 0 0 rg BT 485.54 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 499.35 285.75 Td (mix ) Tj ET Q q 0 0 0 rg BT 516.49 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.41 285.75 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (across ) Tj ET Q q 0 0 0 rg BT 76.99 273.75 Td (our ) Tj ET Q q 0 0 0 rg BT 92.82 273.75 Td (business ) Tj ET Q q 0 0 0 rg BT 129.21 273.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 168.93 273.75 Td (helps ) Tj ET Q q 0 0 0 rg BT 192.54 273.75 Td (to ) Tj ET Q q 0 0 0 rg BT 202.82 273.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 235.86 273.75 Td (diversification ) Tj ET Q q 0 0 0 rg BT 296.12 273.75 Td (in ) Tj ET Q q 0 0 0 rg BT 306.40 273.75 Td (our ) Tj ET Q q 0 0 0 rg BT 322.23 273.75 Td (business ) Tj ET Q q 0 0 0 rg BT 358.62 273.75 Td (model.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.00 249.75 Td (Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.90 249.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.14 225.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 98.11 225.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 132.96 225.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 168.38 225.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 204.91 225.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 250.88 225.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 285.18 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 301.71 225.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 351.58 225.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 375.60 225.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 406.02 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 422.54 225.75 Td (research ) Tj ET Q q 0 0 0 rg BT 457.94 225.75 Td (services ) Tj ET Q q 0 0 0 rg BT 492.24 225.75 Td (for ) Tj ET Q q 0 0 0 rg BT 505.98 225.75 Td (various ) Tj ET Q q 0 0 0 rg BT 537.51 225.75 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.27 213.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 89.14 213.75 Td (income ) Tj ET Q q 0 0 0 rg BT 120.91 213.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 160.01 213.75 Td (This ) Tj ET Q q 0 0 0 rg BT 180.11 213.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 215.77 213.75 Td (also ) Tj ET Q q 0 0 0 rg BT 234.20 213.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 269.86 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.40 213.75 Td (results ) Tj ET Q q 0 0 0 rg BT 312.84 213.75 Td (from ) Tj ET Q q 0 0 0 rg BT 334.61 213.75 Td (our ) Tj ET Q q 0 0 0 rg BT 350.27 213.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 394.80 213.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 416.56 213.75 Td (management ) Tj ET Q q 0 0 0 rg BT 469.98 213.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 494.53 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.30 213.75 Td (our ) Tj ET Q q 0 0 0 rg BT 526.96 213.75 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (investments. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 177.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 113.81 177.75 Td (Banking ) Tj ET Q q 0 0 0 rg BT 150.13 177.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.13 177.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.13 177.75 Td (For ) Tj ET Q q 0 0 0 rg BT 175.02 177.75 Td (our ) Tj ET Q q 0 0 0 rg BT 191.35 177.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 232.10 177.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 263.70 177.75 Td (we ) Tj ET Q q 0 0 0 rg BT 278.36 177.75 Td (help ) Tj ET Q q 0 0 0 rg BT 298.57 177.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 320.44 177.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 350.09 177.75 Td (through ) Tj ET Q q 0 0 0 rg BT 384.20 177.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 412.19 177.75 Td (and ) Tj ET Q q 0 0 0 rg BT 429.63 177.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 449.84 177.75 Td (financings. ) Tj ET Q q 0 0 0 rg BT 496.77 177.75 Td (W) Tj ET Q q 0 0 0 rg BT 505.41 177.75 Td (e ) Tj ET Q q 0 0 0 rg BT 512.85 177.75 Td (also ) Tj ET Q q 0 0 0 rg BT 531.95 177.75 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 165.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 104.30 165.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 141.37 165.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 180.94 165.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 213.85 165.75 Td (to ) Tj ET Q q 0 0 0 rg BT 223.99 165.75 Td (mer) Tj ET Q q 0 0 0 rg BT 239.36 165.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 258.38 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 275.18 165.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 327.81 165.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 355.17 165.75 Td (private ) Tj ET Q q 0 0 0 rg BT 385.30 165.75 Td (placements ) Tj ET Q q 0 0 0 rg BT 432.64 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 449.44 165.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 469.02 165.75 Td (advisory) Tj ET Q q 0 0 0 rg BT 502.81 165.75 Td (. ) Tj ET Q q 0 0 0 rg BT 507.50 165.75 Td (W) Tj ET Q q 0 0 0 rg BT 516.14 165.75 Td (e ) Tj ET Q q 0 0 0 rg BT 522.94 165.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 554.73 165.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.75 153.75 Td (following ) Tj ET Q q 0 0 0 rg BT 122.67 153.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 146.36 153.75 Td (sectors: ) Tj ET Q q 0 0 0 rg BT 178.95 153.75 Td (healthcare; ) Tj ET Q q 0 0 0 rg BT 224.84 153.75 Td (ener) Tj ET Q q 0 0 0 rg BT 241.86 153.75 Td (gy; ) Tj ET Q q 0 0 0 rg BT 256.67 153.75 Td (consumer; ) Tj ET Q q 0 0 0 rg BT 300.36 153.75 Td (diversified ) Tj ET Q q 0 0 0 rg BT 345.16 153.75 Td (industrials ) Tj ET Q q 0 0 0 rg BT 388.86 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 405.33 153.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 442.35 153.75 Td (business ) Tj ET Q q 0 0 0 rg BT 478.28 153.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 515.30 153.75 Td (technology; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 141.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.25 141.75 Td (institutions; ) Tj ET Q q 0 0 0 rg BT 155.25 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.45 141.75 Td (agriculture, ) Tj ET Q q 0 0 0 rg BT 221.03 141.75 Td (clean ) Tj ET Q q 0 0 0 rg BT 244.89 141.75 Td (technologies ) Tj ET Q q 0 0 0 rg BT 298.20 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 315.41 141.75 Td (renewables, ) Tj ET Q q 0 0 0 rg BT 365.65 141.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 405.63 141.75 Td (focusing ) Tj ET Q q 0 0 0 rg BT 442.84 141.75 Td (on ) Tj ET Q q 0 0 0 rg BT 455.60 141.75 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 517.24 141.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 548.61 141.75 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 129.75 Td (our ) Tj ET Q q 0 0 0 rg BT 82.51 129.75 Td (government ) Tj ET Q q 0 0 0 rg BT 131.95 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 148.06 129.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 190.29 129.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 220.57 129.75 Td (we ) Tj ET Q q 0 0 0 rg BT 233.91 129.75 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 278.90 129.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 297.79 129.75 Td (issuances, ) Tj ET Q q 0 0 0 rg BT 339.74 129.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 371.96 129.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 413.63 129.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 450.29 129.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 486.40 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 502.52 129.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 521.41 129.75 Td (placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 117.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 104.39 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.01 117.75 Td (of) Tj ET Q q 0 0 0 rg BT 129.16 117.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 142.44 117.75 Td (various ) Tj ET Q q 0 0 0 rg BT 174.06 117.75 Td (over) Tj ET Q q 0 0 0 rg BT 191.63 117.75 Td (-the-counter ) Tj ET Q q 0 0 0 rg BT 242.68 117.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 284.84 117.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 323.96 117.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 341.69 117.75 Td (public ) Tj ET Q q 0 0 0 rg BT 368.87 117.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 400.48 117.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 446.54 117.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 480.94 117.75 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 528.66 117.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 552.50 117.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 105.75 Td (state ) Tj ET Q q 0 0 0 rg BT 88.49 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.60 105.75 Td (local ) Tj ET Q q 0 0 0 rg BT 127.70 105.75 Td (governments, ) Tj ET Q q 0 0 0 rg BT 184.52 105.75 Td (cultural ) Tj ET Q q 0 0 0 rg BT 217.72 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 234.83 105.75 Td (social ) Tj ET Q q 0 0 0 rg BT 260.82 105.75 Td (service ) Tj ET Q q 0 0 0 rg BT 291.80 105.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 335.01 105.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 369.06 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 386.17 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 401.05 105.75 Td (education, ) Tj ET Q q 0 0 0 rg BT 445.09 105.75 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 491.33 105.75 Td (hospitality) Tj ET Q q 0 0 0 rg BT 532.91 105.75 Td (, ) Tj ET Q q 0 0 0 rg BT 538.07 105.75 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 93.75 Td (living ) Tj ET Q q 0 0 0 rg BT 93.33 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.27 93.75 Td (transportation ) Tj ET Q q 0 0 0 rg BT 168.32 93.75 Td (sectors.) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 717.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 97.07 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 115.54 717.60 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 141.77 717.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 174.67 717.60 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 227.03 717.60 Td (Br) Tj ET Q q 0 0 0 rg BT 236.66 717.60 Td (okerage ) Tj ET Q q 0 0 0 rg BT 272.34 717.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.34 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 280.56 717.60 Td (W) Tj ET Q q 0 0 0 rg BT 289.20 717.60 Td (e ) Tj ET Q q 0 0 0 rg BT 297.10 717.60 Td (of) Tj ET Q q 0 0 0 rg BT 305.25 717.60 Td (fer ) Tj ET Q q 0 0 0 rg BT 319.82 717.60 Td (both ) Tj ET Q q 0 0 0 rg BT 341.07 717.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 369.53 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 387.44 717.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 411.46 717.60 Td (income ) Tj ET Q q 0 0 0 rg BT 444.36 717.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 482.27 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 500.17 717.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 523.63 717.60 Td (execution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 705.60 Td (services ) Tj ET Q q 0 0 0 rg BT 102.78 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 117.52 705.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 168.37 705.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 207.56 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 225.07 705.60 Td (government ) Tj ET Q q 0 0 0 rg BT 275.91 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 293.43 705.60 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 337.05 705.60 Td (entities. ) Tj ET Q q 0 0 0 rg BT 371.51 705.60 Td (Integral ) Tj ET Q q 0 0 0 rg BT 405.68 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 416.53 705.60 Td (our ) Tj ET Q q 0 0 0 rg BT 432.94 705.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 462.67 705.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 497.40 705.60 Td (ef) Tj ET Q q 0 0 0 rg BT 504.99 705.60 Td (forts, ) Tj ET Q q 0 0 0 rg BT 528.89 705.60 Td (we ) Tj ET Q q 0 0 0 rg BT 543.63 705.60 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 693.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 94.67 693.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 116.29 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 132.91 693.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 163.41 693.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 216.69 693.60 Td (with ) Tj ET Q q 0 0 0 rg BT 236.65 693.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 286.60 693.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 324.89 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 334.84 693.60 Td (North ) Tj ET Q q 0 0 0 rg BT 359.87 693.60 Td (America ) Tj ET Q q 0 0 0 rg BT 396.47 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 413.09 693.60 Td (Europe ) Tj ET Q q 0 0 0 rg BT 444.14 693.60 Td (that ) Tj ET Q q 0 0 0 rg BT 461.32 693.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 487.38 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 497.34 693.60 Td (our ) Tj ET Q q 0 0 0 rg BT 512.84 693.60 Td (core ) Tj ET Q q 0 0 0 rg BT 532.23 693.60 Td (sectors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 681.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 85.10 681.60 Td (research ) Tj ET Q q 0 0 0 rg BT 120.46 681.60 Td (analysts ) Tj ET Q q 0 0 0 rg BT 154.73 681.60 Td (provide ) Tj ET Q q 0 0 0 rg BT 187.32 681.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 233.26 681.60 Td (ideas ) Tj ET Q q 0 0 0 rg BT 255.85 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 272.34 681.60 Td (support ) Tj ET Q q 0 0 0 rg BT 304.39 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 314.22 681.60 Td (our ) Tj ET Q q 0 0 0 rg BT 329.60 681.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 359.98 681.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 388.13 681.60 Td (on ) Tj ET Q q 0 0 0 rg BT 400.19 681.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 681.60 Td (700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 477.05 681.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 524.36 681.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 541.96 681.60 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 669.60 Td (income ) Tj ET Q q 0 0 0 rg BT 100.37 669.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 123.24 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 141.11 669.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 172.86 669.60 Td (professionals ) Tj ET Q q 0 0 0 rg BT 229.06 669.60 Td (have ) Tj ET Q q 0 0 0 rg BT 251.37 669.60 Td (expertise ) Tj ET Q q 0 0 0 rg BT 290.90 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 302.11 669.60 Td (municipal, ) Tj ET Q q 0 0 0 rg BT 348.03 669.60 Td (corporate, ) Tj ET Q q 0 0 0 rg BT 391.71 669.60 Td (mortgage, ) Tj ET Q q 0 0 0 rg BT 435.41 669.60 Td (agency) Tj ET Q q 0 0 0 rg BT 463.08 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 469.01 669.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 504.65 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 522.52 669.60 Td (structured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 657.60 Td (product ) Tj ET Q q 0 0 0 rg BT 100.75 657.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 141.21 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 158.35 657.60 Td (cover ) Tj ET Q q 0 0 0 rg BT 183.25 657.60 Td (a ) Tj ET Q q 0 0 0 rg BT 190.39 657.60 Td (range ) Tj ET Q q 0 0 0 rg BT 215.30 657.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.33 657.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 276.80 657.60 Td (investors. ) Tj ET Q q 0 0 0 rg BT 317.92 657.60 Td (W) Tj ET Q q 0 0 0 rg BT 326.55 657.60 Td (e ) Tj ET Q q 0 0 0 rg BT 333.69 657.60 Td (engage ) Tj ET Q q 0 0 0 rg BT 364.71 657.60 Td (in ) Tj ET Q q 0 0 0 rg BT 375.18 657.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 406.21 657.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 445.01 657.60 Td (for ) Tj ET Q q 0 0 0 rg BT 459.37 657.60 Td (both ) Tj ET Q q 0 0 0 rg BT 479.84 657.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 519.20 657.60 Td (facilitation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 84.36 645.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 120.66 645.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 151.41 645.60 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 191.88 645.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 209.86 645.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 246.15 645.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 276.90 645.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 315.42 645.60 Td (\(i.e. ) Tj ET Q q 0 0 0 rg BT 333.39 645.60 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 380.24 645.60 Td (trading\) ) Tj ET Q q 0 0 0 rg BT 414.32 645.60 Td (are ) Tj ET Q q 0 0 0 rg BT 428.95 645.60 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 469.68 645.60 Td (solely ) Tj ET Q q 0 0 0 rg BT 495.99 645.60 Td (to ) Tj ET Q q 0 0 0 rg BT 506.19 645.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 545.28 645.60 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 633.60 Td (capital, ) Tj ET Q q 0 0 0 rg BT 99.15 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 116.09 633.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 140.25 633.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 186.07 633.60 Td (on ) Tj ET Q q 0 0 0 rg BT 198.57 633.60 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 245.49 633.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 295.77 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 306.04 633.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 348.54 633.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 374.93 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 391.87 633.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 412.15 633.60 Td (government ) Tj ET Q q 0 0 0 rg BT 462.41 633.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 493.23 633.60 Td (securities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 609.60 Td (Principal ) Tj ET Q q 0 0 0 rg BT 108.36 609.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 158.66 609.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.66 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.53 609.60 Td (W) Tj ET Q q 0 0 0 rg BT 175.17 609.60 Td (e ) Tj ET Q q 0 0 0 rg BT 182.70 609.60 Td (engage ) Tj ET Q q 0 0 0 rg BT 214.10 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 224.97 609.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 265.27 609.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 300.57 609.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 342.26 609.60 Td (which ) Tj ET Q q 0 0 0 rg BT 369.79 609.60 Td (involve ) Tj ET Q q 0 0 0 rg BT 402.88 609.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.96 609.60 Td (or ) Tj ET Q q 0 0 0 rg BT 442.38 609.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 462.69 609.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 513.56 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 524.43 609.60 Td (late ) Tj ET Q q 0 0 0 rg BT 541.95 609.60 Td (stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 597.60 Td (private ) Tj ET Q q 0 0 0 rg BT 97.76 597.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 144.98 597.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 194.88 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 199.88 597.60 Td (we ) Tj ET Q q 0 0 0 rg BT 214.04 597.60 Td (have ) Tj ET Q q 0 0 0 rg BT 235.42 597.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 285.69 597.60 Td (in ) Tj ET Q q 0 0 0 rg BT 295.97 597.60 Td (private ) Tj ET Q q 0 0 0 rg BT 326.23 597.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 353.73 597.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 378.45 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 395.39 597.60 Td (other ) Tj ET Q q 0 0 0 rg BT 418.43 597.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 438.15 597.60 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 573.60 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 114.61 573.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 138.61 573.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 193.70 573.60 Td (Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.70 573.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.59 573.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.59 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 229.27 573.60 Td (W) Tj ET Q q 0 0 0 rg BT 237.91 573.60 Td (e ) Tj ET Q q 0 0 0 rg BT 245.24 573.60 Td (have ) Tj ET Q q 0 0 0 rg BT 267.01 573.60 Td (created ) Tj ET Q q 0 0 0 rg BT 298.76 573.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 343.85 573.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 366.17 573.60 Td (management ) Tj ET Q q 0 0 0 rg BT 420.15 573.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 445.26 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 455.93 573.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 496.02 573.60 Td (banking, ) Tj ET Q q 0 0 0 rg BT 533.63 573.60 Td (ener) Tj ET Q q 0 0 0 rg BT 550.66 573.60 Td (gy) Tj ET Q q 0 0 0 rg BT 560.01 573.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 84.44 561.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 111.38 561.60 Td (living ) Tj ET Q q 0 0 0 rg BT 137.21 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 147.49 561.60 Td (order ) Tj ET Q q 0 0 0 rg BT 171.09 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 181.37 561.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 207.75 561.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 227.47 561.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 256.62 561.60 Td (as ) Tj ET Q q 0 0 0 rg BT 267.45 561.60 Td (well ) Tj ET Q q 0 0 0 rg BT 287.17 561.60 Td (as ) Tj ET Q q 0 0 0 rg BT 298.00 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 308.28 561.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 341.87 561.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 371.02 561.60 Td (from ) Tj ET Q q 0 0 0 rg BT 392.96 561.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 424.35 561.60 Td (investors. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.67 537.60 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.93 513.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 91.57 513.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 146.19 513.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.93 513.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 217.67 513.60 Td (our ) Tj ET Q q 0 0 0 rg BT 233.42 513.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 276.94 513.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.79 513.60 Td (management ) Tj ET Q q 0 0 0 rg BT 352.30 513.60 Td (business ) Tj ET Q q 0 0 0 rg BT 388.61 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 405.46 513.60 Td (our ) Tj ET Q q 0 0 0 rg BT 421.21 513.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 471.40 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 481.59 513.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 523.43 513.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 548.07 513.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (private ) Tj ET Q q 0 0 0 rg BT 78.73 501.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.42 501.60 Td (or ) Tj ET Q q 0 0 0 rg BT 112.21 501.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 162.55 501.60 Td (that ) Tj ET Q q 0 0 0 rg BT 179.01 501.60 Td (we ) Tj ET Q q 0 0 0 rg BT 192.14 501.60 Td (manage. ) Tj ET Q q 0 0 0 rg BT 227.20 501.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 244.21 501.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 286.78 501.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 307.68 501.60 Td (management ) Tj ET Q q 0 0 0 rg BT 360.23 501.60 Td (business ) Tj ET Q q 0 0 0 rg BT 395.59 501.60 Td (of) Tj ET Q q 0 0 0 rg BT 403.74 501.60 Td (fers ) Tj ET Q q 0 0 0 rg BT 420.19 501.60 Td (specialized ) Tj ET Q q 0 0 0 rg BT 466.08 501.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 511.42 501.60 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (solutions ) Tj ET Q q 0 0 0 rg BT 87.77 489.60 Td (for ) Tj ET Q q 0 0 0 rg BT 101.57 489.60 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 150.67 489.60 Td (private ) Tj ET Q q 0 0 0 rg BT 180.58 489.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 208.84 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 225.42 489.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 271.45 489.60 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 309.27 489.60 Td (W) Tj ET Q q 0 0 0 rg BT 317.91 489.60 Td (e ) Tj ET Q q 0 0 0 rg BT 324.50 489.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 357.74 489.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 395.99 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 412.58 489.60 Td (international ) Tj ET Q q 0 0 0 rg BT 465.26 489.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 492.40 489.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 534.81 489.60 Td (as ) Tj ET Q q 0 0 0 rg BT 545.29 489.60 Td (well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (as ) Tj ET Q q 0 0 0 rg BT 59.93 477.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 80.12 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 82.23 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 98.77 477.60 Td (ener) Tj ET Q q 0 0 0 rg BT 115.80 477.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 127.90 477.60 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 183.87 477.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 226.23 477.60 Td (through ) Tj ET Q q 0 0 0 rg BT 259.44 477.60 Td (open-end ) Tj ET Q q 0 0 0 rg BT 298.75 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 315.30 477.60 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 360.72 477.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 387.39 477.60 Td (W) Tj ET Q q 0 0 0 rg BT 396.03 477.60 Td (e ) Tj ET Q q 0 0 0 rg BT 402.57 477.60 Td (also ) Tj ET Q q 0 0 0 rg BT 420.78 477.60 Td (provide ) Tj ET Q q 0 0 0 rg BT 453.43 477.60 Td (customized ) Tj ET Q q 0 0 0 rg BT 501.08 477.60 Td (solutions ) Tj ET Q q 0 0 0 rg BT 539.30 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 477.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (clients. ) Tj ET Q q 0 0 0 rg BT 81.16 465.60 Td (In ) Tj ET Q q 0 0 0 rg BT 92.55 465.60 Td (many ) Tj ET Q q 0 0 0 rg BT 117.82 465.60 Td (cases, ) Tj ET Q q 0 0 0 rg BT 144.48 465.60 Td (we ) Tj ET Q q 0 0 0 rg BT 159.19 465.60 Td (of) Tj ET Q q 0 0 0 rg BT 167.34 465.60 Td (fer ) Tj ET Q q 0 0 0 rg BT 181.50 465.60 Td (both ) Tj ET Q q 0 0 0 rg BT 202.33 465.60 Td (diversified ) Tj ET Q q 0 0 0 rg BT 248.15 465.60 Td (and ) Tj ET Q q 0 0 0 rg BT 265.65 465.60 Td (more ) Tj ET Q q 0 0 0 rg BT 289.25 465.60 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 343.39 465.60 Td (versions ) Tj ET Q q 0 0 0 rg BT 379.77 465.60 Td (of ) Tj ET Q q 0 0 0 rg BT 391.16 465.60 Td (our ) Tj ET Q q 0 0 0 rg BT 407.55 465.60 Td (products, ) Tj ET Q q 0 0 0 rg BT 447.54 465.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 487.80 465.60 Td (through ) Tj ET Q q 0 0 0 rg BT 521.97 465.60 Td (separately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 88.09 453.60 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 128.08 453.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 429.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 95.69 429.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.69 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 102.78 429.60 Td (For ) Tj ET Q q 0 0 0 rg BT 118.75 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 133.06 429.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 169.03 429.60 Td (of ) Tj ET Q q 0 0 0 rg BT 179.44 429.60 Td (our ) Tj ET Q q 0 0 0 rg BT 194.86 429.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 221.94 429.60 Td (product ) Tj ET Q q 0 0 0 rg BT 254.57 429.60 Td (of) Tj ET Q q 0 0 0 rg BT 262.72 429.60 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 295.08 429.60 Td (we ) Tj ET Q q 0 0 0 rg BT 308.82 429.60 Td (take ) Tj ET Q q 0 0 0 rg BT 327.57 429.60 Td (a ) Tj ET Q q 0 0 0 rg BT 334.09 429.60 Td (value-driven ) Tj ET Q q 0 0 0 rg BT 386.71 429.60 Td (approach ) Tj ET Q q 0 0 0 rg BT 425.44 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 435.31 429.60 Td (managing ) Tj ET Q q 0 0 0 rg BT 476.83 429.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 502.24 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 512.11 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 526.41 429.60 Td (domestic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 85.20 417.60 Td (international ) Tj ET Q q 0 0 0 rg BT 139.00 417.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 167.25 417.60 Td (markets. ) Tj ET Q q 0 0 0 rg BT 204.43 417.60 Td (These ) Tj ET Q q 0 0 0 rg BT 231.57 417.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 278.71 417.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 319.74 417.60 Td (have ) Tj ET Q q 0 0 0 rg BT 341.88 417.60 Td (an ) Tj ET Q q 0 0 0 rg BT 354.57 417.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.72 417.60 Td (philosophy ) Tj ET Q q 0 0 0 rg BT 449.43 417.60 Td (that ) Tj ET Q q 0 0 0 rg BT 467.68 417.60 Td (centers ) Tj ET Q q 0 0 0 rg BT 499.26 417.60 Td (on ) Tj ET Q q 0 0 0 rg BT 512.52 417.60 Td (fundamental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 405.60 Td (security ) Tj ET Q q 0 0 0 rg BT 101.13 405.60 Td (selection ) Tj ET Q q 0 0 0 rg BT 138.65 405.60 Td (across ) Tj ET Q q 0 0 0 rg BT 165.62 405.60 Td (industries ) Tj ET Q q 0 0 0 rg BT 206.48 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 222.90 405.60 Td (regions ) Tj ET Q q 0 0 0 rg BT 254.31 405.60 Td (with ) Tj ET Q q 0 0 0 rg BT 274.07 405.60 Td (a ) Tj ET Q q 0 0 0 rg BT 280.48 405.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 304.12 405.60 Td (on ) Tj ET Q q 0 0 0 rg BT 316.09 405.60 Td (analyzing, ) Tj ET Q q 0 0 0 rg BT 359.44 405.60 Td (among ) Tj ET Q q 0 0 0 rg BT 388.64 405.60 Td (other ) Tj ET Q q 0 0 0 rg BT 411.16 405.60 Td (things, ) Tj ET Q q 0 0 0 rg BT 440.08 405.60 Td (a ) Tj ET Q q 0 0 0 rg BT 446.50 405.60 Td (company's ) Tj ET Q q 0 0 0 rg BT 490.82 405.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 527.78 405.60 Td (position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 393.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 103.18 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.40 393.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 168.95 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 178.52 393.60 Td (light ) Tj ET Q q 0 0 0 rg BT 198.64 393.60 Td (of ) Tj ET Q q 0 0 0 rg BT 208.75 393.60 Td (its ) Tj ET Q q 0 0 0 rg BT 219.98 393.60 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 261.48 393.60 Td (By ) Tj ET Q q 0 0 0 rg BT 274.93 393.60 Td (focusing ) Tj ET Q q 0 0 0 rg BT 311.16 393.60 Td (on ) Tj ET Q q 0 0 0 rg BT 322.94 393.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 362.49 393.60 Td (with ) Tj ET Q q 0 0 0 rg BT 382.05 393.60 Td (attractive ) Tj ET Q q 0 0 0 rg BT 421.04 393.60 Td (net ) Tj ET Q q 0 0 0 rg BT 435.04 393.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 456.26 393.60 Td (values, ) Tj ET Q q 0 0 0 rg BT 486.09 393.60 Td (we ) Tj ET Q q 0 0 0 rg BT 499.54 393.60 Td (seek ) Tj ET Q q 0 0 0 rg BT 519.09 393.60 Td (to ) Tj ET Q q 0 0 0 rg BT 528.65 393.60 Td (generate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 381.60 Td (competitive ) Tj ET Q q 0 0 0 rg BT 117.50 381.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 159.73 381.60 Td (returns ) Tj ET Q q 0 0 0 rg BT 190.30 381.60 Td (while ) Tj ET Q q 0 0 0 rg BT 215.31 381.60 Td (minimizing ) Tj ET Q q 0 0 0 rg BT 264.22 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 310.90 381.60 Td (risk. ) Tj ET Q q 0 0 0 rg BT 330.99 381.60 Td (W) Tj ET Q q 0 0 0 rg BT 339.63 381.60 Td (e ) Tj ET Q q 0 0 0 rg BT 346.87 381.60 Td (added ) Tj ET Q q 0 0 0 rg BT 373.54 381.60 Td (an ) Tj ET Q q 0 0 0 rg BT 385.77 381.60 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 430.78 381.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 461.91 381.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 489.70 381.60 Td (product ) Tj ET Q q 0 0 0 rg BT 523.04 381.60 Td (at ) Tj ET Q q 0 0 0 rg BT 533.05 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 548.07 381.60 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 369.60 Td (of ) Tj ET Q q 0 0 0 rg BT 77.77 369.60 Td (2016. ) Tj ET Q q 0 0 0 rg BT 102.07 369.60 Td (The ) Tj ET Q q 0 0 0 rg BT 119.56 369.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 165.39 369.60 Td (philosophy ) Tj ET Q q 0 0 0 rg BT 211.78 369.60 Td (for ) Tj ET Q q 0 0 0 rg BT 225.38 369.60 Td (this ) Tj ET Q q 0 0 0 rg BT 241.77 369.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 268.71 369.60 Td (product ) Tj ET Q q 0 0 0 rg BT 301.20 369.60 Td (is ) Tj ET Q q 0 0 0 rg BT 309.81 369.60 Td (centered ) Tj ET Q q 0 0 0 rg BT 345.62 369.60 Td (around ) Tj ET Q q 0 0 0 rg BT 375.33 369.60 Td (identifying ) Tj ET Q q 0 0 0 rg BT 421.15 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 437.53 369.60 Td (valuing ) Tj ET Q q 0 0 0 rg BT 469.47 369.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 489.19 369.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 519.47 369.60 Td (franchises, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 357.60 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 116.08 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 161.35 357.60 Td (themes, ) Tj ET Q q 0 0 0 rg BT 193.55 357.60 Td (objective ) Tj ET Q q 0 0 0 rg BT 231.58 357.60 Td (allocations ) Tj ET Q q 0 0 0 rg BT 276.28 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 285.44 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 299.04 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 344.30 357.60 Td (themes, ) Tj ET Q q 0 0 0 rg BT 376.51 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 392.33 357.60 Td (a ) Tj ET Q q 0 0 0 rg BT 398.15 357.60 Td (combination ) Tj ET Q q 0 0 0 rg BT 449.52 357.60 Td (of ) Tj ET Q q 0 0 0 rg BT 459.23 357.60 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 510.59 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 526.41 357.60 Td (technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 345.60 Td (analysis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 321.60 Td (Master ) Tj ET Q q 0 0 0 rg BT 97.77 321.60 Td (Limited ) Tj ET Q q 0 0 0 rg BT 130.27 321.60 Td (Partnerships ) Tj ET Q q 0 0 0 rg BT 183.88 321.60 Td (\("MLPs"\) ) Tj ET Q q 0 0 0 rg BT 224.78 321.60 Td (and ) Tj ET Q q 0 0 0 rg BT 241.72 321.60 Td (Ener) Tj ET Q q 0 0 0 rg BT 260.79 321.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 272.17 321.60 Td (Infrastructur) Tj ET Q q 0 0 0 rg BT 323.47 321.60 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.90 321.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.85 321.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.85 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 336.65 321.60 Td (W) Tj ET Q q 0 0 0 rg BT 345.29 321.60 Td (e ) Tj ET Q q 0 0 0 rg BT 351.67 321.60 Td (also ) Tj ET Q q 0 0 0 rg BT 369.72 321.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 402.75 321.60 Td (MLPs, ) Tj ET Q q 0 0 0 rg BT 431.65 321.60 Td (ener) Tj ET Q q 0 0 0 rg BT 448.68 321.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 460.62 321.60 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 518.92 321.60 Td (and ) Tj ET Q q 0 0 0 rg BT 535.30 321.60 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 309.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.16 309.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 133.82 309.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 160.05 309.60 Td (focused ) Tj ET Q q 0 0 0 rg BT 194.04 309.60 Td (on ) Tj ET Q q 0 0 0 rg BT 206.93 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.04 309.60 Td (ener) Tj ET Q q 0 0 0 rg BT 239.07 309.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 251.96 309.60 Td (sector) Tj ET Q q 0 0 0 rg BT 275.29 309.60 Td (. ) Tj ET Q q 0 0 0 rg BT 280.47 309.60 Td (These ) Tj ET Q q 0 0 0 rg BT 307.24 309.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 347.90 309.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 372.45 309.60 Td (on ) Tj ET Q q 0 0 0 rg BT 385.34 309.60 Td (growth, ) Tj ET Q q 0 0 0 rg BT 419.07 309.60 Td (yet ) Tj ET Q q 0 0 0 rg BT 434.18 309.60 Td (seek ) Tj ET Q q 0 0 0 rg BT 454.84 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 465.51 309.60 Td (limit ) Tj ET Q q 0 0 0 rg BT 487.29 309.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 526.29 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 536.96 309.60 Td (riskier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 297.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 107.50 297.60 Td (by ) Tj ET Q q 0 0 0 rg BT 119.73 297.60 Td (placing ) Tj ET Q q 0 0 0 rg BT 151.40 297.60 Td (greater ) Tj ET Q q 0 0 0 rg BT 181.39 297.60 Td (importance ) Tj ET Q q 0 0 0 rg BT 228.60 297.60 Td (on ) Tj ET Q q 0 0 0 rg BT 240.83 297.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 300.26 297.60 Td (which ) Tj ET Q q 0 0 0 rg BT 326.93 297.60 Td (support ) Tj ET Q q 0 0 0 rg BT 359.16 297.60 Td (stable ) Tj ET Q q 0 0 0 rg BT 384.72 297.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 436.96 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 453.63 297.60 Td (are ) Tj ET Q q 0 0 0 rg BT 468.07 297.60 Td (representative ) Tj ET Q q 0 0 0 rg BT 526.39 297.60 Td (of ) Tj ET Q q 0 0 0 rg BT 536.95 297.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 285.60 Td (quality ) Tj ET Q q 0 0 0 rg BT 98.06 285.60 Td (MLPs, ) Tj ET Q q 0 0 0 rg BT 127.80 285.60 Td (including ) Tj ET Q q 0 0 0 rg BT 168.36 285.60 Td (less ) Tj ET Q q 0 0 0 rg BT 186.15 285.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 218.93 285.60 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 266.43 285.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 303.09 285.60 Td (assets, ) Tj ET Q q 0 0 0 rg BT 331.71 285.60 Td (cleaner ) Tj ET Q q 0 0 0 rg BT 363.36 285.60 Td (balance ) Tj ET Q q 0 0 0 rg BT 396.68 285.60 Td (sheets ) Tj ET Q q 0 0 0 rg BT 423.91 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 441.13 285.60 Td (proven ) Tj ET Q q 0 0 0 rg BT 471.69 285.60 Td (management ) Tj ET Q q 0 0 0 rg BT 525.56 285.60 Td (teams. ) Tj ET Q q 0 0 0 rg BT 554.17 285.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 273.60 Td (addition ) Tj ET Q q 0 0 0 rg BT 102.77 273.60 Td (to ) Tj ET Q q 0 0 0 rg BT 113.05 273.60 Td (our ) Tj ET Q q 0 0 0 rg BT 128.88 273.60 Td (MLP-focused ) Tj ET Q q 0 0 0 rg BT 186.37 273.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 213.59 273.60 Td (we ) Tj ET Q q 0 0 0 rg BT 227.75 273.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 261.35 273.60 Td (other ) Tj ET Q q 0 0 0 rg BT 284.39 273.60 Td (private ) Tj ET Q q 0 0 0 rg BT 314.66 273.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 339.38 273.60 Td (focused ) Tj ET Q q 0 0 0 rg BT 372.98 273.60 Td (on ) Tj ET Q q 0 0 0 rg BT 385.48 273.60 Td (ener) Tj ET Q q 0 0 0 rg BT 402.50 273.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 415.00 273.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 441.38 273.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 484.15 273.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.60 249.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.92 249.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.00 249.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.00 249.60 Td (, ) Tj ET Q q 0 0 0 rg BT 159.49 249.60 Td (total ) Tj ET Q q 0 0 0 rg BT 180.25 249.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 206.57 249.60 Td (under ) Tj ET Q q 0 0 0 rg BT 232.33 249.60 Td (management ) Tj ET Q q 0 0 0 rg BT 286.41 249.60 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 327.56 249.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.97 249.60 Td ($8.7 ) Tj ET Q q 0 0 0 rg BT 370.46 249.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.58 249.60 Td (, ) Tj ET Q q 0 0 0 rg BT 402.07 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 413.39 249.60 Td (which ) Tj ET Q q 0 0 0 rg BT 440.81 249.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.56 249.60 Td (47 ) Tj ET Q q 0 0 0 rg BT 514.55 249.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.98 249.60 Td ( ) Tj ET Q q 0 0 0 rg BT 546.97 249.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 85.52 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 95.99 237.60 Td (equities ) Tj ET Q q 0 0 0 rg BT 129.79 237.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.92 237.60 Td (53 ) Tj ET Q q 0 0 0 rg BT 159.61 237.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.03 237.60 Td ( ) Tj ET Q q 0 0 0 rg BT 191.73 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 202.20 237.60 Td (MLPs ) Tj ET Q q 0 0 0 rg BT 229.34 237.60 Td (and ) Tj ET Q q 0 0 0 rg BT 246.48 237.60 Td (ener) Tj ET Q q 0 0 0 rg BT 263.50 237.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 276.19 237.60 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 332.75 237.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 375.11 237.60 Td (As ) Tj ET Q q 0 0 0 rg BT 388.92 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 399.94 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 414.85 237.60 Td (same ) Tj ET Q q 0 0 0 rg BT 438.09 237.60 Td (date, ) Tj ET Q q 0 0 0 rg BT 459.94 237.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.39 237.60 Td (15 ) Tj ET Q q 0 0 0 rg BT 533.08 237.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 225.60 Td (our ) Tj ET Q q 0 0 0 rg BT 76.09 225.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 102.19 225.60 Td (was ) Tj ET Q q 0 0 0 rg BT 120.52 225.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 156.61 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 167.16 225.60 Td (international ) Tj ET Q q 0 0 0 rg BT 220.47 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 237.67 225.60 Td (global ) Tj ET Q q 0 0 0 rg BT 265.44 225.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 312.09 225.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 352.63 225.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.83 225.60 Td (85 ) Tj ET Q q 0 0 0 rg BT 382.60 225.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.03 225.60 Td ( ) Tj ET Q q 0 0 0 rg BT 414.80 225.60 Td (was ) Tj ET Q q 0 0 0 rg BT 433.12 225.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 469.21 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 479.76 225.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 518.64 225.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 90.91 213.60 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.93 213.60 Td (78 ) Tj ET Q q 0 0 0 rg BT 164.41 213.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.83 213.60 Td ( ) Tj ET Q q 0 0 0 rg BT 195.31 213.60 Td (of ) Tj ET Q q 0 0 0 rg BT 205.11 213.60 Td (our ) Tj ET Q q 0 0 0 rg BT 219.59 213.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 244.40 213.60 Td (as ) Tj ET Q q 0 0 0 rg BT 254.21 213.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.02 213.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 321.58 213.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.58 213.60 Td ( ) Tj ET Q q 0 0 0 rg BT 343.05 213.60 Td (was ) Tj ET Q q 0 0 0 rg BT 360.08 213.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 397.65 213.60 Td (on ) Tj ET Q q 0 0 0 rg BT 409.13 213.60 Td (behalf ) Tj ET Q q 0 0 0 rg BT 435.59 213.60 Td (of ) Tj ET Q q 0 0 0 rg BT 445.39 213.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 494.65 213.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 524.73 213.60 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (foundations, ) Tj ET Q q 0 0 0 rg BT 104.88 201.60 Td (endowments, ) Tj ET Q q 0 0 0 rg BT 163.59 201.60 Td (pension ) Tj ET Q q 0 0 0 rg BT 200.36 201.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 228.25 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 248.35 201.60 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 306.50 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 326.60 201.60 Td (through ) Tj ET Q q 0 0 0 rg BT 363.38 201.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 396.81 201.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 420.81 201.60 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 461.48 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 481.58 201.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 526.67 201.60 Td (advisors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.67 189.60 Td (13 ) Tj ET Q q 0 0 0 rg BT 125.30 189.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.72 189.60 Td ( ) Tj ET Q q 0 0 0 rg BT 157.35 189.60 Td (of ) Tj ET Q q 0 0 0 rg BT 168.31 189.60 Td (our ) Tj ET Q q 0 0 0 rg BT 183.69 189.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 209.66 189.60 Td (was ) Tj ET Q q 0 0 0 rg BT 227.84 189.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 266.56 189.60 Td (on ) Tj ET Q q 0 0 0 rg BT 279.19 189.60 Td (behalf ) Tj ET Q q 0 0 0 rg BT 306.81 189.60 Td (of ) Tj ET Q q 0 0 0 rg BT 317.77 189.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 360.95 189.60 Td (client ) Tj ET Q q 0 0 0 rg BT 385.79 189.60 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 442.02 189.60 Td (which ) Tj ET Q q 0 0 0 rg BT 469.09 189.60 Td (are ) Tj ET Q q 0 0 0 rg BT 483.92 189.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 529.87 189.60 Td (high ) Tj ET Q q 0 0 0 rg BT 550.28 189.60 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (worth ) Tj ET Q q 0 0 0 rg BT 74.58 177.60 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 123.27 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 139.45 177.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.96 177.60 Td (9 ) Tj ET Q q 0 0 0 rg BT 205.71 177.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.13 177.60 Td ( ) Tj ET Q q 0 0 0 rg BT 236.88 177.60 Td (of ) Tj ET Q q 0 0 0 rg BT 246.95 177.60 Td (our ) Tj ET Q q 0 0 0 rg BT 261.65 177.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 286.73 177.60 Td (was ) Tj ET Q q 0 0 0 rg BT 304.03 177.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 341.87 177.60 Td (through ) Tj ET Q q 0 0 0 rg BT 374.72 177.60 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 428.13 177.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 480.98 177.60 Td (on ) Tj ET Q q 0 0 0 rg BT 492.73 177.60 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 537.79 177.60 Td (funds.) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Financial Information about Geographic ) Tj ET Q q 0 0 0 rg BT 225.62 717.75 Td (Ar) Tj ET Q q 0 0 0 rg BT 237.10 717.75 Td (eas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 693.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 693.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.53 693.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.53 693.75 Td (, ) Tj ET Q q 0 0 0 rg BT 157.53 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.24 693.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 217.52 693.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 253.90 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 264.73 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 280.56 693.75 Td (net ) Tj ET Q q 0 0 0 rg BT 295.28 693.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 333.31 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 350.25 693.75 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 393.86 693.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 419.69 693.75 Td (were ) Tj ET Q q 0 0 0 rg BT 441.61 693.75 Td (located ) Tj ET Q q 0 0 0 rg BT 472.99 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 483.26 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.98 693.75 Td (U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.85 645.75 Td (business ) Tj ET Q q 0 0 0 rg BT 104.55 645.75 Td (is ) Tj ET Q q 0 0 0 rg BT 114.02 645.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 145.15 645.75 Td (to ) Tj ET Q q 0 0 0 rg BT 155.73 645.75 Td (intense ) Tj ET Q q 0 0 0 rg BT 186.85 645.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 237.42 645.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 265.77 645.75 Td (by ) Tj ET Q q 0 0 0 rg BT 278.57 645.75 Td (lar) Tj ET Q q 0 0 0 rg BT 288.94 645.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 300.98 645.75 Td (W) Tj ET Q q 0 0 0 rg BT 309.61 645.75 Td (all ) Tj ET Q q 0 0 0 rg BT 322.41 645.75 Td (Street ) Tj ET Q q 0 0 0 rg BT 348.54 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 365.78 645.75 Td (international ) Tj ET Q q 0 0 0 rg BT 419.12 645.75 Td (firms ) Tj ET Q q 0 0 0 rg BT 443.03 645.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 483.59 645.75 Td (independently ) Tj ET Q q 0 0 0 rg BT 543.05 645.75 Td (or ) Tj ET Q q 0 0 0 rg BT 554.18 645.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (part ) Tj ET Q q 0 0 0 rg BT 67.31 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 77.91 633.75 Td (a ) Tj ET Q q 0 0 0 rg BT 84.61 633.75 Td (lar) Tj ET Q q 0 0 0 rg BT 94.98 633.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 106.68 633.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 156.14 633.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 190.62 633.75 Td (institution. ) Tj ET Q q 0 0 0 rg BT 235.78 633.75 Td (W) Tj ET Q q 0 0 0 rg BT 244.42 633.75 Td (e ) Tj ET Q q 0 0 0 rg BT 251.13 633.75 Td (also ) Tj ET Q q 0 0 0 rg BT 269.50 633.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 305.63 633.75 Td (with ) Tj ET Q q 0 0 0 rg BT 325.68 633.75 Td (regional ) Tj ET Q q 0 0 0 rg BT 360.71 633.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 389.07 633.75 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 422.15 633.75 Td (boutique ) Tj ET Q q 0 0 0 rg BT 459.41 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 476.11 633.75 Td (niche-specialty ) Tj ET Q q 0 0 0 rg BT 538.90 633.75 Td (firms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.61 621.75 Td (management ) Tj ET Q q 0 0 0 rg BT 127.37 621.75 Td (firms ) Tj ET Q q 0 0 0 rg BT 152.15 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.26 621.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 216.13 621.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 248.13 621.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 283.47 621.75 Td (that ) Tj ET Q q 0 0 0 rg BT 302.14 621.75 Td (ef) Tj ET Q q 0 0 0 rg BT 309.72 621.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 328.38 621.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 369.82 621.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 421.25 621.75 Td (through ) Tj ET Q q 0 0 0 rg BT 456.03 621.75 Td (various ) Tj ET Q q 0 0 0 rg BT 489.14 621.75 Td (electronic ) Tj ET Q q 0 0 0 rg BT 532.23 621.75 Td (venues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (Competition ) Tj ET Q q 0 0 0 rg BT 101.17 609.75 Td (is ) Tj ET Q q 0 0 0 rg BT 109.52 609.75 Td (based ) Tj ET Q q 0 0 0 rg BT 133.96 609.75 Td (on ) Tj ET Q q 0 0 0 rg BT 145.63 609.75 Td (a ) Tj ET Q q 0 0 0 rg BT 151.75 609.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 181.18 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.19 609.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 222.57 609.75 Td (including ) Tj ET Q q 0 0 0 rg BT 262.02 609.75 Td (price, ) Tj ET Q q 0 0 0 rg BT 286.17 609.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 315.62 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.63 609.75 Td (advice ) Tj ET Q q 0 0 0 rg BT 353.39 609.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.51 609.75 Td (service, ) Tj ET Q q 0 0 0 rg BT 402.00 609.75 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 446.71 609.75 Td (product ) Tj ET Q q 0 0 0 rg BT 478.93 609.75 Td (selection, ) Tj ET Q q 0 0 0 rg BT 518.65 609.75 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 93.47 597.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.05 597.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 171.40 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.44 597.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 234.92 597.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 290.54 597.75 Td (Many ) Tj ET Q q 0 0 0 rg BT 316.47 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.40 597.75 Td (our ) Tj ET Q q 0 0 0 rg BT 343.32 597.75 Td (lar) Tj ET Q q 0 0 0 rg BT 353.69 597.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 365.73 597.75 Td (competitors ) Tj ET Q q 0 0 0 rg BT 415.54 597.75 Td (have ) Tj ET Q q 0 0 0 rg BT 437.01 597.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 467.36 597.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 504.94 597.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 545.30 597.75 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 585.75 Td (have ) Tj ET Q q 0 0 0 rg BT 85.04 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.98 585.75 Td (may ) Tj ET Q q 0 0 0 rg BT 121.69 585.75 Td (have ) Tj ET Q q 0 0 0 rg BT 143.07 585.75 Td (more ) Tj ET Q q 0 0 0 rg BT 166.12 585.75 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 208.05 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 218.33 585.75 Td (of) Tj ET Q q 0 0 0 rg BT 226.48 585.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 240.08 585.75 Td (a ) Tj ET Q q 0 0 0 rg BT 247.02 585.75 Td (broader ) Tj ET Q q 0 0 0 rg BT 280.06 585.75 Td (set ) Tj ET Q q 0 0 0 rg BT 293.67 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 304.50 585.75 Td (products ) Tj ET Q q 0 0 0 rg BT 341.43 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 358.37 585.75 Td (services ) Tj ET Q q 0 0 0 rg BT 393.08 585.75 Td (than ) Tj ET Q q 0 0 0 rg BT 412.80 585.75 Td (we ) Tj ET Q q 0 0 0 rg BT 426.96 585.75 Td (can.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.17 561.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 99.78 561.75 Td (there ) Tj ET Q q 0 0 0 rg BT 123.10 561.75 Td (is ) Tj ET Q q 0 0 0 rg BT 133.11 561.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 178.66 561.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 229.76 561.75 Td (within ) Tj ET Q q 0 0 0 rg BT 258.66 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 274.21 561.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.31 561.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 351.43 561.75 Td (for ) Tj ET Q q 0 0 0 rg BT 366.43 561.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 407.54 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.31 561.75 Td (retaining ) Tj ET Q q 0 0 0 rg BT 464.19 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.75 561.75 Td (services ) Tj ET Q q 0 0 0 rg BT 515.29 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.96 561.75 Td (qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 97.24 549.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 115.26 549.75 Td (business ) Tj ET Q q 0 0 0 rg BT 151.63 549.75 Td (is ) Tj ET Q q 0 0 0 rg BT 160.78 549.75 Td (a ) Tj ET Q q 0 0 0 rg BT 167.69 549.75 Td (human ) Tj ET Q q 0 0 0 rg BT 197.38 549.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 226.50 549.75 Td (business ) Tj ET Q q 0 0 0 rg BT 262.87 549.75 Td (and ) Tj ET Q q 0 0 0 rg BT 279.78 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.48 549.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 347.47 549.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.28 549.75 Td (our ) Tj ET Q q 0 0 0 rg BT 374.08 549.75 Td (business ) Tj ET Q q 0 0 0 rg BT 410.45 549.75 Td (is ) Tj ET Q q 0 0 0 rg BT 419.59 549.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 463.16 549.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 485.64 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.33 549.75 Td (skills, ) Tj ET Q q 0 0 0 rg BT 526.42 549.75 Td (expertise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.42 537.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 117.42 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 127.23 537.75 Td (our ) Tj ET Q q 0 0 0 rg BT 142.04 537.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 188.68 537.75 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 232.08 537.75 Td (our ) Tj ET Q q 0 0 0 rg BT 246.89 537.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 273.92 537.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.18 537.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 318.53 537.75 Td (ef) Tj ET Q q 0 0 0 rg BT 326.12 537.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 362.58 537.75 Td (is ) Tj ET Q q 0 0 0 rg BT 370.73 537.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 413.31 537.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 434.79 537.75 Td (attracting ) Tj ET Q q 0 0 0 rg BT 474.03 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 489.95 537.75 Td (retaining ) Tj ET Q q 0 0 0 rg BT 526.97 537.75 Td (qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (individuals ) Tj ET Q q 0 0 0 rg BT 95.79 525.75 Td (who ) Tj ET Q q 0 0 0 rg BT 114.86 525.75 Td (are ) Tj ET Q q 0 0 0 rg BT 128.92 525.75 Td (motivated ) Tj ET Q q 0 0 0 rg BT 170.76 525.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.39 525.75 Td (serve ) Tj ET Q q 0 0 0 rg BT 203.34 525.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.40 525.75 Td (best ) Tj ET Q q 0 0 0 rg BT 235.36 525.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 270.54 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 280.72 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 295.90 525.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 326.35 525.75 Td (thereby ) Tj ET Q q 0 0 0 rg BT 358.18 525.75 Td (serving ) Tj ET Q q 0 0 0 rg BT 389.47 525.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.54 525.75 Td (best ) Tj ET Q q 0 0 0 rg BT 421.50 525.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 456.67 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.85 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 482.03 525.75 Td (company) Tj ET Q q 0 0 0 rg BT 518.04 525.75 Td (. ) Tj ET Q q 0 0 0 rg BT 521.98 525.75 Td (Attracting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 513.75 Td (retaining ) Tj ET Q q 0 0 0 rg BT 105.45 513.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 151.19 513.75 Td (depends, ) Tj ET Q q 0 0 0 rg BT 189.44 513.75 Td (among ) Tj ET Q q 0 0 0 rg BT 219.64 513.75 Td (other ) Tj ET Q q 0 0 0 rg BT 243.17 513.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 273.10 513.75 Td (on ) Tj ET Q q 0 0 0 rg BT 286.08 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 302.40 513.75 Td (company) Tj ET Q q 0 0 0 rg BT 341.83 513.75 Td (s ) Tj ET Q q 0 0 0 rg BT 348.70 513.75 Td (culture, ) Tj ET Q q 0 0 0 rg BT 381.95 513.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 438.52 513.75 Td (work ) Tj ET Q q 0 0 0 rg BT 462.06 513.75 Td (environment, ) Tj ET Q q 0 0 0 rg BT 518.08 513.75 Td (geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 88.10 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.04 501.75 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (As ) Tj ET Q q 0 0 0 rg BT 62.74 453.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.20 453.75 Td (February21, ) Tj ET Q q 0 0 0 rg BT 126.43 453.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.43 453.75 Td (, ) Tj ET Q q 0 0 0 rg BT 151.06 453.75 Td (we ) Tj ET Q q 0 0 0 rg BT 164.85 453.75 Td (had ) Tj ET Q q 0 0 0 rg BT 181.41 453.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.30 453.75 Td (1,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.80 453.75 Td ( ) Tj ET Q q 0 0 0 rg BT 265.93 453.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 313.32 453.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.78 453.75 Td (whom ) Tj ET Q q 0 0 0 rg BT 350.91 453.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.80 453.75 Td (775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.80 453.75 Td ( ) Tj ET Q q 0 0 0 rg BT 427.93 453.75 Td (were ) Tj ET Q q 0 0 0 rg BT 449.49 453.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 491.04 453.75 Td (with ) Tj ET Q q 0 0 0 rg BT 510.95 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 525.29 453.75 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 85.33 441.75 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 131.71 441.75 Td (Authority) Tj ET Q q 0 0 0 rg BT 169.95 441.75 Td (, ) Tj ET Q q 0 0 0 rg BT 174.95 441.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 192.72 441.75 Td (\("FINRA"\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.68 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 71.18 393.75 Td (participant ) Tj ET Q q 0 0 0 rg BT 117.01 393.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.85 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.14 393.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.18 393.75 Td (services ) Tj ET Q q 0 0 0 rg BT 216.46 393.75 Td (industry) Tj ET Q q 0 0 0 rg BT 248.59 393.75 Td (, ) Tj ET Q q 0 0 0 rg BT 254.15 393.75 Td (our ) Tj ET Q q 0 0 0 rg BT 270.55 393.75 Td (business ) Tj ET Q q 0 0 0 rg BT 307.51 393.75 Td (is ) Tj ET Q q 0 0 0 rg BT 317.24 393.75 Td (regulated ) Tj ET Q q 0 0 0 rg BT 357.51 393.75 Td (by ) Tj ET Q q 0 0 0 rg BT 370.58 393.75 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 421.68 393.75 Td (and ) Tj ET Q q 0 0 0 rg BT 439.19 393.75 Td (state ) Tj ET Q q 0 0 0 rg BT 460.58 393.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 504.74 393.75 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 544.73 393.75 Td (self-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.39 381.75 Td (or) Tj ET Q q 0 0 0 rg BT 101.54 381.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 149.87 381.75 Td (\("SROs"\) ) Tj ET Q q 0 0 0 rg BT 190.83 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.06 381.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 248.62 381.75 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 295.55 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.78 381.75 Td (by ) Tj ET Q q 0 0 0 rg BT 325.58 381.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 357.25 381.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 415.02 381.75 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 454.73 381.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.51 381.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 536.39 381.75 Td (bodies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.70 369.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 105.23 369.75 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 151.02 369.75 Td (W) Tj ET Q q 0 0 0 rg BT 159.65 369.75 Td (e ) Tj ET Q q 0 0 0 rg BT 165.86 369.75 Td (are ) Tj ET Q q 0 0 0 rg BT 179.83 369.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 209.92 369.75 Td (to ) Tj ET Q q 0 0 0 rg BT 219.46 369.75 Td (complex ) Tj ET Q q 0 0 0 rg BT 255.66 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.87 369.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 311.39 369.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 353.70 369.75 Td (of ) Tj ET Q q 0 0 0 rg BT 363.80 369.75 Td (most ) Tj ET Q q 0 0 0 rg BT 385.01 369.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 415.65 369.75 Td (of ) Tj ET Q q 0 0 0 rg BT 425.75 369.75 Td (our ) Tj ET Q q 0 0 0 rg BT 440.84 369.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 479.00 369.75 Td (including ) Tj ET Q q 0 0 0 rg BT 518.54 369.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.52 369.75 Td (manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.76 357.75 Td (which ) Tj ET Q q 0 0 0 rg BT 86.69 357.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 126.93 357.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 177.18 357.75 Td (are ) Tj ET Q q 0 0 0 rg BT 191.87 357.75 Td (ef) Tj ET Q q 0 0 0 rg BT 199.46 357.75 Td (fected, ) Tj ET Q q 0 0 0 rg BT 228.87 357.75 Td (net ) Tj ET Q q 0 0 0 rg BT 243.57 357.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 272.71 357.75 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 329.89 357.75 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 389.57 357.75 Td (and ) Tj ET Q q 0 0 0 rg BT 406.49 357.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 445.63 357.75 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 494.48 357.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 548.07 357.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 87.08 345.75 Td (with ) Tj ET Q q 0 0 0 rg BT 108.00 345.75 Td (customers, ) Tj ET Q q 0 0 0 rg BT 154.19 345.75 Td (the ) Tj ET Q q 0 0 0 rg BT 169.55 345.75 Td (handling ) Tj ET Q q 0 0 0 rg BT 207.69 345.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.17 345.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 240.08 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.66 345.75 Td (mar) Tj ET Q q 0 0 0 rg BT 273.03 345.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 288.95 345.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 329.58 345.75 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 366.88 345.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 413.33 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 430.91 345.75 Td (training ) Tj ET Q q 0 0 0 rg BT 465.16 345.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 520.51 345.75 Td (for ) Tj ET Q q 0 0 0 rg BT 535.31 345.75 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 97.48 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 114.63 333.75 Td (the ) Tj ET Q q 0 0 0 rg BT 129.56 333.75 Td (manner ) Tj ET Q q 0 0 0 rg BT 162.25 333.75 Td (in ) Tj ET Q q 0 0 0 rg BT 172.74 333.75 Td (which ) Tj ET Q q 0 0 0 rg BT 199.90 333.75 Td (we ) Tj ET Q q 0 0 0 rg BT 214.27 333.75 Td (prevent ) Tj ET Q q 0 0 0 rg BT 246.97 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 264.12 333.75 Td (detect ) Tj ET Q q 0 0 0 rg BT 290.70 333.75 Td (money-laundering ) Tj ET Q q 0 0 0 rg BT 366.72 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 383.88 333.75 Td (bribery ) Tj ET Q q 0 0 0 rg BT 415.46 333.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 456.58 333.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.84 333.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 518.65 333.75 Td (framework ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.38 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.15 321.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 112.68 321.75 Td (services ) Tj ET Q q 0 0 0 rg BT 147.44 321.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 182.76 321.75 Td (is ) Tj ET Q q 0 0 0 rg BT 191.98 321.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 230.08 321.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.84 321.75 Td (to ) Tj ET Q q 0 0 0 rg BT 280.17 321.75 Td (safeguard ) Tj ET Q q 0 0 0 rg BT 321.59 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.36 321.75 Td (integrity ) Tj ET Q q 0 0 0 rg BT 372.79 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.67 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.44 321.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 427.64 321.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 461.84 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.83 321.75 Td (to ) Tj ET Q q 0 0 0 rg BT 489.16 321.75 Td (protect ) Tj ET Q q 0 0 0 rg BT 519.47 321.75 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (not ) Tj ET Q q 0 0 0 rg BT 64.78 309.75 Td (creditors ) Tj ET Q q 0 0 0 rg BT 102.26 309.75 Td (or ) Tj ET Q q 0 0 0 rg BT 113.09 309.75 Td (shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.95 285.75 Td (laws, ) Tj ET Q q 0 0 0 rg BT 91.69 285.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 114.03 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.38 285.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 178.71 285.75 Td (comprising ) Tj ET Q q 0 0 0 rg BT 226.61 285.75 Td (this ) Tj ET Q q 0 0 0 rg BT 243.97 285.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 287.97 285.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 334.74 285.75 Td (can ) Tj ET Q q 0 0 0 rg BT 351.52 285.75 Td (\(and ) Tj ET Q q 0 0 0 rg BT 372.20 285.75 Td (do\) ) Tj ET Q q 0 0 0 rg BT 388.43 285.75 Td (change ) Tj ET Q q 0 0 0 rg BT 419.65 285.75 Td (frequently) Tj ET Q q 0 0 0 rg BT 460.10 285.75 Td (, ) Tj ET Q q 0 0 0 rg BT 465.50 285.75 Td (as ) Tj ET Q q 0 0 0 rg BT 476.74 285.75 Td (can ) Tj ET Q q 0 0 0 rg BT 493.52 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.64 285.75 Td (interpretation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.79 273.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 119.62 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.80 273.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 165.32 273.75 Td (laws, ) Tj ET Q q 0 0 0 rg BT 189.00 273.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 211.29 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 228.58 273.75 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 278.37 273.75 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 325.12 273.75 Td (in ) Tj ET Q q 0 0 0 rg BT 335.75 273.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.82 273.75 Td (global ) Tj ET Q q 0 0 0 rg BT 378.67 273.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.50 273.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 451.01 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 468.30 273.75 Td (economy) Tj ET Q q 0 0 0 rg BT 504.31 273.75 Td (, ) Tj ET Q q 0 0 0 rg BT 509.66 273.75 Td (including ) Tj ET Q q 0 0 0 rg BT 550.29 273.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (2008 ) Tj ET Q q 0 0 0 rg BT 71.60 261.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 108.68 261.75 Td (crisis, ) Tj ET Q q 0 0 0 rg BT 134.40 261.75 Td (caused ) Tj ET Q q 0 0 0 rg BT 163.70 261.75 Td (legislators ) Tj ET Q q 0 0 0 rg BT 206.91 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 223.45 261.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 265.54 261.75 Td (to ) Tj ET Q q 0 0 0 rg BT 275.42 261.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 310.27 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 324.59 261.75 Td (examination, ) Tj ET Q q 0 0 0 rg BT 378.62 261.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 430.70 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.24 261.75 Td (rule-making ) Tj ET Q q 0 0 0 rg BT 498.21 261.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 530.30 261.75 Td (directed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (toward ) Tj ET Q q 0 0 0 rg BT 79.72 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.38 249.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.81 249.75 Td (services ) Tj ET Q q 0 0 0 rg BT 166.46 249.75 Td (industry) Tj ET Q q 0 0 0 rg BT 198.59 249.75 Td (. ) Tj ET Q q 0 0 0 rg BT 203.36 249.75 Td (The ) Tj ET Q q 0 0 0 rg BT 221.36 249.75 Td (intensity ) Tj ET Q q 0 0 0 rg BT 258.25 249.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.03 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.69 249.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 327.23 249.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 380.22 249.75 Td (may ) Tj ET Q q 0 0 0 rg BT 399.89 249.75 Td (correlate ) Tj ET Q q 0 0 0 rg BT 437.31 249.75 Td (with ) Tj ET Q q 0 0 0 rg BT 457.53 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 472.20 249.75 Td (level ) Tj ET Q q 0 0 0 rg BT 494.08 249.75 Td (and ) Tj ET Q q 0 0 0 rg BT 510.96 249.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 538.40 249.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 249.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 71.00 237.75 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 121.38 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 135.10 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 141.60 237.75 Td (given ) Tj ET Q q 0 0 0 rg BT 165.88 237.75 Td (period, ) Tj ET Q q 0 0 0 rg BT 195.99 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 212.49 237.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 252.31 237.75 Td (intensity ) Tj ET Q q 0 0 0 rg BT 288.81 237.75 Td (could ) Tj ET Q q 0 0 0 rg BT 313.09 237.75 Td (have ) Tj ET Q q 0 0 0 rg BT 334.03 237.75 Td (an ) Tj ET Q q 0 0 0 rg BT 345.54 237.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 378.14 237.75 Td (ef) Tj ET Q q 0 0 0 rg BT 385.72 237.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 402.77 237.75 Td (on ) Tj ET Q q 0 0 0 rg BT 414.83 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 430.23 237.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 468.68 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.73 237.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 548.06 237.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (results ) Tj ET Q q 0 0 0 rg BT 78.11 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 88.94 225.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.65 201.75 Td (U.S.broker ) Tj ET Q q 0 0 0 rg BT 116.63 201.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 143.65 201.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 187.36 201.75 Td (\(Piper ) Tj ET Q q 0 0 0 rg BT 214.39 201.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 225.87 201.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 254.85 201.75 Td (Co.\) ) Tj ET Q q 0 0 0 rg BT 274.94 201.75 Td (is ) Tj ET Q q 0 0 0 rg BT 284.21 201.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 326.23 201.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.16 201.75 Td (a ) Tj ET Q q 0 0 0 rg BT 344.20 201.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 384.56 201.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 413.25 201.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 440.28 201.75 Td (with ) Tj ET Q q 0 0 0 rg BT 460.65 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.47 201.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 496.40 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.44 201.75 Td (is ) Tj ET Q q 0 0 0 rg BT 522.71 201.75 Td (a ) Tj ET Q q 0 0 0 rg BT 529.74 201.75 Td (member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 59.17 189.75 Td (various ) Tj ET Q q 0 0 0 rg BT 89.94 189.75 Td (SROs ) Tj ET Q q 0 0 0 rg BT 114.62 189.75 Td (and ) Tj ET Q q 0 0 0 rg BT 130.39 189.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.49 189.75 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 214.97 189.75 Td (In ) Tj ET Q q 0 0 0 rg BT 224.64 189.75 Td (July ) Tj ET Q q 0 0 0 rg BT 242.64 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.31 189.75 Td (2007, ) Tj ET Q q 0 0 0 rg BT 276.15 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.70 189.75 Td (National ) Tj ET Q q 0 0 0 rg BT 325.17 189.75 Td (Association ) Tj ET Q q 0 0 0 rg BT 373.72 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.39 189.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 424.16 189.75 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 456.03 189.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.81 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 485.36 189.75 Td (member ) Tj ET Q q 0 0 0 rg BT 519.46 189.75 Td (regulation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 101.25 177.75 Td (and ) Tj ET Q q 0 0 0 rg BT 117.47 177.75 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 160.90 177.75 Td (functions ) Tj ET Q q 0 0 0 rg BT 199.89 177.75 Td (of ) Tj ET Q q 0 0 0 rg BT 210.00 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 224.00 177.75 Td (New ) Tj ET Q q 0 0 0 rg BT 244.39 177.75 Td (Y) Tj ET Q q 0 0 0 rg BT 250.61 177.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 265.72 177.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 290.28 177.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 331.48 177.75 Td (\("NYSE"\) ) Tj ET Q q 0 0 0 rg BT 374.20 177.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 426.52 177.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.08 177.75 Td (formFINRA, ) Tj ET Q q 0 0 0 rg BT 492.30 177.75 Td (which ) Tj ET Q q 0 0 0 rg BT 518.52 177.75 Td (now ) Tj ET Q q 0 0 0 rg BT 537.52 177.75 Td (serves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.11 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.61 165.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 108.55 165.75 Td (SRO ) Tj ET Q q 0 0 0 rg BT 130.29 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.90 165.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 164.29 165.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 175.77 165.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 204.43 165.75 Td (Co., ) Tj ET Q q 0 0 0 rg BT 223.38 165.75 Td (although ) Tj ET Q q 0 0 0 rg BT 260.66 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.16 165.75 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 303.56 165.75 Td (continues ) Tj ET Q q 0 0 0 rg BT 344.16 165.75 Td (to ) Tj ET Q q 0 0 0 rg BT 354.22 165.75 Td (have ) Tj ET Q q 0 0 0 rg BT 375.38 165.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 414.88 165.75 Td (over ) Tj ET Q q 0 0 0 rg BT 434.93 165.75 Td (NYSE-related ) Tj ET Q q 0 0 0 rg BT 493.86 165.75 Td (market ) Tj ET Q q 0 0 0 rg BT 523.91 165.75 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 78.95 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 82.01 153.75 Td (regulates ) Tj ET Q q 0 0 0 rg BT 121.17 153.75 Td (many ) Tj ET Q q 0 0 0 rg BT 146.45 153.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 178.38 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 189.77 153.75 Td (our ) Tj ET Q q 0 0 0 rg BT 206.16 153.75 Td (U.S.broker ) Tj ET Q q 0 0 0 rg BT 255.61 153.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 283.09 153.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 322.54 153.75 Td (including ) Tj ET Q q 0 0 0 rg BT 363.38 153.75 Td (registration, ) Tj ET Q q 0 0 0 rg BT 414.48 153.75 Td (education ) Tj ET Q q 0 0 0 rg BT 456.41 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 473.91 153.75 Td (conduct ) Tj ET Q q 0 0 0 rg BT 508.63 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.02 153.75 Td (our ) Tj ET Q q 0 0 0 rg BT 536.41 153.75 Td (broker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 76.73 141.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 124.80 141.75 Td (examinations, ) Tj ET Q q 0 0 0 rg BT 183.42 141.75 Td (rulemaking, ) Tj ET Q q 0 0 0 rg BT 234.27 141.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 287.04 141.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.18 141.75 Td (these ) Tj ET Q q 0 0 0 rg BT 321.53 141.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 343.77 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 361.01 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 376.03 141.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 406.59 141.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 447.16 141.75 Td (laws, ) Tj ET Q q 0 0 0 rg BT 470.79 141.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 493.58 141.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 533.04 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 141.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (administration ) Tj ET Q q 0 0 0 rg BT 110.02 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 121.09 129.75 Td (dispute ) Tj ET Q q 0 0 0 rg BT 152.73 129.75 Td (resolution ) Tj ET Q q 0 0 0 rg BT 195.47 129.75 Td (between ) Tj ET Q q 0 0 0 rg BT 231.54 129.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 270.39 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.58 129.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 329.75 129.75 Td (firms. ) Tj ET Q q 0 0 0 rg BT 355.91 129.75 Td (W) Tj ET Q q 0 0 0 rg BT 364.55 129.75 Td (e ) Tj ET Q q 0 0 0 rg BT 371.73 129.75 Td (have ) Tj ET Q q 0 0 0 rg BT 393.36 129.75 Td (agreed ) Tj ET Q q 0 0 0 rg BT 422.75 129.75 Td (to ) Tj ET Q q 0 0 0 rg BT 433.28 129.75 Td (abide ) Tj ET Q q 0 0 0 rg BT 457.68 129.75 Td (by ) Tj ET Q q 0 0 0 rg BT 470.43 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 485.39 129.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 507.58 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.66 129.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 548.11 129.75 Td ( ) Tj ET Q q 0 0 0 rg BT 550.86 129.75 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (well ) Tj ET Q q 0 0 0 rg BT 68.91 117.75 Td (as ) Tj ET Q q 0 0 0 rg BT 79.44 117.75 Td (those ) Tj ET Q q 0 0 0 rg BT 102.74 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 113.26 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.68 117.75 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 155.98 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.62 117.75 Td (other ) Tj ET Q q 0 0 0 rg BT 195.36 117.75 Td (SROs\), ) Tj ET Q q 0 0 0 rg BT 226.73 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 243.36 117.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 272.82 117.75 Td ( ) Tj ET Q q 0 0 0 rg BT 275.01 117.75 Td (has ) Tj ET Q q 0 0 0 rg BT 290.54 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 304.95 117.75 Td (power ) Tj ET Q q 0 0 0 rg BT 332.13 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 342.10 117.75 Td (expel, ) Tj ET Q q 0 0 0 rg BT 368.46 117.75 Td (fine ) Tj ET Q q 0 0 0 rg BT 386.20 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.83 117.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 443.90 117.75 Td (discipline ) Tj ET Q q 0 0 0 rg BT 484.98 117.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 508.28 117.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 519.76 117.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 548.33 117.75 Td (Co. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.24 105.75 Td (its ) Tj ET Q q 0 0 0 rg BT 78.00 105.75 Td (of) Tj ET Q q 0 0 0 rg BT 86.15 105.75 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 113.16 105.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 150.45 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 167.19 105.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 214.25 105.75 Td (Among ) Tj ET Q q 0 0 0 rg BT 246.55 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.08 105.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 282.82 105.75 Td (that ) Tj ET Q q 0 0 0 rg BT 300.12 105.75 Td (apply ) Tj ET Q q 0 0 0 rg BT 324.64 105.75 Td (to ) Tj ET Q q 0 0 0 rg BT 334.72 105.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 358.14 105.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 369.62 105.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 398.30 105.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 414.77 105.75 Td (are ) Tj ET Q q 0 0 0 rg BT 429.28 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.81 105.75 Td (uniform ) Tj ET Q q 0 0 0 rg BT 478.33 105.75 Td (net ) Tj ET Q q 0 0 0 rg BT 492.85 105.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 521.80 105.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 539.66 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 105.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 70.00 93.75 Td (\(Rule15c3-1\) ) Tj ET Q q 0 0 0 rg BT 127.98 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 144.58 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 158.96 93.75 Td (net ) Tj ET Q q 0 0 0 rg BT 173.34 93.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 202.16 93.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 219.87 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 230.36 93.75 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 265.03 93.75 Td (Both ) Tj ET Q q 0 0 0 rg BT 286.64 93.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 308.24 93.75 Td (set ) Tj ET Q q 0 0 0 rg BT 321.51 93.75 Td (a ) Tj ET Q q 0 0 0 rg BT 328.11 93.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 369.17 93.75 Td (level ) Tj ET Q q 0 0 0 rg BT 390.76 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 401.26 93.75 Td (net ) Tj ET Q q 0 0 0 rg BT 415.64 93.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 444.45 93.75 Td (a ) Tj ET Q q 0 0 0 rg BT 451.05 93.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 479.31 93.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 505.90 93.75 Td (must ) Tj ET Q q 0 0 0 rg BT 527.51 93.75 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.04 81.75 Td (also ) Tj ET Q q 0 0 0 rg BT 86.26 81.75 Td (require ) Tj ET Q q 0 0 0 rg BT 117.68 81.75 Td (that ) Tj ET Q q 0 0 0 rg BT 135.78 81.75 Td (a ) Tj ET Q q 0 0 0 rg BT 143.32 81.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 175.32 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 186.75 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.07 81.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 231.28 81.75 Td (dealer's ) Tj ET Q q 0 0 0 rg BT 264.50 81.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 290.94 81.75 Td (be ) Tj ET Q q 0 0 0 rg BT 303.48 81.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 344.34 81.75 Td (liquid. ) Tj ET Q q 0 0 0 rg BT 373.28 81.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 401.38 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.70 81.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 446.16 81.75 Td ( ) Tj ET Q q 0 0 0 rg BT 449.26 81.75 Td (rule, ) Tj ET Q q 0 0 0 rg BT 470.41 81.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 499.87 81.75 Td ( ) Tj ET Q q 0 0 0 rg BT 502.97 81.75 Td (may ) Tj ET Q q 0 0 0 rg BT 523.29 81.75 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 558.06 81.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.75 Td (member ) Tj ET Q q 0 0 0 rg BT 85.17 69.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 105.29 69.75 Td (from ) Tj ET Q q 0 0 0 rg BT 127.63 69.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 172.19 69.75 Td (its ) Tj ET Q q 0 0 0 rg BT 184.54 69.75 Td (business ) Tj ET Q q 0 0 0 rg BT 221.34 69.75 Td (or ) Tj ET Q q 0 0 0 rg BT 232.57 69.75 Td (paying ) Tj ET Q q 0 0 0 rg BT 262.70 69.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 283.37 69.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 325.16 69.75 Td (if ) Tj ET Q q 0 0 0 rg BT 334.17 69.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 372.07 69.75 Td (net ) Tj ET Q q 0 0 0 rg BT 387.19 69.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 416.75 69.75 Td (falls ) Tj ET Q q 0 0 0 rg BT 436.87 69.75 Td (below ) Tj ET Q q 0 0 0 rg BT 464.21 69.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 493.66 69.75 Td ( ) Tj ET Q q 0 0 0 rg BT 496.57 69.75 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 554.17 69.75 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 86.85 57.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 110.03 57.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 121.50 57.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 149.95 57.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 166.20 57.75 Td (is ) Tj ET Q q 0 0 0 rg BT 174.94 57.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 205.33 57.75 Td (to ) Tj ET Q q 0 0 0 rg BT 215.18 57.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 244.46 57.75 Td (notification ) Tj ET Q q 0 0 0 rg BT 292.63 57.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 346.90 57.75 Td (related ) Tj ET Q q 0 0 0 rg BT 376.18 57.75 Td (to ) Tj ET Q q 0 0 0 rg BT 386.03 57.75 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 436.98 57.75 Td (of ) Tj ET Q q 0 0 0 rg BT 447.38 57.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 475.55 57.75 Td (net ) Tj ET Q q 0 0 0 rg BT 489.84 57.75 Td (capital. ) Tj ET Q q 0 0 0 rg BT 520.60 57.75 Td (As ) Tj ET Q q 0 0 0 rg BT 533.79 57.75 Td (a ) Tj ET Q q 0 0 0 rg BT 540.30 57.75 Td (result ) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.70 717.60 Td (these ) Tj ET Q q 0 0 0 rg BT 84.12 717.60 Td (rules, ) Tj ET Q q 0 0 0 rg BT 108.93 717.60 Td (our ) Tj ET Q q 0 0 0 rg BT 125.13 717.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 153.55 717.60 Td (to ) Tj ET Q q 0 0 0 rg BT 164.20 717.60 Td (make ) Tj ET Q q 0 0 0 rg BT 188.72 717.60 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 240.47 717.60 Td (of ) Tj ET Q q 0 0 0 rg BT 251.67 717.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 281.19 717.60 Td (from ) Tj ET Q q 0 0 0 rg BT 303.50 717.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 327.48 717.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 338.96 717.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 368.20 717.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 385.24 717.60 Td (may ) Tj ET Q q 0 0 0 rg BT 405.33 717.60 Td (be ) Tj ET Q q 0 0 0 rg BT 417.64 717.60 Td (limited. ) Tj ET Q q 0 0 0 rg BT 451.34 717.60 Td (In ) Tj ET Q q 0 0 0 rg BT 462.54 717.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 500.68 717.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.66 717.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 536.14 717.60 Td (fray& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 66.52 705.60 Td (is ) Tj ET Q q 0 0 0 rg BT 76.03 705.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 111.64 705.60 Td (as ) Tj ET Q q 0 0 0 rg BT 122.82 705.60 Td (a ) Tj ET Q q 0 0 0 rg BT 130.10 705.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 159.04 705.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 186.31 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 196.94 705.60 Td (each ) Tj ET Q q 0 0 0 rg BT 218.10 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 229.28 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 244.34 705.60 Td (50states, ) Tj ET Q q 0 0 0 rg BT 284.40 705.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 323.90 705.60 Td (us ) Tj ET Q q 0 0 0 rg BT 335.64 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 346.26 705.60 Td (comply ) Tj ET Q q 0 0 0 rg BT 379.10 705.60 Td (with ) Tj ET Q q 0 0 0 rg BT 399.73 705.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 443.66 705.60 Td (laws, ) Tj ET Q q 0 0 0 rg BT 467.34 705.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 489.62 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 506.91 705.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 554.19 705.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (each ) Tj ET Q q 0 0 0 rg BT 69.88 693.60 Td (state. ) Tj ET Q q 0 0 0 rg BT 92.32 693.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 111.60 693.60 Td (state ) Tj ET Q q 0 0 0 rg BT 131.99 693.60 Td (may ) Tj ET Q q 0 0 0 rg BT 151.28 693.60 Td (revoke ) Tj ET Q q 0 0 0 rg BT 180.55 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 187.05 693.60 Td (license ) Tj ET Q q 0 0 0 rg BT 216.88 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 226.72 693.60 Td (conduct ) Tj ET Q q 0 0 0 rg BT 260.45 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 266.95 693.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 306.78 693.60 Td (business ) Tj ET Q q 0 0 0 rg BT 342.74 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 359.24 693.60 Td (fine ) Tj ET Q q 0 0 0 rg BT 376.85 693.60 Td (or ) Tj ET Q q 0 0 0 rg BT 387.25 693.60 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 428.19 693.60 Td (discipline ) Tj ET Q q 0 0 0 rg BT 469.14 693.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 497.30 693.60 Td (dealers ) Tj ET Q q 0 0 0 rg BT 527.68 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 544.19 693.60 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 681.60 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 84.86 681.60 Td (directors ) Tj ET Q q 0 0 0 rg BT 122.34 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 139.28 681.60 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 657.60 Td (e ) Tj ET Q q 0 0 0 rg BT 65.32 657.60 Td (also ) Tj ET Q q 0 0 0 rg BT 84.16 657.60 Td (operate ) Tj ET Q q 0 0 0 rg BT 116.33 657.60 Td (two ) Tj ET Q q 0 0 0 rg BT 134.07 657.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 165.69 657.60 Td (that ) Tj ET Q q 0 0 0 rg BT 183.42 657.60 Td (are ) Tj ET Q q 0 0 0 rg BT 198.37 657.60 Td (authorized, ) Tj ET Q q 0 0 0 rg BT 245.81 657.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 281.31 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 298.49 657.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 338.43 657.60 Td (by ) Tj ET Q q 0 0 0 rg BT 351.17 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 366.13 657.60 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 388.31 657.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 428.26 657.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 464.28 657.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 505.91 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 523.08 657.60 Td (registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (under ) Tj ET Q q 0 0 0 rg BT 74.73 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 89.41 645.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 110.20 645.60 Td (of ) Tj ET Q q 0 0 0 rg BT 120.99 645.60 Td (England ) Tj ET Q q 0 0 0 rg BT 156.78 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 173.50 645.60 Td (W) Tj ET Q q 0 0 0 rg BT 182.13 645.60 Td (ales, ) Tj ET Q q 0 0 0 rg BT 202.64 645.60 Td (as ) Tj ET Q q 0 0 0 rg BT 213.43 645.60 Td (well ) Tj ET Q q 0 0 0 rg BT 233.11 645.60 Td (as ) Tj ET Q q 0 0 0 rg BT 243.90 645.60 Td (an ) Tj ET Q q 0 0 0 rg BT 255.80 645.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 281.04 645.60 Td (that ) Tj ET Q q 0 0 0 rg BT 298.49 645.60 Td (is ) Tj ET Q q 0 0 0 rg BT 307.62 645.60 Td (authorized, ) Tj ET Q q 0 0 0 rg BT 354.79 645.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 390.01 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 406.91 645.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 446.57 645.60 Td (by ) Tj ET Q q 0 0 0 rg BT 459.03 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 473.71 645.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 498.39 645.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 523.08 645.60 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.05 633.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 98.16 633.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 150.84 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 167.39 633.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 208.92 633.60 Td (under ) Tj ET Q q 0 0 0 rg BT 233.80 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 248.13 633.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 268.57 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 279.01 633.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 303.34 633.60 Td (Kong. ) Tj ET Q q 0 0 0 rg BT 330.02 633.60 Td (The ) Tj ET Q q 0 0 0 rg BT 347.68 633.60 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 369.23 633.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 408.56 633.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 444.09 633.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 485.09 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 501.64 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 515.96 633.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 540.30 633.60 Td (Kong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.10 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 107.70 621.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 139.87 621.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 192.60 621.60 Td (regulate ) Tj ET Q q 0 0 0 rg BT 226.97 621.60 Td (these ) Tj ET Q q 0 0 0 rg BT 249.68 621.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 280.73 621.60 Td (\(in ) Tj ET Q q 0 0 0 rg BT 294.00 621.60 Td (their ) Tj ET Q q 0 0 0 rg BT 314.49 621.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 357.19 621.60 Td (jurisdictions\) ) Tj ET Q q 0 0 0 rg BT 412.13 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 422.07 621.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 444.78 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 455.27 621.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 484.09 621.60 Td (adequacy) Tj ET Q q 0 0 0 rg BT 521.19 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 525.86 621.60 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (protection ) Tj ET Q q 0 0 0 rg BT 92.53 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 109.47 609.60 Td (business ) Tj ET Q q 0 0 0 rg BT 145.85 609.60 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 182.50 609.60 Td (among ) Tj ET Q q 0 0 0 rg BT 212.21 609.60 Td (others. ) Tj ET Q q 0 0 0 rg BT 241.46 609.60 Td (W) Tj ET Q q 0 0 0 rg BT 250.10 609.60 Td (e ) Tj ET Q q 0 0 0 rg BT 257.03 609.60 Td (also ) Tj ET Q q 0 0 0 rg BT 275.63 609.60 Td (have ) Tj ET Q q 0 0 0 rg BT 297.00 609.60 Td (a ) Tj ET Q q 0 0 0 rg BT 303.93 609.60 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 347.53 609.60 Td (or) Tj ET Q q 0 0 0 rg BT 355.68 609.60 Td (ganized ) Tj ET Q q 0 0 0 rg BT 389.27 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 399.54 609.60 Td (Guernsey ) Tj ET Q q 0 0 0 rg BT 440.35 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 457.28 609.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 496.98 609.60 Td (by ) Tj ET Q q 0 0 0 rg BT 509.47 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 524.18 609.60 Td (Guernsey ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.21 597.60 Td (Services ) Tj ET Q q 0 0 0 rg BT 125.59 597.60 Td (Commission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (Entities ) Tj ET Q q 0 0 0 rg BT 82.66 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 93.05 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 107.88 573.60 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 159.94 573.60 Td (identified ) Tj ET Q q 0 0 0 rg BT 200.87 573.60 Td (above ) Tj ET Q q 0 0 0 rg BT 227.36 573.60 Td (are ) Tj ET Q q 0 0 0 rg BT 242.18 573.60 Td (also ) Tj ET Q q 0 0 0 rg BT 260.90 573.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 291.84 573.60 Td (to ) Tj ET Q q 0 0 0 rg BT 302.23 573.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 350.38 573.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 395.76 573.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 445.31 573.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 469.03 573.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 480.51 573.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 509.50 573.60 Td (Co., ) Tj ET Q q 0 0 0 rg BT 528.78 573.60 Td (our ) Tj ET Q q 0 0 0 rg BT 544.72 573.60 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 79.43 561.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 107.69 561.60 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 148.15 561.60 Td (, ) Tj ET Q q 0 0 0 rg BT 154.48 561.60 Td (is ) Tj ET Q q 0 0 0 rg BT 164.98 561.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 197.14 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 208.75 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 224.80 561.60 Td (USA) Tj ET Q q 0 0 0 rg BT 244.25 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 248.08 561.60 Td (P) Tj ET Q q 0 0 0 rg BT 252.73 561.60 Td (A) Tj ET Q q 0 0 0 rg BT 258.84 561.60 Td (TRIOT) Tj ET Q q 0 0 0 rg BT 288.10 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.09 561.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 309.36 561.60 Td (of ) Tj ET Q q 0 0 0 rg BT 321.52 561.60 Td (2001, ) Tj ET Q q 0 0 0 rg BT 347.85 561.60 Td (which ) Tj ET Q q 0 0 0 rg BT 376.12 561.60 Td (contains ) Tj ET Q q 0 0 0 rg BT 413.28 561.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 462.66 561.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 509.25 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 561.60 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (transparency ) Tj ET Q q 0 0 0 rg BT 102.45 549.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 122.64 549.60 Td (and ) Tj ET Q q 0 0 0 rg BT 138.95 549.60 Td (mandates ) Tj ET Q q 0 0 0 rg BT 178.57 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 192.65 549.60 Td (implementation ) Tj ET Q q 0 0 0 rg BT 257.28 549.60 Td (of ) Tj ET Q q 0 0 0 rg BT 267.48 549.60 Td (various ) Tj ET Q q 0 0 0 rg BT 298.78 549.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 345.08 549.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 383.60 549.60 Td (us ) Tj ET Q q 0 0 0 rg BT 394.35 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 404.00 549.60 Td (implement ) Tj ET Q q 0 0 0 rg BT 448.63 549.60 Td (standards ) Tj ET Q q 0 0 0 rg BT 488.26 549.60 Td (for ) Tj ET Q q 0 0 0 rg BT 501.79 549.60 Td (verifying ) Tj ET Q q 0 0 0 rg BT 540.30 549.60 Td (client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (identification ) Tj ET Q q 0 0 0 rg BT 105.59 537.60 Td (at ) Tj ET Q q 0 0 0 rg BT 115.57 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 130.56 537.60 Td (time ) Tj ET Q q 0 0 0 rg BT 151.11 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 166.09 537.60 Td (client ) Tj ET Q q 0 0 0 rg BT 191.08 537.60 Td (relationship ) Tj ET Q q 0 0 0 rg BT 241.06 537.60 Td (is ) Tj ET Q q 0 0 0 rg BT 250.50 537.60 Td (initiated, ) Tj ET Q q 0 0 0 rg BT 288.54 537.60 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 335.75 537.60 Td (client ) Tj ET Q q 0 0 0 rg BT 360.74 537.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 411.27 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 428.48 537.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 467.91 537.60 Td (suspicious ) Tj ET Q q 0 0 0 rg BT 512.35 537.60 Td (activity) Tj ET Q q 0 0 0 rg BT 541.69 537.60 Td (. ) Tj ET Q q 0 0 0 rg BT 546.96 537.60 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.74 525.60 Td (in ) Tj ET Q q 0 0 0 rg BT 90.88 525.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 115.45 525.60 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 142.53 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 157.11 525.60 Td (United ) Tj ET Q q 0 0 0 rg BT 186.68 525.60 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 226.82 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 243.61 525.60 Td (Guernsey ) Tj ET Q q 0 0 0 rg BT 284.29 525.60 Td (are ) Tj ET Q q 0 0 0 rg BT 298.86 525.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 329.54 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 339.67 525.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 369.80 525.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 417.70 525.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 462.83 525.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 483.51 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 500.31 525.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 549.43 525.60 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 525.60 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (are ) Tj ET Q q 0 0 0 rg BT 63.57 513.60 Td (also ) Tj ET Q q 0 0 0 rg BT 81.55 513.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 111.74 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 121.39 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 135.47 513.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 155.12 513.60 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 188.09 513.60 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 221.07 513.60 Td (Practices ) Tj ET Q q 0 0 0 rg BT 258.62 513.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 274.92 513.60 Td (as ) Tj ET Q q 0 0 0 rg BT 285.12 513.60 Td (well ) Tj ET Q q 0 0 0 rg BT 304.20 513.60 Td (as ) Tj ET Q q 0 0 0 rg BT 314.40 513.60 Td (other ) Tj ET Q q 0 0 0 rg BT 336.81 513.60 Td (anti-bribery ) Tj ET Q q 0 0 0 rg BT 385.88 513.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 406.08 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 415.72 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 429.81 513.60 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 481.12 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 490.76 513.60 Td (which ) Tj ET Q q 0 0 0 rg BT 517.07 513.60 Td (we ) Tj ET Q q 0 0 0 rg BT 530.59 513.60 Td (operate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (These ) Tj ET Q q 0 0 0 rg BT 76.04 501.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 97.03 501.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 136.90 501.60 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 171.22 501.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 216.65 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 233.75 501.60 Td (their ) Tj ET Q q 0 0 0 rg BT 254.74 501.60 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 314.60 501.60 Td (from ) Tj ET Q q 0 0 0 rg BT 336.70 501.60 Td (engaging ) Tj ET Q q 0 0 0 rg BT 376.02 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 386.46 501.60 Td (bribery ) Tj ET Q q 0 0 0 rg BT 418.00 501.60 Td (or ) Tj ET Q q 0 0 0 rg BT 428.99 501.60 Td (making ) Tj ET Q q 0 0 0 rg BT 461.65 501.60 Td (other ) Tj ET Q q 0 0 0 rg BT 484.86 501.60 Td (improper ) Tj ET Q q 0 0 0 rg BT 524.18 501.60 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 489.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 91.16 489.60 Td (of) Tj ET Q q 0 0 0 rg BT 99.30 489.60 Td (ficials ) Tj ET Q q 0 0 0 rg BT 126.24 489.60 Td (for ) Tj ET Q q 0 0 0 rg BT 140.40 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 155.12 489.60 Td (purpose ) Tj ET Q q 0 0 0 rg BT 189.28 489.60 Td (of ) Tj ET Q q 0 0 0 rg BT 200.11 489.60 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 240.38 489.60 Td (or ) Tj ET Q q 0 0 0 rg BT 251.21 489.60 Td (retaining ) Tj ET Q q 0 0 0 rg BT 289.25 489.60 Td (business ) Tj ET Q q 0 0 0 rg BT 325.64 489.60 Td (or ) Tj ET Q q 0 0 0 rg BT 336.47 489.60 Td (gaining ) Tj ET Q q 0 0 0 rg BT 368.97 489.60 Td (an ) Tj ET Q q 0 0 0 rg BT 380.91 489.60 Td (unfair ) Tj ET Q q 0 0 0 rg BT 407.28 489.60 Td (business ) Tj ET Q q 0 0 0 rg BT 443.67 489.60 Td (advantage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 465.60 Td (e ) Tj ET Q q 0 0 0 rg BT 65.33 465.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 103.07 465.60 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 153.03 465.60 Td (that ) Tj ET Q q 0 0 0 rg BT 170.78 465.60 Td (are ) Tj ET Q q 0 0 0 rg BT 185.74 465.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 227.91 465.60 Td (as ) Tj ET Q q 0 0 0 rg BT 238.99 465.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 285.63 465.60 Td (advisors ) Tj ET Q q 0 0 0 rg BT 321.71 465.60 Td (with ) Tj ET Q q 0 0 0 rg BT 342.23 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 357.20 465.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 378.29 465.60 Td (and ) Tj ET Q q 0 0 0 rg BT 395.48 465.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 426.56 465.60 Td (to ) Tj ET Q q 0 0 0 rg BT 437.09 465.60 Td (regulation ) Tj ET Q q 0 0 0 rg BT 480.38 465.60 Td (and ) Tj ET Q q 0 0 0 rg BT 497.57 465.60 Td (oversight ) Tj ET Q q 0 0 0 rg BT 537.53 465.60 Td (by ) Tj ET Q q 0 0 0 rg BT 550.28 465.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 72.29 453.60 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 112.01 453.60 Td (Research, ) Tj ET Q q 0 0 0 rg BT 153.66 453.60 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 171.43 453.60 Td (\("ARI"\), ) Tj ET Q q 0 0 0 rg BT 208.48 453.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 232.09 453.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 243.57 453.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 262.17 453.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 309.10 453.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 363.80 453.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 385.19 453.60 Td (\("PJIM"\), ) Tj ET Q q 0 0 0 rg BT 426.69 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 443.63 453.60 Td (PJC ) Tj ET Q q 0 0 0 rg BT 462.26 453.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 493.64 453.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 528.91 453.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 550.30 453.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.22 441.60 Td (management ) Tj ET Q q 0 0 0 rg BT 124.59 441.60 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 174.08 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 190.80 441.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 232.51 441.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 278.67 441.60 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 316.28 441.60 Td (As ) Tj ET Q q 0 0 0 rg BT 329.67 441.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 371.37 441.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 417.54 441.60 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 455.65 441.60 Td (these ) Tj ET Q q 0 0 0 rg BT 478.47 441.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 509.64 441.60 Td (are ) Tj ET Q q 0 0 0 rg BT 524.12 441.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.73 441.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 103.16 429.60 Td (that ) Tj ET Q q 0 0 0 rg BT 119.62 429.60 Td (relate ) Tj ET Q q 0 0 0 rg BT 143.28 429.60 Td (to, ) Tj ET Q q 0 0 0 rg BT 155.02 429.60 Td (among ) Tj ET Q q 0 0 0 rg BT 183.69 429.60 Td (other ) Tj ET Q q 0 0 0 rg BT 205.70 429.60 Td (things, ) Tj ET Q q 0 0 0 rg BT 234.11 429.60 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 271.66 429.60 Td (duties ) Tj ET Q q 0 0 0 rg BT 297.01 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 306.25 429.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 336.31 429.60 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 385.54 429.60 Td (an ) Tj ET Q q 0 0 0 rg BT 396.44 429.60 Td (ef) Tj ET Q q 0 0 0 rg BT 404.03 429.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 432.69 429.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 480.24 429.60 Td (program, ) Tj ET Q q 0 0 0 rg BT 518.07 429.60 Td (solicitation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 99.87 417.60 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 136.64 417.60 Td (of ) Tj ET Q q 0 0 0 rg BT 147.31 417.60 Td (interest, ) Tj ET Q q 0 0 0 rg BT 181.58 417.60 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 241.11 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 257.89 417.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 296.88 417.60 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 353.92 417.60 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 396.81 417.60 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 453.85 417.60 Td (limitations ) Tj ET Q q 0 0 0 rg BT 498.96 417.60 Td (on ) Tj ET Q q 0 0 0 rg BT 511.30 417.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 541.95 417.60 Td (cross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 405.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 104.39 405.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 154.60 405.60 Td (between ) Tj ET Q q 0 0 0 rg BT 190.37 405.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 222.27 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 239.16 405.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 276.05 405.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 307.11 405.60 Td (as ) Tj ET Q q 0 0 0 rg BT 317.89 405.60 Td (well ) Tj ET Q q 0 0 0 rg BT 337.56 405.60 Td (as ) Tj ET Q q 0 0 0 rg BT 348.35 405.60 Td (general ) Tj ET Q q 0 0 0 rg BT 380.22 405.60 Td (anti-fraud ) Tj ET Q q 0 0 0 rg BT 422.10 405.60 Td (prohibitions. ) Tj ET Q q 0 0 0 rg BT 475.39 405.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 498.95 405.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 510.43 405.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 528.98 405.60 Td (& ) Tj ET Q q 0 0 0 rg BT 539.21 405.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 555.84 405.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (also ) Tj ET Q q 0 0 0 rg BT 67.29 393.60 Td (a ) Tj ET Q q 0 0 0 rg BT 73.40 393.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 114.51 393.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 160.07 393.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 191.18 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 207.30 393.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 237.31 393.60 Td (to ) Tj ET Q q 0 0 0 rg BT 246.76 393.60 Td (these ) Tj ET Q q 0 0 0 rg BT 268.99 393.60 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 325.00 393.60 Td (Also, ) Tj ET Q q 0 0 0 rg BT 348.07 393.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.95 393.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 422.51 393.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 446.41 393.60 Td (that ) Tj ET Q q 0 0 0 rg BT 463.08 393.60 Td (we ) Tj ET Q q 0 0 0 rg BT 476.42 393.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 509.20 393.60 Td (are ) Tj ET Q q 0 0 0 rg BT 523.08 393.60 Td (registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.06 381.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 139.50 381.60 Td (under ) Tj ET Q q 0 0 0 rg BT 163.94 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 177.83 381.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 223.94 381.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.13 381.60 Td (Act, ) Tj ET Q q 0 0 0 rg BT 282.74 381.60 Td (as ) Tj ET Q q 0 0 0 rg BT 292.75 381.60 Td (amended. ) Tj ET Q q 0 0 0 rg BT 332.90 381.60 Td (Those ) Tj ET Q q 0 0 0 rg BT 359.01 381.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 382.91 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 399.02 381.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 429.58 381.60 Td (that ) Tj ET Q q 0 0 0 rg BT 446.25 381.60 Td (serve ) Tj ET Q q 0 0 0 rg BT 469.02 381.60 Td (as ) Tj ET Q q 0 0 0 rg BT 479.02 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 492.92 381.60 Td (funds' ) Tj ET Q q 0 0 0 rg BT 518.61 381.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (advisors ) Tj ET Q q 0 0 0 rg BT 85.97 369.60 Td (are ) Tj ET Q q 0 0 0 rg BT 101.32 369.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 132.78 369.60 Td (to ) Tj ET Q q 0 0 0 rg BT 143.70 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 159.06 369.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 206.63 369.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.96 369.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 265.54 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 283.12 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 298.48 369.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 321.05 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.63 369.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 386.20 369.60 Td (of ) Tj ET Q q 0 0 0 rg BT 397.67 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 413.03 369.60 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 437.01 369.60 Td (which ) Tj ET Q q 0 0 0 rg BT 464.59 369.60 Td (regulate ) Tj ET Q q 0 0 0 rg BT 499.93 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 515.29 369.60 Td (relationship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (between ) Tj ET Q q 0 0 0 rg BT 84.73 357.60 Td (a ) Tj ET Q q 0 0 0 rg BT 91.09 357.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 132.43 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.23 357.60 Td (company ) Tj ET Q q 0 0 0 rg BT 216.80 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 233.16 357.60 Td (its ) Tj ET Q q 0 0 0 rg BT 244.53 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.33 357.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 321.68 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.04 357.60 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 371.62 357.60 Td (or ) Tj ET Q q 0 0 0 rg BT 381.87 357.60 Td (severely ) Tj ET Q q 0 0 0 rg BT 417.10 357.60 Td (restrict ) Tj ET Q q 0 0 0 rg BT 446.79 357.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 484.25 357.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 533.93 357.60 Td (or ) Tj ET Q q 0 0 0 rg BT 544.18 357.60 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 101.06 345.60 Td (among ) Tj ET Q q 0 0 0 rg BT 129.57 345.60 Td (other ) Tj ET Q q 0 0 0 rg BT 151.42 345.60 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 207.13 345.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 225.65 345.60 Td (is ) Tj ET Q q 0 0 0 rg BT 233.61 345.60 Td (also ) Tj ET Q q 0 0 0 rg BT 251.02 345.60 Td (authorized ) Tj ET Q q 0 0 0 rg BT 294.52 345.60 Td (by ) Tj ET Q q 0 0 0 rg BT 305.81 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 319.33 345.60 Td (Irish ) Tj ET Q q 0 0 0 rg BT 338.95 345.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 377.46 345.60 Td (Services ) Tj ET Q q 0 0 0 rg BT 412.63 345.60 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 458.08 345.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 498.26 345.60 Td (as ) Tj ET Q q 0 0 0 rg BT 507.89 345.60 Td (an ) Tj ET Q q 0 0 0 rg BT 518.62 345.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 80.96 333.60 Td (in ) Tj ET Q q 0 0 0 rg BT 90.75 333.60 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 121.08 333.60 Td (and ) Tj ET Q q 0 0 0 rg BT 137.54 333.60 Td (cleared ) Tj ET Q q 0 0 0 rg BT 168.42 333.60 Td (by ) Tj ET Q q 0 0 0 rg BT 180.43 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 194.67 333.60 Td (Luxembour) Tj ET Q q 0 0 0 rg BT 241.14 333.60 Td (g ) Tj ET Q q 0 0 0 rg BT 248.16 333.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 300.74 333.60 Td (de ) Tj ET Q q 0 0 0 rg BT 312.20 333.60 Td (Surviellance ) Tj ET Q q 0 0 0 rg BT 364.19 333.60 Td (du ) Tj ET Q q 0 0 0 rg BT 376.21 333.60 Td (Secteur ) Tj ET Q q 0 0 0 rg BT 408.21 333.60 Td (Financier ) Tj ET Q q 0 0 0 rg BT 447.99 333.60 Td (as ) Tj ET Q q 0 0 0 rg BT 458.34 333.60 Td (a ) Tj ET Q q 0 0 0 rg BT 464.79 333.60 Td (manager ) Tj ET Q q 0 0 0 rg BT 501.23 333.60 Td (to ) Tj ET Q q 0 0 0 rg BT 511.03 333.60 Td (Luxembour) Tj ET Q q 0 0 0 rg BT 557.50 333.60 Td (g ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 75.83 321.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 95.12 321.60 Td (is ) Tj ET Q q 0 0 0 rg BT 103.86 321.60 Td (the ) Tj ET Q q 0 0 0 rg BT 118.14 321.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 164.09 321.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 195.60 321.60 Td (for ) Tj ET Q q 0 0 0 rg BT 208.87 321.60 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 248.15 321.60 Td (Research ) Tj ET Q q 0 0 0 rg BT 286.87 321.60 Td (Global ) Tj ET Q q 0 0 0 rg BT 316.15 321.60 Td (Funds ) Tj ET Q q 0 0 0 rg BT 342.67 321.60 Td (PLC, ) Tj ET Q q 0 0 0 rg BT 365.58 321.60 Td (an ) Tj ET Q q 0 0 0 rg BT 377.08 321.60 Td (open-ended ) Tj ET Q q 0 0 0 rg BT 425.79 321.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 471.74 321.60 Td (company ) Tj ET Q q 0 0 0 rg BT 510.47 321.60 Td (with ) Tj ET Q q 0 0 0 rg BT 530.31 321.60 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.12 309.60 Td (authorized ) Tj ET Q q 0 0 0 rg BT 122.29 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 138.69 309.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 177.86 309.60 Td (by ) Tj ET Q q 0 0 0 rg BT 189.83 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 204.02 309.60 Td (Central ) Tj ET Q q 0 0 0 rg BT 235.42 309.60 Td (Bank ) Tj ET Q q 0 0 0 rg BT 258.49 309.60 Td (of ) Tj ET Q q 0 0 0 rg BT 268.79 309.60 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 299.08 309.60 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 335.48 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 345.23 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 359.41 309.60 Td (European ) Tj ET Q q 0 0 0 rg BT 399.70 309.60 Td (Communities ) Tj ET Q q 0 0 0 rg BT 455.55 309.60 Td (Regulations ) Tj ET Q q 0 0 0 rg BT 505.30 309.60 Td (\(Undertakings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (for ) Tj ET Q q 0 0 0 rg BT 63.59 297.60 Td (Collective ) Tj ET Q q 0 0 0 rg BT 107.12 297.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 157.87 297.60 Td (in ) Tj ET Q q 0 0 0 rg BT 167.90 297.60 Td (T) Tj ET Q q 0 0 0 rg BT 173.66 297.60 Td (ransferable ) Tj ET Q q 0 0 0 rg BT 220.50 297.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 262.36 297.60 Td (or ) Tj ET Q q 0 0 0 rg BT 273.12 297.60 Td ("UCITS"\). ) Tj ET Q q 0 0 0 rg BT 317.90 297.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 337.55 297.60 Td (has ) Tj ET Q q 0 0 0 rg BT 353.30 297.60 Td (established ) Tj ET Q q 0 0 0 rg BT 400.17 297.60 Td (a ) Tj ET Q q 0 0 0 rg BT 406.86 297.60 Td (T) Tj ET Q q 0 0 0 rg BT 412.27 297.60 Td (okyo ) Tj ET Q q 0 0 0 rg BT 434.70 297.60 Td (of) Tj ET Q q 0 0 0 rg BT 442.85 297.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 460.26 297.60 Td (which ) Tj ET Q q 0 0 0 rg BT 487.13 297.60 Td (is ) Tj ET Q q 0 0 0 rg BT 496.22 297.60 Td (a ) Tj ET Q q 0 0 0 rg BT 503.09 297.60 Td (Representative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 285.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 77.12 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 87.71 285.60 Td (a ) Tj ET Q q 0 0 0 rg BT 94.41 285.60 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 127.79 285.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 173.98 285.60 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 208.47 285.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 239.06 285.60 Td (to ) Tj ET Q q 0 0 0 rg BT 249.10 285.60 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 286.90 285.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 307.49 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 324.19 285.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 373.39 285.60 Td (PJIM ) Tj ET Q q 0 0 0 rg BT 397.33 285.60 Td (is ) Tj ET Q q 0 0 0 rg BT 406.26 285.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 447.95 285.60 Td (with ) Tj ET Q q 0 0 0 rg BT 467.99 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 482.47 285.60 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 532.52 285.60 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 273.60 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.28 273.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 136.33 273.60 Td (\("CFTC"\) ) Tj ET Q q 0 0 0 rg BT 178.64 273.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.56 273.60 Td (the ) Tj ET Q q 0 0 0 rg BT 210.26 273.60 Td (National ) Tj ET Q q 0 0 0 rg BT 247.17 273.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 279.10 273.60 Td (Association ) Tj ET Q q 0 0 0 rg BT 328.80 273.60 Td (\("NF) Tj ET Q q 0 0 0 rg BT 348.25 273.60 Td (A"\) ) Tj ET Q q 0 0 0 rg BT 365.36 273.60 Td (as ) Tj ET Q q 0 0 0 rg BT 376.17 273.60 Td (a ) Tj ET Q q 0 0 0 rg BT 383.09 273.60 Td (commodities ) Tj ET Q q 0 0 0 rg BT 437.23 273.60 Td (pool ) Tj ET Q q 0 0 0 rg BT 457.49 273.60 Td (operator) Tj ET Q q 0 0 0 rg BT 490.25 273.60 Td (. ) Tj ET Q q 0 0 0 rg BT 495.05 273.60 Td (The ) Tj ET Q q 0 0 0 rg BT 513.08 273.60 Td (registrations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (with ) Tj ET Q q 0 0 0 rg BT 69.98 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 84.91 261.60 Td (CFTC ) Tj ET Q q 0 0 0 rg BT 112.62 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 129.77 261.60 Td (NF) Tj ET Q q 0 0 0 rg BT 141.81 261.60 Td (A) Tj ET Q q 0 0 0 rg BT 148.48 261.60 Td ( ) Tj ET Q q 0 0 0 rg BT 151.19 261.60 Td (allow ) Tj ET Q q 0 0 0 rg BT 176.11 261.60 Td (PJIM ) Tj ET Q q 0 0 0 rg BT 200.49 261.60 Td (to ) Tj ET Q q 0 0 0 rg BT 210.98 261.60 Td (enter ) Tj ET Q q 0 0 0 rg BT 233.67 261.60 Td (into ) Tj ET Q q 0 0 0 rg BT 251.93 261.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 294.62 261.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.99 261.60 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 366.97 261.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.11 261.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 416.80 261.60 Td (swaps ) Tj ET Q q 0 0 0 rg BT 443.95 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 461.09 261.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 486.56 261.60 Td (default ) Tj ET Q q 0 0 0 rg BT 517.03 261.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 540.29 261.60 Td (index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 91.38 249.60 Td (to ) Tj ET Q q 0 0 0 rg BT 101.61 249.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 127.94 249.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 149.29 249.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 192.83 249.60 Td (with ) Tj ET Q q 0 0 0 rg BT 213.06 249.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 242.72 249.60 Td (security ) Tj ET Q q 0 0 0 rg BT 276.83 249.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 315.40 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 326.18 249.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 350.86 249.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 389.41 249.60 Td (by ) Tj ET Q q 0 0 0 rg BT 401.86 249.60 Td (PJIM.Parallel ) Tj ET Q q 0 0 0 rg BT 461.53 249.60 Td (General ) Tj ET Q q 0 0 0 rg BT 495.63 249.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 530.85 249.60 Td (Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (is ) Tj ET Q q 0 0 0 rg BT 58.50 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 73.05 237.60 Td (general ) Tj ET Q q 0 0 0 rg BT 104.81 237.60 Td (partner ) Tj ET Q q 0 0 0 rg BT 135.45 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 146.11 237.60 Td (several ) Tj ET Q q 0 0 0 rg BT 176.76 237.60 Td (private ) Tj ET Q q 0 0 0 rg BT 206.86 237.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 234.18 237.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 264.84 237.60 Td (partnerships; ) Tj ET Q q 0 0 0 rg BT 318.83 237.60 Td (it ) Tj ET Q q 0 0 0 rg BT 326.72 237.60 Td (and ) Tj ET Q q 0 0 0 rg BT 343.49 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 358.04 237.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 388.70 237.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 439.91 237.60 Td (are ) Tj ET Q q 0 0 0 rg BT 454.45 237.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 496.20 237.60 Td (and ) Tj ET Q q 0 0 0 rg BT 512.97 237.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 552.51 237.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 225.60 Td (Guernsey ) Tj ET Q q 0 0 0 rg BT 105.04 225.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 144.75 225.60 Td (Services ) Tj ET Q q 0 0 0 rg BT 181.13 225.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 234.19 225.60 Td (\("GFSC"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.85 201.60 Td (of ) Tj ET Q q 0 0 0 rg BT 93.11 201.60 Td (our ) Tj ET Q q 0 0 0 rg BT 109.36 201.60 Td (businesses ) Tj ET Q q 0 0 0 rg BT 154.50 201.60 Td (also ) Tj ET Q q 0 0 0 rg BT 173.53 201.60 Td (are ) Tj ET Q q 0 0 0 rg BT 188.66 201.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 219.91 201.60 Td (to ) Tj ET Q q 0 0 0 rg BT 230.61 201.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 279.62 201.60 Td (with ) Tj ET Q q 0 0 0 rg BT 300.32 201.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 321.57 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.93 201.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 386.28 201.60 Td (of ) Tj ET Q q 0 0 0 rg BT 397.53 201.60 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 448.49 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 465.85 201.60 Td (state ) Tj ET Q q 0 0 0 rg BT 487.10 201.60 Td (governments, ) Tj ET Q q 0 0 0 rg BT 544.17 201.60 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (U.S.governments, ) Tj ET Q q 0 0 0 rg BT 126.76 189.60 Td (their ) Tj ET Q q 0 0 0 rg BT 147.91 189.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 191.26 189.60 Td (agencies ) Tj ET Q q 0 0 0 rg BT 228.51 189.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 256.88 189.60 Td (various ) Tj ET Q q 0 0 0 rg BT 289.14 189.60 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 350.82 189.60 Td (or) Tj ET Q q 0 0 0 rg BT 358.97 189.60 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 407.34 189.60 Td (or ) Tj ET Q q 0 0 0 rg BT 418.49 189.60 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 462.96 189.60 Td (governing ) Tj ET Q q 0 0 0 rg BT 506.33 189.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.37 189.60 Td (privacy ) Tj ET Q q 0 0 0 rg BT 554.17 189.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (client ) Tj ET Q q 0 0 0 rg BT 74.91 177.60 Td (information. ) Tj ET Q q 0 0 0 rg BT 127.11 177.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 147.52 177.60 Td (failure ) Tj ET Q q 0 0 0 rg BT 176.81 177.60 Td (with ) Tj ET Q q 0 0 0 rg BT 197.78 177.60 Td (respect ) Tj ET Q q 0 0 0 rg BT 229.29 177.60 Td (to ) Tj ET Q q 0 0 0 rg BT 240.26 177.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.78 177.60 Td (practices, ) Tj ET Q q 0 0 0 rg BT 298.01 177.60 Td (procedures ) Tj ET Q q 0 0 0 rg BT 345.07 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 362.70 177.60 Td (controls ) Tj ET Q q 0 0 0 rg BT 398.11 177.60 Td (in ) Tj ET Q q 0 0 0 rg BT 409.08 177.60 Td (any ) Tj ET Q q 0 0 0 rg BT 426.72 177.60 Td (of ) Tj ET Q q 0 0 0 rg BT 438.24 177.60 Td (these ) Tj ET Q q 0 0 0 rg BT 461.98 177.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 485.71 177.60 Td (could ) Tj ET Q q 0 0 0 rg BT 511.12 177.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 542.64 177.60 Td (us ) Tj ET Q q 0 0 0 rg BT 554.72 177.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.09 165.60 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 153.07 165.60 Td (including ) Tj ET Q q 0 0 0 rg BT 193.34 165.60 Td (fines, ) Tj ET Q q 0 0 0 rg BT 217.78 165.60 Td (and ) Tj ET Q q 0 0 0 rg BT 234.72 165.60 Td (potentially ) Tj ET Q q 0 0 0 rg BT 279.99 165.60 Td (other ) Tj ET Q q 0 0 0 rg BT 303.04 165.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 347.75 165.60 Td (liabilities. ) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Executive Officers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 99.76 693.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 140.58 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 156.41 693.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 197.22 693.75 Td (of) Tj ET Q q 0 0 0 rg BT 205.37 693.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 230.08 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.01 693.75 Td (their ) Tj ET Q q 0 0 0 rg BT 267.84 693.75 Td (ages ) Tj ET Q q 0 0 0 rg BT 288.11 693.75 Td (as ) Tj ET Q q 0 0 0 rg BT 298.94 693.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.77 693.75 Td (February21, ) Tj ET Q q 0 0 0 rg BT 363.37 693.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.37 693.75 Td (, ) Tj ET Q q 0 0 0 rg BT 388.37 693.75 Td (are ) Tj ET Q q 0 0 0 rg BT 403.07 693.75 Td (as ) Tj ET Q q 0 0 0 rg BT 413.90 693.75 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 671.25 m 167 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175 671.25 m 224 671.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 671.25 m 563 671.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 673.98 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.65 673.98 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.50 673.98 Td (Position\(s\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 661.82 Td (Andrew S. Duff) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 661.82 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 661.82 Td (Chairman and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 647.82 Td (Stuart C. Harvey, Jr.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 647.82 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 647.82 Td (President and Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 633.82 Td (Chad R. Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 633.82 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 633.82 Td (Co-Head of Global Investment Banking and Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 619.82 Td (Christopher D. Crawshaw) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 619.82 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 619.82 Td (Head of Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 605.82 Td (Christine N. Esckilsen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 605.82 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 605.82 Td (Chief Human Capital Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 591.82 Td (Frank E. Fairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 591.82 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 591.82 Td (Head of Public Finance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 577.82 Td (John W. Geelan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 577.82 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 577.82 Td (General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 563.82 Td (Jeff P. Klinefelter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 563.82 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 563.82 Td (Global Head of Equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 549.82 Td (R. Scott LaRue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 549.82 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 549.82 Td (Co-Head of Global Investment Banking and Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.82 Td (Debbra L. Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 535.82 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 535.82 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 521.82 Td (Thomas G. Smith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 521.82 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 521.82 Td (Chief Strategy Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 507.82 Td (M. Brad Winges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 507.82 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 507.82 Td (Head of Fixed Income Services and Piper Jaffray Firm Investments and Trading) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 479.75 Td (Andrew ) Tj ET Q q 0 0 0 rg BT 83.65 479.75 Td (S. ) Tj ET Q q 0 0 0 rg BT 93.62 479.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 109.55 479.75 Td (f) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.88 479.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.80 479.75 Td (is ) Tj ET Q q 0 0 0 rg BT 123.38 479.75 Td (our ) Tj ET Q q 0 0 0 rg BT 138.63 479.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 177.74 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.09 479.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 215.99 479.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 256.22 479.75 Td (of) Tj ET Q q 0 0 0 rg BT 264.37 479.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 282.13 479.75 Td (. ) Tj ET Q q 0 0 0 rg BT 286.55 479.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 298.22 479.75 Td (. ) Tj ET Q q 0 0 0 rg BT 302.63 479.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 318.00 479.75 Td (f ) Tj ET Q q 0 0 0 rg BT 323.25 479.75 Td (became ) Tj ET Q q 0 0 0 rg BT 355.69 479.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 394.81 479.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.16 479.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 433.06 479.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 473.28 479.75 Td (of) Tj ET Q q 0 0 0 rg BT 481.43 479.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 501.66 479.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.91 479.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.93 479.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.41 479.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 97.27 467.75 Td (following ) Tj ET Q q 0 0 0 rg BT 138.93 467.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 186.70 467.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.81 467.75 Td (our ) Tj ET Q q 0 0 0 rg BT 213.91 467.75 Td (spin-of) Tj ET Q q 0 0 0 rg BT 242.06 467.75 Td (f ) Tj ET Q q 0 0 0 rg BT 248.17 467.75 Td (from ) Tj ET Q q 0 0 0 rg BT 270.38 467.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 290.94 467.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 327.59 467.75 Td (on ) Tj ET Q q 0 0 0 rg BT 340.37 467.75 Td (December ) Tj ET Q q 0 0 0 rg BT 384.23 467.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.50 467.75 Td (2003. ) Tj ET Q q 0 0 0 rg BT 424.78 467.75 Td (He ) Tj ET Q q 0 0 0 rg BT 439.22 467.75 Td (also ) Tj ET Q q 0 0 0 rg BT 458.10 467.75 Td (has ) Tj ET Q q 0 0 0 rg BT 474.21 467.75 Td (served ) Tj ET Q q 0 0 0 rg BT 503.08 467.75 Td (as ) Tj ET Q q 0 0 0 rg BT 514.19 467.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 554.17 467.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.22 455.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 93.71 455.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 120.53 455.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 164.03 455.75 Td (since ) Tj ET Q q 0 0 0 rg BT 186.97 455.75 Td (2003, ) Tj ET Q q 0 0 0 rg BT 211.86 455.75 Td (as ) Tj ET Q q 0 0 0 rg BT 222.58 455.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 244.96 455.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 285.66 455.75 Td (of) Tj ET Q q 0 0 0 rg BT 293.81 455.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 314.51 455.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.24 455.75 Td (our ) Tj ET Q q 0 0 0 rg BT 340.96 455.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 369.45 455.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 396.26 455.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 439.76 455.75 Td (since ) Tj ET Q q 0 0 0 rg BT 462.70 455.75 Td (2000, ) Tj ET Q q 0 0 0 rg BT 487.59 455.75 Td (and ) Tj ET Q q 0 0 0 rg BT 504.42 455.75 Td (as ) Tj ET Q q 0 0 0 rg BT 515.15 455.75 Td (president ) Tj ET Q q 0 0 0 rg BT 554.19 455.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.32 443.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 93.92 443.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 120.83 443.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 164.44 443.75 Td (since ) Tj ET Q q 0 0 0 rg BT 187.48 443.75 Td (1996. ) Tj ET Q q 0 0 0 rg BT 212.47 443.75 Td (He ) Tj ET Q q 0 0 0 rg BT 226.63 443.75 Td (has ) Tj ET Q q 0 0 0 rg BT 242.45 443.75 Td (been ) Tj ET Q q 0 0 0 rg BT 263.82 443.75 Td (with ) Tj ET Q q 0 0 0 rg BT 284.09 443.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 307.70 443.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 319.18 443.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 337.77 443.75 Td (since ) Tj ET Q q 0 0 0 rg BT 360.81 443.75 Td (1980. ) Tj ET Q q 0 0 0 rg BT 385.80 443.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 408.30 443.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.57 443.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.28 443.75 Td (spin-of) Tj ET Q q 0 0 0 rg BT 461.43 443.75 Td (f ) Tj ET Q q 0 0 0 rg BT 467.26 443.75 Td (from ) Tj ET Q q 0 0 0 rg BT 489.19 443.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 509.47 443.75 Td (Bancorp, ) Tj ET Q q 0 0 0 rg BT 548.34 443.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 560.01 443.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 64.87 431.75 Td (f ) Tj ET Q q 0 0 0 rg BT 70.70 431.75 Td (also ) Tj ET Q q 0 0 0 rg BT 89.31 431.75 Td (was ) Tj ET Q q 0 0 0 rg BT 107.36 431.75 Td (a ) Tj ET Q q 0 0 0 rg BT 114.30 431.75 Td (vice ) Tj ET Q q 0 0 0 rg BT 133.46 431.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 173.16 431.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.99 431.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 204.27 431.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 240.65 431.75 Td (from ) Tj ET Q q 0 0 0 rg BT 262.59 431.75 Td (1999 ) Tj ET Q q 0 0 0 rg BT 285.09 431.75 Td (through ) Tj ET Q q 0 0 0 rg BT 318.69 431.75 Td (2003.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 407.75 Td (Stuart ) Tj ET Q q 0 0 0 rg BT 77.43 407.75 Td (C. ) Tj ET Q q 0 0 0 rg BT 88.97 407.75 Td (Harvey) Tj ET Q q 0 0 0 rg BT 118.58 407.75 Td (, ) Tj ET Q q 0 0 0 rg BT 123.45 407.75 Td (Jr) Tj ET Q q 0 0 0 rg BT 131.79 407.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.29 407.75 Td ( ) Tj ET Q q 0 0 0 rg BT 136.65 407.75 Td (is ) Tj ET Q q 0 0 0 rg BT 145.68 407.75 Td (our ) Tj ET Q q 0 0 0 rg BT 161.38 407.75 Td (president ) Tj ET Q q 0 0 0 rg BT 200.39 407.75 Td (and ) Tj ET Q q 0 0 0 rg BT 217.20 407.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 239.54 407.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 279.67 407.75 Td (of) Tj ET Q q 0 0 0 rg BT 287.82 407.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 305.74 407.75 Td (, ) Tj ET Q q 0 0 0 rg BT 310.60 407.75 Td (a ) Tj ET Q q 0 0 0 rg BT 317.40 407.75 Td (position ) Tj ET Q q 0 0 0 rg BT 351.99 407.75 Td (he ) Tj ET Q q 0 0 0 rg BT 363.79 407.75 Td (has ) Tj ET Q q 0 0 0 rg BT 379.49 407.75 Td (held ) Tj ET Q q 0 0 0 rg BT 399.07 407.75 Td (since ) Tj ET Q q 0 0 0 rg BT 421.98 407.75 Td (October ) Tj ET Q q 0 0 0 rg BT 456.55 407.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 481.41 407.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 493.08 407.75 Td (. ) Tj ET Q q 0 0 0 rg BT 497.94 407.75 Td (Harvey ) Tj ET Q q 0 0 0 rg BT 529.73 407.75 Td (rejoined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.72 395.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.20 395.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.41 395.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.30 395.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 134.42 395.75 Td (as ) Tj ET Q q 0 0 0 rg BT 144.86 395.75 Td (a ) Tj ET Q q 0 0 0 rg BT 151.41 395.75 Td (partner ) Tj ET Q q 0 0 0 rg BT 181.84 395.75 Td (in ) Tj ET Q q 0 0 0 rg BT 191.73 395.75 Td (our ) Tj ET Q q 0 0 0 rg BT 207.18 395.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 246.49 395.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 280.82 395.75 Td (group, ) Tj ET Q q 0 0 0 rg BT 308.77 395.75 Td (having ) Tj ET Q q 0 0 0 rg BT 338.10 395.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 382.43 395.75 Td (served ) Tj ET Q q 0 0 0 rg BT 410.64 395.75 Td (as ) Tj ET Q q 0 0 0 rg BT 421.08 395.75 Td (a ) Tj ET Q q 0 0 0 rg BT 427.63 395.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 469.18 395.75 Td (director ) Tj ET Q q 0 0 0 rg BT 502.39 395.75 Td (at ) Tj ET Q q 0 0 0 rg BT 511.72 395.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.94 395.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.42 395.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 383.75 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 383.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 121.99 383.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 156.71 383.75 Td (group ) Tj ET Q q 0 0 0 rg BT 182.54 383.75 Td (from ) Tj ET Q q 0 0 0 rg BT 204.48 383.75 Td (1993 ) Tj ET Q q 0 0 0 rg BT 226.98 383.75 Td (to ) Tj ET Q q 0 0 0 rg BT 237.25 383.75 Td (2003.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 359.75 Td (Chad ) Tj ET Q q 0 0 0 rg BT 74.48 359.75 Td (R. ) Tj ET Q q 0 0 0 rg BT 85.98 359.75 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.88 359.75 Td ( ) Tj ET Q q 0 0 0 rg BT 127.63 359.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.04 359.75 Td (our ) Tj ET Q q 0 0 0 rg BT 153.12 359.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 187.51 359.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.58 359.75 Td (global ) Tj ET Q q 0 0 0 rg BT 226.32 359.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 272.95 359.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 307.91 359.75 Td (and ) Tj ET Q q 0 0 0 rg BT 325.09 359.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 354.48 359.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 391.38 359.75 Td (a ) Tj ET Q q 0 0 0 rg BT 398.57 359.75 Td (position ) Tj ET Q q 0 0 0 rg BT 433.54 359.75 Td (he ) Tj ET Q q 0 0 0 rg BT 445.72 359.75 Td (has ) Tj ET Q q 0 0 0 rg BT 461.79 359.75 Td (held ) Tj ET Q q 0 0 0 rg BT 481.75 359.75 Td (since ) Tj ET Q q 0 0 0 rg BT 505.04 359.75 Td (October ) Tj ET Q q 0 0 0 rg BT 540.00 359.75 Td (2010. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.14 347.75 Td (to ) Tj ET Q q 0 0 0 rg BT 82.56 347.75 Td (his ) Tj ET Q q 0 0 0 rg BT 96.87 347.75 Td (current ) Tj ET Q q 0 0 0 rg BT 127.82 347.75 Td (role, ) Tj ET Q q 0 0 0 rg BT 148.51 347.75 Td (he ) Tj ET Q q 0 0 0 rg BT 160.58 347.75 Td (served ) Tj ET Q q 0 0 0 rg BT 189.32 347.75 Td (as ) Tj ET Q q 0 0 0 rg BT 200.29 347.75 Td (head ) Tj ET Q q 0 0 0 rg BT 221.81 347.75 Td (of ) Tj ET Q q 0 0 0 rg BT 232.78 347.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.41 347.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 289.70 347.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 323.99 347.75 Td (since ) Tj ET Q q 0 0 0 rg BT 347.18 347.75 Td (November ) Tj ET Q q 0 0 0 rg BT 392.03 347.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 417.17 347.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 428.84 347.75 Td (.) Tj ET Q q 0 0 0 rg BT 433.28 347.75 Td (Abraham ) Tj ET Q q 0 0 0 rg BT 473.13 347.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 500.76 347.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.51 347.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 535.99 347.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 554.73 347.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.75 Td (1991.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 311.75 Td (Christopher ) Tj ET Q q 0 0 0 rg BT 101.26 311.75 Td (D. ) Tj ET Q q 0 0 0 rg BT 113.27 311.75 Td (Crawshaw) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.62 311.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.92 311.75 Td (is ) Tj ET Q q 0 0 0 rg BT 167.88 311.75 Td (our ) Tj ET Q q 0 0 0 rg BT 183.50 311.75 Td (head ) Tj ET Q q 0 0 0 rg BT 204.67 311.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.29 311.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 237.02 311.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 292.91 311.75 Td (He ) Tj ET Q q 0 0 0 rg BT 306.86 311.75 Td (has ) Tj ET Q q 0 0 0 rg BT 322.48 311.75 Td (served ) Tj ET Q q 0 0 0 rg BT 350.87 311.75 Td (in ) Tj ET Q q 0 0 0 rg BT 360.94 311.75 Td (this ) Tj ET Q q 0 0 0 rg BT 377.68 311.75 Td (role ) Tj ET Q q 0 0 0 rg BT 395.52 311.75 Td (since ) Tj ET Q q 0 0 0 rg BT 418.36 311.75 Td (January ) Tj ET Q q 0 0 0 rg BT 451.75 311.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 476.55 311.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 488.22 311.75 Td (. ) Tj ET Q q 0 0 0 rg BT 493.01 311.75 Td (Crawshaw ) Tj ET Q q 0 0 0 rg BT 537.51 311.75 Td (joined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.77 299.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.25 299.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.51 299.75 Td (from ) Tj ET Q q 0 0 0 rg BT 123.63 299.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 163.02 299.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 204.33 299.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 224.26 299.75 Td (a ) Tj ET Q q 0 0 0 rg BT 230.86 299.75 Td (Chicago-based ) Tj ET Q q 0 0 0 rg BT 292.44 299.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 314.04 299.75 Td (management ) Tj ET Q q 0 0 0 rg BT 367.29 299.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 386.67 299.75 Td (that ) Tj ET Q q 0 0 0 rg BT 403.83 299.75 Td (we ) Tj ET Q q 0 0 0 rg BT 417.65 299.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 454.24 299.75 Td (in ) Tj ET Q q 0 0 0 rg BT 464.18 299.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 488.84 299.75 Td (where ) Tj ET Q q 0 0 0 rg BT 515.43 299.75 Td (he ) Tj ET Q q 0 0 0 rg BT 527.03 299.75 Td (had ) Tj ET Q q 0 0 0 rg BT 543.63 299.75 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.54 287.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 98.57 287.75 Td (director ) Tj ET Q q 0 0 0 rg BT 132.26 287.75 Td (since ) Tj ET Q q 0 0 0 rg BT 155.40 287.75 Td (2004, ) Tj ET Q q 0 0 0 rg BT 180.50 287.75 Td (having ) Tj ET Q q 0 0 0 rg BT 210.32 287.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 237.91 287.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.72 287.75 Td (company ) Tj ET Q q 0 0 0 rg BT 291.98 287.75 Td (in ) Tj ET Q q 0 0 0 rg BT 302.35 287.75 Td (2001. ) Tj ET Q q 0 0 0 rg BT 327.45 287.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 339.12 287.75 Td (. ) Tj ET Q q 0 0 0 rg BT 344.22 287.75 Td (Crawshaw ) Tj ET Q q 0 0 0 rg BT 389.03 287.75 Td (was ) Tj ET Q q 0 0 0 rg BT 407.18 287.75 Td (named ) Tj ET Q q 0 0 0 rg BT 436.43 287.75 Td (president ) Tj ET Q q 0 0 0 rg BT 475.68 287.75 Td (of ) Tj ET Q q 0 0 0 rg BT 486.04 287.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 525.86 287.75 Td (Research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 275.75 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 251.75 Td (Christine ) Tj ET Q q 0 0 0 rg BT 90.19 251.75 Td (N. ) Tj ET Q q 0 0 0 rg BT 102.26 251.75 Td (Esckilsen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.71 251.75 Td ( ) Tj ET Q q 0 0 0 rg BT 144.06 251.75 Td (is ) Tj ET Q q 0 0 0 rg BT 153.07 251.75 Td (our ) Tj ET Q q 0 0 0 rg BT 168.75 251.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 191.08 251.75 Td (human ) Tj ET Q q 0 0 0 rg BT 220.64 251.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 249.63 251.75 Td (of) Tj ET Q q 0 0 0 rg BT 257.78 251.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 275.70 251.75 Td (, ) Tj ET Q q 0 0 0 rg BT 280.54 251.75 Td (a ) Tj ET Q q 0 0 0 rg BT 287.33 251.75 Td (position ) Tj ET Q q 0 0 0 rg BT 321.90 251.75 Td (she ) Tj ET Q q 0 0 0 rg BT 337.57 251.75 Td (has ) Tj ET Q q 0 0 0 rg BT 353.25 251.75 Td (held ) Tj ET Q q 0 0 0 rg BT 372.81 251.75 Td (since ) Tj ET Q q 0 0 0 rg BT 395.70 251.75 Td (January ) Tj ET Q q 0 0 0 rg BT 429.15 251.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 453.99 251.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 471.62 251.75 Td (Esckilsen ) Tj ET Q q 0 0 0 rg BT 512.29 251.75 Td (has ) Tj ET Q q 0 0 0 rg BT 527.97 251.75 Td (been ) Tj ET Q q 0 0 0 rg BT 549.19 251.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.75 Td (global ) Tj ET Q q 0 0 0 rg BT 76.72 239.75 Td (head ) Tj ET Q q 0 0 0 rg BT 97.83 239.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.39 239.75 Td (human ) Tj ET Q q 0 0 0 rg BT 137.83 239.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.71 239.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.38 239.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.04 239.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 231.70 239.75 Td (director ) Tj ET Q q 0 0 0 rg BT 265.03 239.75 Td (since ) Tj ET Q q 0 0 0 rg BT 287.80 239.75 Td (201) Tj ET Q q 0 0 0 rg BT 302.43 239.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 312.16 239.75 Td (She ) Tj ET Q q 0 0 0 rg BT 329.39 239.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 356.61 239.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 379.95 239.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 391.42 239.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 409.75 239.75 Td (in ) Tj ET Q q 0 0 0 rg BT 419.76 239.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 441.99 239.75 Td (as ) Tj ET Q q 0 0 0 rg BT 452.54 239.75 Td (an ) Tj ET Q q 0 0 0 rg BT 464.21 239.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 500.33 239.75 Td (general ) Tj ET Q q 0 0 0 rg BT 531.98 239.75 Td (counsel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 97.55 227.75 Td (for ) Tj ET Q q 0 0 0 rg BT 111.71 227.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 164.20 227.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 196.13 227.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.07 227.75 Td (litigation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 203.75 Td (Frank ) Tj ET Q q 0 0 0 rg BT 77.95 203.75 Td (E. ) Tj ET Q q 0 0 0 rg BT 89.46 203.75 Td (Fairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.14 203.75 Td ( ) Tj ET Q q 0 0 0 rg BT 128.47 203.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.47 203.75 Td (head ) Tj ET Q q 0 0 0 rg BT 158.68 203.75 Td (of ) Tj ET Q q 0 0 0 rg BT 169.34 203.75 Td (our ) Tj ET Q q 0 0 0 rg BT 185.00 203.75 Td (public ) Tj ET Q q 0 0 0 rg BT 212.33 203.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 244.08 203.75 Td (services ) Tj ET Q q 0 0 0 rg BT 278.62 203.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 317.34 203.75 Td (a ) Tj ET Q q 0 0 0 rg BT 324.11 203.75 Td (position ) Tj ET Q q 0 0 0 rg BT 358.67 203.75 Td (he ) Tj ET Q q 0 0 0 rg BT 370.44 203.75 Td (has ) Tj ET Q q 0 0 0 rg BT 386.10 203.75 Td (held ) Tj ET Q q 0 0 0 rg BT 405.65 203.75 Td (since ) Tj ET Q q 0 0 0 rg BT 428.53 203.75 Td (July ) Tj ET Q q 0 0 0 rg BT 447.53 203.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 472.36 203.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 494.70 203.75 Td (to ) Tj ET Q q 0 0 0 rg BT 504.81 203.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 524.63 203.75 Td (he ) Tj ET Q q 0 0 0 rg BT 536.40 203.75 Td (served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.03 191.75 Td (head ) Tj ET Q q 0 0 0 rg BT 83.10 191.75 Td (of ) Tj ET Q q 0 0 0 rg BT 94.63 191.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.05 191.75 Td (firm's ) Tj ET Q q 0 0 0 rg BT 136.16 191.75 Td (public ) Tj ET Q q 0 0 0 rg BT 164.35 191.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 196.97 191.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.05 191.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 279.47 191.75 Td (group ) Tj ET Q q 0 0 0 rg BT 305.99 191.75 Td (from ) Tj ET Q q 0 0 0 rg BT 328.63 191.75 Td (1991 ) Tj ET Q q 0 0 0 rg BT 351.83 191.75 Td (to ) Tj ET Q q 0 0 0 rg BT 362.81 191.75 Td (2005, ) Tj ET Q q 0 0 0 rg BT 388.50 191.75 Td (as ) Tj ET Q q 0 0 0 rg BT 400.03 191.75 Td (well ) Tj ET Q q 0 0 0 rg BT 420.45 191.75 Td (as ) Tj ET Q q 0 0 0 rg BT 431.98 191.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.39 191.75 Td (head ) Tj ET Q q 0 0 0 rg BT 469.47 191.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.99 191.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.41 191.75 Td (firm's ) Tj ET Q q 0 0 0 rg BT 522.52 191.75 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 91.98 179.75 Td (business ) Tj ET Q q 0 0 0 rg BT 128.37 179.75 Td (from ) Tj ET Q q 0 0 0 rg BT 150.31 179.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 172.81 179.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.09 179.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 208.09 179.75 Td (He ) Tj ET Q q 0 0 0 rg BT 222.25 179.75 Td (has ) Tj ET Q q 0 0 0 rg BT 238.08 179.75 Td (been ) Tj ET Q q 0 0 0 rg BT 259.46 179.75 Td (with ) Tj ET Q q 0 0 0 rg BT 279.73 179.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 303.34 179.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 314.82 179.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 333.42 179.75 Td (since ) Tj ET Q q 0 0 0 rg BT 356.47 179.75 Td (1983.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 155.75 Td (John ) Tj ET Q q 0 0 0 rg BT 72.26 155.75 Td (W) Tj ET Q q 0 0 0 rg BT 80.41 155.75 Td (. ) Tj ET Q q 0 0 0 rg BT 84.68 155.75 Td (Geelan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.89 155.75 Td (is ) Tj ET Q q 0 0 0 rg BT 124.32 155.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.42 155.75 Td (general ) Tj ET Q q 0 0 0 rg BT 170.61 155.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 202.93 155.75 Td (and ) Tj ET Q q 0 0 0 rg BT 219.13 155.75 Td (secretary) Tj ET Q q 0 0 0 rg BT 254.57 155.75 Td (. ) Tj ET Q q 0 0 0 rg BT 258.83 155.75 Td (He ) Tj ET Q q 0 0 0 rg BT 272.26 155.75 Td (served ) Tj ET Q q 0 0 0 rg BT 300.13 155.75 Td (as ) Tj ET Q q 0 0 0 rg BT 310.23 155.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 345.88 155.75 Td (general ) Tj ET Q q 0 0 0 rg BT 377.07 155.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 409.39 155.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.59 155.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 461.25 155.75 Td (secretary ) Tj ET Q q 0 0 0 rg BT 499.10 155.75 Td (from ) Tj ET Q q 0 0 0 rg BT 520.30 155.75 Td (November ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.75 Td (2007 ) Tj ET Q q 0 0 0 rg BT 72.00 143.75 Td (until ) Tj ET Q q 0 0 0 rg BT 92.83 143.75 Td (becoming ) Tj ET Q q 0 0 0 rg BT 134.77 143.75 Td (general ) Tj ET Q q 0 0 0 rg BT 166.69 143.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 199.74 143.75 Td (in ) Tj ET Q q 0 0 0 rg BT 210.02 143.75 Td (January ) Tj ET Q q 0 0 0 rg BT 243.62 143.75 Td (2013. ) Tj ET Q q 0 0 0 rg BT 268.62 143.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 280.29 143.75 Td (. ) Tj ET Q q 0 0 0 rg BT 285.29 143.75 Td (Geelan ) Tj ET Q q 0 0 0 rg BT 316.10 143.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 343.60 143.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 367.21 143.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 378.68 143.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 397.28 143.75 Td (in ) Tj ET Q q 0 0 0 rg BT 407.56 143.75 Td (2005.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 119.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 62.09 119.75 Td (f ) Tj ET Q q 0 0 0 rg BT 68.14 119.75 Td (P) Tj ET Q q 0 0 0 rg BT 72.96 119.75 Td (. ) Tj ET Q q 0 0 0 rg BT 78.18 119.75 Td (Klinefelter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.06 119.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.79 119.75 Td (is ) Tj ET Q q 0 0 0 rg BT 134.18 119.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.12 119.75 Td (global ) Tj ET Q q 0 0 0 rg BT 176.83 119.75 Td (head ) Tj ET Q q 0 0 0 rg BT 198.43 119.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.49 119.75 Td (our ) Tj ET Q q 0 0 0 rg BT 225.54 119.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 259.36 119.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 298.48 119.75 Td (a ) Tj ET Q q 0 0 0 rg BT 305.64 119.75 Td (position ) Tj ET Q q 0 0 0 rg BT 340.59 119.75 Td (he ) Tj ET Q q 0 0 0 rg BT 352.75 119.75 Td (has ) Tj ET Q q 0 0 0 rg BT 368.80 119.75 Td (held ) Tj ET Q q 0 0 0 rg BT 388.74 119.75 Td (since ) Tj ET Q q 0 0 0 rg BT 412.01 119.75 Td (July ) Tj ET Q q 0 0 0 rg BT 431.40 119.75 Td (2012. ) Tj ET Q q 0 0 0 rg BT 456.62 119.75 Td (From ) Tj ET Q q 0 0 0 rg BT 481.01 119.75 Td (May ) Tj ET Q q 0 0 0 rg BT 502.07 119.75 Td (2010 ) Tj ET Q q 0 0 0 rg BT 524.79 119.75 Td (until ) Tj ET Q q 0 0 0 rg BT 545.85 119.75 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 74.50 107.75 Td (he ) Tj ET Q q 0 0 0 rg BT 86.44 107.75 Td (served ) Tj ET Q q 0 0 0 rg BT 115.04 107.75 Td (as ) Tj ET Q q 0 0 0 rg BT 125.87 107.75 Td (head ) Tj ET Q q 0 0 0 rg BT 147.24 107.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.07 107.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 185.57 107.75 Td (research. ) Tj ET Q q 0 0 0 rg BT 223.88 107.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 235.54 107.75 Td (. ) Tj ET Q q 0 0 0 rg BT 240.54 107.75 Td (Klinefelter ) Tj ET Q q 0 0 0 rg BT 286.36 107.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 313.85 107.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 337.46 107.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 348.94 107.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 367.54 107.75 Td (in ) Tj ET Q q 0 0 0 rg BT 377.82 107.75 Td (1997 ) Tj ET Q q 0 0 0 rg BT 400.32 107.75 Td (as ) Tj ET Q q 0 0 0 rg BT 411.15 107.75 Td (a ) Tj ET Q q 0 0 0 rg BT 418.08 107.75 Td (research ) Tj ET Q q 0 0 0 rg BT 453.89 107.75 Td (analyst.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 83.75 Td (R. ) Tj ET Q q 0 0 0 rg BT 61.32 83.75 Td (Scott ) Tj ET Q q 0 0 0 rg BT 84.52 83.75 Td (LaRue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.30 83.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.95 83.75 Td (is ) Tj ET Q q 0 0 0 rg BT 124.27 83.75 Td (our ) Tj ET Q q 0 0 0 rg BT 140.25 83.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 174.54 83.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.52 83.75 Td (global ) Tj ET Q q 0 0 0 rg BT 213.17 83.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 259.70 83.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 294.56 83.75 Td (and ) Tj ET Q q 0 0 0 rg BT 311.65 83.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 340.95 83.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 377.75 83.75 Td (a ) Tj ET Q q 0 0 0 rg BT 384.84 83.75 Td (position ) Tj ET Q q 0 0 0 rg BT 419.72 83.75 Td (he ) Tj ET Q q 0 0 0 rg BT 431.80 83.75 Td (has ) Tj ET Q q 0 0 0 rg BT 447.78 83.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.65 83.75 Td (since ) Tj ET Q q 0 0 0 rg BT 490.85 83.75 Td (October ) Tj ET Q q 0 0 0 rg BT 525.70 83.75 Td (2010. ) Tj ET Q q 0 0 0 rg BT 550.85 83.75 Td (He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.75 Td (had ) Tj ET Q q 0 0 0 rg BT 66.32 71.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 110.92 71.75 Td (served ) Tj ET Q q 0 0 0 rg BT 139.40 71.75 Td (as ) Tj ET Q q 0 0 0 rg BT 150.12 71.75 Td (global ) Tj ET Q q 0 0 0 rg BT 177.49 71.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 211.52 71.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.23 71.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 263.49 71.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.76 71.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 344.36 71.75 Td (since ) Tj ET Q q 0 0 0 rg BT 367.29 71.75 Td (February ) Tj ET Q q 0 0 0 rg BT 405.77 71.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 430.65 71.75 Td (after ) Tj ET Q q 0 0 0 rg BT 451.35 71.75 Td (having ) Tj ET Q q 0 0 0 rg BT 480.95 71.75 Td (served ) Tj ET Q q 0 0 0 rg BT 509.43 71.75 Td (as ) Tj ET Q q 0 0 0 rg BT 520.14 71.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 554.17 71.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 90.88 59.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 137.26 59.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 171.98 59.75 Td (since ) Tj ET Q q 0 0 0 rg BT 194.47 59.75 Td (August ) Tj ET Q q 0 0 0 rg BT 225.86 59.75 Td (2004. ) Tj ET Q q 0 0 0 rg BT 250.86 59.75 Td (He ) Tj ET Q q 0 0 0 rg BT 265.02 59.75 Td (has ) Tj ET Q q 0 0 0 rg BT 280.85 59.75 Td (been ) Tj ET Q q 0 0 0 rg BT 302.23 59.75 Td (with ) Tj ET Q q 0 0 0 rg BT 322.51 59.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 346.12 59.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 357.60 59.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 376.19 59.75 Td (since ) Tj ET Q q 0 0 0 rg BT 399.24 59.75 Td (2003.) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 82.05 717.75 Td (L. ) Tj ET Q q 0 0 0 rg BT 92.65 717.75 Td (Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.55 717.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.54 717.75 Td (is ) Tj ET Q q 0 0 0 rg BT 152.21 717.75 Td (our ) Tj ET Q q 0 0 0 rg BT 167.53 717.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 189.51 717.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.48 717.75 Td (of) Tj ET Q q 0 0 0 rg BT 234.63 717.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 252.40 717.75 Td (. ) Tj ET Q q 0 0 0 rg BT 256.89 717.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 274.17 717.75 Td (Schoneman ) Tj ET Q q 0 0 0 rg BT 322.82 717.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 349.80 717.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 372.91 717.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 384.39 717.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 402.48 717.75 Td (in ) Tj ET Q q 0 0 0 rg BT 412.25 717.75 Td (1990 ) Tj ET Q q 0 0 0 rg BT 434.24 717.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.68 717.75 Td (has ) Tj ET Q q 0 0 0 rg BT 466.00 717.75 Td (held ) Tj ET Q q 0 0 0 rg BT 485.21 717.75 Td (her ) Tj ET Q q 0 0 0 rg BT 499.97 717.75 Td (current ) Tj ET Q q 0 0 0 rg BT 530.28 717.75 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.75 Td (since ) Tj ET Q q 0 0 0 rg BT 72.16 705.75 Td (May ) Tj ET Q q 0 0 0 rg BT 92.61 705.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 117.22 705.75 Td (She ) Tj ET Q q 0 0 0 rg BT 134.34 705.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 178.67 705.75 Td (served ) Tj ET Q q 0 0 0 rg BT 206.89 705.75 Td (as ) Tj ET Q q 0 0 0 rg BT 217.33 705.75 Td (treasurer ) Tj ET Q q 0 0 0 rg BT 254.42 705.75 Td (from ) Tj ET Q q 0 0 0 rg BT 275.51 705.75 Td (August ) Tj ET Q q 0 0 0 rg BT 306.52 705.75 Td (2006 ) Tj ET Q q 0 0 0 rg BT 328.63 705.75 Td (until ) Tj ET Q q 0 0 0 rg BT 349.08 705.75 Td (May ) Tj ET Q q 0 0 0 rg BT 369.53 705.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 394.15 705.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 416.26 705.75 Td (to ) Tj ET Q q 0 0 0 rg BT 426.16 705.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 445.77 705.75 Td (she ) Tj ET Q q 0 0 0 rg BT 461.21 705.75 Td (served ) Tj ET Q q 0 0 0 rg BT 489.43 705.75 Td (as ) Tj ET Q q 0 0 0 rg BT 499.87 705.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 531.41 705.75 Td (director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.85 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 77.19 693.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 117.96 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.42 693.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 186.21 693.75 Td (services ) Tj ET Q q 0 0 0 rg BT 221.44 693.75 Td (business ) Tj ET Q q 0 0 0 rg BT 258.35 693.75 Td (from ) Tj ET Q q 0 0 0 rg BT 280.80 693.75 Td (July ) Tj ET Q q 0 0 0 rg BT 300.49 693.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 323.50 693.75 Td (until ) Tj ET Q q 0 0 0 rg BT 344.86 693.75 Td (July ) Tj ET Q q 0 0 0 rg BT 364.54 693.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 387.56 693.75 Td (when ) Tj ET Q q 0 0 0 rg BT 412.24 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 427.47 693.75 Td (role ) Tj ET Q q 0 0 0 rg BT 446.03 693.75 Td (was ) Tj ET Q q 0 0 0 rg BT 464.60 693.75 Td (expanded ) Tj ET Q q 0 0 0 rg BT 505.93 693.75 Td (to ) Tj ET Q q 0 0 0 rg BT 516.73 693.75 Td (include ) Tj ET Q q 0 0 0 rg BT 549.18 693.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (public ) Tj ET Q q 0 0 0 rg BT 77.00 681.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 108.92 681.75 Td (services ) Tj ET Q q 0 0 0 rg BT 143.63 681.75 Td (division.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (Thomas ) Tj ET Q q 0 0 0 rg BT 84.94 657.75 Td (G. ) Tj ET Q q 0 0 0 rg BT 96.76 657.75 Td (Smith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.22 657.75 Td ( ) Tj ET Q q 0 0 0 rg BT 123.32 657.75 Td (is ) Tj ET Q q 0 0 0 rg BT 132.09 657.75 Td (our ) Tj ET Q q 0 0 0 rg BT 147.52 657.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 169.60 657.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 203.36 657.75 Td (of) Tj ET Q q 0 0 0 rg BT 211.51 657.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 229.42 657.75 Td (, ) Tj ET Q q 0 0 0 rg BT 234.02 657.75 Td (a ) Tj ET Q q 0 0 0 rg BT 240.56 657.75 Td (position ) Tj ET Q q 0 0 0 rg BT 274.89 657.75 Td (he ) Tj ET Q q 0 0 0 rg BT 286.42 657.75 Td (has ) Tj ET Q q 0 0 0 rg BT 301.85 657.75 Td (held ) Tj ET Q q 0 0 0 rg BT 321.17 657.75 Td (since ) Tj ET Q q 0 0 0 rg BT 343.82 657.75 Td (January ) Tj ET Q q 0 0 0 rg BT 377.01 657.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 399.11 657.75 Td (,which ) Tj ET Q q 0 0 0 rg BT 428.15 657.75 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 482.46 657.75 Td (his ) Tj ET Q q 0 0 0 rg BT 496.23 657.75 Td (roles ) Tj ET Q q 0 0 0 rg BT 517.77 657.75 Td (as ) Tj ET Q q 0 0 0 rg BT 528.20 657.75 Td (our ) Tj ET Q q 0 0 0 rg BT 543.63 657.75 Td (head ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 59.60 645.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 90.61 645.75 Td (, ) Tj ET Q q 0 0 0 rg BT 94.89 645.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 134.41 645.75 Td (development, ) Tj ET Q q 0 0 0 rg BT 190.34 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 206.55 645.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 240.54 645.75 Td (relations. ) Tj ET Q q 0 0 0 rg BT 279.25 645.75 Td (He ) Tj ET Q q 0 0 0 rg BT 292.69 645.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 319.46 645.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 342.34 645.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 353.82 645.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 371.69 645.75 Td (in ) Tj ET Q q 0 0 0 rg BT 381.25 645.75 Td (1998 ) Tj ET Q q 0 0 0 rg BT 403.02 645.75 Td (as ) Tj ET Q q 0 0 0 rg BT 413.13 645.75 Td (a ) Tj ET Q q 0 0 0 rg BT 419.34 645.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 460.55 645.75 Td (director ) Tj ET Q q 0 0 0 rg BT 493.42 645.75 Td (in ) Tj ET Q q 0 0 0 rg BT 502.97 645.75 Td (our ) Tj ET Q q 0 0 0 rg BT 518.08 645.75 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.88 633.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 130.60 633.75 Td (group. ) Tj ET Q q 0 0 0 rg BT 158.93 633.75 Td (He ) Tj ET Q q 0 0 0 rg BT 173.09 633.75 Td (became ) Tj ET Q q 0 0 0 rg BT 206.12 633.75 Td (head ) Tj ET Q q 0 0 0 rg BT 227.50 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 238.33 633.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 278.58 633.75 Td (development ) Tj ET Q q 0 0 0 rg BT 332.73 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 343.01 633.75 Td (2006 ) Tj ET Q q 0 0 0 rg BT 365.51 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.45 633.75 Td (head ) Tj ET Q q 0 0 0 rg BT 403.83 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.66 633.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 449.37 633.75 Td (relations ) Tj ET Q q 0 0 0 rg BT 486.31 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 496.58 633.75 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (M. ) Tj ET Q q 0 0 0 rg BT 64.26 609.75 Td (Brad ) Tj ET Q q 0 0 0 rg BT 87.96 609.75 Td (W) Tj ET Q q 0 0 0 rg BT 96.48 609.75 Td (inges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.15 609.75 Td ( ) Tj ET Q q 0 0 0 rg BT 121.52 609.75 Td (is ) Tj ET Q q 0 0 0 rg BT 131.56 609.75 Td (head ) Tj ET Q q 0 0 0 rg BT 153.81 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 165.51 609.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 189.43 609.75 Td (income ) Tj ET Q q 0 0 0 rg BT 222.24 609.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 260.32 609.75 Td (a ) Tj ET Q q 0 0 0 rg BT 268.13 609.75 Td (position ) Tj ET Q q 0 0 0 rg BT 303.73 609.75 Td (he ) Tj ET Q q 0 0 0 rg BT 316.54 609.75 Td (has ) Tj ET Q q 0 0 0 rg BT 333.25 609.75 Td (held ) Tj ET Q q 0 0 0 rg BT 353.84 609.75 Td (since ) Tj ET Q q 0 0 0 rg BT 377.76 609.75 Td (January ) Tj ET Q q 0 0 0 rg BT 412.23 609.75 Td (2009, ) Tj ET Q q 0 0 0 rg BT 438.10 609.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.91 609.75 Td (head ) Tj ET Q q 0 0 0 rg BT 478.16 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 489.87 609.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 514.35 609.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 525.83 609.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 545.30 609.75 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.69 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.55 597.75 Td (trading, ) Tj ET Q q 0 0 0 rg BT 149.79 597.75 Td (a ) Tj ET Q q 0 0 0 rg BT 156.64 597.75 Td (position ) Tj ET Q q 0 0 0 rg BT 191.29 597.75 Td (he ) Tj ET Q q 0 0 0 rg BT 203.14 597.75 Td (has ) Tj ET Q q 0 0 0 rg BT 218.89 597.75 Td (held ) Tj ET Q q 0 0 0 rg BT 238.52 597.75 Td (since ) Tj ET Q q 0 0 0 rg BT 261.49 597.75 Td (February ) Tj ET Q q 0 0 0 rg BT 300.00 597.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 324.92 597.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 336.59 597.75 Td (.) Tj ET Q q 0 0 0 rg BT 341.41 597.75 Td (W) Tj ET Q q 0 0 0 rg BT 350.45 597.75 Td (inges ) Tj ET Q q 0 0 0 rg BT 373.97 597.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 401.38 597.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 424.91 597.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 436.39 597.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 454.91 597.75 Td (in ) Tj ET Q q 0 0 0 rg BT 465.10 597.75 Td (1991 ) Tj ET Q q 0 0 0 rg BT 487.52 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 504.37 597.75 Td (served ) Tj ET Q q 0 0 0 rg BT 532.89 597.75 Td (as ) Tj ET Q q 0 0 0 rg BT 543.64 597.75 Td (head ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.14 585.75 Td (public ) Tj ET Q q 0 0 0 rg BT 87.45 585.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 119.19 585.75 Td (services ) Tj ET Q q 0 0 0 rg BT 153.71 585.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 175.47 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.22 585.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 222.86 585.75 Td (from ) Tj ET Q q 0 0 0 rg BT 244.61 585.75 Td (June ) Tj ET Q q 0 0 0 rg BT 265.26 585.75 Td (2005 ) Tj ET Q q 0 0 0 rg BT 287.57 585.75 Td (until ) Tj ET Q q 0 0 0 rg BT 308.22 585.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 348.31 585.75 Td (his ) Tj ET Q q 0 0 0 rg BT 362.29 585.75 Td (current ) Tj ET Q q 0 0 0 rg BT 392.92 585.75 Td (position. ) Tj ET Q q 0 0 0 rg BT 429.96 585.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 452.28 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 462.37 585.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 482.18 585.75 Td (he ) Tj ET Q q 0 0 0 rg BT 493.93 585.75 Td (served ) Tj ET Q q 0 0 0 rg BT 522.35 585.75 Td (as ) Tj ET Q q 0 0 0 rg BT 532.99 585.75 Td (head ) Tj ET Q q 0 0 0 rg BT 554.18 585.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 91.99 573.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 113.93 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 130.87 573.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 161.69 573.75 Td (from ) Tj ET Q q 0 0 0 rg BT 183.63 573.75 Td (June ) Tj ET Q q 0 0 0 rg BT 204.46 573.75 Td (2003 ) Tj ET Q q 0 0 0 rg BT 226.96 573.75 Td (until ) Tj ET Q q 0 0 0 rg BT 247.80 573.75 Td (June ) Tj ET Q q 0 0 0 rg BT 268.63 573.75 Td (2005.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (Additional Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.42 525.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 107.33 525.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 149.00 525.75 Td (of) Tj ET Q q 0 0 0 rg BT 157.15 525.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 179.39 525.75 Td (are ) Tj ET Q q 0 0 0 rg BT 194.97 525.75 Td (located ) Tj ET Q q 0 0 0 rg BT 227.20 525.75 Td (at ) Tj ET Q q 0 0 0 rg BT 237.79 525.75 Td (800 ) Tj ET Q q 0 0 0 rg BT 256.15 525.75 Td (Nicollet ) Tj ET Q q 0 0 0 rg BT 291.73 525.75 Td (Mall, ) Tj ET Q q 0 0 0 rg BT 316.48 525.75 Td (Suite ) Tj ET Q q 0 0 0 rg BT 340.40 525.75 Td (1000, ) Tj ET Q q 0 0 0 rg BT 366.27 525.75 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 422.13 525.75 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 467.71 525.75 Td (55402, ) Tj ET Q q 0 0 0 rg BT 498.58 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.38 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 533.08 525.75 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (telephone ) Tj ET Q q 0 0 0 rg BT 90.30 513.75 Td (number ) Tj ET Q q 0 0 0 rg BT 122.77 513.75 Td (is ) Tj ET Q q 0 0 0 rg BT 131.36 513.75 Td (\(612\)303-6000. ) Tj ET Q q 0 0 0 rg BT 198.14 513.75 Td (W) Tj ET Q q 0 0 0 rg BT 206.78 513.75 Td (e ) Tj ET Q q 0 0 0 rg BT 213.14 513.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 250.06 513.75 Td (an ) Tj ET Q q 0 0 0 rg BT 261.42 513.75 Td (Internet ) Tj ET Q q 0 0 0 rg BT 294.30 513.75 Td (W) Tj ET Q q 0 0 0 rg BT 302.94 513.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 314.30 513.75 Td (site ) Tj ET Q q 0 0 0 rg BT 330.12 513.75 Td (at ) Tj ET Q q 0 0 0 rg BT 339.26 513.75 Td (http://www) Tj ET Q q 0 0 0 rg BT 384.16 513.75 Td (.piperjaf) Tj ET Q q 0 0 0 rg BT 417.58 513.75 Td (fray) Tj ET Q q 0 0 0 rg BT 433.03 513.75 Td (.com. ) Tj ET Q q 0 0 0 rg BT 457.03 513.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.50 513.75 Td (information ) Tj ET Q q 0 0 0 rg BT 523.64 513.75 Td (contained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.72 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 78.37 501.75 Td (connected ) Tj ET Q q 0 0 0 rg BT 121.12 501.75 Td (to ) Tj ET Q q 0 0 0 rg BT 131.12 501.75 Td (our ) Tj ET Q q 0 0 0 rg BT 146.50 501.75 Td (W) Tj ET Q q 0 0 0 rg BT 155.14 501.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 166.80 501.75 Td (site ) Tj ET Q q 0 0 0 rg BT 182.90 501.75 Td (is ) Tj ET Q q 0 0 0 rg BT 191.79 501.75 Td (not ) Tj ET Q q 0 0 0 rg BT 206.78 501.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 259.53 501.75 Td (into ) Tj ET Q q 0 0 0 rg BT 277.30 501.75 Td (this ) Tj ET Q q 0 0 0 rg BT 293.97 501.75 Td (report. ) Tj ET Q q 0 0 0 rg BT 322.40 501.75 Td (W) Tj ET Q q 0 0 0 rg BT 331.04 501.75 Td (e ) Tj ET Q q 0 0 0 rg BT 337.70 501.75 Td (make ) Tj ET Q q 0 0 0 rg BT 361.57 501.75 Td (available ) Tj ET Q q 0 0 0 rg BT 399.87 501.75 Td (free ) Tj ET Q q 0 0 0 rg BT 417.63 501.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.17 501.75 Td (char) Tj ET Q q 0 0 0 rg BT 445.20 501.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 456.86 501.75 Td (on ) Tj ET Q q 0 0 0 rg BT 469.07 501.75 Td (or ) Tj ET Q q 0 0 0 rg BT 479.62 501.75 Td (through ) Tj ET Q q 0 0 0 rg BT 512.94 501.75 Td (our ) Tj ET Q q 0 0 0 rg BT 528.33 501.75 Td (W) Tj ET Q q 0 0 0 rg BT 536.97 501.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 548.62 501.75 Td (site ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (our ) Tj ET Q q 0 0 0 rg BT 64.86 489.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 93.55 489.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 123.35 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 135.38 489.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 159.08 489.75 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 184.16 489.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 222.29 489.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 252.09 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 264.12 489.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 287.82 489.75 Td (10-Q, ) Tj ET Q q 0 0 0 rg BT 312.90 489.75 Td (current ) Tj ET Q q 0 0 0 rg BT 343.25 489.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 373.05 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 385.08 489.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 408.78 489.75 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 428.87 489.75 Td (amendments ) Tj ET Q q 0 0 0 rg BT 481.44 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 491.25 489.75 Td (those ) Tj ET Q q 0 0 0 rg BT 514.39 489.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 544.19 489.75 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.32 477.75 Td (furnished ) Tj ET Q q 0 0 0 rg BT 100.58 477.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 137.51 477.75 Td (to ) Tj ET Q q 0 0 0 rg BT 147.78 477.75 Td (Section13\(a\) ) Tj ET Q q 0 0 0 rg BT 203.87 477.75 Td (or ) Tj ET Q q 0 0 0 rg BT 214.69 477.75 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 238.84 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.66 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 264.37 477.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 306.30 477.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 347.66 477.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 364.59 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 375.41 477.75 Td (1934, ) Tj ET Q q 0 0 0 rg BT 400.41 477.75 Td (as ) Tj ET Q q 0 0 0 rg BT 411.23 477.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 452.31 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 469.24 477.75 Td (all ) Tj ET Q q 0 0 0 rg BT 481.73 477.75 Td (other ) Tj ET Q q 0 0 0 rg BT 504.77 477.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 535.03 477.75 Td (we ) Tj ET Q q 0 0 0 rg BT 549.18 477.75 Td (file ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (with ) Tj ET Q q 0 0 0 rg BT 69.56 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 84.06 465.75 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 107.19 465.75 Td (as ) Tj ET Q q 0 0 0 rg BT 117.80 465.75 Td (soon ) Tj ET Q q 0 0 0 rg BT 138.98 465.75 Td (as ) Tj ET Q q 0 0 0 rg BT 149.59 465.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 195.19 465.75 Td (practicable ) Tj ET Q q 0 0 0 rg BT 241.33 465.75 Td (after ) Tj ET Q q 0 0 0 rg BT 261.93 465.75 Td (we ) Tj ET Q q 0 0 0 rg BT 275.88 465.75 Td (electronically ) Tj ET Q q 0 0 0 rg BT 332.58 465.75 Td (file ) Tj ET Q q 0 0 0 rg BT 348.18 465.75 Td (these ) Tj ET Q q 0 0 0 rg BT 371.02 465.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 401.07 465.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 423.63 465.75 Td (or ) Tj ET Q q 0 0 0 rg BT 434.25 465.75 Td (furnish ) Tj ET Q q 0 0 0 rg BT 464.86 465.75 Td (them ) Tj ET Q q 0 0 0 rg BT 487.14 465.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 499.70 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 514.20 465.75 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 537.33 465.75 Td ("Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 60.98 453.75 Td (fray) Tj ET Q q 0 0 0 rg BT 76.43 453.75 Td (," ) Tj ET Q q 0 0 0 rg BT 84.83 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.86 453.75 Td ("Company) Tj ET Q q 0 0 0 rg BT 141.18 453.75 Td (," ) Tj ET Q q 0 0 0 rg BT 149.58 453.75 Td ("registrant," ) Tj ET Q q 0 0 0 rg BT 199.83 453.75 Td ("we," ) Tj ET Q q 0 0 0 rg BT 223.97 453.75 Td ("us" 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ET Q q 0 0 0 rg BT 188.94 429.75 Td (Y) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 196.16 434.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.10 429.75 Td (, ) Tj ET Q q 0 0 0 rg BT 206.16 429.75 Td (REALIZE ) Tj ET Q q 0 0 0 rg BT 250.20 429.75 Td (THE ) Tj ET Q q 0 0 0 rg BT 272.20 429.75 Td (POWER ) Tj ET Q q 0 0 0 rg BT 309.77 429.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 325.12 429.75 Td (P) Tj ET Q q 0 0 0 rg BT 329.76 429.75 Td (AR) Tj ET Q q 0 0 0 rg BT 343.05 429.75 Td (TNERSHIP) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 390.83 434.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.77 429.75 Td (, ) Tj ET Q q 0 0 0 rg BT 400.27 429.75 Td (ADVISOR) Tj ET Q q 0 0 0 rg BT 444.17 429.75 Td (Y) Tj ET Q q 0 0 0 rg BT 451.02 429.75 Td ( ) Tj ET Q q 0 0 0 rg BT 453.58 429.75 Td (RESEARCH) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 505.82 434.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.75 429.75 Td (, ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (ITEM1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.89 381.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 131.18 381.75 Td (F) Tj ET Q q 0 0 0 rg BT 136.94 381.75 Td (ACT) Tj ET Q q 0 0 0 rg BT 156.20 381.75 Td (ORS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.46 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.32 357.75 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.27 357.75 Td (course ) Tj ET Q q 0 0 0 rg BT 135.01 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 145.97 357.75 Td (our ) Tj ET Q q 0 0 0 rg BT 161.94 357.75 Td (business ) Tj ET Q q 0 0 0 rg BT 198.46 357.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 239.70 357.75 Td (we ) Tj ET Q q 0 0 0 rg BT 253.99 357.75 Td (are ) Tj ET Q q 0 0 0 rg BT 268.83 357.75 Td (exposed ) Tj ET Q q 0 0 0 rg BT 304.23 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 314.65 357.75 Td (a ) Tj ET Q q 0 0 0 rg BT 321.72 357.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 352.12 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 363.08 357.75 Td (risks. ) Tj ET Q q 0 0 0 rg BT 386.92 357.75 Td (The ) Tj ET Q q 0 0 0 rg BT 405.10 357.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 443.27 357.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 464.80 357.75 Td (we ) Tj ET Q q 0 0 0 rg BT 479.09 357.75 Td (face ) Tj ET Q q 0 0 0 rg BT 498.37 357.75 Td (in ) Tj ET Q q 0 0 0 rg BT 508.79 357.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 549.19 357.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (business ) Tj ET Q q 0 0 0 rg BT 86.52 345.75 Td (include: ) Tj ET Q q 0 0 0 rg BT 121.85 345.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 158.85 345.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 183.36 345.75 Td (market ) Tj ET Q q 0 0 0 rg BT 214.25 345.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 238.77 345.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 275.78 345.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 300.30 345.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 326.19 345.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 350.70 345.75 Td (human ) Tj ET Q q 0 0 0 rg BT 381.04 345.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 410.82 345.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 435.33 345.75 Td (operational ) Tj ET Q q 0 0 0 rg BT 483.44 345.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 507.95 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 525.51 345.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 548.07 345.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.04 333.75 Td (risks. ) Tj ET Q q 0 0 0 rg BT 116.35 333.75 Td (A) Tj ET Q q 0 0 0 rg BT 123.02 333.75 Td ( ) Tj ET Q q 0 0 0 rg BT 125.47 333.75 Td (full ) Tj ET Q q 0 0 0 rg BT 141.81 333.75 Td (description ) Tj ET Q q 0 0 0 rg BT 188.69 333.75 Td (of ) Tj ET Q q 0 0 0 rg BT 199.47 333.75 Td (each ) Tj ET Q q 0 0 0 rg BT 220.24 333.75 Td (of ) Tj ET Q q 0 0 0 rg BT 231.02 333.75 Td (these ) Tj ET Q q 0 0 0 rg BT 254.02 333.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 292.01 333.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 315.00 333.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.78 333.75 Td (risk, ) Tj ET Q q 0 0 0 rg BT 345.73 333.75 Td (as ) Tj ET Q q 0 0 0 rg BT 356.51 333.75 Td (well ) Tj ET Q q 0 0 0 rg BT 376.18 333.75 Td (as ) Tj ET Q q 0 0 0 rg BT 386.96 333.75 Td (the ) Tj ET Q q 0 0 0 rg BT 401.63 333.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 435.74 333.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 453.19 333.75 Td (management ) Tj ET Q q 0 0 0 rg BT 506.73 333.75 Td (processes ) Tj ET Q q 0 0 0 rg BT 547.50 333.75 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (we ) Tj ET Q q 0 0 0 rg BT 63.14 321.75 Td (use ) Tj ET Q q 0 0 0 rg BT 78.46 321.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.22 321.75 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 122.97 321.75 Td (our ) Tj ET Q q 0 0 0 rg BT 138.29 321.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 155.27 321.75 Td (exposure ) Tj ET Q q 0 0 0 rg BT 193.35 321.75 Td (in ) Tj ET Q q 0 0 0 rg BT 203.12 321.75 Td (each, ) Tj ET Q q 0 0 0 rg BT 225.91 321.75 Td (is ) Tj ET Q q 0 0 0 rg BT 234.57 321.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 274.88 321.75 Td (below ) Tj ET Q q 0 0 0 rg BT 301.30 321.75 Td (under ) Tj ET Q q 0 0 0 rg BT 326.06 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.26 321.75 Td (caption ) Tj ET Q q 0 0 0 rg BT 371.68 321.75 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 396.08 321.75 Td (Management" ) Tj ET Q q 0 0 0 rg BT 454.35 321.75 Td (included ) Tj ET Q q 0 0 0 rg BT 490.77 321.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.53 321.75 Td ("Management's ) Tj ET Q q 0 0 0 rg BT 565.01 321.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 95.89 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 112.28 309.75 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 149.78 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.61 309.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 200.32 309.75 Td (Condition ) Tj ET Q q 0 0 0 rg BT 242.83 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 259.76 309.75 Td (Results ) Tj ET Q q 0 0 0 rg BT 291.71 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.54 309.75 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 353.00 309.75 Td (in ) Tj ET Q q 0 0 0 rg BT 363.28 309.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 381.89 309.75 Td (II, ) Tj ET Q q 0 0 0 rg BT 393.55 309.75 Td (Item ) Tj ET Q q 0 0 0 rg BT 414.37 309.75 Td (7 ) Tj ET Q q 0 0 0 rg BT 421.87 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 432.70 309.75 Td (this ) Tj ET Q q 0 0 0 rg BT 449.65 309.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 473.82 309.75 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.78 285.75 Td (following ) Tj ET Q q 0 0 0 rg BT 107.40 285.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 150.81 285.75 Td (sets ) Tj ET Q q 0 0 0 rg BT 167.54 285.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 188.72 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.67 285.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 219.40 285.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 248.34 285.75 Td (that ) Tj ET Q q 0 0 0 rg BT 265.07 285.75 Td (we ) Tj ET Q q 0 0 0 rg BT 278.47 285.75 Td (have ) Tj ET Q q 0 0 0 rg BT 299.08 285.75 Td (identified ) Tj ET Q q 0 0 0 rg BT 339.14 285.75 Td (in ) Tj ET Q q 0 0 0 rg BT 348.65 285.75 Td (each ) Tj ET Q q 0 0 0 rg BT 368.70 285.75 Td (area ) Tj ET Q q 0 0 0 rg BT 387.08 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 397.15 285.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 434.42 285.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 451.16 285.75 Td (as ) Tj ET Q q 0 0 0 rg BT 461.22 285.75 Td (being ) Tj ET Q q 0 0 0 rg BT 485.17 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 499.13 285.75 Td (most ) Tj ET Q q 0 0 0 rg BT 520.31 285.75 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.18 273.75 Td (our ) Tj ET Q q 0 0 0 rg BT 74.40 273.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 112.69 273.75 Td (future ) Tj ET Q q 0 0 0 rg BT 138.46 273.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 175.34 273.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 217.51 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 233.85 273.75 Td (results ) Tj ET Q q 0 0 0 rg BT 261.85 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 272.08 273.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 317.71 273.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 357.39 273.75 Td (we ) Tj ET Q q 0 0 0 rg BT 370.95 273.75 Td (discuss ) Tj ET Q q 0 0 0 rg BT 401.74 273.75 Td (these ) Tj ET Q q 0 0 0 rg BT 424.18 273.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 441.08 273.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 470.18 273.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 509.29 273.75 Td (in ) Tj ET Q q 0 0 0 rg BT 518.96 273.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.08 273.75 Td (context ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.15 261.75 Td (their ) Tj ET Q q 0 0 0 rg BT 80.79 261.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 118.10 261.75 Td (ef) Tj ET Q q 0 0 0 rg BT 125.69 261.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 146.89 261.75 Td (on ) Tj ET Q q 0 0 0 rg BT 159.21 261.75 Td (our ) Tj ET Q q 0 0 0 rg BT 174.86 261.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 213.57 261.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.87 261.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 290.96 261.75 Td (or ) Tj ET Q q 0 0 0 rg BT 301.61 261.75 Td (results ) Tj ET Q q 0 0 0 rg BT 330.04 261.75 Td (of ) Tj ET Q q 0 0 0 rg BT 340.69 261.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 387.16 261.75 Td (you ) Tj ET Q q 0 0 0 rg BT 404.48 261.75 Td (should ) Tj ET Q q 0 0 0 rg BT 433.47 261.75 Td (understand ) Tj ET Q q 0 0 0 rg BT 479.67 261.75 Td (that ) Tj ET Q q 0 0 0 rg BT 496.98 261.75 Td (these ) Tj ET Q q 0 0 0 rg BT 519.85 261.75 Td (ef) Tj ET Q q 0 0 0 rg BT 527.43 261.75 Td (fects ) Tj ET Q q 0 0 0 rg BT 548.63 261.75 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (have ) Tj ET Q q 0 0 0 rg BT 69.99 249.75 Td (further ) Tj ET Q q 0 0 0 rg BT 98.81 249.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 134.30 249.75 Td (implications ) Tj ET Q q 0 0 0 rg BT 185.36 249.75 Td (such ) Tj ET Q q 0 0 0 rg BT 205.30 249.75 Td (as: ) Tj ET Q q 0 0 0 rg BT 218.02 249.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 254.63 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 268.46 249.75 Td (price ) Tj ET Q q 0 0 0 rg BT 290.06 249.75 Td (of ) Tj ET Q q 0 0 0 rg BT 300.00 249.75 Td (our ) Tj ET Q q 0 0 0 rg BT 314.95 249.75 Td (common ) Tj ET Q q 0 0 0 rg BT 351.56 249.75 Td (stock; ) Tj ET Q q 0 0 0 rg BT 377.06 249.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 413.66 249.75 Td (our ) Tj ET Q q 0 0 0 rg BT 428.61 249.75 Td (capital, ) Tj ET Q q 0 0 0 rg BT 459.37 249.75 Td (which ) Tj ET Q q 0 0 0 rg BT 485.43 249.75 Td (can ) Tj ET Q q 0 0 0 rg BT 500.92 249.75 Td (have ) Tj ET Q q 0 0 0 rg BT 521.41 249.75 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 237.75 Td (other ) Tj ET Q q 0 0 0 rg BT 90.45 237.75 Td (consequences; ) Tj ET Q q 0 0 0 rg BT 151.18 237.75 Td (af) Tj ET Q q 0 0 0 rg BT 158.77 237.75 Td (fecting ) Tj ET Q q 0 0 0 rg BT 189.51 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 204.71 237.75 Td (confidence ) Tj ET Q q 0 0 0 rg BT 251.56 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 269.53 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 285.84 237.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 314.93 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.35 237.75 Td (other ) Tj ET Q q 0 0 0 rg BT 355.87 237.75 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 415.50 237.75 Td (have ) Tj ET Q q 0 0 0 rg BT 437.35 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 448.11 237.75 Td (us, ) Tj ET Q q 0 0 0 rg BT 462.49 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 483.25 237.75 Td (a ) Tj ET Q q 0 0 0 rg BT 490.66 237.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 528.64 237.75 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 225.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 74.90 225.75 Td (on ) Tj ET Q q 0 0 0 rg BT 87.72 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 103.87 225.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 132.24 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.84 225.75 Td (conduct ) Tj ET Q q 0 0 0 rg BT 177.32 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.58 225.75 Td (grow ) Tj ET Q q 0 0 0 rg BT 217.96 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 234.11 225.75 Td (business; ) Tj ET Q q 0 0 0 rg BT 273.60 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.86 225.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 328.67 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.71 225.75 Td (attractiveness ) Tj ET Q q 0 0 0 rg BT 400.95 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 412.10 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 428.25 225.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.84 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 479.44 225.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 517.25 225.75 Td (purchasers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (which ) Tj ET Q q 0 0 0 rg BT 75.99 213.75 Td (may ) Tj ET Q q 0 0 0 rg BT 95.27 213.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 135.64 213.75 Td (af) Tj ET Q q 0 0 0 rg BT 143.23 213.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 160.27 213.75 Td (our ) Tj ET Q q 0 0 0 rg BT 175.65 213.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 203.26 213.75 Td (to ) Tj ET Q q 0 0 0 rg BT 213.09 213.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 234.03 213.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 262.73 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 279.23 213.75 Td (secure ) Tj ET Q q 0 0 0 rg BT 306.82 213.75 Td (other ) Tj ET Q q 0 0 0 rg BT 329.42 213.75 Td (funding ) Tj ET Q q 0 0 0 rg BT 362.59 213.75 Td (or ) Tj ET Q q 0 0 0 rg BT 372.97 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.24 213.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 413.18 213.75 Td (at ) Tj ET Q q 0 0 0 rg BT 422.45 213.75 Td (which ) Tj ET Q q 0 0 0 rg BT 448.94 213.75 Td (we ) Tj ET Q q 0 0 0 rg BT 462.66 213.75 Td (are ) Tj ET Q q 0 0 0 rg BT 476.92 213.75 Td (able ) Tj ET Q q 0 0 0 rg BT 495.63 213.75 Td (to ) Tj ET Q q 0 0 0 rg BT 505.47 213.75 Td (do ) Tj ET Q q 0 0 0 rg BT 517.52 213.75 Td (so. ) Tj ET Q q 0 0 0 rg BT 530.97 213.75 Td (Further) Tj ET Q q 0 0 0 rg BT 560.01 213.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.93 201.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 113.25 201.75 Td (beyond ) Tj ET Q q 0 0 0 rg BT 145.13 201.75 Td (those ) Tj ET Q q 0 0 0 rg BT 168.67 201.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 209.44 201.75 Td (below ) Tj ET Q q 0 0 0 rg BT 236.32 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 253.19 201.75 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 295.60 201.75 Td (in ) Tj ET Q q 0 0 0 rg BT 305.82 201.75 Td (this ) Tj ET Q q 0 0 0 rg BT 322.70 201.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 346.81 201.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 369.80 201.75 Td (or ) Tj ET Q q 0 0 0 rg BT 380.56 201.75 Td (in ) Tj ET Q q 0 0 0 rg BT 390.78 201.75 Td (other ) Tj ET Q q 0 0 0 rg BT 413.76 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 424.53 201.75 Td (our ) Tj ET Q q 0 0 0 rg BT 440.30 201.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 470.50 201.75 Td (filed ) Tj ET Q q 0 0 0 rg BT 491.26 201.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 513.98 201.75 Td (or ) Tj ET Q q 0 0 0 rg BT 524.74 201.75 Td (furnished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 62.32 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 77.09 189.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 97.97 189.75 Td (could ) Tj ET Q q 0 0 0 rg BT 122.74 189.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 163.60 189.75 Td (af) Tj ET Q q 0 0 0 rg BT 171.19 189.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 188.72 189.75 Td (us. ) Tj ET Q q 0 0 0 rg BT 202.47 189.75 Td (W) Tj ET Q q 0 0 0 rg BT 211.11 189.75 Td (e ) Tj ET Q q 0 0 0 rg BT 218.10 189.75 Td (cannot ) Tj ET Q q 0 0 0 rg BT 247.30 189.75 Td (assure ) Tj ET Q q 0 0 0 rg BT 274.83 189.75 Td (you ) Tj ET Q q 0 0 0 rg BT 292.38 189.75 Td (that ) Tj ET Q q 0 0 0 rg BT 309.92 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 324.68 189.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 342.23 189.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 371.98 189.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 399.52 189.75 Td (or ) Tj ET Q q 0 0 0 rg BT 410.39 189.75 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 452.91 189.75 Td (in ) Tj ET Q q 0 0 0 rg BT 463.24 189.75 Td (our ) Tj ET Q q 0 0 0 rg BT 479.12 189.75 Td (other ) Tj ET Q q 0 0 0 rg BT 502.21 189.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 532.52 189.75 Td (address ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (all ) Tj ET Q q 0 0 0 rg BT 62.00 177.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 99.49 177.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 120.88 177.75 Td (that ) Tj ET Q q 0 0 0 rg BT 138.37 177.75 Td (we ) Tj ET Q q 0 0 0 rg BT 152.53 177.75 Td (may ) Tj ET Q q 0 0 0 rg BT 172.25 177.75 Td (face.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (These ) Tj ET Q q 0 0 0 rg BT 75.68 153.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 92.99 153.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 122.51 153.75 Td (also ) Tj ET Q q 0 0 0 rg BT 140.92 153.75 Td (serve ) Tj ET Q q 0 0 0 rg BT 164.33 153.75 Td (to ) Tj ET Q q 0 0 0 rg BT 174.41 153.75 Td (describe ) Tj ET Q q 0 0 0 rg BT 210.03 153.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 239.55 153.75 Td (which ) Tj ET Q q 0 0 0 rg BT 266.29 153.75 Td (may ) Tj ET Q q 0 0 0 rg BT 285.82 153.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 310.33 153.75 Td (our ) Tj ET Q q 0 0 0 rg BT 325.97 153.75 Td (results ) Tj ET Q q 0 0 0 rg BT 354.39 153.75 Td (to ) Tj ET Q q 0 0 0 rg BT 364.47 153.75 Td (dif) Tj ET Q q 0 0 0 rg BT 375.40 153.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 388.80 153.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 431.65 153.75 Td (from ) Tj ET Q q 0 0 0 rg BT 453.39 153.75 Td (those ) Tj ET Q q 0 0 0 rg BT 476.81 153.75 Td (described ) Tj ET Q q 0 0 0 rg BT 517.43 153.75 Td (in ) Tj ET Q q 0 0 0 rg BT 527.52 153.75 Td (forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (looking ) Tj ET Q q 0 0 0 rg BT 81.70 141.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 125.55 141.75 Td (included ) Tj ET Q q 0 0 0 rg BT 161.63 141.75 Td (in ) Tj ET Q q 0 0 0 rg BT 171.05 141.75 Td (this ) Tj ET Q q 0 0 0 rg BT 187.14 141.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 210.45 141.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 232.65 141.75 Td (or ) Tj ET Q q 0 0 0 rg BT 242.62 141.75 Td (in ) Tj ET Q q 0 0 0 rg BT 252.04 141.75 Td (other ) Tj ET Q q 0 0 0 rg BT 274.23 141.75 Td (documents ) Tj ET Q q 0 0 0 rg BT 319.19 141.75 Td (or ) Tj ET Q q 0 0 0 rg BT 329.17 141.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 373.02 141.75 Td (that ) Tj ET Q q 0 0 0 rg BT 389.66 141.75 Td (make ) Tj ET Q q 0 0 0 rg BT 412.95 141.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 451.78 141.75 Td (to ) Tj ET Q q 0 0 0 rg BT 461.20 141.75 Td (this ) Tj ET Q q 0 0 0 rg BT 477.29 141.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 500.60 141.75 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 525.30 141.75 Td (Forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (looking ) Tj ET Q q 0 0 0 rg BT 83.45 129.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 129.05 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.88 129.75 Td (other ) Tj ET Q q 0 0 0 rg BT 170.81 129.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 201.41 129.75 Td (that ) Tj ET Q q 0 0 0 rg BT 219.80 129.75 Td (may ) Tj ET Q q 0 0 0 rg BT 240.40 129.75 Td (af) Tj ET Q q 0 0 0 rg BT 247.99 129.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 266.37 129.75 Td (future ) Tj ET Q q 0 0 0 rg BT 293.63 129.75 Td (results ) Tj ET Q q 0 0 0 rg BT 323.13 129.75 Td (are ) Tj ET Q q 0 0 0 rg BT 338.73 129.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 380.45 129.75 Td (below ) Tj ET Q q 0 0 0 rg BT 408.28 129.75 Td (under ) Tj ET Q q 0 0 0 rg BT 434.44 129.75 Td ("Management) Tj ET Q q 0 0 0 rg BT 493.50 129.75 Td (s ) Tj ET Q q 0 0 0 rg BT 500.78 129.75 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 548.06 129.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 87.00 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 97.83 117.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 137.54 117.75 Td (Condition ) Tj ET Q q 0 0 0 rg BT 180.05 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.99 117.75 Td (Results ) Tj ET Q q 0 0 0 rg BT 228.93 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 239.76 117.75 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 290.22 117.75 Td (in ) Tj ET Q q 0 0 0 rg BT 300.50 117.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 319.11 117.75 Td (II, ) Tj ET Q q 0 0 0 rg BT 330.77 117.75 Td (Item ) Tj ET Q q 0 0 0 rg BT 351.59 117.75 Td (7 ) Tj ET Q q 0 0 0 rg BT 359.09 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 369.92 117.75 Td (this ) Tj ET Q q 0 0 0 rg BT 386.87 117.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 411.04 117.75 Td (10-K. ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 90.32 740.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.22 716.25 Td (business ) Tj ET Q q 0 0 0 rg BT 105.27 716.25 Td (success ) Tj ET Q q 0 0 0 rg BT 138.43 716.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 174.36 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.30 716.25 Td (lar) Tj ET Q q 0 0 0 rg BT 195.67 716.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 208.27 716.25 Td (part ) Tj ET Q q 0 0 0 rg BT 226.98 716.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 250.14 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.53 716.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 302.56 716.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 342.94 716.25 Td (made ) Tj ET Q q 0 0 0 rg BT 367.76 716.25 Td (by ) Tj ET Q q 0 0 0 rg BT 380.93 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.42 716.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 438.89 716.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 495.65 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.03 716.25 Td (alignment ) Tj ET Q q 0 0 0 rg BT 554.18 716.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (business ) Tj ET Q q 0 0 0 rg BT 86.40 704.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 110.52 704.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 154.63 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.42 704.25 Td (act ) Tj ET Q q 0 0 0 rg BT 180.09 704.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 203.10 704.25 Td (those ) Tj ET Q q 0 0 0 rg BT 227.22 704.25 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 269.95 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.40 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.63 704.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 333.41 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.75 704.25 Td (implementation ) Tj ET Q q 0 0 0 rg BT 410.53 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.87 704.25 Td (these ) Tj ET Q q 0 0 0 rg BT 445.43 704.25 Td (business ) Tj ET Q q 0 0 0 rg BT 482.33 704.25 Td (plans. ) Tj ET Q q 0 0 0 rg BT 508.95 704.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 547.50 704.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 92.81 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.79 692.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 125.56 692.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 169.42 692.25 Td (with ) Tj ET Q q 0 0 0 rg BT 189.97 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 206.07 692.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 247.15 692.25 Td (management ) Tj ET Q q 0 0 0 rg BT 301.00 692.25 Td (failing ) Tj ET Q q 0 0 0 rg BT 329.88 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.42 692.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 374.85 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 392.05 692.25 Td (execute ) Tj ET Q q 0 0 0 rg BT 425.35 692.25 Td (on ) Tj ET Q q 0 0 0 rg BT 438.12 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.11 692.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 501.41 692.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 538.05 692.25 Td (vision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.46 680.25 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 131.75 680.25 Td (a ) Tj ET Q q 0 0 0 rg BT 138.72 680.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 191.79 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.10 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 217.95 680.25 Td (culture, ) Tj ET Q q 0 0 0 rg BT 250.74 680.25 Td (leverages ) Tj ET Q q 0 0 0 rg BT 291.02 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.88 680.25 Td (core ) Tj ET Q q 0 0 0 rg BT 326.61 680.25 Td (competencies, ) Tj ET Q q 0 0 0 rg BT 386.05 680.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 441.89 680.25 Td (responds ) Tj ET Q q 0 0 0 rg BT 479.97 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 490.27 680.25 Td (external ) Tj ET Q q 0 0 0 rg BT 525.00 680.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 554.73 680.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.15 668.25 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 117.94 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.81 668.25 Td (is ) Tj ET Q q 0 0 0 rg BT 143.91 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.12 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.77 668.25 Td (best ) Tj ET Q q 0 0 0 rg BT 187.31 668.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 223.06 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.83 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 249.59 668.25 Td (company) Tj ET Q q 0 0 0 rg BT 285.59 668.25 Td (. ) Tj ET Q q 0 0 0 rg BT 290.53 668.25 Td (In ) Tj ET Q q 0 0 0 rg BT 301.29 668.25 Td (setting ) Tj ET Q q 0 0 0 rg BT 330.38 668.25 Td (out ) Tj ET Q q 0 0 0 rg BT 345.59 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.46 668.25 Td (executing ) Tj ET Q q 0 0 0 rg BT 403.77 668.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 426.20 668.25 Td (a ) Tj ET Q q 0 0 0 rg BT 433.07 668.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 469.37 668.25 Td (vision ) Tj ET Q q 0 0 0 rg BT 496.25 668.25 Td (for ) Tj ET Q q 0 0 0 rg BT 510.34 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 526.11 668.25 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.31 656.25 Td (are ) Tj ET Q q 0 0 0 rg BT 79.67 656.25 Td (faced ) Tj ET Q q 0 0 0 rg BT 104.46 656.25 Td (with ) Tj ET Q q 0 0 0 rg BT 125.39 656.25 Td (a ) Tj ET Q q 0 0 0 rg BT 132.98 656.25 Td (number ) Tj ET Q q 0 0 0 rg BT 166.67 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.15 656.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 214.07 656.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 238.61 656.25 Td (including ) Tj ET Q q 0 0 0 rg BT 279.53 656.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 301.57 656.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 335.26 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 346.19 656.25 Td (external ) Tj ET Q q 0 0 0 rg BT 381.54 656.25 Td (events ) Tj ET Q q 0 0 0 rg BT 410.24 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.83 656.25 Td (market ) Tj ET Q q 0 0 0 rg BT 458.74 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.33 656.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 518.35 656.25 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (competition, ) Tj ET Q q 0 0 0 rg BT 101.17 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.02 644.25 Td (business ) Tj ET Q q 0 0 0 rg BT 152.32 644.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 204.25 644.25 Td (that ) Tj ET Q q 0 0 0 rg BT 220.65 644.25 Td (could ) Tj ET Q q 0 0 0 rg BT 244.27 644.25 Td (all ) Tj ET Q q 0 0 0 rg BT 255.67 644.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 298.73 644.25 Td (af) Tj ET Q q 0 0 0 rg BT 306.32 644.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 322.71 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 337.44 644.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 364.40 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.59 644.25 Td (execute ) Tj ET Q q 0 0 0 rg BT 405.53 644.25 Td (on ) Tj ET Q q 0 0 0 rg BT 416.93 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 431.67 644.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 466.95 644.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 505.57 644.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 523.91 644.25 Td (therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.46 632.25 Td (future ) Tj ET Q q 0 0 0 rg BT 91.96 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.57 632.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 169.96 632.25 Td (or ) Tj ET Q q 0 0 0 rg BT 180.92 632.25 Td (results ) Tj ET Q q 0 0 0 rg BT 209.66 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.61 632.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 267.20 632.25 Td (The ) Tj ET Q q 0 0 0 rg BT 285.38 632.25 Td (following ) Tj ET Q q 0 0 0 rg BT 326.89 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 341.72 632.25 Td (those ) Tj ET Q q 0 0 0 rg BT 365.46 632.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 383.08 632.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 412.91 632.25 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (Developments ) Tj ET Q q 0 0 0 rg BT 109.83 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 120.74 596.25 Td (market ) Tj ET Q q 0 0 0 rg BT 152.19 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.32 596.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 212.32 596.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 257.68 596.25 Td (have ) Tj ET Q q 0 0 0 rg BT 279.68 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.59 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.94 596.25 Td (past ) Tj ET Q q 0 0 0 rg BT 325.17 596.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 366.06 596.25 Td (af) Tj ET Q q 0 0 0 rg BT 374.21 596.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 403.70 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.83 596.25 Td (may ) Tj ET Q q 0 0 0 rg BT 441.61 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.52 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.86 596.25 Td (future ) Tj ET Q q 0 0 0 rg BT 495.99 596.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 536.88 596.25 Td (af) Tj ET Q q 0 0 0 rg BT 545.02 596.25 Td (fect, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 584.25 Td (business ) Tj ET Q q 0 0 0 rg BT 103.97 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 584.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 172.86 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.92 584.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 216.75 584.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 254.80 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.64 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 282.59 584.25 Td (results ) Tj ET Q q 0 0 0 rg BT 312.32 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.15 584.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (Economic ) Tj ET Q q 0 0 0 rg BT 92.95 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.30 560.25 Td (market ) Tj ET Q q 0 0 0 rg BT 140.97 560.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 185.54 560.25 Td (have ) Tj ET Q q 0 0 0 rg BT 207.32 560.25 Td (had, ) Tj ET Q q 0 0 0 rg BT 227.17 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.52 560.25 Td (will ) Tj ET Q q 0 0 0 rg BT 262.98 560.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 300.32 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.01 560.25 Td (have, ) Tj ET Q q 0 0 0 rg BT 335.29 560.25 Td (a ) Tj ET Q q 0 0 0 rg BT 342.64 560.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 368.31 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.66 560.25 Td (material ) Tj ET Q q 0 0 0 rg BT 421.32 560.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 451.44 560.25 Td (on ) Tj ET Q q 0 0 0 rg BT 464.35 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 480.59 560.25 Td (results ) Tj ET Q q 0 0 0 rg BT 509.60 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.84 560.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 548.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.37 548.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 146.37 548.25 Td (because ) Tj ET Q q 0 0 0 rg BT 181.24 548.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 234.99 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.00 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.44 548.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.65 548.25 Td (services ) Tj ET Q q 0 0 0 rg BT 335.08 548.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 371.09 548.25 Td (is ) Tj ET Q q 0 0 0 rg BT 380.98 548.25 Td (heavily ) Tj ET Q q 0 0 0 rg BT 413.64 548.25 Td (influenced ) Tj ET Q q 0 0 0 rg BT 459.07 548.25 Td (by ) Tj ET Q q 0 0 0 rg BT 472.30 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.74 548.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 518.73 548.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 554.18 548.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 90.87 536.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.04 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 151.98 536.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.46 536.25 Td (market ) Tj ET Q q 0 0 0 rg BT 219.72 536.25 Td (activity) Tj ET Q q 0 0 0 rg BT 249.06 536.25 Td (. ) Tj ET Q q 0 0 0 rg BT 254.06 536.25 Td (For ) Tj ET Q q 0 0 0 rg BT 270.45 536.25 Td (example:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 512.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.71 512.25 Td (equities ) Tj ET Q q 0 0 0 rg BT 117.48 512.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.02 512.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 196.89 512.25 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 232.70 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.14 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.02 512.25 Td (form ) Tj ET Q q 0 0 0 rg BT 277.11 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.10 512.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 342.92 512.25 Td (placement ) Tj ET Q q 0 0 0 rg BT 385.67 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.77 512.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 438.41 512.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 474.51 512.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 494.77 512.25 Td (is ) Tj ET Q q 0 0 0 rg BT 503.10 512.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 535.30 512.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.73 500.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 144.03 500.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 188.14 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.03 500.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 264.69 500.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 302.11 500.25 Td (market ) Tj ET Q q 0 0 0 rg BT 332.32 500.25 Td (activity) Tj ET Q q 0 0 0 rg BT 361.67 500.25 Td (. ) Tj ET Q q 0 0 0 rg BT 366.44 500.25 Td (When ) Tj ET Q q 0 0 0 rg BT 392.76 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.43 500.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 440.43 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 454.54 500.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 520.84 500.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 488.25 Td (is ) Tj ET Q q 0 0 0 rg BT 75.65 488.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 114.34 488.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.15 488.25 Td (negative, ) Tj ET Q q 0 0 0 rg BT 162.00 488.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.46 488.25 Td (market ) Tj ET Q q 0 0 0 rg BT 227.71 488.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 259.18 488.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 297.87 488.25 Td (tends ) Tj ET Q q 0 0 0 rg BT 320.46 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 329.72 488.25 Td (decrease, ) Tj ET Q q 0 0 0 rg BT 368.11 488.25 Td (which ) Tj ET Q q 0 0 0 rg BT 394.03 488.25 Td (can ) Tj ET Q q 0 0 0 rg BT 409.39 488.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 437.52 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.33 488.25 Td (equities ) Tj ET Q q 0 0 0 rg BT 484.92 488.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 530.28 488.25 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 476.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 107.65 476.25 Td (As ) Tj ET Q q 0 0 0 rg BT 121.47 476.25 Td (an ) Tj ET Q q 0 0 0 rg BT 133.61 476.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 172.69 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 179.83 476.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 211.43 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.46 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.50 476.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 285.09 476.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 320.01 476.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 358.26 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 373.17 476.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 405.86 476.25 Td (from ) Tj ET Q q 0 0 0 rg BT 428.01 476.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 454.04 476.25 Td (public ) Tj ET Q q 0 0 0 rg BT 481.75 476.25 Td (of) Tj ET Q q 0 0 0 rg BT 489.89 476.25 Td (ferings ) Tj ET Q q 0 0 0 rg BT 520.37 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.41 476.25 Td (middle-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 464.25 Td (market ) Tj ET Q q 0 0 0 rg BT 98.43 464.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 144.35 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.29 464.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 186.79 464.25 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 220.22 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.82 464.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 270.97 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.92 464.25 Td (this ) Tj ET Q q 0 0 0 rg BT 299.53 464.25 Td (area ) Tj ET Q q 0 0 0 rg BT 319.34 464.25 Td (is ) Tj ET Q q 0 0 0 rg BT 329.17 464.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 357.89 464.25 Td (correlated ) Tj ET Q q 0 0 0 rg BT 401.02 464.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.96 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.34 464.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 494.36 464.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 548.07 464.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 452.25 Td (market ) Tj ET Q q 0 0 0 rg BT 98.26 452.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 145.42 452.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 175.08 452.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 209.74 452.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 261.04 452.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 306.24 452.25 Td (declines ) Tj ET Q q 0 0 0 rg BT 342.00 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 352.78 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.99 452.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 410.99 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.31 452.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 445.31 452.25 Td (amid ) Tj ET Q q 0 0 0 rg BT 468.30 452.25 Td (signs ) Tj ET Q q 0 0 0 rg BT 491.86 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.19 452.25 Td (a ) Tj ET Q q 0 0 0 rg BT 510.62 452.25 Td (slowdown ) Tj ET Q q 0 0 0 rg BT 554.73 452.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 440.25 Td (global ) Tj ET Q q 0 0 0 rg BT 94.84 440.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 136.06 440.25 Td (growth, ) Tj ET Q q 0 0 0 rg BT 169.23 440.25 Td (including ) Tj ET Q q 0 0 0 rg BT 209.35 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 219.48 440.25 Td (China ) Tj ET Q q 0 0 0 rg BT 245.71 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.49 440.25 Td (other ) Tj ET Q q 0 0 0 rg BT 285.38 440.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 332.16 440.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 368.14 440.25 Td (As ) Tj ET Q q 0 0 0 rg BT 381.60 440.25 Td (a ) Tj ET Q q 0 0 0 rg BT 388.39 440.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 415.45 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.01 440.25 Td (number ) Tj ET Q q 0 0 0 rg BT 462.90 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 473.58 440.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 499.25 440.25 Td (public ) Tj ET Q q 0 0 0 rg BT 526.59 440.25 Td (of) Tj ET Q q 0 0 0 rg BT 534.74 440.25 Td (ferings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 428.25 Td (declined ) Tj ET Q q 0 0 0 rg BT 104.01 428.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 156.63 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 167.04 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.89 428.25 Td (first ) Tj ET Q q 0 0 0 rg BT 200.63 428.25 Td (half ) Tj ET Q q 0 0 0 rg BT 218.81 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.78 428.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 254.91 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.98 428.25 Td (while ) Tj ET Q q 0 0 0 rg BT 296.83 428.25 Td (there ) Tj ET Q q 0 0 0 rg BT 319.45 428.25 Td (was ) Tj ET Q q 0 0 0 rg BT 337.63 428.25 Td (some ) Tj ET Q q 0 0 0 rg BT 361.38 428.25 Td (recovery ) Tj ET Q q 0 0 0 rg BT 398.99 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.40 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.25 428.25 Td (second ) Tj ET Q q 0 0 0 rg BT 454.65 428.25 Td (half ) Tj ET Q q 0 0 0 rg BT 472.83 428.25 Td (as ) Tj ET Q q 0 0 0 rg BT 483.79 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.64 428.25 Td (macroeconomic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 416.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 100.89 416.25 Td (stabilized, ) Tj ET Q q 0 0 0 rg BT 144.54 416.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 167.37 416.25 Td (saw ) Tj ET Q q 0 0 0 rg BT 185.76 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.81 416.25 Td (fewest ) Tj ET Q q 0 0 0 rg BT 229.74 416.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 255.90 416.25 Td (public ) Tj ET Q q 0 0 0 rg BT 283.73 416.25 Td (of) Tj ET Q q 0 0 0 rg BT 291.88 416.25 Td (ferings ) Tj ET Q q 0 0 0 rg BT 322.48 416.25 Td (since ) Tj ET Q q 0 0 0 rg BT 345.85 416.25 Td (2009, ) Tj ET Q q 0 0 0 rg BT 371.19 416.25 Td (which ) Tj ET Q q 0 0 0 rg BT 398.46 416.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 442.94 416.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 482.42 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 498.58 416.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 536.40 416.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 404.25 Td (during ) Tj ET Q q 0 0 0 rg BT 95.92 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.46 404.25 Td (year) Tj ET Q q 0 0 0 rg BT 127.11 404.25 Td (. ) Tj ET Q q 0 0 0 rg BT 131.42 404.25 Td (A) Tj ET Q q 0 0 0 rg BT 138.09 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 140.40 404.25 Td (new ) Tj ET Q q 0 0 0 rg BT 159.38 404.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 190.57 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.66 404.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 227.97 404.25 Td (market ) Tj ET Q q 0 0 0 rg BT 258.05 404.25 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 303.97 404.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 338.49 404.25 Td (due ) Tj ET Q q 0 0 0 rg BT 355.25 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.34 404.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 399.30 404.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 451.60 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.25 404.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 482.35 404.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 523.53 404.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 554.18 404.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 73.65 392.25 Td (worsening ) Tj ET Q q 0 0 0 rg BT 117.01 392.25 Td (or ) Tj ET Q q 0 0 0 rg BT 127.05 392.25 Td (unstable ) Tj ET Q q 0 0 0 rg BT 162.09 392.25 Td (global ) Tj ET Q q 0 0 0 rg BT 188.79 392.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 254.35 392.25 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 289.12 392.25 Td (could ) Tj ET Q q 0 0 0 rg BT 313.04 392.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 336.96 392.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.65 392.25 Td (market ) Tj ET Q q 0 0 0 rg BT 403.12 392.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 434.82 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.30 392.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 480.43 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.57 392.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 539.93 392.25 Td (af) Tj ET Q q 0 0 0 rg BT 547.52 392.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 83.41 380.25 Td (equities ) Tj ET Q q 0 0 0 rg BT 117.09 380.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.55 380.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 198.34 380.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 238.96 380.25 Td (In ) Tj ET Q q 0 0 0 rg BT 249.87 380.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 287.72 380.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 308.08 380.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.64 380.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 379.87 380.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 410.21 380.25 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 455.00 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.35 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.15 380.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 517.71 380.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 539.18 380.25 Td (posed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 368.25 Td (by ) Tj ET Q q 0 0 0 rg BT 80.24 368.25 Td (exogenous ) Tj ET Q q 0 0 0 rg BT 125.74 368.25 Td (shocks, ) Tj ET Q q 0 0 0 rg BT 158.20 368.25 Td (which ) Tj ET Q q 0 0 0 rg BT 185.37 368.25 Td (could ) Tj ET Q q 0 0 0 rg BT 210.32 368.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 244.99 368.25 Td (among ) Tj ET Q q 0 0 0 rg BT 274.95 368.25 Td (other ) Tj ET Q q 0 0 0 rg BT 298.23 368.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 327.91 368.25 Td (political ) Tj ET Q q 0 0 0 rg BT 363.42 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.59 368.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 418.31 368.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 466.02 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.54 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.49 368.25 Td (United ) Tj ET Q q 0 0 0 rg BT 521.44 368.25 Td (States ) Tj ET Q q 0 0 0 rg BT 548.07 368.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 356.25 Td (European ) Tj ET Q q 0 0 0 rg BT 107.35 356.25 Td (Union, ) Tj ET Q q 0 0 0 rg BT 136.39 356.25 Td (including ) Tj ET Q q 0 0 0 rg BT 175.70 356.25 Td (further ) Tj ET Q q 0 0 0 rg BT 204.45 356.25 Td (challenges ) Tj ET Q q 0 0 0 rg BT 248.19 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.50 356.25 Td (membership ) Tj ET Q q 0 0 0 rg BT 308.48 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 317.79 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.55 356.25 Td (European ) Tj ET Q q 0 0 0 rg BT 371.40 356.25 Td (Union ) Tj ET Q q 0 0 0 rg BT 397.94 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.92 356.25 Td (further ) Tj ET Q q 0 0 0 rg BT 442.66 356.25 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 483.08 356.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 501.83 356.25 Td (crises, ) Tj ET Q q 0 0 0 rg BT 528.64 356.25 Td (renewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 344.25 Td (concern ) Tj ET Q q 0 0 0 rg BT 101.84 344.25 Td (about ) Tj ET Q q 0 0 0 rg BT 126.75 344.25 Td (China's ) Tj ET Q q 0 0 0 rg BT 159.02 344.25 Td (economy) Tj ET Q q 0 0 0 rg BT 195.02 344.25 Td (, ) Tj ET Q q 0 0 0 rg BT 200.22 344.25 Td (complications ) Tj ET Q q 0 0 0 rg BT 259.01 344.25 Td (involving ) Tj ET Q q 0 0 0 rg BT 300.03 344.25 Td (global ) Tj ET Q q 0 0 0 rg BT 327.72 344.25 Td (trade, ) Tj ET Q q 0 0 0 rg BT 352.90 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.03 344.25 Td (terrorism ) Tj ET Q q 0 0 0 rg BT 409.38 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.51 344.25 Td (armed ) Tj ET Q q 0 0 0 rg BT 454.18 344.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 491.31 344.25 Td (around ) Tj ET Q q 0 0 0 rg BT 521.77 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.68 344.25 Td (world, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 332.25 Td (including ) Tj ET Q q 0 0 0 rg BT 107.99 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.49 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.42 332.25 Td (Middle ) Tj ET Q q 0 0 0 rg BT 165.02 332.25 Td (East ) Tj ET Q q 0 0 0 rg BT 184.96 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.11 332.25 Td (Eastern ) Tj ET Q q 0 0 0 rg BT 234.82 332.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 268.71 332.25 Td (These ) Tj ET Q q 0 0 0 rg BT 295.31 332.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 325.23 332.25 Td (would ) Tj ET Q q 0 0 0 rg BT 352.95 332.25 Td (af) Tj ET Q q 0 0 0 rg BT 360.54 332.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 378.24 332.25 Td (not ) Tj ET Q q 0 0 0 rg BT 393.74 332.25 Td (only ) Tj ET Q q 0 0 0 rg BT 414.23 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 430.28 332.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 459.65 332.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 489.58 332.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 530.90 332.25 Td (but ) Tj ET Q q 0 0 0 rg BT 546.39 332.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 84.30 320.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 122.20 320.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 141.76 320.25 Td (from ) Tj ET Q q 0 0 0 rg BT 164.67 320.25 Td (mer) Tj ET Q q 0 0 0 rg BT 180.04 320.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 196.27 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.17 320.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 261.52 320.25 Td (engagements. ) Tj ET Q q 0 0 0 rg BT 319.69 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 323.16 320.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 342.17 320.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 380.08 320.25 Td (business ) Tj ET Q q 0 0 0 rg BT 417.43 320.25 Td (was ) Tj ET Q q 0 0 0 rg BT 436.45 320.25 Td (a ) Tj ET Q q 0 0 0 rg BT 444.36 320.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 490.03 320.25 Td (contributor ) Tj ET Q q 0 0 0 rg BT 537.93 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 320.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 308.25 Td (business ) Tj ET Q q 0 0 0 rg BT 103.78 308.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.69 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.86 308.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 191.75 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.58 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 215.40 308.25 Td (slowdown ) Tj ET Q q 0 0 0 rg BT 258.91 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 269.07 308.25 Td (this ) Tj ET Q q 0 0 0 rg BT 285.91 308.25 Td (business ) Tj ET Q q 0 0 0 rg BT 322.19 308.25 Td (for ) Tj ET Q q 0 0 0 rg BT 336.24 308.25 Td (any ) Tj ET Q q 0 0 0 rg BT 353.07 308.25 Td (reason, ) Tj ET Q q 0 0 0 rg BT 384.06 308.25 Td (including ) Tj ET Q q 0 0 0 rg BT 424.22 308.25 Td (an ) Tj ET Q q 0 0 0 rg BT 436.05 308.25 Td (exogenous ) Tj ET Q q 0 0 0 rg BT 481.21 308.25 Td (shock, ) Tj ET Q q 0 0 0 rg BT 509.42 308.25 Td (would ) Tj ET Q q 0 0 0 rg BT 536.81 308.25 Td (have ) Tj ET Q q 0 0 0 rg BT 558.08 308.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 296.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 112.78 296.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 149.72 296.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 180.00 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 193.07 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.47 296.25 Td (results ) Tj ET Q q 0 0 0 rg BT 238.65 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.05 296.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 297.27 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 300.34 296.25 Td (More ) Tj ET Q q 0 0 0 rg BT 325.07 296.25 Td (generally) Tj ET Q q 0 0 0 rg BT 361.62 296.25 Td (, ) Tj ET Q q 0 0 0 rg BT 367.19 296.25 Td (because ) Tj ET Q q 0 0 0 rg BT 401.90 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 418.30 296.25 Td (business ) Tj ET Q q 0 0 0 rg BT 455.26 296.25 Td (is ) Tj ET Q q 0 0 0 rg BT 465.00 296.25 Td (closely ) Tj ET Q q 0 0 0 rg BT 496.40 296.25 Td (correlated ) Tj ET Q q 0 0 0 rg BT 539.44 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 296.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 132.83 284.25 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 167.36 284.25 Td (worsening ) Tj ET Q q 0 0 0 rg BT 210.49 284.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 253.63 284.25 Td (or ) Tj ET Q q 0 0 0 rg BT 263.43 284.25 Td (an ) Tj ET Q q 0 0 0 rg BT 274.34 284.25 Td (exogenous ) Tj ET Q q 0 0 0 rg BT 318.58 284.25 Td (shock ) Tj ET Q q 0 0 0 rg BT 343.38 284.25 Td (would ) Tj ET Q q 0 0 0 rg BT 369.86 284.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 394.10 284.25 Td (have ) Tj ET Q q 0 0 0 rg BT 414.45 284.25 Td (an ) Tj ET Q q 0 0 0 rg BT 425.36 284.25 Td (immediate ) Tj ET Q q 0 0 0 rg BT 469.04 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.95 284.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 528.64 284.25 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 97.21 272.25 Td (on ) Tj ET Q q 0 0 0 rg BT 109.71 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.54 272.25 Td (equities ) Tj ET Q q 0 0 0 rg BT 159.15 272.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 205.53 272.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 240.24 272.25 Td (business ) Tj ET Q q 0 0 0 rg BT 276.64 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.57 272.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 323.84 272.25 Td (company ) Tj ET Q q 0 0 0 rg BT 362.99 272.25 Td (results ) Tj ET Q q 0 0 0 rg BT 391.60 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.43 272.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 248.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 100.56 248.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 122.52 248.25 Td (have ) Tj ET Q q 0 0 0 rg BT 144.47 248.25 Td (a ) Tj ET Q q 0 0 0 rg BT 151.99 248.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 197.28 248.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 227.57 248.25 Td (on ) Tj ET Q q 0 0 0 rg BT 240.65 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.05 248.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 296.52 248.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 345.69 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 362.10 248.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 385.72 248.25 Td (income ) Tj ET Q q 0 0 0 rg BT 418.23 248.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 469.09 248.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 508.33 248.25 Td (This ) Tj ET Q q 0 0 0 rg BT 529.19 248.25 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 236.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 99.15 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.70 236.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 148.02 236.25 Td (that ) Tj ET Q q 0 0 0 rg BT 165.24 236.25 Td (manifest ) Tj ET Q q 0 0 0 rg BT 201.88 236.25 Td (itself ) Tj ET Q q 0 0 0 rg BT 224.10 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.09 236.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 268.51 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 278.51 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.94 236.25 Td (level ) Tj ET Q q 0 0 0 rg BT 314.59 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.24 236.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 369.57 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.11 236.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 411.76 236.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 435.36 236.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 469.78 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 479.77 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.21 236.25 Td (slope ) Tj ET Q q 0 0 0 rg BT 517.53 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.08 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.51 236.25 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 224.25 Td (curve ) Tj ET Q q 0 0 0 rg BT 92.03 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 108.79 224.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 133.88 224.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 168.70 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 185.46 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.00 224.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 217.31 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.96 224.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 281.38 224.25 Td (on ) Tj ET Q q 0 0 0 rg BT 293.71 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 309.36 224.25 Td (interest-earning ) Tj ET Q q 0 0 0 rg BT 374.43 224.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 400.09 224.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 422.68 224.25 Td (inventory\) ) Tj ET Q q 0 0 0 rg BT 466.66 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.42 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 499.08 224.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 532.51 224.25 Td (sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 212.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 89.81 212.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 133.51 212.25 Td (financing\) ) Tj ET Q q 0 0 0 rg BT 176.64 212.25 Td (which ) Tj ET Q q 0 0 0 rg BT 203.12 212.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 234.58 212.25 Td (these ) Tj ET Q q 0 0 0 rg BT 257.17 212.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 284.90 212.25 Td (There ) Tj ET Q q 0 0 0 rg BT 310.25 212.25 Td (were ) Tj ET Q q 0 0 0 rg BT 331.72 212.25 Td (marked ) Tj ET Q q 0 0 0 rg BT 363.75 212.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 395.23 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.60 212.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 443.75 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 453.57 212.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 473.25 212.25 Td (T) Tj ET Q q 0 0 0 rg BT 479.00 212.25 Td (reasury ) Tj ET Q q 0 0 0 rg BT 510.47 212.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 536.40 212.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 200.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 89.92 200.25 Td (attributed ) Tj ET Q q 0 0 0 rg BT 130.66 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.85 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.49 200.25 Td (vote ) Tj ET Q q 0 0 0 rg BT 175.12 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.32 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.96 200.25 Td (United ) Tj ET Q q 0 0 0 rg BT 229.59 200.25 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 269.79 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.99 200.25 Td (leave ) Tj ET Q q 0 0 0 rg BT 303.50 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.13 200.25 Td (European ) Tj ET Q q 0 0 0 rg BT 358.87 200.25 Td (Union ) Tj ET Q q 0 0 0 rg BT 386.29 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 403.14 200.25 Td (following ) Tj ET Q q 0 0 0 rg BT 444.45 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.08 200.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 479.28 200.25 Td (presidential ) Tj ET Q q 0 0 0 rg BT 528.35 200.25 Td (election. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 188.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.43 188.25 Td (rise ) Tj ET Q q 0 0 0 rg BT 102.26 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 112.42 188.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 148.14 188.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 169.40 188.25 Td (following ) Tj ET Q q 0 0 0 rg BT 210.67 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.28 188.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 245.45 188.25 Td (presidential ) Tj ET Q q 0 0 0 rg BT 294.48 188.25 Td (election ) Tj ET Q q 0 0 0 rg BT 328.52 188.25 Td (appear ) Tj ET Q q 0 0 0 rg BT 357.55 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 367.72 188.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 395.64 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.24 188.25 Td (market) Tj ET Q q 0 0 0 rg BT 440.78 188.25 Td (s ) Tj ET Q q 0 0 0 rg BT 447.06 188.25 Td (expectation ) Tj ET Q q 0 0 0 rg BT 495.54 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.25 188.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 534.19 188.25 Td (growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 84.57 176.25 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 123.19 176.25 Td (Y) Tj ET Q q 0 0 0 rg BT 129.86 176.25 Td (ields ) Tj ET Q q 0 0 0 rg BT 151.38 176.25 Td (will ) Tj ET Q q 0 0 0 rg BT 169.56 176.25 Td (be ) Tj ET Q q 0 0 0 rg BT 181.63 176.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 220.91 176.25 Td (in ) Tj ET Q q 0 0 0 rg BT 231.32 176.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 253.95 176.25 Td (as ) Tj ET Q q 0 0 0 rg BT 264.91 176.25 Td (more ) Tj ET Q q 0 0 0 rg BT 288.08 176.25 Td (information ) Tj ET Q q 0 0 0 rg BT 337.92 176.25 Td (becomes ) Tj ET Q q 0 0 0 rg BT 375.54 176.25 Td (available ) Tj ET Q q 0 0 0 rg BT 414.26 176.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 461.31 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.16 176.25 Td (new ) Tj ET Q q 0 0 0 rg BT 495.44 176.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 515.86 176.25 Td (presidential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 164.25 Td (administration) Tj ET Q q 0 0 0 rg BT 128.05 164.25 Td (s ) Tj ET Q q 0 0 0 rg BT 134.84 164.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 191.59 164.25 Td (spending, ) Tj ET Q q 0 0 0 rg BT 233.10 164.25 Td (trade, ) Tj ET Q q 0 0 0 rg BT 258.48 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.82 164.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 319.81 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 337.14 164.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 352.26 164.25 Td (reform ) Tj ET Q q 0 0 0 rg BT 382.36 164.25 Td (priorities ) Tj ET Q q 0 0 0 rg BT 421.36 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.70 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.81 164.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 474.49 164.25 Td (Congress) Tj ET Q q 0 0 0 rg BT 514.49 164.25 Td (s ) Tj ET Q q 0 0 0 rg BT 521.28 164.25 Td (support ) Tj ET Q q 0 0 0 rg BT 554.18 164.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 152.25 Td (those ) Tj ET Q q 0 0 0 rg BT 91.11 152.25 Td (priorities. ) Tj ET Q q 0 0 0 rg BT 131.84 152.25 Td (Y) Tj ET Q q 0 0 0 rg BT 138.51 152.25 Td (ields ) Tj ET Q q 0 0 0 rg BT 159.89 152.25 Td (will ) Tj ET Q q 0 0 0 rg BT 177.95 152.25 Td (also ) Tj ET Q q 0 0 0 rg BT 196.56 152.25 Td (be ) Tj ET Q q 0 0 0 rg BT 208.50 152.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 247.64 152.25 Td (by ) Tj ET Q q 0 0 0 rg BT 260.14 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.86 152.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 307.34 152.25 Td (Reserve) Tj ET Q q 0 0 0 rg BT 342.33 152.25 Td (s ) Tj ET Q q 0 0 0 rg BT 348.72 152.25 Td (intent ) Tj ET Q q 0 0 0 rg BT 373.99 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.27 152.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 419.52 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.24 152.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 464.49 152.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 489.21 152.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 506.70 152.25 Td (further ) Tj ET Q q 0 0 0 rg BT 536.40 152.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.85 140.25 Td (year ) Tj ET Q q 0 0 0 rg BT 101.18 140.25 Td (based ) Tj ET Q q 0 0 0 rg BT 126.08 140.25 Td (on ) Tj ET Q q 0 0 0 rg BT 138.21 140.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 179.21 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.78 140.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 218.45 140.25 Td (market ) Tj ET Q q 0 0 0 rg BT 248.34 140.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 294.17 140.25 Td (As ) Tj ET Q q 0 0 0 rg BT 307.41 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.32 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.66 140.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 361.00 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.91 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 386.37 140.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 424.89 140.25 Td (a ) Tj ET Q q 0 0 0 rg BT 431.46 140.25 Td (lar) Tj ET Q q 0 0 0 rg BT 441.83 140.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 453.39 140.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 498.82 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.28 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 524.74 140.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 128.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 108.56 128.25 Td (- ) Tj ET Q q 0 0 0 rg BT 114.62 128.25 Td (both ) Tj ET Q q 0 0 0 rg BT 135.13 128.25 Td (that ) Tj ET Q q 0 0 0 rg BT 152.86 128.25 Td (are ) Tj ET Q q 0 0 0 rg BT 167.80 128.25 Td (held ) Tj ET Q q 0 0 0 rg BT 187.74 128.25 Td (for ) Tj ET Q q 0 0 0 rg BT 202.14 128.25 Td (facilitating ) Tj ET Q q 0 0 0 rg BT 248.18 128.25 Td (client ) Tj ET Q q 0 0 0 rg BT 273.13 128.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 305.85 128.25 Td (as ) Tj ET Q q 0 0 0 rg BT 316.91 128.25 Td (well ) Tj ET Q q 0 0 0 rg BT 336.86 128.25 Td (as ) Tj ET Q q 0 0 0 rg BT 347.92 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 363.98 128.25 Td (own ) Tj ET Q q 0 0 0 rg BT 383.94 128.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 431.09 128.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 462.15 128.25 Td (- ) Tj ET Q q 0 0 0 rg BT 468.21 128.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 498.72 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.79 128.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 533.06 128.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 116.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 110.48 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 127.63 116.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 150.89 116.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 190.25 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.75 116.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.90 116.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 254.49 116.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 291.62 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.55 116.25 Td (value ) Tj ET Q q 0 0 0 rg BT 330.92 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.96 116.25 Td (these ) Tj ET Q q 0 0 0 rg BT 365.22 116.25 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 414.87 116.25 Td (sometimes ) Tj ET Q q 0 0 0 rg BT 460.36 116.25 Td (significantly) Tj ET Q q 0 0 0 rg BT 509.70 116.25 Td (. ) Tj ET Q q 0 0 0 rg BT 514.92 116.25 Td (Further) Tj ET Q q 0 0 0 rg BT 543.96 116.25 Td (, ) Tj ET Q q 0 0 0 rg BT 549.17 116.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 104.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 99.69 104.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 117.44 104.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 152.41 104.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 192.93 104.25 Td (may ) Tj ET Q q 0 0 0 rg BT 212.91 104.25 Td (not ) Tj ET Q q 0 0 0 rg BT 228.45 104.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 263.97 104.25 Td (this ) Tj ET Q q 0 0 0 rg BT 281.18 104.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 320.05 104.25 Td (as ) Tj ET Q q 0 0 0 rg BT 331.14 104.25 Td (we ) Tj ET Q q 0 0 0 rg BT 345.56 104.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 385.52 104.25 Td (do ) Tj ET Q q 0 0 0 rg BT 398.28 104.25 Td (not ) Tj ET Q q 0 0 0 rg BT 413.81 104.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 440.45 104.25 Td (all ) Tj ET Q q 0 0 0 rg BT 453.20 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.29 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 480.38 104.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 512.57 104.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 530.32 104.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 548.08 104.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 92.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 105.73 92.25 Td (may ) Tj ET Q q 0 0 0 rg BT 125.08 92.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 153.85 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.19 92.25 Td (correlation ) Tj ET Q q 0 0 0 rg BT 213.63 92.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 233.80 92.25 Td (ef) Tj ET Q q 0 0 0 rg BT 241.39 92.25 Td (fectiveness\) ) Tj ET Q q 0 0 0 rg BT 291.27 92.25 Td (between ) Tj ET Q q 0 0 0 rg BT 326.71 92.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 356.03 92.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 390.38 92.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 425.27 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.83 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.17 92.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 496.06 92.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 536.51 92.25 Td (we ) Tj ET Q q 0 0 0 rg BT 550.30 92.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 80.25 Td (attempting ) Tj ET Q q 0 0 0 rg BT 113.27 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.05 80.25 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 153.43 80.25 Td (In ) Tj ET Q q 0 0 0 rg BT 164.77 80.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 203.04 80.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 235.48 80.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 253.47 80.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 293.12 80.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.90 80.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 329.40 80.25 Td (both ) Tj ET Q q 0 0 0 rg BT 350.18 80.25 Td (gradual ) Tj ET Q q 0 0 0 rg BT 383.17 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.61 80.25 Td (more ) Tj ET Q q 0 0 0 rg BT 424.16 80.25 Td (severe, ) Tj ET Q q 0 0 0 rg BT 455.20 80.25 Td (may ) Tj ET Q q 0 0 0 rg BT 475.42 80.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 520.07 80.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 550.29 80.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 68.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 100.10 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.04 68.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 130.86 68.25 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 178.99 68.25 Td (issuances ) Tj ET Q q 0 0 0 rg BT 219.37 68.25 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 273.07 68.25 Td (by ) Tj ET Q q 0 0 0 rg BT 285.67 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 301.61 68.25 Td (public ) Tj ET Q q 0 0 0 rg BT 329.21 68.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 361.24 68.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 407.72 68.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 442.54 68.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 481.54 68.25 Td (as ) Tj ET Q q 0 0 0 rg BT 492.48 68.25 Td (well ) Tj ET Q q 0 0 0 rg BT 512.30 68.25 Td (as ) Tj ET Q q 0 0 0 rg BT 523.23 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 539.17 68.25 Td (assets ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 91.79 740.10 Td (management ) Tj ET Q q 0 0 0 rg BT 144.40 740.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 177.02 740.10 Td (on ) Tj ET Q q 0 0 0 rg BT 188.54 740.10 Td (master ) Tj ET Q q 0 0 0 rg BT 216.72 740.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 246.57 740.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 296.97 740.10 Td (\("MLPs"\), ) Tj ET Q q 0 0 0 rg BT 340.26 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 366.22 740.10 Td (may ) Tj ET Q q 0 0 0 rg BT 384.96 740.10 Td (underperform ) Tj ET Q q 0 0 0 rg BT 441.46 740.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 482.40 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.70 740.10 Td (other ) Tj ET Q q 0 0 0 rg BT 513.77 740.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 534.73 740.10 Td (classes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.78 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 84.72 728.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 110.00 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 141.93 728.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 159.41 728.10 Td (environment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 106.68 704.10 Td (many ) Tj ET Q q 0 0 0 rg BT 130.29 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 149.47 704.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 175.87 704.10 Td (market ) Tj ET Q q 0 0 0 rg BT 205.03 704.10 Td (indices ) Tj ET Q q 0 0 0 rg BT 234.75 704.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 267.23 704.10 Td (record ) Tj ET Q q 0 0 0 rg BT 294.17 704.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 318.89 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.07 704.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 351.96 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.80 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 376.98 704.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 417.25 704.10 Td (recession, ) Tj ET Q q 0 0 0 rg BT 458.36 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.19 704.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 503.35 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.53 704.10 Td (expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 83.17 692.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 126.05 692.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 160.89 692.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 202.12 692.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 243.89 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 259.56 692.10 Td (future ) Tj ET Q q 0 0 0 rg BT 287.45 692.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 329.22 692.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 369.60 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 381.94 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.39 692.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 436.61 692.10 Td (worsening ) Tj ET Q q 0 0 0 rg BT 482.28 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.63 692.10 Td (global ) Tj ET Q q 0 0 0 rg BT 523.63 692.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 680.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 112.20 680.10 Td (would ) Tj ET Q q 0 0 0 rg BT 140.23 680.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 166.03 680.10 Td (result ) Tj ET Q q 0 0 0 rg BT 191.28 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.09 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 209.56 680.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 241.46 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.27 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.52 680.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.53 680.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 342.72 680.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 380.74 680.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 403.21 680.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 447.34 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.81 680.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 506.16 680.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 549.18 680.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 668.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 89.09 668.10 Td (management ) Tj ET Q q 0 0 0 rg BT 142.32 668.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 180.39 668.10 Td (A) Tj ET Q q 0 0 0 rg BT 187.06 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.20 668.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 229.12 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.04 668.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 260.63 668.10 Td (values ) Tj ET Q q 0 0 0 rg BT 288.32 668.10 Td (would ) Tj ET Q q 0 0 0 rg BT 315.47 668.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 359.27 668.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 388.63 668.10 Td (this ) Tj ET Q q 0 0 0 rg BT 405.22 668.10 Td (business ) Tj ET Q q 0 0 0 rg BT 441.26 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.41 668.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 490.54 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.91 668.10 Td (value ) Tj ET Q q 0 0 0 rg BT 528.71 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.19 668.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 656.10 Td (under ) Tj ET Q q 0 0 0 rg BT 92.77 656.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 148.86 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.80 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 176.63 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.56 656.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 210.78 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.50 656.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 263.54 656.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 304.90 656.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.84 656.10 Td (this ) Tj ET Q q 0 0 0 rg BT 343.78 656.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (It ) Tj ET Q q 0 0 0 rg BT 57.39 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 65.85 632.10 Td (dif) Tj ET Q q 0 0 0 rg BT 76.77 632.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 99.66 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.22 632.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 138.77 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.77 632.10 Td (market ) Tj ET Q q 0 0 0 rg BT 182.32 632.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 225.77 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 239.21 632.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 263.49 632.10 Td (which ) Tj ET Q q 0 0 0 rg BT 289.72 632.10 Td (are ) Tj ET Q q 0 0 0 rg BT 303.71 632.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 346.58 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.15 632.10 Td (lar) Tj ET Q q 0 0 0 rg BT 366.51 632.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 377.73 632.10 Td (part ) Tj ET Q q 0 0 0 rg BT 395.07 632.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 416.85 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.85 632.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 450.95 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.06 632.10 Td (global ) Tj ET Q q 0 0 0 rg BT 487.84 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.06 632.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 523.63 632.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 80.79 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.20 620.10 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 148.37 620.10 Td (events ) Tj ET Q q 0 0 0 rg BT 176.88 620.10 Td (globally) Tj ET Q q 0 0 0 rg BT 209.00 620.10 Td (. ) Tj ET Q q 0 0 0 rg BT 214.47 620.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 232.98 620.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 265.38 620.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 288.33 620.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 330.72 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.46 620.10 Td (many ) Tj ET Q q 0 0 0 rg BT 366.64 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.93 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.23 620.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 444.40 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.80 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.99 620.10 Td (cyclical ) Tj ET Q q 0 0 0 rg BT 511.04 620.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 538.99 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 620.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 87.80 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.89 608.10 Td (this ) Tj ET Q q 0 0 0 rg BT 119.98 608.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 154.41 608.10 Td (leads ) Tj ET Q q 0 0 0 rg BT 176.60 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.03 608.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 223.78 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.21 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 248.19 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.81 608.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 315.07 608.10 Td (including ) Tj ET Q q 0 0 0 rg BT 354.49 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.47 608.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.88 608.10 Td (mar) Tj ET Q q 0 0 0 rg BT 424.24 608.10 Td (gins, ) Tj ET Q q 0 0 0 rg BT 445.06 608.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 502.25 608.10 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 528.61 608.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (mix, ) Tj ET Q q 0 0 0 rg BT 69.51 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.90 596.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 119.50 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.89 596.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 170.05 596.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 197.82 596.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 215.33 596.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.26 596.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 304.74 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 323.90 596.10 Td (be ) Tj ET Q q 0 0 0 rg BT 335.29 596.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 365.58 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.53 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.70 596.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 414.20 596.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 441.13 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.42 596.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 480.57 596.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 521.12 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.29 596.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.83 584.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 128.59 584.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 155.38 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 166.60 584.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 205.59 584.10 Td (during ) Tj ET Q q 0 0 0 rg BT 234.59 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.70 584.10 Td (year) Tj ET Q q 0 0 0 rg BT 266.51 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 271.90 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.13 584.10 Td (business ) Tj ET Q q 0 0 0 rg BT 324.91 584.10 Td (mix, ) Tj ET Q q 0 0 0 rg BT 345.86 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.19 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.30 584.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 414.52 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.20 584.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 448.07 584.10 Td (back ) Tj ET Q q 0 0 0 rg BT 469.84 584.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 492.74 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.41 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.74 584.10 Td (timeframe ) Tj ET Q q 0 0 0 rg BT 554.72 584.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (match ) Tj ET Q q 0 0 0 rg BT 77.83 572.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 120.04 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.71 572.10 Td (revenue-related ) Tj ET Q q 0 0 0 rg BT 197.79 572.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 233.89 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.57 572.10 Td (market ) Tj ET Q q 0 0 0 rg BT 277.23 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.57 572.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 338.34 572.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 385.54 572.10 Td (As ) Tj ET Q q 0 0 0 rg BT 400.55 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.89 572.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 437.50 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.73 572.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.61 572.10 Td (results ) Tj ET Q q 0 0 0 rg BT 523.61 572.10 Td (may ) Tj ET Q q 0 0 0 rg BT 544.73 572.10 Td (vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 101.99 560.10 Td (from ) Tj ET Q q 0 0 0 rg BT 123.93 560.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 152.04 560.10 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 197.30 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.24 560.10 Td (year) Tj ET Q q 0 0 0 rg BT 231.24 560.10 Td (-to-year) Tj ET Q q 0 0 0 rg BT 262.34 560.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (Developments ) Tj ET Q q 0 0 0 rg BT 109.72 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 120.53 536.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 154.08 536.10 Td (business ) Tj ET Q q 0 0 0 rg BT 191.56 536.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 222.35 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.37 536.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 275.61 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.41 536.10 Td (which ) Tj ET Q q 0 0 0 rg BT 313.88 536.10 Td (we ) Tj ET Q q 0 0 0 rg BT 327.45 536.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 362.69 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.60 536.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 419.58 536.10 Td (have ) Tj ET Q q 0 0 0 rg BT 441.48 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.28 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.52 536.10 Td (past ) Tj ET Q q 0 0 0 rg BT 486.65 536.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 527.42 536.10 Td (af) Tj ET Q q 0 0 0 rg BT 535.57 536.10 Td (fected, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.56 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 87.28 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.12 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.40 524.10 Td (future ) Tj ET Q q 0 0 0 rg BT 141.46 524.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 182.27 524.10 Td (af) Tj ET Q q 0 0 0 rg BT 190.42 524.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 210.41 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.36 524.10 Td (business ) Tj ET Q q 0 0 0 rg BT 264.88 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.94 524.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 330.90 524.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.81 500.10 Td (results ) Tj ET Q q 0 0 0 rg BT 94.68 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.10 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.30 500.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 154.37 500.10 Td (period ) Tj ET Q q 0 0 0 rg BT 181.68 500.10 Td (may ) Tj ET Q q 0 0 0 rg BT 200.65 500.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.85 500.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 286.93 500.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 325.34 500.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.10 500.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 371.63 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.17 500.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 414.02 500.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 443.55 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.64 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.62 500.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 487.16 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.25 500.10 Td (global ) Tj ET Q q 0 0 0 rg BT 524.01 500.10 Td (economy) Tj ET Q q 0 0 0 rg BT 560.01 500.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 488.10 Td (for ) Tj ET Q q 0 0 0 rg BT 74.49 488.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.19 488.10 Td (products ) Tj ET Q q 0 0 0 rg BT 141.13 488.10 Td (within ) Tj ET Q q 0 0 0 rg BT 169.19 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.90 488.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.38 488.10 Td (services ) Tj ET Q q 0 0 0 rg BT 256.09 488.10 Td (industry) Tj ET Q q 0 0 0 rg BT 288.22 488.10 Td (, ) Tj ET Q q 0 0 0 rg BT 293.22 488.10 Td (due ) Tj ET Q q 0 0 0 rg BT 310.16 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.44 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.27 488.10 Td (business ) Tj ET Q q 0 0 0 rg BT 372.66 488.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 390.72 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.65 488.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 431.81 488.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 457.35 488.10 Td (For ) Tj ET Q q 0 0 0 rg BT 473.74 488.10 Td (example:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 464.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 85.72 464.10 Td (equities ) Tj ET Q q 0 0 0 rg BT 119.50 464.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 166.05 464.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 200.94 464.10 Td (business ) Tj ET Q q 0 0 0 rg BT 237.50 464.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 270.16 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.83 464.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 316.60 464.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 349.54 464.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 398.30 464.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 444.55 464.10 Td (ener) Tj ET Q q 0 0 0 rg BT 461.57 464.10 Td (gy) Tj ET Q q 0 0 0 rg BT 470.92 464.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.09 464.10 Td (consumer) Tj ET Q q 0 0 0 rg BT 514.57 464.10 Td (, ) Tj ET Q q 0 0 0 rg BT 519.74 464.10 Td (diversified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 452.10 Td (industrials ) Tj ET Q q 0 0 0 rg BT 114.25 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.78 452.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 173.57 452.10 Td (business ) Tj ET Q q 0 0 0 rg BT 212.55 452.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 252.35 452.10 Td (technology) Tj ET Q q 0 0 0 rg BT 296.13 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.72 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.79 452.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 395.83 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.35 452.10 Td (agriculture, ) Tj ET Q q 0 0 0 rg BT 466.25 452.10 Td (clean ) Tj ET Q q 0 0 0 rg BT 492.43 452.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 548.06 452.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 440.10 Td (renewables. ) Tj ET Q q 0 0 0 rg BT 120.84 440.10 Td (V) Tj ET Q q 0 0 0 rg BT 126.78 440.10 Td (olatility) Tj ET Q q 0 0 0 rg BT 157.24 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 166.06 440.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 210.39 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 219.22 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.87 440.10 Td (slowdowns ) Tj ET Q q 0 0 0 rg BT 285.20 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.31 440.10 Td (these ) Tj ET Q q 0 0 0 rg BT 326.18 440.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 360.27 440.10 Td (may ) Tj ET Q q 0 0 0 rg BT 383.81 440.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 428.45 440.10 Td (af) Tj ET Q q 0 0 0 rg BT 436.04 440.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 457.35 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 477.01 440.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 519.72 440.10 Td (sometimes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 428.10 Td (disproportionately) Tj ET Q q 0 0 0 rg BT 140.17 428.10 Td (, ) Tj ET Q q 0 0 0 rg BT 145.25 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.27 428.10 Td (may ) Tj ET Q q 0 0 0 rg BT 182.07 428.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 206.86 428.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 245.55 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.91 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.71 428.10 Td (net ) Tj ET Q q 0 0 0 rg BT 285.51 428.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 323.63 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 337.87 428.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 369.32 428.10 Td (from ) Tj ET Q q 0 0 0 rg BT 391.34 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 407.25 428.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 436.48 428.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 470.72 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.74 428.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 528.07 428.10 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 416.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 110.44 416.10 Td (In ) Tj ET Q q 0 0 0 rg BT 123.11 416.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 151.88 416.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 179.81 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.37 416.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 241.79 416.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 270.01 416.10 Td (has ) Tj ET Q q 0 0 0 rg BT 287.68 416.10 Td (been ) Tj ET Q q 0 0 0 rg BT 310.90 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.68 416.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 366.23 416.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 415.00 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.12 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 444.79 416.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 476.90 416.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 509.85 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.63 416.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 404.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 126.18 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.10 404.10 Td (this ) Tj ET Q q 0 0 0 rg BT 154.68 404.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 181.70 404.10 Td (would ) Tj ET Q q 0 0 0 rg BT 209.84 404.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 253.51 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.09 404.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 347.55 404.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 377.90 404.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 392.43 404.10 Td (even ) Tj ET Q q 0 0 0 rg BT 414.45 404.10 Td (if ) Tj ET Q q 0 0 0 rg BT 423.69 404.10 Td (general ) Tj ET Q q 0 0 0 rg BT 456.26 404.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 498.27 404.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 543.07 404.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 392.10 Td (strong. ) Tj ET Q q 0 0 0 rg BT 96.65 392.10 Td (Further) Tj ET Q q 0 0 0 rg BT 125.69 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.83 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.70 392.10 Td (ener) Tj ET Q q 0 0 0 rg BT 160.73 392.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 172.37 392.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 197.90 392.10 Td (has ) Tj ET Q q 0 0 0 rg BT 212.88 392.10 Td (become ) Tj ET Q q 0 0 0 rg BT 245.62 392.10 Td (one ) Tj ET Q q 0 0 0 rg BT 261.70 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.68 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 286.66 392.10 Td (more ) Tj ET Q q 0 0 0 rg BT 308.85 392.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 352.71 392.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 382.13 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.11 392.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 429.84 392.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.15 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.13 392.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 484.77 392.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 530.30 392.10 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 380.10 Td (business ) Tj ET Q q 0 0 0 rg BT 104.66 380.10 Td (since ) Tj ET Q q 0 0 0 rg BT 128.48 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.08 380.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 192.24 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.84 380.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 244.90 380.10 Td (& ) Tj ET Q q 0 0 0 rg BT 255.95 380.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 298.11 380.10 Td (International ) Tj ET Q q 0 0 0 rg BT 352.47 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.52 380.10 Td (February ) Tj ET Q q 0 0 0 rg BT 402.89 380.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 428.66 380.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 447.35 380.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 460.63 380.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 495.55 380.10 Td (suf) Tj ET Q q 0 0 0 rg BT 507.59 380.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 531.40 380.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 368.10 Td (much ) Tj ET Q q 0 0 0 rg BT 91.87 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.35 368.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 124.50 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.08 368.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 163.23 368.10 Td (from ) Tj ET Q q 0 0 0 rg BT 184.82 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.41 368.10 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 234.11 368.10 Td (depression ) Tj ET Q q 0 0 0 rg BT 279.03 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.96 368.10 Td (oil ) Tj ET Q q 0 0 0 rg BT 301.66 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.25 368.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 348.16 368.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 363.64 368.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 392.17 368.10 Td (which ) Tj ET Q q 0 0 0 rg BT 418.76 368.10 Td (have ) Tj ET Q q 0 0 0 rg BT 439.79 368.10 Td (only ) Tj ET Q q 0 0 0 rg BT 459.71 368.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 494.07 368.10 Td (begun ) Tj ET Q q 0 0 0 rg BT 520.65 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.58 368.10 Td (recover) Tj ET Q q 0 0 0 rg BT 560.01 368.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 356.10 Td (Disproportionately ) Tj ET Q q 0 0 0 rg BT 144.94 356.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 180.72 356.10 Td (market ) Tj ET Q q 0 0 0 rg BT 210.38 356.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 253.95 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.63 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.74 356.10 Td (ener) Tj ET Q q 0 0 0 rg BT 294.77 356.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 306.67 356.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 332.45 356.10 Td (will ) Tj ET Q q 0 0 0 rg BT 349.91 356.10 Td (slow ) Tj ET Q q 0 0 0 rg BT 370.70 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.04 356.10 Td (hinder ) Tj ET Q q 0 0 0 rg BT 414.49 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.72 356.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 457.17 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.85 356.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 495.39 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.51 356.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 543.06 356.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.65 344.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 129.96 344.10 Td (Lastly) Tj ET Q q 0 0 0 rg BT 154.31 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.74 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.33 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 191.48 344.10 Td (not ) Tj ET Q q 0 0 0 rg BT 206.19 344.10 Td (participate, ) Tj ET Q q 0 0 0 rg BT 252.81 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 263.08 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.22 344.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 326.35 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.06 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 342.43 344.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 367.13 344.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 395.71 344.10 Td (than ) Tj ET Q q 0 0 0 rg BT 414.86 344.10 Td (other ) Tj ET Q q 0 0 0 rg BT 437.33 344.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 462.87 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.58 344.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 502.28 344.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.21 344.10 Td (experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 332.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 113.23 332.10 Td (activity) Tj ET Q q 0 0 0 rg BT 142.57 332.10 Td (, ) Tj ET Q q 0 0 0 rg BT 148.60 332.10 Td (such ) Tj ET Q q 0 0 0 rg BT 170.45 332.10 Td (as ) Tj ET Q q 0 0 0 rg BT 182.30 332.10 Td (real ) Tj ET Q q 0 0 0 rg BT 200.81 332.10 Td (estate, ) Tj ET Q q 0 0 0 rg BT 229.59 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.55 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.41 332.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 305.69 332.10 Td (results ) Tj ET Q q 0 0 0 rg BT 335.32 332.10 Td (may ) Tj ET Q q 0 0 0 rg BT 356.06 332.10 Td (not ) Tj ET Q q 0 0 0 rg BT 372.36 332.10 Td (correlate ) Tj ET Q q 0 0 0 rg BT 410.85 332.10 Td (with ) Tj ET Q q 0 0 0 rg BT 432.15 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.89 332.10 Td (results ) Tj ET Q q 0 0 0 rg BT 477.52 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.38 332.10 Td (other ) Tj ET Q q 0 0 0 rg BT 513.44 332.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 538.07 332.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 320.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 112.20 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.48 320.10 Td (these ) Tj ET Q q 0 0 0 rg BT 145.52 320.10 Td (sectors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 296.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 86.48 296.10 Td (public ) Tj ET Q q 0 0 0 rg BT 114.90 296.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 147.75 296.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.06 296.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 230.70 296.10 Td (business ) Tj ET Q q 0 0 0 rg BT 268.02 296.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 304.22 296.10 Td (heavily ) Tj ET Q q 0 0 0 rg BT 337.08 296.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 360.50 296.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 405.60 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.80 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.44 296.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 475.86 296.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 509.55 296.10 Td (It ) Tj ET Q q 0 0 0 rg BT 519.09 296.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 552.50 296.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 116.47 284.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 153.78 284.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 188.86 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.72 284.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 234.58 284.10 Td (that ) Tj ET Q q 0 0 0 rg BT 254.67 284.10 Td (include ) Tj ET Q q 0 0 0 rg BT 289.19 284.10 Td (state ) Tj ET Q q 0 0 0 rg BT 312.60 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.13 284.10 Td (local ) Tj ET Q q 0 0 0 rg BT 356.66 284.10 Td (government, ) Tj ET Q q 0 0 0 rg BT 412.01 284.10 Td (education, ) Tj ET Q q 0 0 0 rg BT 458.47 284.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 488.00 284.10 Td (living, ) Tj ET Q q 0 0 0 rg BT 518.92 284.10 Td (healthcare, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.10 Td (transportation, ) Tj ET Q q 0 0 0 rg BT 127.71 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.31 272.10 Td (hospitality ) Tj ET Q q 0 0 0 rg BT 188.69 272.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 221.12 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 241.06 272.10 Td (an ) Tj ET Q q 0 0 0 rg BT 252.67 272.10 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 292.05 272.10 Td (on ) Tj ET Q q 0 0 0 rg BT 304.21 272.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 354.14 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.08 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.68 272.10 Td (par ) Tj ET Q q 0 0 0 rg BT 395.61 272.10 Td (value ) Tj ET Q q 0 0 0 rg BT 419.43 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.92 272.10 Td ($500million ) Tj ET Q q 0 0 0 rg BT 483.48 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.97 272.10 Td (less. ) Tj ET Q q 0 0 0 rg BT 513.63 272.10 Td (Challenging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 260.10 Td (market ) Tj ET Q q 0 0 0 rg BT 97.46 260.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 141.32 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.18 260.10 Td (these ) Tj ET Q q 0 0 0 rg BT 177.92 260.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 207.89 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.08 260.10 Td (are ) Tj ET Q q 0 0 0 rg BT 239.49 260.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 315.00 260.10 Td (worse ) Tj ET Q q 0 0 0 rg BT 341.08 260.10 Td (than ) Tj ET Q q 0 0 0 rg BT 360.50 260.10 Td (those ) Tj ET Q q 0 0 0 rg BT 383.80 260.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 425.99 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.41 260.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 473.14 260.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 511.99 260.10 Td (or ) Tj ET Q q 0 0 0 rg BT 522.52 260.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 248.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 101.34 248.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 140.73 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 160.13 248.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 200.64 248.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 230.03 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.55 248.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 284.13 248.10 Td (Further) Tj ET Q q 0 0 0 rg BT 313.17 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 317.85 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.37 248.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 356.10 248.10 Td (income ) Tj ET Q q 0 0 0 rg BT 387.72 248.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 437.69 248.10 Td (business ) Tj ET Q q 0 0 0 rg BT 473.77 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.39 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 505.91 248.10 Td (public ) Tj ET Q q 0 0 0 rg BT 533.09 248.10 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.60 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 118.01 236.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 135.21 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.19 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.61 236.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 201.81 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 231.77 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.42 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.84 236.10 Td (enactment, ) Tj ET Q q 0 0 0 rg BT 308.63 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.17 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.59 236.10 Td (threat ) Tj ET Q q 0 0 0 rg BT 358.56 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.09 236.10 Td (enactment, ) Tj ET Q q 0 0 0 rg BT 414.89 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.42 236.10 Td (any ) Tj ET Q q 0 0 0 rg BT 442.06 236.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 485.93 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 503.13 236.10 Td (would ) Tj ET Q q 0 0 0 rg BT 530.33 236.10 Td (alter ) Tj ET Q q 0 0 0 rg BT 550.30 236.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 224.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 106.98 224.10 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 154.78 224.10 Td (available ) Tj ET Q q 0 0 0 rg BT 192.58 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.08 224.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 260.44 224.10 Td (through ) Tj ET Q q 0 0 0 rg BT 293.27 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.20 224.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 354.46 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.50 224.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 403.98 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.02 224.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 460.72 224.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 486.32 224.10 Td (would ) Tj ET Q q 0 0 0 rg BT 513.04 224.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 541.96 224.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 212.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 114.64 212.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 134.96 212.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 175.83 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 187.26 212.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 235.91 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.35 212.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 295.43 212.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 318.53 212.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 353.57 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 365.00 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 372.54 212.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 413.41 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.29 212.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 467.95 212.10 Td (income ) Tj ET Q q 0 0 0 rg BT 500.48 212.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 515.80 212.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 540.28 212.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 200.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 112.29 200.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 142.63 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.99 200.10 Td (value ) Tj ET Q q 0 0 0 rg BT 182.78 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.25 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.60 200.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 252.73 200.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 293.63 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 308.42 200.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 329.34 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.25 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.72 200.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 398.18 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 409.64 200.10 Td (well ) Tj ET Q q 0 0 0 rg BT 430.00 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 441.46 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.93 200.10 Td (public ) Tj ET Q q 0 0 0 rg BT 486.06 200.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 518.62 200.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 188.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 102.22 188.10 Td (business ) Tj ET Q q 0 0 0 rg BT 138.61 188.10 Td (more ) Tj ET Q q 0 0 0 rg BT 161.66 188.10 Td (generally) Tj ET Q q 0 0 0 rg BT 198.21 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 203.21 188.10 Td (which ) Tj ET Q q 0 0 0 rg BT 230.15 188.10 Td (would ) Tj ET Q q 0 0 0 rg BT 257.65 188.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 301.80 188.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 331.51 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.23 188.10 Td (results ) Tj ET Q q 0 0 0 rg BT 374.83 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.66 188.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 429.82 188.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.98 188.10 Td (these ) Tj ET Q q 0 0 0 rg BT 467.03 188.10 Td (businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 164.10 Td (In ) Tj ET Q q 0 0 0 rg BT 77.62 164.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 103.83 164.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 129.21 164.10 Td (there ) Tj ET Q q 0 0 0 rg BT 150.98 164.10 Td (has ) Tj ET Q q 0 0 0 rg BT 166.10 164.10 Td (been ) Tj ET Q q 0 0 0 rg BT 186.76 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.99 164.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 212.55 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.12 164.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 256.12 164.10 Td (preference ) Tj ET Q q 0 0 0 rg BT 300.09 164.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.31 164.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 354.75 164.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 392.63 164.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 438.30 164.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 477.85 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.41 164.10 Td (passively ) Tj ET Q q 0 0 0 rg BT 526.41 164.10 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 152.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 113.74 152.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 156.20 152.10 Td (This ) Tj ET Q q 0 0 0 rg BT 176.34 152.10 Td (shift, ) Tj ET Q q 0 0 0 rg BT 198.98 152.10 Td (if ) Tj ET Q q 0 0 0 rg BT 207.44 152.10 Td (it ) Tj ET Q q 0 0 0 rg BT 215.36 152.10 Td (is ) Tj ET Q q 0 0 0 rg BT 224.39 152.10 Td (sustained, ) Tj ET Q q 0 0 0 rg BT 266.47 152.10 Td (could ) Tj ET Q q 0 0 0 rg BT 291.05 152.10 Td (further ) Tj ET Q q 0 0 0 rg BT 320.62 152.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 364.63 152.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 394.20 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.89 152.10 Td (business ) Tj ET Q q 0 0 0 rg BT 446.14 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.94 152.10 Td (results ) Tj ET Q q 0 0 0 rg BT 491.41 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.10 152.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 548.62 152.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 140.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 106.77 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.99 140.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 145.32 140.10 Td (management ) Tj ET Q q 0 0 0 rg BT 199.30 140.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 237.73 140.10 Td (are ) Tj ET Q q 0 0 0 rg BT 252.83 140.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 285.71 140.10 Td (from ) Tj ET Q q 0 0 0 rg BT 308.04 140.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 342.59 140.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 381.57 140.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 409.46 140.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 452.62 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.95 140.10 Td (this ) Tj ET Q q 0 0 0 rg BT 487.29 140.10 Td (type ) Tj ET Q q 0 0 0 rg BT 507.40 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.62 140.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 128.10 Td (product ) Tj ET Q q 0 0 0 rg BT 100.31 128.10 Td (has ) Tj ET Q q 0 0 0 rg BT 115.90 128.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 166.46 128.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 188.16 128.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 225.42 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.46 128.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 262.14 128.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 288.00 128.10 Td (including ) Tj ET Q q 0 0 0 rg BT 328.04 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.08 128.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 362.84 128.10 Td (as ) Tj ET Q q 0 0 0 rg BT 373.43 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.91 128.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 407.94 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.98 128.10 Td (passively ) Tj ET Q q 0 0 0 rg BT 457.46 128.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 495.82 128.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 535.84 128.10 Td (gained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 116.10 Td (momentum ) Tj ET Q q 0 0 0 rg BT 115.47 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.32 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.06 116.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 201.00 116.10 Td (lagged. ) Tj ET Q q 0 0 0 rg BT 232.04 116.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 256.67 116.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 294.09 116.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 338.15 116.10 Td (af) Tj ET Q q 0 0 0 rg BT 345.74 116.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 363.14 116.10 Td (results ) Tj ET Q q 0 0 0 rg BT 391.66 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.41 116.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 446.48 116.10 Td (for ) Tj ET Q q 0 0 0 rg BT 460.55 116.10 Td (this ) Tj ET Q q 0 0 0 rg BT 477.42 116.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 516.22 116.10 Td (as ) Tj ET Q q 0 0 0 rg BT 526.97 116.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 104.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.42 104.10 Td (lar) Tj ET Q q 0 0 0 rg BT 92.79 104.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 112.72 104.10 Td (made ) Tj ET Q q 0 0 0 rg BT 137.10 104.10 Td (up ) Tj ET Q q 0 0 0 rg BT 149.81 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.86 104.10 Td (management ) Tj ET Q q 0 0 0 rg BT 214.67 104.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 233.48 104.10 Td (which ) Tj ET Q q 0 0 0 rg BT 260.64 104.10 Td (are ) Tj ET Q q 0 0 0 rg BT 275.56 104.10 Td (based ) Tj ET Q q 0 0 0 rg BT 301.05 104.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.77 104.10 Td (a ) Tj ET Q q 0 0 0 rg BT 320.92 104.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 366.94 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.99 104.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 404.04 104.10 Td (under ) Tj ET Q q 0 0 0 rg BT 429.52 104.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 485.83 104.10 Td (In ) Tj ET Q q 0 0 0 rg BT 496.88 104.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 522.09 104.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.14 104.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.30 104.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.67 92.10 Td (a ) Tj ET Q q 0 0 0 rg BT 83.95 92.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 114.67 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.29 92.10 Td (market ) Tj ET Q q 0 0 0 rg BT 153.89 92.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 196.84 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.46 92.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 235.50 92.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 265.12 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.40 92.10 Td (net ) Tj ET Q q 0 0 0 rg BT 295.46 92.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 332.30 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.47 92.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 367.64 92.10 Td (under ) Tj ET Q q 0 0 0 rg BT 392.25 92.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 447.68 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 461.19 92.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 498.00 92.10 Td (an ) Tj ET Q q 0 0 0 rg BT 509.29 92.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.29 92.10 Td (82.9 ) Tj ET Q q 0 0 0 rg BT 533.63 92.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 80.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 106.52 80.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 155.55 80.10 Td (char) Tj ET Q q 0 0 0 rg BT 172.58 80.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 184.94 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.65 80.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 225.22 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.36 80.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 276.60 80.10 Td (value ) Tj ET Q q 0 0 0 rg BT 301.18 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.44 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.58 80.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 366.07 80.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 410.09 80.10 Td (with ) Tj ET Q q 0 0 0 rg BT 430.79 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.40 80.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 471.55 80.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 526.68 80.10 Td (segment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 68.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 98.49 68.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 135.04 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.92 68.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 169.80 68.10 Td (under ) Tj ET Q q 0 0 0 rg BT 194.11 68.10 Td (management ) Tj ET Q q 0 0 0 rg BT 246.75 68.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 275.51 68.10 Td (by ) Tj ET Q q 0 0 0 rg BT 287.06 68.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 320.82 68.10 Td (preference ) Tj ET Q q 0 0 0 rg BT 364.56 68.10 Td (for ) Tj ET Q q 0 0 0 rg BT 377.77 68.10 Td (passively ) Tj ET Q q 0 0 0 rg BT 416.53 68.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 454.17 68.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.72 68.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 522.53 68.10 Td (especially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 56.10 Td (if ) Tj ET Q q 0 0 0 rg BT 76.29 56.10 Td (coupled ) Tj ET Q q 0 0 0 rg BT 110.62 56.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.08 56.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 177.64 56.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 230.84 56.10 Td (below ) Tj ET Q q 0 0 0 rg BT 257.95 56.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 307.27 56.10 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 358.27 56.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.27 56.10 Td (any ) Tj ET Q q 0 0 0 rg BT 386.39 56.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 424.07 56.10 Td (from ) Tj ET Q q 0 0 0 rg BT 446.19 56.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 473.86 56.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 514.30 56.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 554.18 56.10 Td (or ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 33.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 98.51 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.43 740.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.57 740.10 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 181.31 740.10 Td (would ) Tj ET Q q 0 0 0 rg BT 208.45 740.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 252.25 740.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 281.60 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.07 740.10 Td (results ) Tj ET Q q 0 0 0 rg BT 325.32 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.79 740.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 379.59 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 393.39 740.10 Td (this ) Tj ET Q q 0 0 0 rg BT 409.98 740.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 448.51 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.09 740.10 Td (could ) Tj ET Q q 0 0 0 rg BT 489.45 740.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 508.24 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.16 740.10 Td (future ) Tj ET Q q 0 0 0 rg BT 544.18 740.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 87.77 728.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 136.37 728.10 Td (char) Tj ET Q q 0 0 0 rg BT 153.39 728.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 169.22 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.72 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.44 728.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 239.48 728.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 277.54 728.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 321.13 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 341.41 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.69 728.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 381.41 728.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 436.11 728.10 Td (segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 122.78 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.30 704.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 193.90 704.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 213.08 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 227.82 704.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 248.11 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 261.19 704.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 287.60 704.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 324.00 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.08 704.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 384.62 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.14 704.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 449.66 704.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 483.84 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 496.92 704.10 Td (MLPs ) Tj ET Q q 0 0 0 rg BT 524.45 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 704.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 117.26 692.10 Td (related ) Tj ET Q q 0 0 0 rg BT 146.45 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.21 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.41 692.10 Td (ener) Tj ET Q q 0 0 0 rg BT 187.44 692.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 199.42 692.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 255.27 692.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 281.13 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.32 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 301.75 692.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 349.27 692.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 395.69 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.45 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.77 692.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 442.19 692.10 Td (management ) Tj ET Q q 0 0 0 rg BT 495.27 692.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 535.29 692.10 Td (Return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 80.34 680.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 127.06 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.68 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.73 680.10 Td (ener) Tj ET Q q 0 0 0 rg BT 169.76 680.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 182.60 680.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 239.30 680.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 266.01 680.10 Td (is ) Tj ET Q q 0 0 0 rg BT 275.52 680.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 319.45 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.07 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 337.35 680.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 385.73 680.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 415.21 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.05 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.10 680.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 469.82 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.99 680.10 Td (ener) Tj ET Q q 0 0 0 rg BT 498.01 680.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 510.85 680.10 Td (commodities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 668.10 Td (such ) Tj ET Q q 0 0 0 rg BT 88.12 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 98.74 668.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 128.79 668.10 Td (gas, ) Tj ET Q q 0 0 0 rg BT 146.91 668.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 176.96 668.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 192.58 668.10 Td (liquids, ) Tj ET Q q 0 0 0 rg BT 224.60 668.10 Td (crude ) Tj ET Q q 0 0 0 rg BT 249.09 668.10 Td (oil, ) Tj ET Q q 0 0 0 rg BT 264.44 668.10 Td (refined ) Tj ET Q q 0 0 0 rg BT 295.04 668.10 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 337.88 668.10 Td (products ) Tj ET Q q 0 0 0 rg BT 374.60 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.22 668.10 Td (coal. ) Tj ET Q q 0 0 0 rg BT 406.67 668.10 Td (Persistently ) Tj ET Q q 0 0 0 rg BT 455.62 668.10 Td (depressed ) Tj ET Q q 0 0 0 rg BT 497.34 668.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 523.50 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 537.45 668.10 Td (any ) Tj ET Q q 0 0 0 rg BT 554.18 668.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 656.10 Td (these ) Tj ET Q q 0 0 0 rg BT 90.81 656.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 130.50 656.10 Td (such ) Tj ET Q q 0 0 0 rg BT 151.59 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.68 656.10 Td (those ) Tj ET Q q 0 0 0 rg BT 186.55 656.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 237.61 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.14 656.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 270.90 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.10 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.08 656.10 Td (first ) Tj ET Q q 0 0 0 rg BT 321.94 656.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.02 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.11 656.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 389.37 656.10 Td (will ) Tj ET Q q 0 0 0 rg BT 407.68 656.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 433.21 656.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 452.63 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.16 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.36 656.10 Td (further ) Tj ET Q q 0 0 0 rg BT 500.33 656.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 554.17 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 98.43 644.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 143.27 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 158.10 644.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 204.03 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.98 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.37 644.10 Td (ener) Tj ET Q q 0 0 0 rg BT 247.40 644.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 260.57 644.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 317.60 644.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 344.65 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.26 644.10 Td (poorer ) Tj ET Q q 0 0 0 rg BT 391.52 644.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 422.46 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.41 644.10 Td (this ) Tj ET Q q 0 0 0 rg BT 451.03 644.10 Td (sector) Tj ET Q q 0 0 0 rg BT 474.51 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 480.18 644.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 500.29 644.10 Td (consequently) Tj ET Q q 0 0 0 rg BT 552.40 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 558.07 644.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 632.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 107.76 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.04 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.76 632.10 Td (management ) Tj ET Q q 0 0 0 rg BT 186.35 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.29 632.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 256.31 632.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 274.91 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 289.07 632.10 Td (receive.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 608.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 85.53 608.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 108.55 608.10 Td (income ) Tj ET Q q 0 0 0 rg BT 140.46 608.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 190.72 608.10 Td (business ) Tj ET Q q 0 0 0 rg BT 227.09 608.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 258.44 608.10 Td (its ) Tj ET Q q 0 0 0 rg BT 270.37 608.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 304.49 608.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.40 608.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 348.32 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.24 608.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 396.04 608.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 428.51 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.76 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.45 608.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 495.92 608.10 Td (market ) Tj ET Q q 0 0 0 rg BT 526.16 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 543.08 608.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 596.10 Td (products ) Tj ET Q q 0 0 0 rg BT 104.57 596.10 Td (within ) Tj ET Q q 0 0 0 rg BT 132.76 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.61 596.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 179.11 596.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 212.01 596.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 240.75 596.10 Td (preferreds, ) Tj ET Q q 0 0 0 rg BT 286.41 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.48 596.10 Td (government ) Tj ET Q q 0 0 0 rg BT 353.87 596.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 384.82 596.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 424.39 596.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 442.57 596.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 482.97 596.10 Td (results ) Tj ET Q q 0 0 0 rg BT 511.71 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 526.00 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.96 596.10 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 584.10 Td (income ) Tj ET Q q 0 0 0 rg BT 99.47 584.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 149.79 584.10 Td (business ) Tj ET Q q 0 0 0 rg BT 186.22 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 205.98 584.10 Td (not ) Tj ET Q q 0 0 0 rg BT 221.29 584.10 Td (correlate ) Tj ET Q q 0 0 0 rg BT 258.80 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.12 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.88 584.10 Td (results ) Tj ET Q q 0 0 0 rg BT 322.52 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.39 584.10 Td (other ) Tj ET Q q 0 0 0 rg BT 356.48 584.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 380.13 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 391.00 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.75 584.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 428.84 584.10 Td (income ) Tj ET Q q 0 0 0 rg BT 460.81 584.10 Td (market ) Tj ET Q q 0 0 0 rg BT 491.11 584.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 530.85 584.10 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 74.19 572.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 118.66 572.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 149.80 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.39 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.98 572.10 Td (business ) Tj ET Q q 0 0 0 rg BT 212.12 572.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 244.37 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 256.63 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.10 572.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 313.34 572.10 Td (market ) Tj ET Q q 0 0 0 rg BT 343.36 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.06 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 373.97 572.10 Td (do ) Tj ET Q q 0 0 0 rg BT 386.23 572.10 Td (not ) Tj ET Q q 0 0 0 rg BT 401.26 572.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 445.72 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.75 572.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 500.22 572.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 539.69 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 572.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 560.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 90.55 560.10 Td (income ) Tj ET Q q 0 0 0 rg BT 122.48 560.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 156.64 560.10 Td (such ) Tj ET Q q 0 0 0 rg BT 177.47 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.30 560.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 213.56 560.10 Td (default ) Tj ET Q q 0 0 0 rg BT 243.82 560.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 273.27 560.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 313.52 560.10 Td (high-yield ) Tj ET Q q 0 0 0 rg BT 357.12 560.10 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 386.02 560.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 429.60 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.54 560.10 Td (commodities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 97.12 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.96 536.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 155.67 536.10 Td (services ) Tj ET Q q 0 0 0 rg BT 192.14 536.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 250.30 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 267.91 536.10 Td (transactional ) Tj ET Q q 0 0 0 rg BT 326.64 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.25 536.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 370.75 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.58 536.10 Td (do ) Tj ET Q q 0 0 0 rg BT 404.86 536.10 Td (not ) Tj ET Q q 0 0 0 rg BT 422.47 536.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 465.06 536.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 499.88 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.38 536.10 Td (subsequent ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (engagements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 71.65 500.10 Td (though ) Tj ET Q q 0 0 0 rg BT 101.04 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 114.31 500.10 Td (work ) Tj ET Q q 0 0 0 rg BT 136.47 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.85 500.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 184.11 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.05 500.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 226.76 500.10 Td (at ) Tj ET Q q 0 0 0 rg BT 235.58 500.10 Td (every ) Tj ET Q q 0 0 0 rg BT 259.40 500.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 281.55 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.49 500.10 Td (their ) Tj ET Q q 0 0 0 rg BT 311.42 500.10 Td (lifecycle, ) Tj ET Q q 0 0 0 rg BT 349.95 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 363.22 500.10 Td (are ) Tj ET Q q 0 0 0 rg BT 377.03 500.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 413.63 500.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 447.44 500.10 Td (on ) Tj ET Q q 0 0 0 rg BT 459.05 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.10 500.10 Td (short-term, ) Tj ET Q q 0 0 0 rg BT 510.86 500.10 Td (engagement-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (by-engagement ) Tj ET Q q 0 0 0 rg BT 113.57 488.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 136.00 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.21 488.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 192.51 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 212.72 488.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 246.25 488.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 275.33 488.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 309.41 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.17 488.10 Td (mer) Tj ET Q q 0 0 0 rg BT 335.54 488.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 354.63 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.50 488.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 421.71 488.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 473.86 488.10 Td (As ) Tj ET Q q 0 0 0 rg BT 487.41 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 494.28 488.10 Td (consequence, ) Tj ET Q q 0 0 0 rg BT 550.29 488.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 78.49 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.70 476.10 Td (when ) Tj ET Q q 0 0 0 rg BT 114.24 476.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 133.22 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.30 476.10 Td (earned, ) Tj ET Q q 0 0 0 rg BT 180.33 476.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 200.14 476.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 241.60 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.81 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.67 476.10 Td (results ) Tj ET Q q 0 0 0 rg BT 324.66 476.10 Td (from ) Tj ET Q q 0 0 0 rg BT 346.98 476.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 376.50 476.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 411.04 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.35 476.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 468.99 476.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 506.30 476.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 545.28 476.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 96.13 464.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 135.56 464.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 167.20 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.30 464.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 209.94 464.10 Td (based ) Tj ET Q q 0 0 0 rg BT 236.03 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 249.36 464.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 277.68 464.10 Td (market ) Tj ET Q q 0 0 0 rg BT 308.76 464.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 353.75 464.10 Td (as ) Tj ET Q q 0 0 0 rg BT 365.41 464.10 Td (well ) Tj ET Q q 0 0 0 rg BT 385.95 464.10 Td (as ) Tj ET Q q 0 0 0 rg BT 397.60 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.14 464.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 480.33 464.10 Td (business ) Tj ET Q q 0 0 0 rg BT 517.54 464.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 541.96 464.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (broadly) Tj ET Q q 0 0 0 rg BT 79.40 452.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.86 452.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.16 452.10 Td (particular) Tj ET Q q 0 0 0 rg BT 134.07 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 139.53 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.83 452.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 194.33 452.10 Td (related ) Tj ET Q q 0 0 0 rg BT 224.50 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.24 452.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 282.09 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.49 452.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 346.36 452.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 397.08 452.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 417.27 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.01 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 440.41 452.10 Td (more ) Tj ET Q q 0 0 0 rg BT 463.93 452.10 Td (unpredictable, ) Tj ET Q q 0 0 0 rg BT 523.81 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.11 452.10 Td (lumpy) Tj ET Q q 0 0 0 rg BT 560.01 452.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.49 440.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 102.35 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.68 440.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 143.55 440.10 Td (due ) Tj ET Q q 0 0 0 rg BT 160.54 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.87 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.63 440.10 Td (one-time ) Tj ET Q q 0 0 0 rg BT 223.73 440.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 251.26 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.14 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.91 440.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 323.33 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.32 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.09 440.10 Td (size ) Tj ET Q q 0 0 0 rg BT 373.18 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.06 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.83 440.10 Td (fee. ) Tj ET Q q 0 0 0 rg BT 415.53 440.10 Td (As ) Tj ET Q q 0 0 0 rg BT 429.19 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.18 440.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 463.45 440.10 Td (high ) Tj ET Q q 0 0 0 rg BT 483.77 440.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 509.65 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.53 440.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 554.73 440.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (one ) Tj ET Q q 0 0 0 rg BT 66.78 428.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 97.93 428.10 Td (will ) Tj ET Q q 0 0 0 rg BT 116.32 428.10 Td (not ) Tj ET Q q 0 0 0 rg BT 131.94 428.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 179.20 428.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.47 428.10 Td (predictive ) Tj ET Q q 0 0 0 rg BT 234.29 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.46 428.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 287.73 428.10 Td (high ) Tj ET Q q 0 0 0 rg BT 308.34 428.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 334.50 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.67 428.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 380.15 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.77 428.10 Td (any ) Tj ET Q q 0 0 0 rg BT 408.04 428.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 455.32 428.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 486.20 428.10 Td (If ) Tj ET Q q 0 0 0 rg BT 495.70 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.20 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.24 428.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 554.73 428.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 86.25 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.57 416.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 139.22 416.10 Td (number ) Tj ET Q q 0 0 0 rg BT 172.65 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.87 416.10 Td (new ) Tj ET Q q 0 0 0 rg BT 203.41 416.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 258.50 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.82 416.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 312.56 416.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 331.55 416.10 Td (from ) Tj ET Q q 0 0 0 rg BT 353.87 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.97 416.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 412.95 416.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 460.82 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.04 416.10 Td (those ) Tj ET Q q 0 0 0 rg BT 496.03 416.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 549.18 416.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.89 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.83 404.10 Td (results ) Tj ET Q q 0 0 0 rg BT 131.44 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.27 404.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 186.42 404.10 Td (will ) Tj ET Q q 0 0 0 rg BT 204.48 404.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 229.75 404.10 Td (be ) Tj ET Q q 0 0 0 rg BT 241.69 404.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 282.51 404.10 Td (af) Tj ET Q q 0 0 0 rg BT 290.10 404.10 Td (fected.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 380.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 100.60 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.43 380.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 159.49 380.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.43 380.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 242.83 380.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 295.90 380.10 Td (may ) Tj ET Q q 0 0 0 rg BT 315.62 380.10 Td (dif) Tj ET Q q 0 0 0 rg BT 326.55 380.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 340.71 380.10 Td (from ) Tj ET Q q 0 0 0 rg BT 363.21 380.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 391.26 380.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 356.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 115.15 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.03 356.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 172.46 356.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 218.89 356.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 253.66 356.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 303.98 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.32 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 330.20 356.10 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 364.97 356.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.19 356.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 413.95 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.94 356.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 466.82 356.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 498.81 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.70 356.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 548.08 356.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.75 344.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 110.55 344.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 144.69 344.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 178.26 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 186.85 344.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 223.76 344.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 252.33 344.10 Td (only ) Tj ET Q q 0 0 0 rg BT 272.03 344.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 293.95 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.09 344.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 351.11 344.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 398.02 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.27 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 414.63 344.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 462.93 344.10 Td (In ) Tj ET Q q 0 0 0 rg BT 473.18 344.10 Td (most ) Tj ET Q q 0 0 0 rg BT 494.55 344.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 520.07 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.65 344.10 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (little ) Tj ET Q q 0 0 0 rg BT 71.14 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 82.78 332.10 Td (no ) Tj ET Q q 0 0 0 rg BT 96.08 332.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 133.83 332.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.79 332.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.98 332.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 231.51 332.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 287.02 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 305.32 332.10 Td (do ) Tj ET Q q 0 0 0 rg BT 318.63 332.10 Td (not ) Tj ET Q q 0 0 0 rg BT 334.72 332.10 Td (result ) Tj ET Q q 0 0 0 rg BT 360.24 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.33 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.85 332.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 431.26 332.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 479.56 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.20 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 498.94 332.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 548.62 332.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 88.73 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.03 320.10 Td (client's ) Tj ET Q q 0 0 0 rg BT 126.80 320.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 173.54 320.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 220.28 320.10 Td (may ) Tj ET Q q 0 0 0 rg BT 240.35 320.10 Td (be ) Tj ET Q q 0 0 0 rg BT 252.65 320.10 Td (delayed ) Tj ET Q q 0 0 0 rg BT 286.61 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 297.80 320.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 343.42 320.10 Td (because ) Tj ET Q q 0 0 0 rg BT 377.93 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.12 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.42 320.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 425.37 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.01 320.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 460.52 320.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 483.38 320.10 Td (final ) Tj ET Q q 0 0 0 rg BT 504.57 320.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 529.65 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 320.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 99.38 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.22 308.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 130.65 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.76 308.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 166.09 308.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 206.29 308.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 248.72 308.10 Td (consents ) Tj ET Q q 0 0 0 rg BT 284.49 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.16 308.10 Td (board ) Tj ET Q q 0 0 0 rg BT 318.26 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.92 308.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 375.91 308.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 418.62 308.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 446.05 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.17 308.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 482.04 308.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 522.24 308.10 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 83.08 296.10 Td (market ) Tj ET Q q 0 0 0 rg BT 113.89 296.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 158.61 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.98 296.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 218.56 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.59 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 267.97 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 291.56 296.10 Td (problems ) Tj ET Q q 0 0 0 rg BT 331.82 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.65 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.91 296.10 Td (client's ) Tj ET Q q 0 0 0 rg BT 388.87 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.24 296.10 Td (counterparty's ) Tj ET Q q 0 0 0 rg BT 459.51 296.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 498.95 296.10 Td (If ) Tj ET Q q 0 0 0 rg BT 508.66 296.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 538.36 296.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 554.73 296.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 88.89 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.07 284.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 142.69 284.10 Td (on ) Tj ET Q q 0 0 0 rg BT 155.43 284.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.61 284.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.01 284.10 Td (are ) Tj ET Q q 0 0 0 rg BT 211.96 284.10 Td (advising ) Tj ET Q q 0 0 0 rg BT 248.59 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.66 284.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.84 284.10 Td (of) Tj ET Q q 0 0 0 rg BT 279.99 284.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 306.61 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.13 284.10 Td (which ) Tj ET Q q 0 0 0 rg BT 344.31 284.10 Td (we ) Tj ET Q q 0 0 0 rg BT 358.71 284.10 Td (are ) Tj ET Q q 0 0 0 rg BT 373.66 284.10 Td (participating, ) Tj ET Q q 0 0 0 rg BT 429.44 284.10 Td (we ) Tj ET Q q 0 0 0 rg BT 443.84 284.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 463.79 284.10 Td (little ) Tj ET Q q 0 0 0 rg BT 484.86 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.93 284.10 Td (no ) Tj ET Q q 0 0 0 rg BT 508.67 284.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 543.06 284.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.47 272.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 109.10 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.30 272.10 Td (may ) Tj ET Q q 0 0 0 rg BT 144.27 272.10 Td (have ) Tj ET Q q 0 0 0 rg BT 164.91 272.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 199.98 272.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 243.95 272.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 281.80 272.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 298.55 272.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 336.68 272.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 361.20 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.39 272.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 398.58 272.10 Td (expenses\) ) Tj ET Q q 0 0 0 rg BT 439.77 272.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 482.62 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 502.16 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.13 272.10 Td (transaction. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.04 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.07 260.10 Td (business ) Tj ET Q q 0 0 0 rg BT 153.67 260.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.04 260.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 189.30 260.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 232.10 260.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.80 260.10 Td (market ) Tj ET Q q 0 0 0 rg BT 273.27 260.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 316.63 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 326.67 260.10 Td (well ) Tj ET Q q 0 0 0 rg BT 345.59 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.62 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.54 260.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 408.46 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.60 260.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 454.63 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.66 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.70 260.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 507.50 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.65 260.10 Td (interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (third ) Tj ET Q q 0 0 0 rg BT 71.78 248.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 104.33 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.17 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.78 248.10 Td (number ) Tj ET Q q 0 0 0 rg BT 171.72 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.45 248.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 239.05 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.10 248.10 Td (have ) Tj ET Q q 0 0 0 rg BT 276.38 248.10 Td (at ) Tj ET Q q 0 0 0 rg BT 286.99 248.10 Td (any ) Tj ET Q q 0 0 0 rg BT 304.82 248.10 Td (given ) Tj ET Q q 0 0 0 rg BT 330.44 248.10 Td (time ) Tj ET Q q 0 0 0 rg BT 351.61 248.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 372.77 248.10 Td (any ) Tj ET Q q 0 0 0 rg BT 390.61 248.10 Td (characterization ) Tj ET Q q 0 0 0 rg BT 457.84 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 469.57 248.10 Td (description ) Tj ET Q q 0 0 0 rg BT 517.40 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.13 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 545.85 248.10 Td (deal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (pipelines\) ) Tj ET Q q 0 0 0 rg BT 91.43 236.10 Td (is ) Tj ET Q q 0 0 0 rg BT 100.60 236.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 131.43 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.71 236.10 Td (change ) Tj ET Q q 0 0 0 rg BT 172.52 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.46 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 209.18 236.10 Td (not ) Tj ET Q q 0 0 0 rg BT 224.46 236.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 271.38 236.10 Td (result ) Tj ET Q q 0 0 0 rg BT 296.10 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.38 236.10 Td (future ) Tj ET Q q 0 0 0 rg BT 332.75 236.10 Td (revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.67 212.10 Td (management ) Tj ET Q q 0 0 0 rg BT 129.50 212.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 164.77 212.10 Td (may ) Tj ET Q q 0 0 0 rg BT 184.49 212.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 204.76 212.10 Td (based ) Tj ET Q q 0 0 0 rg BT 230.59 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.65 212.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.59 212.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 345.86 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.92 212.10 Td (market ) Tj ET Q q 0 0 0 rg BT 395.31 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.37 212.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 455.31 212.10 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.22 188.10 Td (success ) Tj ET Q q 0 0 0 rg BT 101.38 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.89 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.39 188.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 152.00 188.10 Td (management ) Tj ET Q q 0 0 0 rg BT 206.27 188.10 Td (business ) Tj ET Q q 0 0 0 rg BT 243.33 188.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.18 188.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.54 188.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 283.93 188.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 328.20 188.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.38 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.77 188.10 Td (level ) Tj ET Q q 0 0 0 rg BT 379.37 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.88 188.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.38 188.10 Td (under ) Tj ET Q q 0 0 0 rg BT 443.32 188.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 500.09 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 511.59 188.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 550.30 188.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.43 176.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 122.14 176.10 Td (from ) Tj ET Q q 0 0 0 rg BT 144.30 176.10 Td (management ) Tj ET Q q 0 0 0 rg BT 198.11 176.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 216.93 176.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 236.87 176.10 Td (on ) Tj ET Q q 0 0 0 rg BT 249.60 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.53 176.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 290.59 176.10 Td (under ) Tj ET Q q 0 0 0 rg BT 316.08 176.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 372.39 176.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 390.66 176.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 418.94 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.44 176.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 467.15 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 478.20 176.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 513.68 176.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.73 176.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (management ) Tj ET Q q 0 0 0 rg BT 104.26 164.10 Td (is ) Tj ET Q q 0 0 0 rg BT 114.61 164.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 146.61 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.07 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 166.18 164.10 Td (number ) Tj ET Q q 0 0 0 rg BT 200.40 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.41 164.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 245.79 164.10 Td (including ) Tj ET Q q 0 0 0 rg BT 287.24 164.10 Td (investors' ) Tj ET Q q 0 0 0 rg BT 328.83 164.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 374.70 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.71 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.72 164.10 Td (past ) Tj ET Q q 0 0 0 rg BT 423.50 164.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 480.20 164.10 Td (market ) Tj ET Q q 0 0 0 rg BT 511.64 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.64 164.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 96.17 152.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 146.43 152.10 Td (from ) Tj ET Q q 0 0 0 rg BT 168.37 152.10 Td (other ) Tj ET Q q 0 0 0 rg BT 191.42 152.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 212.25 152.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 253.06 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.00 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.83 152.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 313.88 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.16 152.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 363.31 152.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 388.03 152.10 Td (with ) Tj ET Q q 0 0 0 rg BT 408.31 152.10 Td (major ) Tj ET Q q 0 0 0 rg BT 434.13 152.10 Td (investors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.84 128.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.26 128.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.84 128.10 Td (one ) Tj ET Q q 0 0 0 rg BT 173.18 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.42 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.54 128.10 Td (most ) Tj ET Q q 0 0 0 rg BT 218.89 128.10 Td (important ) Tj ET Q q 0 0 0 rg BT 259.68 128.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 288.79 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.47 128.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 335.92 128.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 369.49 128.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 397.49 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.84 128.10 Td (competing ) Tj ET Q q 0 0 0 rg BT 457.95 128.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.52 128.10 Td (new ) Tj ET Q q 0 0 0 rg BT 490.08 128.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 128.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.85 116.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 112.35 116.10 Td (when ) Tj ET Q q 0 0 0 rg BT 136.96 116.10 Td (market ) Tj ET Q q 0 0 0 rg BT 167.68 116.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 212.30 116.10 Td (are ) Tj ET Q q 0 0 0 rg BT 227.46 116.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 267.62 116.10 Td (favorable, ) Tj ET Q q 0 0 0 rg BT 310.82 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.11 116.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 373.94 116.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 427.42 116.10 Td (may ) Tj ET Q q 0 0 0 rg BT 447.59 116.10 Td (be ) Tj ET Q q 0 0 0 rg BT 459.98 116.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 501.25 116.10 Td (af) Tj ET Q q 0 0 0 rg BT 508.84 116.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 536.22 116.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.17 116.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 94.98 104.10 Td (style ) Tj ET Q q 0 0 0 rg BT 115.46 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.49 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.31 104.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 185.21 104.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 234.58 104.10 Td (that ) Tj ET Q q 0 0 0 rg BT 251.17 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.43 104.10 Td (make. ) Tj ET Q q 0 0 0 rg BT 290.18 104.10 Td (For ) Tj ET Q q 0 0 0 rg BT 305.67 104.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 343.63 104.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 372.43 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.36 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.28 104.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 442.76 104.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 482.12 104.10 Td (have ) Tj ET Q q 0 0 0 rg BT 502.59 104.10 Td (had ) Tj ET Q q 0 0 0 rg BT 518.63 104.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.38 92.10 Td (beneath ) Tj ET Q q 0 0 0 rg BT 135.84 92.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 184.84 92.10 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 235.52 92.10 Td (for ) Tj ET Q q 0 0 0 rg BT 249.54 92.10 Td (an ) Tj ET Q q 0 0 0 rg BT 261.34 92.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 299.79 92.10 Td (period ) Tj ET Q q 0 0 0 rg BT 327.70 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.39 92.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 361.02 92.10 Td (which ) Tj ET Q q 0 0 0 rg BT 387.82 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 401.84 92.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 433.08 92.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 480.98 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.12 92.10 Td (net ) Tj ET Q q 0 0 0 rg BT 505.70 92.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 527.50 92.10 Td (outflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.00 80.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 83.10 80.10 Td (T) Tj ET Q q 0 0 0 rg BT 88.51 80.10 Td (o ) Tj ET Q q 0 0 0 rg BT 95.24 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.18 80.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 135.34 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 150.39 80.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 196.00 80.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 248.25 80.10 Td (is ) Tj ET Q q 0 0 0 rg BT 256.64 80.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 297.23 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.73 80.10 Td (be ) Tj ET Q q 0 0 0 rg BT 317.90 80.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 337.95 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.46 80.10 Td (either ) Tj ET Q q 0 0 0 rg BT 371.95 80.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 403.65 80.10 Td (or ) Tj ET Q q 0 0 0 rg BT 413.71 80.10 Td (absolute ) Tj ET Q q 0 0 0 rg BT 448.76 80.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 475.20 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.25 80.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 80.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.16 68.10 Td (will ) Tj ET Q q 0 0 0 rg BT 104.83 68.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 129.73 68.10 Td (be ) Tj ET Q q 0 0 0 rg BT 141.29 68.10 Td (reduced, ) Tj ET Q q 0 0 0 rg BT 177.55 68.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 211.34 68.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 239.56 68.10 Td (may ) Tj ET Q q 0 0 0 rg BT 258.90 68.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 298.79 68.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 323.13 68.10 Td (business ) Tj ET Q q 0 0 0 rg BT 359.15 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.04 68.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 392.26 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.71 68.10 Td (better ) Tj ET Q q 0 0 0 rg BT 427.60 68.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 474.70 68.10 Td (products ) Tj ET Q q 0 0 0 rg BT 511.26 68.10 Td (or ) Tj ET Q q 0 0 0 rg BT 521.71 68.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.27 68.10 Td (dif) Tj ET Q q 0 0 0 rg BT 539.20 68.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.49 56.10 Td (style ) Tj ET Q q 0 0 0 rg BT 118.49 56.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.93 56.10 Td (focus, ) Tj ET Q q 0 0 0 rg BT 157.21 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.65 56.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 202.31 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.20 56.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 241.29 56.10 Td (new ) Tj ET Q q 0 0 0 rg BT 261.07 56.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 286.40 56.10 Td (will ) Tj ET Q q 0 0 0 rg BT 305.07 56.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 330.95 56.10 Td (be ) Tj ET Q q 0 0 0 rg BT 343.50 56.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 384.66 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.21 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 418.65 56.10 Td (key ) Tj ET Q q 0 0 0 rg BT 436.20 56.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 482.08 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.97 56.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.29 56.10 Td (business ) Tj ET Q q 0 0 0 rg BT 545.30 56.10 Td (may ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (depart, ) Tj ET Q q 0 0 0 rg BT 79.90 740.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 115.03 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.73 740.10 Td (join ) Tj ET Q q 0 0 0 rg BT 144.20 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.56 740.10 Td (competitor ) Tj ET Q q 0 0 0 rg BT 197.80 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.05 740.10 Td (otherwise. ) Tj ET Q q 0 0 0 rg BT 253.34 740.10 Td (In ) Tj ET Q q 0 0 0 rg BT 264.59 740.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 302.79 740.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 324.04 740.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 370.84 740.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 424.28 740.10 Td (may ) Tj ET Q q 0 0 0 rg BT 444.41 740.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 488.98 740.10 Td (af) Tj ET Q q 0 0 0 rg BT 496.57 740.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 514.47 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.61 740.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.18 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 728.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 94.48 728.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 144.75 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.03 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.86 728.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.24 728.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 241.97 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 252.80 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.51 728.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 287.78 728.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 316.93 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 331.09 728.10 Td (have ) Tj ET Q q 0 0 0 rg BT 352.47 728.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 397.74 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.02 728.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 437.72 728.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 484.10 728.10 Td (strategies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.20 704.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 97.84 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 104.65 704.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 149.23 704.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 180.48 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.18 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.88 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 228.68 704.10 Td (management ) Tj ET Q q 0 0 0 rg BT 282.14 704.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 320.05 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 334.62 704.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 366.98 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 388.78 704.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 422.80 704.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 461.26 704.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 488.63 704.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 531.26 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.06 704.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (type ) Tj ET Q q 0 0 0 rg BT 69.13 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.87 692.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 126.17 692.10 Td (product ) Tj ET Q q 0 0 0 rg BT 159.13 692.10 Td (has ) Tj ET Q q 0 0 0 rg BT 174.87 692.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 225.59 692.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 247.44 692.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 284.85 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.05 692.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 321.88 692.10 Td (years ) Tj ET Q q 0 0 0 rg BT 345.40 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.59 692.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 379.10 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.84 692.10 Td (passively ) Tj ET Q q 0 0 0 rg BT 429.47 692.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 467.98 692.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.39 692.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 538.07 692.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 680.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 72.02 680.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 98.07 680.10 Td (management ) Tj ET Q q 0 0 0 rg BT 152.43 680.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 171.81 680.10 Td (than ) Tj ET Q q 0 0 0 rg BT 192.30 680.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 227.23 680.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 266.60 680.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 309.90 680.10 Td (T) Tj ET Q q 0 0 0 rg BT 315.31 680.10 Td (o ) Tj ET Q q 0 0 0 rg BT 323.59 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.08 680.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 366.79 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 385.06 680.10 Td (this ) Tj ET Q q 0 0 0 rg BT 402.79 680.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 426.61 680.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 468.21 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.93 680.10 Td (passively ) Tj ET Q q 0 0 0 rg BT 526.42 680.10 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 90.66 668.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 128.49 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.66 668.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 160.27 668.10 Td (market ) Tj ET Q q 0 0 0 rg BT 191.43 668.10 Td (share ) Tj ET Q q 0 0 0 rg BT 215.92 668.10 Td (at ) Tj ET Q q 0 0 0 rg BT 226.54 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.15 668.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 277.75 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.48 668.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 324.52 668.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 364.01 668.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 407.67 668.10 Td (it ) Tj ET Q q 0 0 0 rg BT 416.62 668.10 Td (is ) Tj ET Q q 0 0 0 rg BT 426.69 668.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 462.86 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 481.25 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 496.30 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 516.92 668.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.74 668.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 95.83 656.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 118.29 656.10 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 158.82 656.10 Td (find ) Tj ET Q q 0 0 0 rg BT 177.95 656.10 Td (it ) Tj ET Q q 0 0 0 rg BT 186.54 656.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 238.43 656.10 Td (dif) Tj ET Q q 0 0 0 rg BT 249.36 656.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 273.49 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.30 656.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 312.30 656.10 Td (new ) Tj ET Q q 0 0 0 rg BT 331.99 656.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.35 656.10 Td (under ) Tj ET Q q 0 0 0 rg BT 384.14 656.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 440.76 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.22 656.10 Td (be ) Tj ET Q q 0 0 0 rg BT 470.69 656.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 500.37 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.17 656.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 549.19 656.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (current ) Tj ET Q q 0 0 0 rg BT 80.38 644.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 95.15 644.10 Td (structures ) Tj ET Q q 0 0 0 rg BT 136.59 644.10 Td (given ) Tj ET Q q 0 0 0 rg BT 161.37 644.10 Td (price ) Tj ET Q q 0 0 0 rg BT 183.91 644.10 Td (competition, ) Tj ET Q q 0 0 0 rg BT 236.75 644.10 Td (which ) Tj ET Q q 0 0 0 rg BT 263.75 644.10 Td (would ) Tj ET Q q 0 0 0 rg BT 291.31 644.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 335.52 644.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 365.30 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 381.19 644.10 Td (results ) Tj ET Q q 0 0 0 rg BT 409.86 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.75 644.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 467.28 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 485.39 644.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 516.83 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.17 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 543.06 644.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.83 632.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 142.60 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.62 632.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 176.86 632.10 Td (led ) Tj ET Q q 0 0 0 rg BT 192.31 632.10 Td (us ) Tj ET Q q 0 0 0 rg BT 204.45 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.46 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 223.14 632.10 Td (record ) Tj ET Q q 0 0 0 rg BT 251.92 632.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.59 632.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.59 632.10 Td (82.9 ) Tj ET Q q 0 0 0 rg BT 290.33 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.22 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.46 632.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 361.80 632.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 400.59 632.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 449.93 632.10 Td (char) Tj ET Q q 0 0 0 rg BT 466.96 632.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 479.64 632.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 513.42 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.43 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 540.29 632.10 Td (Asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.54 620.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 141.19 620.10 Td (Future ) Tj ET Q q 0 0 0 rg BT 169.14 620.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 203.73 620.10 Td (could ) Tj ET Q q 0 0 0 rg BT 227.78 620.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 246.27 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.88 620.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 297.71 620.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 335.64 620.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 383.57 620.10 Td (char) Tj ET Q q 0 0 0 rg BT 400.60 620.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 415.76 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 427.60 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.65 620.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 484.02 620.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 521.41 620.10 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 85.06 608.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 109.78 608.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 164.48 608.10 Td (segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 584.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.99 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 85.10 584.10 Td (make ) Tj ET Q q 0 0 0 rg BT 110.22 584.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 148.11 584.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 200.47 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.93 584.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 256.84 584.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 310.57 584.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 342.91 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.15 584.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 375.94 584.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 413.84 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 425.63 584.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 451.86 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.65 584.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 481.54 584.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 516.67 584.10 Td (businesses, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.86 572.10 Td (could ) Tj ET Q q 0 0 0 rg BT 101.99 572.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 127.68 572.10 Td (us ) Tj ET Q q 0 0 0 rg BT 139.48 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.61 572.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 174.20 572.10 Td (unforeseen ) Tj ET Q q 0 0 0 rg BT 222.66 572.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 261.67 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.59 572.10 Td (have ) Tj ET Q q 0 0 0 rg BT 301.38 572.10 Td (disruptive ) Tj ET Q q 0 0 0 rg BT 344.29 572.10 Td (ef) Tj ET Q q 0 0 0 rg BT 351.88 572.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 373.11 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.02 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.83 572.10 Td (business ) Tj ET Q q 0 0 0 rg BT 440.19 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.11 572.10 Td (may ) Tj ET Q q 0 0 0 rg BT 477.68 572.10 Td (not ) Tj ET Q q 0 0 0 rg BT 493.37 572.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 515.16 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.29 572.10 Td (benefits ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.11 560.10 Td (expect.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 536.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.07 536.10 Td (may ) Tj ET Q q 0 0 0 rg BT 82.77 536.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 104.82 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.09 536.10 Td (part ) Tj ET Q q 0 0 0 rg BT 131.12 536.10 Td (through ) Tj ET Q q 0 0 0 rg BT 163.72 536.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 202.97 536.10 Td (development ) Tj ET Q q 0 0 0 rg BT 256.11 536.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 293.70 536.10 Td (that ) Tj ET Q q 0 0 0 rg BT 310.18 536.10 Td (may ) Tj ET Q q 0 0 0 rg BT 328.89 536.10 Td (include ) Tj ET Q q 0 0 0 rg BT 359.82 536.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 411.58 536.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 431.41 536.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 466.77 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.70 536.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 518.64 536.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (stakes. ) Tj ET Q q 0 0 0 rg BT 79.60 524.10 Td (Most ) Tj ET Q q 0 0 0 rg BT 103.33 524.10 Td (recently) Tj ET Q q 0 0 0 rg BT 134.88 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 140.54 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 155.37 524.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 196.84 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.34 524.10 Td (equities ) Tj ET Q q 0 0 0 rg BT 247.60 524.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 294.65 524.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 330.03 524.10 Td (business ) Tj ET Q q 0 0 0 rg BT 367.08 524.10 Td (into ) Tj ET Q q 0 0 0 rg BT 385.80 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.18 524.10 Td (ener) Tj ET Q q 0 0 0 rg BT 418.21 524.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 431.37 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.97 524.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.12 524.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 534.73 524.10 Td (sectors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (through ) Tj ET Q q 0 0 0 rg BT 82.64 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.00 512.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 141.68 512.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 191.48 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.84 512.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 241.66 512.10 Td (& ) Tj ET Q q 0 0 0 rg BT 251.47 512.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.39 512.10 Td (International ) Tj ET Q q 0 0 0 rg BT 345.51 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.98 512.10 Td (River ) Tj ET Q q 0 0 0 rg BT 386.22 512.10 Td (Branch ) Tj ET Q q 0 0 0 rg BT 417.13 512.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 455.83 512.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 479.25 512.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 526.91 512.10 Td (. ) Tj ET Q q 0 0 0 rg BT 531.29 512.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.93 512.10 Td (e ) Tj ET Q q 0 0 0 rg BT 546.40 512.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (added ) Tj ET Q q 0 0 0 rg BT 76.00 500.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 98.60 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.00 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 124.96 500.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 148.12 500.10 Td (income ) Tj ET Q q 0 0 0 rg BT 180.18 500.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 230.58 500.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 252.64 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.70 500.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 300.64 500.10 Td (business ) Tj ET Q q 0 0 0 rg BT 337.16 500.10 Td (through ) Tj ET Q q 0 0 0 rg BT 370.88 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.84 500.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 433.34 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.29 500.10 Td (BMO ) Tj ET Q q 0 0 0 rg BT 469.69 500.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 501.20 500.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 536.59 500.10 Td (GKST) Tj ET Q q 0 0 0 rg BT 562.52 500.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 68.29 488.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 82.36 488.10 Td (these ) Tj ET Q q 0 0 0 rg BT 106.43 488.10 Td (three, ) Tj ET Q q 0 0 0 rg BT 132.44 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.18 488.10 Td (most ) Tj ET Q q 0 0 0 rg BT 171.15 488.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 216.88 488.10 Td (was ) Tj ET Q q 0 0 0 rg BT 235.96 488.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 277.27 488.10 Td (& ) Tj ET Q q 0 0 0 rg BT 288.57 488.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 330.98 488.10 Td (International, ) Tj ET Q q 0 0 0 rg BT 388.09 488.10 Td (making ) Tj ET Q q 0 0 0 rg BT 421.60 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.34 488.10 Td (ener) Tj ET Q q 0 0 0 rg BT 454.37 488.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 467.89 488.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 495.29 488.10 Td (one ) Tj ET Q q 0 0 0 rg BT 513.25 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.10 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.95 488.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.04 476.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 124.14 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.80 476.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 173.22 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 187.21 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.87 476.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 230.19 476.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 276.41 476.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 310.95 476.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 349.51 476.10 Td (There ) Tj ET Q q 0 0 0 rg BT 375.15 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 389.69 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.46 476.10 Td (number ) Tj ET Q q 0 0 0 rg BT 429.34 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.00 476.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 461.22 476.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 504.64 476.10 Td (with ) Tj ET Q q 0 0 0 rg BT 524.75 476.10 Td (corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (development ) Tj ET Q q 0 0 0 rg BT 104.28 464.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 146.02 464.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 171.38 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.85 464.10 Td (dif) Tj ET Q q 0 0 0 rg BT 193.77 464.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 229.12 464.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 262.79 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.71 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 281.28 464.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 330.79 464.10 Td (including ) Tj ET Q q 0 0 0 rg BT 371.69 464.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 418.15 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.61 464.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 469.68 464.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 518.08 464.10 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 85.60 452.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 131.40 452.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 165.00 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.37 452.10 Td (management ) Tj ET Q q 0 0 0 rg BT 234.39 452.10 Td (controls, ) Tj ET Q q 0 0 0 rg BT 271.04 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 290.18 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 301.55 452.10 Td (dif) Tj ET Q q 0 0 0 rg BT 312.48 452.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 335.51 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.22 452.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 374.92 452.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 417.93 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.29 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 445.66 452.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 475.35 452.10 Td (than ) Tj ET Q q 0 0 0 rg BT 494.49 452.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 531.96 452.10 Td (causing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.31 440.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 105.00 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.25 440.10 Td (dif) Tj ET Q q 0 0 0 rg BT 126.18 440.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 139.75 440.10 Td (from ) Tj ET Q q 0 0 0 rg BT 161.67 440.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 188.02 440.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 219.10 440.10 Td (Importantly) Tj ET Q q 0 0 0 rg BT 265.67 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 270.64 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.78 440.10 Td (may ) Tj ET Q q 0 0 0 rg BT 304.48 440.10 Td (be ) Tj ET Q q 0 0 0 rg BT 316.39 440.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 345.52 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.78 440.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 381.02 440.10 Td (key ) Tj ET Q q 0 0 0 rg BT 397.94 440.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 439.29 440.10 Td (after ) Tj ET Q q 0 0 0 rg BT 460.08 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.78 440.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 523.62 440.10 Td (personnel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (who ) Tj ET Q q 0 0 0 rg BT 69.64 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 84.76 428.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 115.44 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.14 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.27 428.10 Td (success ) Tj ET Q q 0 0 0 rg BT 174.18 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.43 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.56 428.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 236.26 428.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 275.35 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 283.99 428.10 Td (e ) Tj ET Q q 0 0 0 rg BT 291.35 428.10 Td (may ) Tj ET Q q 0 0 0 rg BT 311.48 428.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 334.95 428.10 Td (unforeseen ) Tj ET Q q 0 0 0 rg BT 381.73 428.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 421.86 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.11 428.10 Td (an ) Tj ET Q q 0 0 0 rg BT 445.47 428.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 482.81 428.10 Td (company ) Tj ET Q q 0 0 0 rg BT 522.38 428.10 Td (that ) Tj ET Q q 0 0 0 rg BT 540.29 428.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 82.02 416.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 127.86 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.93 416.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 203.43 416.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 226.49 416.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 250.12 416.10 Td (on ) Tj ET Q q 0 0 0 rg BT 263.75 416.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 277.97 416.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 302.99 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 319.95 416.10 Td (share ) Tj ET Q q 0 0 0 rg BT 344.68 416.10 Td (price ) Tj ET Q q 0 0 0 rg BT 368.30 416.10 Td (could ) Tj ET Q q 0 0 0 rg BT 394.15 416.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 426.65 416.10 Td (after ) Tj ET Q q 0 0 0 rg BT 448.59 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 463.88 416.10 Td (announce ) Tj ET Q q 0 0 0 rg BT 505.83 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.79 416.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 558.07 416.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 95.87 404.10 Td (if ) Tj ET Q q 0 0 0 rg BT 104.48 404.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 143.09 404.10 Td (view ) Tj ET Q q 0 0 0 rg BT 165.03 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.74 404.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 226.12 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.95 404.10 Td (too ) Tj ET Q q 0 0 0 rg BT 252.22 404.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 278.61 404.10 Td (or ) Tj ET Q q 0 0 0 rg BT 289.44 404.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 324.71 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.99 404.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 370.82 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.65 404.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 436.36 404.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 473.58 404.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Longer) Tj ET Q q 0 0 0 rg BT 78.18 380.10 Td (-term, ) Tj ET Q q 0 0 0 rg BT 104.07 380.10 Td (these ) Tj ET Q q 0 0 0 rg BT 126.36 380.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 164.20 380.10 Td (may ) Tj ET Q q 0 0 0 rg BT 183.15 380.10 Td (require ) Tj ET Q q 0 0 0 rg BT 213.21 380.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 252.70 380.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 274.44 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.96 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.92 380.10 Td (form ) Tj ET Q q 0 0 0 rg BT 319.09 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.16 380.10 Td (management ) Tj ET Q q 0 0 0 rg BT 381.99 380.10 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 425.11 380.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.83 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.01 380.10 Td (management ) Tj ET Q q 0 0 0 rg BT 530.84 380.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.48 368.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 101.25 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.23 368.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 157.70 368.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 187.19 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.51 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.27 368.10 Td (absence ) Tj ET Q q 0 0 0 rg BT 246.46 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.34 368.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 299.32 368.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 333.51 368.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 366.89 368.10 Td (would ) Tj ET Q q 0 0 0 rg BT 394.43 368.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 419.18 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.06 368.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 475.37 368.10 Td (mar) Tj ET Q q 0 0 0 rg BT 490.73 368.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 509.95 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.27 368.10 Td (decline. ) Tj ET Q q 0 0 0 rg BT 554.19 368.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 86.52 356.10 Td (when ) Tj ET Q q 0 0 0 rg BT 109.92 356.10 Td (we ) Tj ET Q q 0 0 0 rg BT 123.32 356.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 154.49 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 160.67 356.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 198.80 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.98 356.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 249.50 356.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 280.13 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.20 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.16 356.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 341.44 356.10 Td (price ) Tj ET Q q 0 0 0 rg BT 363.16 356.10 Td (is ) Tj ET Q q 0 0 0 rg BT 371.58 356.10 Td (often ) Tj ET Q q 0 0 0 rg BT 393.87 356.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 431.70 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.22 356.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 478.52 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.70 356.10 Td (other ) Tj ET Q q 0 0 0 rg BT 516.99 356.10 Td (identifiable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 92.26 344.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 120.86 344.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 139.17 344.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 177.50 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.71 344.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 237.46 344.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 263.56 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.54 344.10 Td (tested ) Tj ET Q q 0 0 0 rg BT 304.63 344.10 Td (at ) Tj ET Q q 0 0 0 rg BT 314.61 344.10 Td (least ) Tj ET Q q 0 0 0 rg BT 335.71 344.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 372.91 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.33 344.10 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 438.70 344.10 Td (If, ) Tj ET Q q 0 0 0 rg BT 450.63 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.17 344.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 507.81 344.10 Td (with ) Tj ET Q q 0 0 0 rg BT 528.36 344.10 Td (that ) Tj ET Q q 0 0 0 rg BT 546.12 344.10 Td (test, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 62.86 332.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 104.54 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 121.23 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 127.37 332.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 165.72 332.10 Td (unit) Tj ET Q q 0 0 0 rg BT 184.06 332.10 Td (s ) Tj ET Q q 0 0 0 rg BT 189.65 332.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 221.90 332.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 237.47 332.10 Td (value ) Tj ET Q q 0 0 0 rg BT 260.82 332.10 Td (is ) Tj ET Q q 0 0 0 rg BT 269.19 332.10 Td (less ) Tj ET Q q 0 0 0 rg BT 285.89 332.10 Td (than ) Tj ET Q q 0 0 0 rg BT 304.81 332.10 Td (its ) Tj ET Q q 0 0 0 rg BT 315.95 332.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 350.97 332.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 376.82 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 390.18 332.10 Td (may ) Tj ET Q q 0 0 0 rg BT 409.09 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 420.23 332.10 Td (required ) Tj ET Q q 0 0 0 rg BT 455.24 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.72 332.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 505.28 332.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.42 332.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.05 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.04 320.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 110.37 320.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 153.24 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 172.79 320.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.56 320.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 227.99 320.10 Td (unit. ) Tj ET Q q 0 0 0 rg BT 247.82 320.10 Td (For ) Tj ET Q q 0 0 0 rg BT 263.49 320.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 301.63 320.10 Td (we ) Tj ET Q q 0 0 0 rg BT 315.07 320.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 351.82 320.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.03 320.10 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 382.30 320.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.20 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.97 320.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 450.84 320.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 488.17 320.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 536.04 320.10 Td (char) Tj ET Q q 0 0 0 rg BT 553.07 320.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.13 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.19 308.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 99.48 308.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 129.65 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.83 308.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 161.68 308.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 194.07 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.29 308.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 242.36 308.10 Td (Research, ) Tj ET Q q 0 0 0 rg BT 283.35 308.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 300.47 308.10 Td (\("ARI"\), ) Tj ET Q q 0 0 0 rg BT 336.87 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 343.16 308.10 Td (Chicago-based ) Tj ET Q q 0 0 0 rg BT 404.43 308.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 425.72 308.10 Td (management ) Tj ET Q q 0 0 0 rg BT 478.66 308.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 497.72 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 514.57 308.10 Td (we ) Tj ET Q q 0 0 0 rg BT 528.08 308.10 Td (acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.52 296.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 84.10 296.10 Td (The ) Tj ET Q q 0 0 0 rg BT 101.89 296.10 Td (char) Tj ET Q q 0 0 0 rg BT 118.92 296.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 130.60 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.62 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.70 296.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 180.16 296.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 234.61 296.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 270.17 296.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 314.07 296.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 352.96 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.53 296.10 Td (net ) Tj ET Q q 0 0 0 rg BT 382.99 296.10 Td (income ) Tj ET Q q 0 0 0 rg BT 414.67 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.35 296.10 Td (results ) Tj ET Q q 0 0 0 rg BT 459.70 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.27 296.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 514.17 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.85 296.10 Td (resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.05 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.27 284.10 Td (net ) Tj ET Q q 0 0 0 rg BT 82.26 284.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 100.59 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.15 284.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 158.88 284.10 Td (with ) Tj ET Q q 0 0 0 rg BT 179.44 284.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 200.00 284.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 239.97 284.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 277.72 284.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.36 284.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 366.57 284.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.01 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.11 284.10 Td (full-year ) Tj ET Q q 0 0 0 rg BT 434.31 284.10 Td (results ) Tj ET Q q 0 0 0 rg BT 463.20 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.75 284.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 499.02 284.10 Td (More ) Tj ET Q q 0 0 0 rg BT 523.46 284.10 Td (generally) Tj ET Q q 0 0 0 rg BT 560.01 284.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.55 272.10 Td (dif) Tj ET Q q 0 0 0 rg BT 77.48 272.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 112.30 272.10 Td (that ) Tj ET Q q 0 0 0 rg BT 129.90 272.10 Td (we ) Tj ET Q q 0 0 0 rg BT 144.17 272.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 190.08 272.10 Td (could ) Tj ET Q q 0 0 0 rg BT 214.91 272.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 245.30 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.24 272.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 296.63 272.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 335.63 272.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 370.99 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.93 272.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 425.64 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.69 272.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 483.61 272.10 Td (af) Tj ET Q q 0 0 0 rg BT 491.20 272.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 508.80 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.74 272.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (results ) Tj ET Q q 0 0 0 rg BT 78.04 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.92 260.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 132.34 260.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 174.87 260.10 Td (W) Tj ET Q q 0 0 0 rg BT 183.51 260.10 Td (e ) Tj ET Q q 0 0 0 rg BT 190.38 260.10 Td (also ) Tj ET Q q 0 0 0 rg BT 208.93 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 228.58 260.10 Td (be ) Tj ET Q q 0 0 0 rg BT 240.46 260.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 269.55 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.76 260.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 312.73 260.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 359.04 260.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 393.13 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.00 260.10 Td (syner) Tj ET Q q 0 0 0 rg BT 431.48 260.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 450.03 260.10 Td (from ) Tj ET Q q 0 0 0 rg BT 471.90 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.56 260.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 532.86 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 543.63 260.10 Td (fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.49 248.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 98.68 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 109.67 248.10 Td (within ) Tj ET Q q 0 0 0 rg BT 137.88 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.76 248.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 190.95 248.10 Td (time ) Tj ET Q q 0 0 0 rg BT 211.38 248.10 Td (frame. ) Tj ET Q q 0 0 0 rg BT 239.86 248.10 Td (Divestitures ) Tj ET Q q 0 0 0 rg BT 290.84 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.83 248.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 350.03 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.02 248.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 395.35 248.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 440.23 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 451.22 248.10 Td (products ) Tj ET Q q 0 0 0 rg BT 488.31 248.10 Td (could ) Tj ET Q q 0 0 0 rg BT 513.19 248.10 Td (have ) Tj ET Q q 0 0 0 rg BT 534.72 248.10 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 236.10 Td (fects. ) Tj ET Q q 0 0 0 rg BT 80.49 236.10 Td (For ) Tj ET Q q 0 0 0 rg BT 96.40 236.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 134.80 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 148.48 236.10 Td (shut ) Tj ET Q q 0 0 0 rg BT 167.17 236.10 Td (down ) Tj ET Q q 0 0 0 rg BT 191.42 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.77 236.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 231.02 236.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 255.26 236.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 283.93 236.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 317.61 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 353.53 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.33 236.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 387.85 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.31 236.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 437.98 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.44 236.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 474.78 236.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 492.36 236.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.38 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 236.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 224.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 100.33 224.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 125.05 224.10 Td (subsidiaries.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 200.10 Td (e ) Tj ET Q q 0 0 0 rg BT 63.95 200.10 Td (may ) Tj ET Q q 0 0 0 rg BT 83.03 200.10 Td (not ) Tj ET Q q 0 0 0 rg BT 98.24 200.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.54 200.10 Td (able ) Tj ET Q q 0 0 0 rg BT 128.62 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.26 200.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 174.00 200.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 225.30 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.96 200.10 Td (other ) Tj ET Q q 0 0 0 rg BT 268.49 200.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 314.24 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.44 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.09 200.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.18 200.10 Td (services ) Tj ET Q q 0 0 0 rg BT 412.25 200.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 448.01 200.10 Td (who ) Tj ET Q q 0 0 0 rg BT 467.11 200.10 Td (often ) Tj ET Q q 0 0 0 rg BT 490.08 200.10 Td (have ) Tj ET Q q 0 0 0 rg BT 511.39 200.10 Td (significantly ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 81.44 188.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 123.38 188.10 Td (than ) Tj ET Q q 0 0 0 rg BT 144.78 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.39 188.10 Td (do.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 164.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.31 164.10 Td (services ) Tj ET Q q 0 0 0 rg BT 140.16 164.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 175.58 164.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 209.87 164.10 Td (extremely ) Tj ET Q q 0 0 0 rg BT 252.49 164.10 Td (competitive, ) Tj ET Q q 0 0 0 rg BT 304.84 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.92 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.89 164.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 376.07 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.15 164.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 443.56 164.10 Td (will ) Tj ET Q q 0 0 0 rg BT 461.75 164.10 Td (suf) Tj ET Q q 0 0 0 rg BT 473.79 164.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 487.53 164.10 Td (if ) Tj ET Q q 0 0 0 rg BT 496.28 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.58 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.43 164.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 554.73 164.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 85.62 152.10 Td (ef) Tj ET Q q 0 0 0 rg BT 93.21 152.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 127.54 152.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.13 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.77 152.10 Td (e ) Tj ET Q q 0 0 0 rg BT 147.46 152.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 183.59 152.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 223.04 152.10 Td (on ) Tj ET Q q 0 0 0 rg BT 235.29 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.76 152.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 272.01 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.60 152.10 Td (such ) Tj ET Q q 0 0 0 rg BT 303.18 152.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 332.64 152.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.22 152.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 373.25 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.83 152.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 412.18 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.87 152.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 461.94 152.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 507.23 152.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 531.97 152.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (selection, ) Tj ET Q q 0 0 0 rg BT 89.69 140.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 135.71 140.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 176.74 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.32 140.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.45 140.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 272.86 140.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 303.90 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.49 140.10 Td (other ) Tj ET Q q 0 0 0 rg BT 343.19 140.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 392.54 140.10 Td (pressures ) Tj ET Q q 0 0 0 rg BT 431.90 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.83 140.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 487.86 140.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 524.73 140.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 75.61 128.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 105.05 128.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 140.05 128.10 Td (book ) Tj ET Q q 0 0 0 rg BT 161.73 128.10 Td (runners, ) Tj ET Q q 0 0 0 rg BT 195.89 128.10 Td (co-managers, ) Tj ET Q q 0 0 0 rg BT 251.15 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.26 128.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 302.26 128.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.91 128.10 Td (advisors ) Tj ET Q q 0 0 0 rg BT 373.91 128.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 410.58 128.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 462.52 128.10 Td (have ) Tj ET Q q 0 0 0 rg BT 483.07 128.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 524.17 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.28 128.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.56 116.10 Td (af) Tj ET Q q 0 0 0 rg BT 98.15 116.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 115.88 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.95 116.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 172.53 116.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.83 116.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 214.12 116.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 244.63 116.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 280.70 116.10 Td (book ) Tj ET Q q 0 0 0 rg BT 303.45 116.10 Td (runners ) Tj ET Q q 0 0 0 rg BT 336.18 116.10 Td (has ) Tj ET Q q 0 0 0 rg BT 352.26 116.10 Td (also ) Tj ET Q q 0 0 0 rg BT 371.11 116.10 Td (been ) Tj ET Q q 0 0 0 rg BT 392.73 116.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 448.22 116.10 Td (by ) Tj ET Q q 0 0 0 rg BT 460.97 116.10 Td (an ) Tj ET Q q 0 0 0 rg BT 473.15 116.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 516.99 116.10 Td (disparity ) Tj ET Q q 0 0 0 rg BT 554.73 116.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.04 104.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 94.33 104.10 Td (economics ) Tj ET Q q 0 0 0 rg BT 138.42 104.10 Td (between ) Tj ET Q q 0 0 0 rg BT 173.05 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.70 104.10 Td (among ) Tj ET Q q 0 0 0 rg BT 211.23 104.10 Td (book ) Tj ET Q q 0 0 0 rg BT 232.55 104.10 Td (runners, ) Tj ET Q q 0 0 0 rg BT 266.36 104.10 Td (with ) Tj ET Q q 0 0 0 rg BT 285.46 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.99 104.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 324.75 104.10 Td (book ) Tj ET Q q 0 0 0 rg BT 346.07 104.10 Td (runner\(s\) ) Tj ET Q q 0 0 0 rg BT 384.04 104.10 Td (receiving ) Tj ET Q q 0 0 0 rg BT 422.56 104.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.31 104.10 Td (lar) Tj ET Q q 0 0 0 rg BT 438.68 104.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 449.44 104.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 494.06 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.70 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.24 104.10 Td (economics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 80.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.51 80.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 96.20 80.10 Td (at ) Tj ET Q q 0 0 0 rg BT 106.35 80.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.72 80.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 163.86 80.10 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 219.00 80.10 Td (given ) Tj ET Q q 0 0 0 rg BT 244.15 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.41 80.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 301.10 80.10 Td (small ) Tj ET Q q 0 0 0 rg BT 325.70 80.10 Td (size ) Tj ET Q q 0 0 0 rg BT 344.18 80.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 386.53 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.24 80.10 Td (some ) Tj ET Q q 0 0 0 rg BT 421.28 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.54 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.81 80.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 501.45 80.10 Td (Lar) Tj ET Q q 0 0 0 rg BT 515.15 80.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 527.52 80.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.06 68.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 109.51 68.10 Td (have ) Tj ET Q q 0 0 0 rg BT 131.74 68.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.53 68.10 Td (lar) Tj ET Q q 0 0 0 rg BT 149.89 68.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 166.01 68.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.01 68.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 219.63 68.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 250.73 68.10 Td (access ) Tj ET Q q 0 0 0 rg BT 279.61 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.74 68.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 320.74 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.53 68.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 369.63 68.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 410.74 68.10 Td (than ) Tj ET Q q 0 0 0 rg BT 431.30 68.10 Td (we ) Tj ET Q q 0 0 0 rg BT 446.31 68.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 471.04 68.10 Td (af) Tj ET Q q 0 0 0 rg BT 478.62 68.10 Td (fording ) Tj ET Q q 0 0 0 rg BT 511.41 68.10 Td (them ) Tj ET Q q 0 0 0 rg BT 534.75 68.10 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 85.26 56.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.36 56.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.81 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.69 56.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 171.13 56.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.24 56.10 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 232.96 56.10 Td (an ) Tj ET Q q 0 0 0 rg BT 244.84 56.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 283.38 56.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 330.25 56.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 354.34 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.23 56.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 413.11 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.34 56.10 Td (of) Tj ET Q q 0 0 0 rg BT 431.49 56.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 445.03 56.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.92 56.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 484.90 56.10 Td (set ) Tj ET Q q 0 0 0 rg BT 498.46 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.23 56.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 548.62 56.10 Td (For ) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 88.17 740.10 Td (these ) Tj ET Q q 0 0 0 rg BT 111.01 740.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 134.41 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 155.58 740.10 Td (used ) Tj ET Q q 0 0 0 rg BT 176.20 740.10 Td (their ) Tj ET Q q 0 0 0 rg BT 196.82 740.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 236.88 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.61 740.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.97 740.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 279.04 740.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.98 740.10 Td (base ) Tj ET Q q 0 0 0 rg BT 328.04 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.12 740.10 Td (take ) Tj ET Q q 0 0 0 rg BT 357.07 740.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 399.89 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.52 740.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 441.14 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.21 740.10 Td (international ) Tj ET Q q 0 0 0 rg BT 504.04 740.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 537.99 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.72 740.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (support ) Tj ET Q q 0 0 0 rg BT 83.02 728.10 Td (their ) Tj ET Q q 0 0 0 rg BT 104.87 728.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 152.28 728.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 188.02 728.10 Td (business ) Tj ET Q q 0 0 0 rg BT 225.43 728.10 Td (by ) Tj ET Q q 0 0 0 rg BT 238.95 728.10 Td (of) Tj ET Q q 0 0 0 rg BT 247.10 728.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 274.50 728.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 300.79 728.10 Td (products ) Tj ET Q q 0 0 0 rg BT 338.75 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 728.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 391.33 728.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 423.46 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 451.42 728.10 Td (is ) Tj ET Q q 0 0 0 rg BT 461.61 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.57 728.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 515.31 728.10 Td (competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 95.20 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.24 716.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 117.67 716.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 148.87 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.52 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.73 716.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 199.15 716.10 Td (income ) Tj ET Q q 0 0 0 rg BT 231.47 716.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 282.12 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.44 716.10 Td (public ) Tj ET Q q 0 0 0 rg BT 327.31 716.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 359.61 716.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.37 716.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 441.46 716.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 489.06 716.10 Td (it ) Tj ET Q q 0 0 0 rg BT 497.50 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 507.04 716.10 Td (more ) Tj ET Q q 0 0 0 rg BT 530.47 716.10 Td (dif) Tj ET Q q 0 0 0 rg BT 541.40 716.10 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.54 704.10 Td (us ) Tj ET Q q 0 0 0 rg BT 74.80 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.96 704.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 122.88 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.69 704.10 Td (dif) Tj ET Q q 0 0 0 rg BT 150.62 704.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 190.75 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.45 704.10 Td (product ) Tj ET Q q 0 0 0 rg BT 239.37 704.10 Td (set, ) Tj ET Q q 0 0 0 rg BT 255.36 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.17 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.88 704.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 310.80 704.10 Td (income ) Tj ET Q q 0 0 0 rg BT 342.61 704.10 Td (business ) Tj ET Q q 0 0 0 rg BT 378.88 704.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 396.81 704.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 435.28 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 444.32 704.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 497.78 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.93 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.52 704.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.13 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.44 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.09 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.40 692.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 141.04 692.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 168.34 692.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 208.97 692.10 Td (credits, ) Tj ET Q q 0 0 0 rg BT 240.99 692.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 286.63 692.10 Td (with ) Tj ET Q q 0 0 0 rg BT 307.28 692.10 Td (less ) Tj ET Q q 0 0 0 rg BT 325.15 692.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 374.68 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 389.21 692.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 420.41 692.10 Td (than ) Tj ET Q q 0 0 0 rg BT 440.50 692.10 Td (other ) Tj ET Q q 0 0 0 rg BT 463.92 692.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 487.90 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 515.21 692.10 Td (have ) Tj ET Q q 0 0 0 rg BT 536.95 692.10 Td (grown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (their ) Tj ET Q q 0 0 0 rg BT 69.92 680.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 92.57 680.10 Td (income ) Tj ET Q q 0 0 0 rg BT 124.10 680.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 168.43 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 180.53 680.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 219.29 680.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 231.67 680.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 278.20 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.74 680.10 Td (of) Tj ET Q q 0 0 0 rg BT 302.89 680.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 328.87 680.10 Td (non-traditional ) Tj ET Q q 0 0 0 rg BT 390.39 680.10 Td (products ) Tj ET Q q 0 0 0 rg BT 426.93 680.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 449.30 680.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 474.16 680.10 Td (default ) Tj ET Q q 0 0 0 rg BT 504.03 680.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 533.07 680.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.99 668.10 Td (products ) Tj ET Q q 0 0 0 rg BT 103.92 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.86 668.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 164.45 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.38 668.10 Td (commodities\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.80 644.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 105.33 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.73 644.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 149.47 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.66 644.10 Td (address ) Tj ET Q q 0 0 0 rg BT 201.40 644.10 Td (actual, ) Tj ET Q q 0 0 0 rg BT 232.09 644.10 Td (potential, ) Tj ET Q q 0 0 0 rg BT 273.33 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.85 644.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 326.34 644.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 363.97 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.92 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 408.11 644.10 Td (may ) Tj ET Q q 0 0 0 rg BT 427.96 644.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 472.24 644.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.64 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.72 644.10 Td (reputation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.56 632.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.50 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.00 632.10 Td (material ) Tj ET Q q 0 0 0 rg BT 133.94 632.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 167.54 632.10 Td (ef) Tj ET Q q 0 0 0 rg BT 175.13 632.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 192.62 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.68 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 222.63 632.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 608.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.90 608.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 103.31 608.10 Td (address ) Tj ET Q q 0 0 0 rg BT 135.62 608.10 Td (actual, ) Tj ET Q q 0 0 0 rg BT 164.31 608.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 201.62 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 212.27 608.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 253.45 608.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 290.20 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.85 608.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 332.61 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.70 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.35 608.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 397.06 608.10 Td (including ) Tj ET Q q 0 0 0 rg BT 437.16 608.10 Td (situations ) Tj ET Q q 0 0 0 rg BT 477.81 608.10 Td (where ) Tj ET Q q 0 0 0 rg BT 504.56 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.21 608.10 Td (services ) Tj ET Q q 0 0 0 rg BT 554.73 608.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.82 596.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 96.02 596.10 Td (client ) Tj ET Q q 0 0 0 rg BT 120.12 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 130.33 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.54 596.10 Td (own ) Tj ET Q q 0 0 0 rg BT 164.65 596.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 214.31 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.52 596.10 Td (other ) Tj ET Q q 0 0 0 rg BT 246.96 596.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 282.17 596.10 Td (conflict, ) Tj ET Q q 0 0 0 rg BT 317.09 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.31 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 341.40 596.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 382.15 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.81 596.10 Td (conflict, ) Tj ET Q q 0 0 0 rg BT 426.74 596.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.40 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.50 596.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 495.71 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.93 596.10 Td (another ) Tj ET Q q 0 0 0 rg BT 537.80 596.10 Td (client. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Appropriately ) Tj ET Q q 0 0 0 rg BT 108.88 584.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 156.06 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.78 584.10 Td (dealing ) Tj ET Q q 0 0 0 rg BT 206.51 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 227.58 584.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 265.30 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.92 584.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 309.64 584.10 Td (is ) Tj ET Q q 0 0 0 rg BT 319.60 584.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 357.33 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.06 584.10 Td (dif) Tj ET Q q 0 0 0 rg BT 385.98 584.10 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 412.88 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.61 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.56 584.10 Td (face ) Tj ET Q q 0 0 0 rg BT 465.49 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.00 584.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 499.29 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 517.57 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 534.19 584.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 85.04 572.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 119.19 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 572.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 181.37 572.10 Td (do ) Tj ET Q q 0 0 0 rg BT 193.30 572.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.01 572.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 235.50 572.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 268.54 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.81 572.10 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 334.05 572.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 367.08 572.10 Td (such ) Tj ET Q q 0 0 0 rg BT 387.34 572.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 423.71 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.98 572.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 467.85 572.10 Td (It ) Tj ET Q q 0 0 0 rg BT 475.89 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.50 572.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 519.21 572.10 Td (that ) Tj ET Q q 0 0 0 rg BT 536.14 572.10 Td (actual, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 86.39 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.62 560.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 137.38 560.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 173.71 560.10 Td (could ) Tj ET Q q 0 0 0 rg BT 197.83 560.10 Td (give ) Tj ET Q q 0 0 0 rg BT 216.95 560.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 233.28 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.96 560.10 Td (client ) Tj ET Q q 0 0 0 rg BT 267.07 560.10 Td (dissatisfaction, ) Tj ET Q q 0 0 0 rg BT 328.68 560.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 366.69 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 376.92 560.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 419.92 560.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 471.79 560.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 504.51 560.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 521.96 560.10 Td (reputation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.22 548.10 Td (be ) Tj ET Q q 0 0 0 rg BT 84.16 548.10 Td (damaged ) Tj ET Q q 0 0 0 rg BT 121.75 548.10 Td (if ) Tj ET Q q 0 0 0 rg BT 129.36 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 142.52 548.10 Td (fail, ) Tj ET Q q 0 0 0 rg BT 159.85 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.68 548.10 Td (appear ) Tj ET Q q 0 0 0 rg BT 197.82 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.10 548.10 Td (fail, ) Tj ET Q q 0 0 0 rg BT 224.43 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.71 548.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 251.86 548.10 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 306.67 548.10 Td (with ) Tj ET Q q 0 0 0 rg BT 325.95 548.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 362.44 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 372.27 548.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 397.65 548.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 433.58 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.41 548.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 476.84 548.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 502.79 548.10 Td (dissatisfaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 90.04 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.31 536.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 143.34 536.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 195.25 536.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 225.51 536.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 254.66 536.10 Td (from ) Tj ET Q q 0 0 0 rg BT 276.04 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.41 536.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 310.44 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.15 536.10 Td (adequately ) Tj ET Q q 0 0 0 rg BT 365.40 536.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 383.99 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 403.71 536.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 440.08 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.34 536.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 484.21 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.59 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.74 536.10 Td (reputational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 72.55 524.10 Td (suf) Tj ET Q q 0 0 0 rg BT 84.59 524.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 107.63 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 118.46 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.39 524.10 Td (consequence, ) Tj ET Q q 0 0 0 rg BT 181.48 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 206.19 524.10 Td (have ) Tj ET Q q 0 0 0 rg BT 227.57 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.51 524.10 Td (material ) Tj ET Q q 0 0 0 rg BT 269.77 524.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 302.81 524.10 Td (ef) Tj ET Q q 0 0 0 rg BT 310.39 524.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 327.88 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.38 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.21 524.10 Td (business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Damage ) Tj ET Q q 0 0 0 rg BT 86.44 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.72 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.67 500.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 158.96 500.10 Td (could ) Tj ET Q q 0 0 0 rg BT 184.24 500.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 218.95 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.91 500.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (Maintaining ) Tj ET Q q 0 0 0 rg BT 100.72 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 116.38 476.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 159.26 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 168.27 476.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 198.36 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.47 476.10 Td (attracting ) Tj ET Q q 0 0 0 rg BT 248.57 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.34 476.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 315.45 476.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 346.38 476.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 391.77 476.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 432.71 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.48 476.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 497.08 476.10 Td (If ) Tj ET Q q 0 0 0 rg BT 506.08 476.10 Td (we ) Tj ET Q q 0 0 0 rg BT 520.08 476.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 535.74 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.85 476.10 Td (deal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 72.30 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.15 464.10 Td (appear ) Tj ET Q q 0 0 0 rg BT 112.31 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.61 464.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 138.45 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.75 464.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 167.92 464.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 190.72 464.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 217.13 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 234.64 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 254.38 464.10 Td (give ) Tj ET Q q 0 0 0 rg BT 274.11 464.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 291.07 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.37 464.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 351.64 464.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 371.66 464.10 Td (such ) Tj ET Q q 0 0 0 rg BT 392.51 464.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 421.12 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.97 464.10 Td (appearance ) Tj ET Q q 0 0 0 rg BT 479.45 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.30 464.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 518.91 464.10 Td (could ) Tj ET Q q 0 0 0 rg BT 543.65 464.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.49 452.10 Td (material ) Tj ET Q q 0 0 0 rg BT 91.80 452.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 124.89 452.10 Td (ef) Tj ET Q q 0 0 0 rg BT 132.48 452.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 150.01 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.56 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.45 452.10 Td (business ) Tj ET Q q 0 0 0 rg BT 214.89 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.88 452.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 255.54 452.10 Td (price. ) Tj ET Q q 0 0 0 rg BT 280.39 452.10 Td (These ) Tj ET Q q 0 0 0 rg BT 306.82 452.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 333.26 452.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 367.75 452.10 Td (but ) Tj ET Q q 0 0 0 rg BT 383.08 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 397.83 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 413.16 452.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 444.04 452.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 456.87 452.10 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 512.74 452.10 Td (dealing ) Tj ET Q q 0 0 0 rg BT 544.72 452.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 87.13 440.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 124.21 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.19 440.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 169.76 440.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 191.84 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.92 440.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 252.66 440.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 310.01 440.10 Td (ethical ) Tj ET Q q 0 0 0 rg BT 339.30 440.10 Td (issues, ) Tj ET Q q 0 0 0 rg BT 368.34 440.10 Td (money ) Tj ET Q q 0 0 0 rg BT 398.20 440.10 Td (laundering, ) Tj ET Q q 0 0 0 rg BT 446.11 440.10 Td (cybersecurity) Tj ET Q q 0 0 0 rg BT 499.32 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 504.46 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.55 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.41 440.10 Td (proper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 105.03 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.58 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.01 428.10 Td (strategic, ) Tj ET Q q 0 0 0 rg BT 168.60 428.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 201.08 428.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 228.56 428.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 261.80 428.10 Td (, ) Tj ET Q q 0 0 0 rg BT 266.52 428.10 Td (human ) Tj ET Q q 0 0 0 rg BT 295.96 428.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 327.32 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.98 428.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 391.17 428.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 412.28 428.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 447.26 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.26 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.81 428.10 Td (business ) Tj ET Q q 0 0 0 rg BT 508.91 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.57 428.10 Td (products.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 404.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.10 404.10 Td (services ) Tj ET Q q 0 0 0 rg BT 141.44 404.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 177.47 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.17 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.08 404.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 244.99 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.46 404.10 Td (which ) Tj ET Q q 0 0 0 rg BT 282.61 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.85 404.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 328.53 404.10 Td (are ) Tj ET Q q 0 0 0 rg BT 343.99 404.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 375.01 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.92 404.10 Td (systemic ) Tj ET Q q 0 0 0 rg BT 421.49 404.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 439.18 404.10 Td (that ) Tj ET Q q 0 0 0 rg BT 457.43 404.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.34 404.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 522.79 404.10 Td (af) Tj ET Q q 0 0 0 rg BT 530.94 404.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 548.06 404.10 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (business ) Tj ET Q q 0 0 0 rg BT 87.01 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.08 392.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Participants ) Tj ET Q q 0 0 0 rg BT 98.42 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.90 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.82 368.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.51 368.10 Td (services ) Tj ET Q q 0 0 0 rg BT 192.42 368.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 226.91 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.05 368.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 276.41 368.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 326.99 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 340.90 368.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 370.93 368.10 Td (interrelated ) Tj ET Q q 0 0 0 rg BT 418.17 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 428.20 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.34 368.10 Td (result ) Tj ET Q q 0 0 0 rg BT 458.27 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.30 368.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 495.27 368.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 527.80 368.10 Td (clearing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 96.55 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.60 356.10 Td (other ) Tj ET Q q 0 0 0 rg BT 136.76 356.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 190.47 356.10 Td (between ) Tj ET Q q 0 0 0 rg BT 226.40 356.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 250.93 356.10 Td (A) Tj ET Q q 0 0 0 rg BT 257.60 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.21 356.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 305.04 356.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 338.19 356.10 Td (development ) Tj ET Q q 0 0 0 rg BT 392.45 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 412.84 356.10 Td (one ) Tj ET Q q 0 0 0 rg BT 429.89 356.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 475.26 356.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 499.53 356.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.48 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.53 356.10 Td (bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.75 344.10 Td (default\) ) Tj ET Q q 0 0 0 rg BT 92.76 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 111.90 344.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 139.92 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.62 344.10 Td (others ) Tj ET Q q 0 0 0 rg BT 175.98 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.34 344.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 210.91 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.61 344.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 264.74 344.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 317.74 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.99 344.10 Td (market-wide ) Tj ET Q q 0 0 0 rg BT 380.45 344.10 Td (problems ) Tj ET Q q 0 0 0 rg BT 419.58 344.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 443.16 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 453.42 344.10 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 489.49 344.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 525.30 344.10 Td (problems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.58 332.10 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 90.54 332.10 Td (for ) Tj ET Q q 0 0 0 rg BT 104.95 332.10 Td (other ) Tj ET Q q 0 0 0 rg BT 128.25 332.10 Td (participants, ) Tj ET Q q 0 0 0 rg BT 180.14 332.10 Td (including ) Tj ET Q q 0 0 0 rg BT 220.66 332.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 234.60 332.10 Td (This ) Tj ET Q q 0 0 0 rg BT 255.13 332.10 Td (systemic ) Tj ET Q q 0 0 0 rg BT 292.87 332.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 310.62 332.10 Td (was ) Tj ET Q q 0 0 0 rg BT 328.91 332.10 Td (evident ) Tj ET Q q 0 0 0 rg BT 361.09 332.10 Td (during ) Tj ET Q q 0 0 0 rg BT 389.95 332.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 412.70 332.10 Td (following ) Tj ET Q q 0 0 0 rg BT 454.33 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.29 332.10 Td (demise ) Tj ET Q q 0 0 0 rg BT 500.36 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.44 332.10 Td (Bear ) Tj ET Q q 0 0 0 rg BT 533.06 332.10 Td (Stearns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.19 320.10 Td (Lehman ) Tj ET Q q 0 0 0 rg BT 103.20 320.10 Td (Brothers, ) Tj ET Q q 0 0 0 rg BT 143.39 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.08 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.55 320.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 214.80 320.10 Td (events ) Tj ET Q q 0 0 0 rg BT 243.59 320.10 Td (\(sometimes ) Tj ET Q q 0 0 0 rg BT 292.95 320.10 Td (described ) Tj ET Q q 0 0 0 rg BT 334.52 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 346.10 320.10 Td ("contagion"\) ) Tj ET Q q 0 0 0 rg BT 400.28 320.10 Td (had ) Tj ET Q q 0 0 0 rg BT 417.96 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.65 320.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 462.78 320.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 493.24 320.10 Td (on ) Tj ET Q q 0 0 0 rg BT 506.49 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 320.10 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 85.22 308.10 Td (participants, ) Tj ET Q q 0 0 0 rg BT 137.30 308.10 Td (including ) Tj ET Q q 0 0 0 rg BT 178.01 308.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 192.34 308.10 Td (Further) Tj ET Q q 0 0 0 rg BT 221.38 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 226.82 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.97 308.10 Td (control ) Tj ET Q q 0 0 0 rg BT 273.23 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.61 308.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 308.55 308.10 Td (management ) Tj ET Q q 0 0 0 rg BT 362.57 308.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 419.37 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.64 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.79 308.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 480.38 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.10 308.10 Td (which ) Tj ET Q q 0 0 0 rg BT 518.47 308.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.07 308.10 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (often ) Tj ET Q q 0 0 0 rg BT 71.62 296.10 Td (is ) Tj ET Q q 0 0 0 rg BT 79.85 296.10 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 117.52 296.10 Td (by ) Tj ET Q q 0 0 0 rg BT 129.09 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 165.64 296.10 Td (innovation ) Tj ET Q q 0 0 0 rg BT 209.98 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.98 296.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 255.88 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.23 296.10 Td (new ) Tj ET Q q 0 0 0 rg BT 283.46 296.10 Td (types ) Tj ET Q q 0 0 0 rg BT 306.14 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.04 296.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 357.87 296.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 407.20 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.21 296.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 458.93 296.10 Td (Systemic ) Tj ET Q q 0 0 0 rg BT 497.17 296.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 513.74 296.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.97 296.10 Td (inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 284.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 84.03 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.31 284.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 121.25 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.19 284.10 Td (quantify) Tj ET Q q 0 0 0 rg BT 170.87 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 175.87 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.81 284.10 Td (its ) Tj ET Q q 0 0 0 rg BT 204.75 284.10 Td (form ) Tj ET Q q 0 0 0 rg BT 226.69 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.63 284.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 288.34 284.10 Td (can ) Tj ET Q q 0 0 0 rg BT 304.72 284.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 334.98 284.10 Td (unknown ) Tj ET Q q 0 0 0 rg BT 374.71 284.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.87 284.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 433.58 284.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 465.52 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.35 284.10 Td (time.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 70.34 260.10 Td (management ) Tj ET Q q 0 0 0 rg BT 126.17 260.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 167.56 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 187.27 260.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.11 260.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 224.50 260.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 260.33 260.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 300.05 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.33 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.61 260.10 Td (various ) Tj ET Q q 0 0 0 rg BT 358.67 260.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.62 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 399.24 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 412.85 260.10 Td (face.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 236.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.19 236.10 Td (refine ) Tj ET Q q 0 0 0 rg BT 91.12 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 107.07 236.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 124.69 236.10 Td (management ) Tj ET Q q 0 0 0 rg BT 178.39 236.10 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 226.27 236.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 266.65 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.71 236.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 330.76 236.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 367.26 236.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.88 236.10 Td (an ) Tj ET Q q 0 0 0 rg BT 391.93 236.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 427.33 236.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 452.45 236.10 Td (However) Tj ET Q q 0 0 0 rg BT 488.70 236.10 Td (, ) Tj ET Q q 0 0 0 rg BT 493.81 236.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 511.43 236.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 95.57 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.32 224.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 156.89 224.10 Td (both ) Tj ET Q q 0 0 0 rg BT 177.98 224.10 Td (ours ) Tj ET Q q 0 0 0 rg BT 198.51 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.26 224.10 Td (those ) Tj ET Q q 0 0 0 rg BT 240.68 224.10 Td (available ) Tj ET Q q 0 0 0 rg BT 280.08 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.17 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.69 224.10 Td (market ) Tj ET Q q 0 0 0 rg BT 337.77 224.10 Td (generally) Tj ET Q q 0 0 0 rg BT 374.32 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 380.13 224.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.65 224.10 Td (not ) Tj ET Q q 0 0 0 rg BT 416.74 224.10 Td (be ) Tj ET Q q 0 0 0 rg BT 429.49 224.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 451.69 224.10 Td (ef) Tj ET Q q 0 0 0 rg BT 459.27 224.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 489.79 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.87 224.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 548.07 224.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 92.69 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.10 212.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 125.18 212.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 163.36 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.22 212.10 Td (all ) Tj ET Q q 0 0 0 rg BT 185.29 212.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 226.24 212.10 Td (market ) Tj ET Q q 0 0 0 rg BT 256.09 212.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 312.60 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 323.01 212.10 Td (against ) Tj ET Q q 0 0 0 rg BT 353.42 212.10 Td (all ) Tj ET Q q 0 0 0 rg BT 365.49 212.10 Td (types ) Tj ET Q q 0 0 0 rg BT 388.68 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.09 212.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 418.67 212.10 Td (For ) Tj ET Q q 0 0 0 rg BT 434.64 212.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 473.09 212.10 Td (we ) Tj ET Q q 0 0 0 rg BT 486.83 212.10 Td (may ) Tj ET Q q 0 0 0 rg BT 506.13 212.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 521.54 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.39 212.10 Td (identify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.50 200.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 102.03 200.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 143.01 200.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 164.57 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 182.24 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.24 200.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 232.57 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.45 200.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 280.65 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.65 200.10 Td (identifying, ) Tj ET Q q 0 0 0 rg BT 340.70 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.70 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.58 200.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 400.92 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 418.58 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 432.91 200.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 451.41 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.52 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 486.18 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 501.06 200.10 Td (used ) Tj ET Q q 0 0 0 rg BT 522.06 200.10 Td (within ) Tj ET Q q 0 0 0 rg BT 550.28 200.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.83 188.10 Td (generally) Tj ET Q q 0 0 0 rg BT 121.39 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 126.44 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 146.22 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 161.55 188.10 Td (be ) Tj ET Q q 0 0 0 rg BT 173.55 188.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 206.63 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.52 188.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 263.96 188.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 293.72 188.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 313.77 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.66 188.10 Td (every ) Tj ET Q q 0 0 0 rg BT 349.42 188.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 390.85 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.84 188.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 445.38 188.10 Td (outcome, ) Tj ET Q q 0 0 0 rg BT 484.87 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.76 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.53 188.10 Td (specifics ) Tj ET Q q 0 0 0 rg BT 548.07 188.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 77.80 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.31 176.10 Td (such ) Tj ET Q q 0 0 0 rg BT 108.83 176.10 Td (outcomes. ) Tj ET Q q 0 0 0 rg BT 151.84 176.10 Td (In ) Tj ET Q q 0 0 0 rg BT 162.35 176.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 199.81 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.33 176.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 232.51 176.10 Td (management ) Tj ET Q q 0 0 0 rg BT 285.79 176.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 330.74 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.36 176.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 387.31 176.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 407.26 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.22 176.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 449.94 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.46 176.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 493.19 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.16 176.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 527.56 176.10 Td (from ) Tj ET Q q 0 0 0 rg BT 549.18 176.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (market-making ) Tj ET Q q 0 0 0 rg BT 113.09 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.04 164.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 169.20 164.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 207.83 164.10 Td (with ) Tj ET Q q 0 0 0 rg BT 228.11 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.94 164.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 282.54 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.83 164.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 330.32 164.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 359.22 164.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 384.50 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.33 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.17 164.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 451.43 164.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.60 164.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 507.54 164.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 525.04 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 539.75 164.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.72 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.27 152.10 Td (use ) Tj ET Q q 0 0 0 rg BT 102.81 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.36 152.10 Td (observed ) Tj ET Q q 0 0 0 rg BT 151.68 152.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 191.11 152.10 Td (market ) Tj ET Q q 0 0 0 rg BT 221.09 152.10 Td (behavior) Tj ET Q q 0 0 0 rg BT 255.53 152.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.08 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.72 152.10 Td (e ) Tj ET Q q 0 0 0 rg BT 275.38 152.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 299.81 152.10 Td (statistical ) Tj ET Q q 0 0 0 rg BT 339.80 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.46 152.10 Td (other ) Tj ET Q q 0 0 0 rg BT 379.22 152.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 400.89 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.88 152.10 Td (these ) Tj ET Q q 0 0 0 rg BT 433.65 152.10 Td (observations ) Tj ET Q q 0 0 0 rg BT 486.42 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.41 152.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 531.96 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 547.50 152.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 90.03 140.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 109.72 140.10 Td (failures ) Tj ET Q q 0 0 0 rg BT 142.18 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.44 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.24 140.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 185.72 140.10 Td (management ) Tj ET Q q 0 0 0 rg BT 239.28 140.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 284.52 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.43 140.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 341.67 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.92 140.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 395.48 140.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 431.27 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.08 140.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 464.55 140.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 503.13 140.10 Td (could ) Tj ET Q q 0 0 0 rg BT 527.82 140.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.19 140.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 76.54 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.81 128.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 118.40 128.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 141.28 128.10 Td (In ) Tj ET Q q 0 0 0 rg BT 151.10 128.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 187.87 128.10 Td (any ) Tj ET Q q 0 0 0 rg BT 203.80 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 220.29 128.10 Td (management ) Tj ET Q q 0 0 0 rg BT 272.87 128.10 Td (failures ) Tj ET Q q 0 0 0 rg BT 304.35 128.10 Td (could ) Tj ET Q q 0 0 0 rg BT 328.06 128.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 351.76 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.58 128.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 391.96 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.23 128.10 Td (be ) Tj ET Q q 0 0 0 rg BT 412.16 128.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 463.64 128.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 492.89 128.10 Td (than ) Tj ET Q q 0 0 0 rg BT 511.60 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.31 128.10 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 88.40 116.10 Td (indicate. ) Tj ET Q q 0 0 0 rg BT 124.25 116.10 Td (Further) Tj ET Q q 0 0 0 rg BT 153.28 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.48 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.50 116.10 Td (quantified ) Tj ET Q q 0 0 0 rg BT 214.74 116.10 Td (modeling ) Tj ET Q q 0 0 0 rg BT 254.21 116.10 Td (does ) Tj ET Q q 0 0 0 rg BT 274.23 116.10 Td (not ) Tj ET Q q 0 0 0 rg BT 288.70 116.10 Td (take ) Tj ET Q q 0 0 0 rg BT 307.05 116.10 Td (all ) Tj ET Q q 0 0 0 rg BT 318.74 116.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 339.33 116.10 Td (into ) Tj ET Q q 0 0 0 rg BT 356.58 116.10 Td (account. ) Tj ET Q q 0 0 0 rg BT 391.87 116.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 409.11 116.10 Td (more ) Tj ET Q q 0 0 0 rg BT 431.36 116.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 475.26 116.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 513.60 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.07 116.10 Td (managing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (those ) Tj ET Q q 0 0 0 rg BT 73.11 104.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 94.50 104.10 Td (could ) Tj ET Q q 0 0 0 rg BT 119.22 104.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 144.49 104.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 164.30 104.10 Td (ficient, ) Tj ET Q q 0 0 0 rg BT 194.85 104.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 233.46 104.10 Td (us ) Tj ET Q q 0 0 0 rg BT 244.85 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.13 104.10 Td (material ) Tj ET Q q 0 0 0 rg BT 290.38 104.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 346.75 104.10 Td (losses.) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 84.21 740.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 80.81 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 98.24 716.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 141.21 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.85 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 173.28 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.04 716.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 212.87 716.25 Td (or ) Tj ET Q q 0 0 0 rg BT 223.63 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.04 716.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 296.50 716.25 Td (, ) Tj ET Q q 0 0 0 rg BT 301.43 716.25 Td (that ) Tj ET Q q 0 0 0 rg BT 318.85 716.25 Td (may ) Tj ET Q q 0 0 0 rg BT 338.50 716.25 Td (result ) Tj ET Q q 0 0 0 rg BT 363.15 716.25 Td (from ) Tj ET Q q 0 0 0 rg BT 385.02 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.67 716.25 Td (change ) Tj ET Q q 0 0 0 rg BT 430.41 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.62 716.25 Td (value ) Tj ET Q q 0 0 0 rg BT 464.71 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.47 716.25 Td (a ) Tj ET Q q 0 0 0 rg BT 482.34 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.75 716.25 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (due ) Tj ET Q q 0 0 0 rg BT 66.52 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 76.88 704.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 126.67 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.03 704.25 Td (its ) Tj ET Q q 0 0 0 rg BT 149.05 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 179.40 704.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 204.46 704.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 222.59 704.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 261.27 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.63 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 301.97 704.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 319.55 704.25 Td (is ) Tj ET Q q 0 0 0 rg BT 328.80 704.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 364.14 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.50 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 390.41 704.25 Td (business ) Tj ET Q q 0 0 0 rg BT 426.88 704.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 465.56 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.58 704.25 Td (is ) Tj ET Q q 0 0 0 rg BT 491.83 704.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 524.95 704.25 Td (related ) Tj ET Q q 0 0 0 rg BT 554.73 704.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.18 692.25 Td (role ) Tj ET Q q 0 0 0 rg BT 83.08 692.25 Td (as ) Tj ET Q q 0 0 0 rg BT 93.76 692.25 Td (a ) Tj ET Q q 0 0 0 rg BT 100.56 692.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.89 692.25 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 191.33 692.25 Td (for ) Tj ET Q q 0 0 0 rg BT 205.34 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 221.03 692.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 251.98 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.66 692.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 331.11 692.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 372.06 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.85 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 404.53 692.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 440.75 692.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 471.43 692.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 512.38 692.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 543.61 692.25 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.03 680.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 99.11 680.25 Td (both ) Tj ET Q q 0 0 0 rg BT 119.21 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.31 680.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 149.40 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.16 680.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 208.46 680.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.76 680.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 297.25 680.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 315.12 680.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 350.77 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.87 680.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 394.29 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.05 680.25 Td (completely ) Tj ET Q q 0 0 0 rg BT 457.80 680.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 492.89 680.25 Td (every ) Tj ET Q q 0 0 0 rg BT 517.42 680.25 Td (market ) Tj ET Q q 0 0 0 rg BT 547.50 680.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.92 668.25 Td (we ) Tj ET Q q 0 0 0 rg BT 81.00 668.25 Td (encounter ) Tj ET Q q 0 0 0 rg BT 122.85 668.25 Td (could ) Tj ET Q q 0 0 0 rg BT 147.49 668.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 191.56 668.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 221.20 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.95 668.25 Td (future ) Tj ET Q q 0 0 0 rg BT 263.25 668.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.66 668.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 340.85 668.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.61 668.25 Td (results ) Tj ET Q q 0 0 0 rg BT 380.14 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.89 668.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 437.29 668.25 Td (The ) Tj ET Q q 0 0 0 rg BT 455.26 668.25 Td (following ) Tj ET Q q 0 0 0 rg BT 496.57 668.25 Td (are ) Tj ET Q q 0 0 0 rg BT 511.21 668.25 Td (those ) Tj ET Q q 0 0 0 rg BT 534.74 668.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.00 656.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 96.71 656.25 Td (that ) Tj ET Q q 0 0 0 rg BT 114.20 656.25 Td (we ) Tj ET Q q 0 0 0 rg BT 128.36 656.25 Td (have ) Tj ET Q q 0 0 0 rg BT 149.74 656.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 190.56 656.25 Td (as ) Tj ET Q q 0 0 0 rg BT 201.39 656.25 Td (posing ) Tj ET Q q 0 0 0 rg BT 230.56 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.28 656.25 Td (most ) Tj ET Q q 0 0 0 rg BT 267.22 656.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 311.94 656.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 333.33 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.61 656.25 Td (us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 656.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 632.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 127.59 632.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 176.19 632.25 Td (trading, ) Tj ET Q q 0 0 0 rg BT 211.20 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.27 632.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 268.99 632.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 319.83 632.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 350.10 632.25 Td (us ) Tj ET Q q 0 0 0 rg BT 362.05 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.33 632.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 390.39 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.22 632.25 Td (loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 608.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.31 608.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 96.37 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.88 608.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.06 608.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 144.56 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.62 608.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 194.46 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.97 608.25 Td (which ) Tj ET Q q 0 0 0 rg BT 232.15 608.25 Td (we ) Tj ET Q q 0 0 0 rg BT 246.55 608.25 Td (commit ) Tj ET Q q 0 0 0 rg BT 279.83 608.25 Td (or ) Tj ET Q q 0 0 0 rg BT 290.90 608.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 317.52 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 333.59 608.25 Td (own ) Tj ET Q q 0 0 0 rg BT 353.55 608.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 385.44 608.25 Td (including ) Tj ET Q q 0 0 0 rg BT 425.95 608.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 482.84 608.25 Td (lending, ) Tj ET Q q 0 0 0 rg BT 518.07 608.25 Td (proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (trading, ) Tj ET Q q 0 0 0 rg BT 82.23 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.58 596.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 136.03 596.25 Td (investing. ) Tj ET Q q 0 0 0 rg BT 177.10 596.25 Td (In ) Tj ET Q q 0 0 0 rg BT 187.33 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 202.57 596.25 Td (role ) Tj ET Q q 0 0 0 rg BT 220.02 596.25 Td (as ) Tj ET Q q 0 0 0 rg BT 230.26 596.25 Td (underwriter ) Tj ET Q q 0 0 0 rg BT 278.81 596.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.38 596.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 319.28 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.63 596.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 358.08 596.25 Td (income ) Tj ET Q q 0 0 0 rg BT 389.42 596.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 431.59 596.25 Td (we ) Tj ET Q q 0 0 0 rg BT 445.16 596.25 Td (commit ) Tj ET Q q 0 0 0 rg BT 477.62 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.30 596.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 524.75 596.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.42 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.13 584.25 Td (issuer ) Tj ET Q q 0 0 0 rg BT 111.94 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 122.76 584.25 Td (one ) Tj ET Q q 0 0 0 rg BT 139.68 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 150.50 584.25 Td (more ) Tj ET Q q 0 0 0 rg BT 173.53 584.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 205.45 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.27 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.97 584.25 Td (issuer's ) Tj ET Q q 0 0 0 rg BT 262.48 584.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 305.23 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.15 584.25 Td (then ) Tj ET Q q 0 0 0 rg BT 341.85 584.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 358.23 584.25 Td (those ) Tj ET Q q 0 0 0 rg BT 381.82 584.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 422.07 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 432.33 584.25 Td (other ) Tj ET Q q 0 0 0 rg BT 455.36 584.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 493.96 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 504.77 584.25 Td (into ) Tj ET Q q 0 0 0 rg BT 522.82 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.52 584.25 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 86.51 572.25 Td (as ) Tj ET Q q 0 0 0 rg BT 97.69 572.25 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 144.14 572.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 162.54 572.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 217.05 572.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 258.50 572.25 Td (including ) Tj ET Q q 0 0 0 rg BT 299.13 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 315.32 572.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 343.16 572.25 Td (block ) Tj ET Q q 0 0 0 rg BT 368.24 572.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 399.41 572.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 440.87 572.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 471.49 572.25 Td (us ) Tj ET Q q 0 0 0 rg BT 483.24 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.87 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.94 572.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 526.79 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 537.98 572.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 556.39 572.25 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.47 560.25 Td (price ) Tj ET Q q 0 0 0 rg BT 87.21 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 98.29 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.25 560.25 Td (security ) Tj ET Q q 0 0 0 rg BT 147.66 560.25 Td (falls ) Tj ET Q q 0 0 0 rg BT 167.63 560.25 Td (below ) Tj ET Q q 0 0 0 rg BT 194.82 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.79 560.25 Td (price ) Tj ET Q q 0 0 0 rg BT 232.52 560.25 Td (we ) Tj ET Q q 0 0 0 rg BT 246.94 560.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 290.23 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.19 560.25 Td (security ) Tj ET Q q 0 0 0 rg BT 339.60 560.25 Td (at ) Tj ET Q q 0 0 0 rg BT 349.57 560.25 Td (before ) Tj ET Q q 0 0 0 rg BT 377.86 560.25 Td (we ) Tj ET Q q 0 0 0 rg BT 392.27 560.25 Td (are ) Tj ET Q q 0 0 0 rg BT 407.23 560.25 Td (able ) Tj ET Q q 0 0 0 rg BT 426.63 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.16 560.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 453.80 560.25 Td (all ) Tj ET Q q 0 0 0 rg BT 466.55 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.63 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.60 560.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 533.11 560.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.86 560.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (purchased. ) Tj ET Q q 0 0 0 rg BT 94.84 548.25 Td (For ) Tj ET Q q 0 0 0 rg BT 111.04 548.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 149.71 548.25 Td (as ) Tj ET Q q 0 0 0 rg BT 160.35 548.25 Td (an ) Tj ET Q q 0 0 0 rg BT 172.09 548.25 Td (underwriter) Tj ET Q q 0 0 0 rg BT 218.34 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 223.14 548.25 Td (or) Tj ET Q q 0 0 0 rg BT 231.07 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 235.88 548.25 Td (with ) Tj ET Q q 0 0 0 rg BT 255.96 548.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 286.58 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.66 548.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 323.96 548.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 366.53 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.27 548.25 Td (block ) Tj ET Q q 0 0 0 rg BT 397.80 548.25 Td (positioner) Tj ET Q q 0 0 0 rg BT 437.39 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 442.20 548.25 Td (we ) Tj ET Q q 0 0 0 rg BT 456.16 548.25 Td (may ) Tj ET Q q 0 0 0 rg BT 475.68 548.25 Td (commit ) Tj ET Q q 0 0 0 rg BT 508.54 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 518.62 548.25 Td (purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.95 536.25 Td (from ) Tj ET Q q 0 0 0 rg BT 112.08 536.25 Td (an ) Tj ET Q q 0 0 0 rg BT 124.20 536.25 Td (issuer ) Tj ET Q q 0 0 0 rg BT 150.22 536.25 Td (or ) Tj ET Q q 0 0 0 rg BT 161.24 536.25 Td (one ) Tj ET Q q 0 0 0 rg BT 178.36 536.25 Td (or ) Tj ET Q q 0 0 0 rg BT 189.38 536.25 Td (more ) Tj ET Q q 0 0 0 rg BT 212.61 536.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 244.74 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.75 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.66 536.25 Td (issuer's ) Tj ET Q q 0 0 0 rg BT 302.37 536.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 342.82 536.25 Td (without ) Tj ET Q q 0 0 0 rg BT 376.06 536.25 Td (having ) Tj ET Q q 0 0 0 rg BT 405.97 536.25 Td (found ) Tj ET Q q 0 0 0 rg BT 431.98 536.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 477.43 536.25 Td (for ) Tj ET Q q 0 0 0 rg BT 491.78 536.25 Td (some ) Tj ET Q q 0 0 0 rg BT 515.57 536.25 Td (or ) Tj ET Q q 0 0 0 rg BT 526.59 536.25 Td (all ) Tj ET Q q 0 0 0 rg BT 539.27 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 536.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 92.36 524.25 Td (In ) Tj ET Q q 0 0 0 rg BT 103.28 524.25 Td (those ) Tj ET Q q 0 0 0 rg BT 126.98 524.25 Td (instances, ) Tj ET Q q 0 0 0 rg BT 168.73 524.25 Td (we ) Tj ET Q q 0 0 0 rg BT 182.99 524.25 Td (may ) Tj ET Q q 0 0 0 rg BT 202.80 524.25 Td (find ) Tj ET Q q 0 0 0 rg BT 221.50 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 239.09 524.25 Td (we ) Tj ET Q q 0 0 0 rg BT 253.35 524.25 Td (are ) Tj ET Q q 0 0 0 rg BT 268.15 524.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 297.40 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.77 524.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 324.25 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.06 524.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 379.42 524.25 Td (at ) Tj ET Q q 0 0 0 rg BT 389.23 524.25 Td (a ) Tj ET Q q 0 0 0 rg BT 396.26 524.25 Td (price ) Tj ET Q q 0 0 0 rg BT 418.84 524.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 443.09 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.46 524.25 Td (or ) Tj ET Q q 0 0 0 rg BT 464.39 524.25 Td (above ) Tj ET Q q 0 0 0 rg BT 490.86 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.67 524.25 Td (price ) Tj ET Q q 0 0 0 rg BT 528.25 524.25 Td (at ) Tj ET Q q 0 0 0 rg BT 538.06 524.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 512.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 106.70 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.41 512.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 164.18 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 175.01 512.25 Td (with ) Tj ET Q q 0 0 0 rg BT 195.29 512.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 226.10 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.38 512.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 266.08 512.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 308.85 512.25 Td (at ) Tj ET Q q 0 0 0 rg BT 318.56 512.25 Td (a ) Tj ET Q q 0 0 0 rg BT 325.50 512.25 Td (price ) Tj ET Q q 0 0 0 rg BT 347.99 512.25 Td (suf) Tj ET Q q 0 0 0 rg BT 360.03 512.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 388.07 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 398.35 512.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 423.05 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.88 512.25 Td (hedges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 488.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.25 488.25 Td (also ) Tj ET Q q 0 0 0 rg BT 82.04 488.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 112.04 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 121.49 488.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 167.60 488.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 197.60 488.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 235.38 488.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 264.82 488.25 Td (we ) Tj ET Q q 0 0 0 rg BT 278.16 488.25 Td (also ) Tj ET Q q 0 0 0 rg BT 295.95 488.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 316.50 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.95 488.25 Td (as ) Tj ET Q q 0 0 0 rg BT 335.96 488.25 Td ("strategic ) Tj ET Q q 0 0 0 rg BT 375.59 488.25 Td (trading" ) Tj ET Q q 0 0 0 rg BT 409.68 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.14 488.25 Td (this ) Tj ET Q q 0 0 0 rg BT 435.26 488.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 458.61 488.25 Td (10-K\) ) Tj ET Q q 0 0 0 rg BT 484.17 488.25 Td (related ) Tj ET Q q 0 0 0 rg BT 513.05 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.51 488.25 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 78.03 476.25 Td (Proprietary ) Tj ET Q q 0 0 0 rg BT 125.15 476.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 155.61 476.25 Td (has ) Tj ET Q q 0 0 0 rg BT 171.07 476.25 Td (been ) Tj ET Q q 0 0 0 rg BT 192.09 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.66 476.25 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 246.34 476.25 Td (contributor ) Tj ET Q q 0 0 0 rg BT 292.91 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.82 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 318.28 476.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 348.18 476.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 385.30 476.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 416.04 476.25 Td (In ) Tj ET Q q 0 0 0 rg BT 426.51 476.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 461.42 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.33 476.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 517.89 476.25 Td (trading, ) Tj ET Q q 0 0 0 rg BT 550.85 476.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 79.30 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 88.57 464.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 125.60 464.25 Td (investing, ) Tj ET Q q 0 0 0 rg BT 166.25 464.25 Td (having ) Tj ET Q q 0 0 0 rg BT 194.96 464.25 Td (established ) Tj ET Q q 0 0 0 rg BT 240.88 464.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 284.57 464.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 305.49 464.25 Td (management ) Tj ET Q q 0 0 0 rg BT 358.07 464.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 381.78 464.25 Td (for ) Tj ET Q q 0 0 0 rg BT 394.93 464.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 433.62 464.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 467.32 464.25 Td (\(focused ) Tj ET Q q 0 0 0 rg BT 503.24 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 514.73 464.25 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.64 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.23 452.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 101.59 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.39 452.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 137.97 452.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 187.00 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.70 452.25 Td (private ) Tj ET Q q 0 0 0 rg BT 227.83 452.25 Td (companies\) ) Tj ET Q q 0 0 0 rg BT 276.29 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.09 452.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 319.90 452.25 Td (living ) Tj ET Q q 0 0 0 rg BT 345.60 452.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 397.40 452.25 Td (projects. ) Tj ET Q q 0 0 0 rg BT 433.75 452.25 Td (W) Tj ET Q q 0 0 0 rg BT 442.39 452.25 Td (e ) Tj ET Q q 0 0 0 rg BT 449.19 452.25 Td (have ) Tj ET Q q 0 0 0 rg BT 470.43 452.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 506.12 452.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 525.71 452.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 554.72 452.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.41 440.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 96.99 440.25 Td (alongside ) Tj ET Q q 0 0 0 rg BT 137.67 440.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.68 440.25 Td (raised ) Tj ET Q q 0 0 0 rg BT 192.91 440.25 Td (from ) Tj ET Q q 0 0 0 rg BT 214.71 440.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 245.96 440.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 286.92 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 303.72 440.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 331.07 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.21 440.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 378.00 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.14 440.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 422.15 440.25 Td (these ) Tj ET Q q 0 0 0 rg BT 445.06 440.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 489.61 440.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.41 440.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 92.26 428.25 Td (These ) Tj ET Q q 0 0 0 rg BT 118.83 428.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 169.30 428.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 208.65 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 215.78 428.25 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 264.01 428.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 310.01 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.03 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 337.05 428.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 362.51 428.25 Td (III ) Tj ET Q q 0 0 0 rg BT 375.19 428.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 403.71 428.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 429.17 428.25 Td (III ) Tj ET Q q 0 0 0 rg BT 441.85 428.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 467.88 428.25 Td (have ) Tj ET Q q 0 0 0 rg BT 489.45 428.25 Td (little ) Tj ET Q q 0 0 0 rg BT 510.47 428.25 Td (or ) Tj ET Q q 0 0 0 rg BT 521.49 428.25 Td (no ) Tj ET Q q 0 0 0 rg BT 534.19 428.25 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (observability) Tj ET Q q 0 0 0 rg BT 101.06 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 105.65 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.18 416.25 Td (may ) Tj ET Q q 0 0 0 rg BT 141.49 416.25 Td (be ) Tj ET Q q 0 0 0 rg BT 153.02 416.25 Td (less ) Tj ET Q q 0 0 0 rg BT 170.11 416.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 195.53 416.25 Td (than ) Tj ET Q q 0 0 0 rg BT 214.84 416.25 Td (other ) Tj ET Q q 0 0 0 rg BT 237.47 416.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 277.33 416.25 Td (that ) Tj ET Q q 0 0 0 rg BT 294.41 416.25 Td (we ) Tj ET Q q 0 0 0 rg BT 308.16 416.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 328.03 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 337.90 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.32 416.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 393.17 416.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 430.85 416.25 Td (. ) Tj ET Q q 0 0 0 rg BT 434.98 416.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 484.88 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 489.47 416.25 Td (we ) Tj ET Q q 0 0 0 rg BT 503.22 416.25 Td (make ) Tj ET Q q 0 0 0 rg BT 526.96 416.25 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.44 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 109.38 404.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 133.76 404.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 172.02 404.25 Td (by ) Tj ET Q q 0 0 0 rg BT 183.71 404.25 Td (ARI, ) Tj ET Q q 0 0 0 rg BT 205.59 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 221.08 404.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 242.68 404.25 Td (management ) Tj ET Q q 0 0 0 rg BT 295.94 404.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 336.40 404.25 Td (, ) Tj ET Q q 0 0 0 rg BT 341.06 404.25 Td (which ) Tj ET Q q 0 0 0 rg BT 367.66 404.25 Td (are ) Tj ET Q q 0 0 0 rg BT 382.03 404.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 421.40 404.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 456.88 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.83 404.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 501.76 404.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 528.91 404.25 Td (equities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.22 380.25 Td (results ) Tj ET Q q 0 0 0 rg BT 99.50 380.25 Td (from ) Tj ET Q q 0 0 0 rg BT 123.11 380.25 Td (these ) Tj ET Q q 0 0 0 rg BT 147.83 380.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 188.10 380.25 Td (may ) Tj ET Q q 0 0 0 rg BT 209.49 380.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 231.43 380.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 285.59 380.25 Td (from ) Tj ET Q q 0 0 0 rg BT 309.20 380.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 341.68 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.63 380.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 381.40 380.25 Td (. ) Tj ET Q q 0 0 0 rg BT 387.76 380.25 Td (W) Tj ET Q q 0 0 0 rg BT 396.40 380.25 Td (e ) Tj ET Q q 0 0 0 rg BT 405.01 380.25 Td (may ) Tj ET Q q 0 0 0 rg BT 426.40 380.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 451.12 380.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 497.50 380.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 525.56 380.25 Td (from ) Tj ET Q q 0 0 0 rg BT 549.17 380.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 105.87 368.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 152.50 368.25 Td (trading, ) Tj ET Q q 0 0 0 rg BT 185.54 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.19 368.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 239.94 368.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 289.92 368.25 Td (due ) Tj ET Q q 0 0 0 rg BT 306.57 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.56 368.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 343.77 368.25 Td (or ) Tj ET Q q 0 0 0 rg BT 354.31 368.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 377.07 368.25 Td (income ) Tj ET Q q 0 0 0 rg BT 408.71 368.25 Td (market ) Tj ET Q q 0 0 0 rg BT 438.69 368.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 488.11 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.76 368.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 543.08 368.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.30 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.57 356.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 118.33 356.25 Td (. ) Tj ET Q q 0 0 0 rg BT 123.32 356.25 Td (For ) Tj ET Q q 0 0 0 rg BT 139.70 356.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 178.56 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 188.83 356.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 213.81 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 229.63 356.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 267.66 356.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 317.92 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.64 356.25 Td (ARI ) Tj ET Q q 0 0 0 rg BT 347.35 356.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 372.06 356.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 405.65 356.25 Td (on ) Tj ET Q q 0 0 0 rg BT 418.13 356.25 Td (MLPs ) Tj ET Q q 0 0 0 rg BT 445.07 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.00 356.25 Td (other ) Tj ET Q q 0 0 0 rg BT 485.04 356.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 535.30 356.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.94 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.82 344.25 Td (ener) Tj ET Q q 0 0 0 rg BT 91.84 344.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 104.50 344.25 Td (sector) Tj ET Q q 0 0 0 rg BT 127.98 344.25 Td (, ) Tj ET Q q 0 0 0 rg BT 133.14 344.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 152.74 344.25 Td (as ) Tj ET Q q 0 0 0 rg BT 163.73 344.25 Td (a ) Tj ET Q q 0 0 0 rg BT 170.83 344.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 198.20 344.25 Td (suf) Tj ET Q q 0 0 0 rg BT 210.24 344.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 233.44 344.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 278.31 344.25 Td (declines ) Tj ET Q q 0 0 0 rg BT 313.74 344.25 Td (related ) Tj ET Q q 0 0 0 rg BT 343.60 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 354.04 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.92 344.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 404.35 344.25 Td (downturn ) Tj ET Q q 0 0 0 rg BT 445.34 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.78 344.25 Td (that ) Tj ET Q q 0 0 0 rg BT 473.44 344.25 Td (sector) Tj ET Q q 0 0 0 rg BT 496.76 344.25 Td (. ) Tj ET Q q 0 0 0 rg BT 501.92 344.25 Td (In ) Tj ET Q q 0 0 0 rg BT 512.91 344.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 550.85 344.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.40 332.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 100.39 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.85 332.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 145.75 332.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 196.19 332.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 216.37 332.25 Td (if ) Tj ET Q q 0 0 0 rg BT 225.16 332.25 Td (not ) Tj ET Q q 0 0 0 rg BT 240.62 332.25 Td (successful, ) Tj ET Q q 0 0 0 rg BT 286.90 332.25 Td (could ) Tj ET Q q 0 0 0 rg BT 311.79 332.25 Td (result ) Tj ET Q q 0 0 0 rg BT 336.69 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.15 332.25 Td (losses; ) Tj ET Q q 0 0 0 rg BT 376.50 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.62 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.52 332.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 438.97 332.25 Td (we ) Tj ET Q q 0 0 0 rg BT 453.31 332.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 491.53 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.99 332.25 Td (counterbalance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (market ) Tj ET Q q 0 0 0 rg BT 79.78 320.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 97.29 320.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 132.01 320.25 Td (in ) Tj ET Q q 0 0 0 rg BT 142.31 320.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 172.03 320.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 212.88 320.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 251.52 320.25 Td (are ) Tj ET Q q 0 0 0 rg BT 266.24 320.25 Td (not ) Tj ET Q q 0 0 0 rg BT 281.54 320.25 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 319.59 320.25 Td (matched ) Tj ET Q q 0 0 0 rg BT 355.98 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.28 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.02 320.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 419.66 320.25 Td (being ) Tj ET Q q 0 0 0 rg BT 444.39 320.25 Td (hedged, ) Tj ET Q q 0 0 0 rg BT 478.29 320.25 Td (which ) Tj ET Q q 0 0 0 rg BT 505.25 320.25 Td (could ) Tj ET Q q 0 0 0 rg BT 529.98 320.25 Td (result ) Tj ET Q q 0 0 0 rg BT 554.72 320.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 78.90 308.25 Td (W) Tj ET Q q 0 0 0 rg BT 87.93 308.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 101.73 308.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 133.28 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.30 308.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 183.08 308.25 Td (investing, ) Tj ET Q q 0 0 0 rg BT 225.49 308.25 Td (there ) Tj ET Q q 0 0 0 rg BT 248.71 308.25 Td (often ) Tj ET Q q 0 0 0 rg BT 272.50 308.25 Td (is ) Tj ET Q q 0 0 0 rg BT 282.40 308.25 Td (not ) Tj ET Q q 0 0 0 rg BT 298.42 308.25 Td (an ) Tj ET Q q 0 0 0 rg BT 311.10 308.25 Td (established ) Tj ET Q q 0 0 0 rg BT 358.77 308.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 385.34 308.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 416.91 308.25 Td (market ) Tj ET Q q 0 0 0 rg BT 447.91 308.25 Td (for ) Tj ET Q q 0 0 0 rg BT 462.81 308.25 Td (these ) Tj ET Q q 0 0 0 rg BT 486.60 308.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 537.61 308.25 Td (or ) Tj ET Q q 0 0 0 rg BT 549.18 308.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.05 296.25 Td (may ) Tj ET Q q 0 0 0 rg BT 122.04 296.25 Td (be ) Tj ET Q q 0 0 0 rg BT 135.25 296.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 177.91 296.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 210.01 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.56 296.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 269.77 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 283.55 296.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 302.87 296.25 Td (or ) Tj ET Q q 0 0 0 rg BT 314.97 296.25 Td (hedging, ) Tj ET Q q 0 0 0 rg BT 353.47 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.68 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.79 296.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 418.11 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.67 296.25 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 471.21 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 488.32 296.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 518.74 296.25 Td (from ) Tj ET Q q 0 0 0 rg BT 541.96 296.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.81 284.25 Td (may ) Tj ET Q q 0 0 0 rg BT 119.56 284.25 Td (be ) Tj ET Q q 0 0 0 rg BT 131.53 284.25 Td (limited, ) Tj ET Q q 0 0 0 rg BT 164.90 284.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 208.52 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.39 284.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 241.92 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.79 284.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 281.15 284.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 305.08 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 320.94 284.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 360.68 284.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 395.43 284.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 427.95 284.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 464.38 284.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 514.68 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 525.00 284.25 Td (late ) Tj ET Q q 0 0 0 rg BT 541.96 284.25 Td (stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (private ) Tj ET Q q 0 0 0 rg BT 79.76 272.25 Td (companies, ) Tj ET Q q 0 0 0 rg BT 127.53 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.47 272.25 Td (we ) Tj ET Q q 0 0 0 rg BT 158.63 272.25 Td (may ) Tj ET Q q 0 0 0 rg BT 178.34 272.25 Td (be ) Tj ET Q q 0 0 0 rg BT 190.28 272.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 219.44 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.71 272.25 Td (realize ) Tj ET Q q 0 0 0 rg BT 258.86 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 274.69 272.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 321.07 272.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 364.11 272.25 Td (by ) Tj ET Q q 0 0 0 rg BT 376.61 272.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 394.66 272.25 Td (or ) Tj ET Q q 0 0 0 rg BT 405.49 272.25 Td (other ) Tj ET Q q 0 0 0 rg BT 428.53 272.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 474.93 272.25 Td (at ) Tj ET Q q 0 0 0 rg BT 484.65 272.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 524.34 272.25 Td (prices.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (Use ) Tj ET Q q 0 0 0 rg BT 66.74 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 76.76 248.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 118.44 248.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 169.04 248.25 Td (as ) Tj ET Q q 0 0 0 rg BT 179.62 248.25 Td (part ) Tj ET Q q 0 0 0 rg BT 197.98 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.00 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.15 248.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.06 248.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 280.32 248.25 Td (management ) Tj ET Q q 0 0 0 rg BT 335.34 248.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 381.48 248.25 Td (may ) Tj ET Q q 0 0 0 rg BT 400.39 248.25 Td (not ) Tj ET Q q 0 0 0 rg BT 415.42 248.25 Td (ef) Tj ET Q q 0 0 0 rg BT 423.01 248.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 458.56 248.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 484.68 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.15 248.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 520.30 248.25 Td (associated ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.79 236.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 108.39 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.23 236.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 150.61 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.44 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 178.40 236.25 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 212.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.94 212.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.63 212.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 112.42 212.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 129.76 212.25 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 159.07 212.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 190.86 212.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 208.21 212.25 Td (locks, ) Tj ET Q q 0 0 0 rg BT 234.17 212.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 259.30 212.25 Td (default ) Tj ET Q q 0 0 0 rg BT 289.42 212.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 312.33 212.25 Td (index ) Tj ET Q q 0 0 0 rg BT 336.91 212.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 375.36 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 392.16 212.25 Td (option ) Tj ET Q q 0 0 0 rg BT 420.08 212.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 458.53 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.22 212.25 Td (a ) Tj ET Q q 0 0 0 rg BT 476.02 212.25 Td (means ) Tj ET Q q 0 0 0 rg BT 503.93 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 514.07 212.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 547.52 212.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.11 200.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.15 200.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 131.31 200.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 170.27 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.54 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.16 200.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 235.97 200.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 275.46 200.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 328.35 200.25 Td (W) Tj ET Q q 0 0 0 rg BT 337.39 200.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 350.78 200.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 381.94 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.55 200.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 410.39 200.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 466.81 200.25 Td (we ) Tj ET Q q 0 0 0 rg BT 481.31 200.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 504.13 200.25 Td (into ) Tj ET Q q 0 0 0 rg BT 522.52 200.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 88.51 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 99.20 188.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 125.99 188.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 158.34 188.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 176.24 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.59 188.25 Td (market ) Tj ET Q q 0 0 0 rg BT 224.27 188.25 Td (value ) Tj ET Q q 0 0 0 rg BT 248.84 188.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 270.64 188.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 314.65 188.25 Td (with ) Tj ET Q q 0 0 0 rg BT 335.34 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 351.59 188.25 Td (security ) Tj ET Q q 0 0 0 rg BT 386.16 188.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 427.69 188.25 Td (including ) Tj ET Q q 0 0 0 rg BT 468.38 188.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 491.84 188.25 Td (income ) Tj ET Q q 0 0 0 rg BT 524.19 188.25 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.47 176.25 Td (we ) Tj ET Q q 0 0 0 rg BT 102.98 176.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 123.61 176.25 Td (both ) Tj ET Q q 0 0 0 rg BT 144.24 176.25 Td (for ) Tj ET Q q 0 0 0 rg BT 158.75 176.25 Td (facilitating ) Tj ET Q q 0 0 0 rg BT 204.91 176.25 Td (client ) Tj ET Q q 0 0 0 rg BT 229.98 176.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 262.82 176.25 Td (as ) Tj ET Q q 0 0 0 rg BT 274.00 176.25 Td (well ) Tj ET Q q 0 0 0 rg BT 294.07 176.25 Td (as ) Tj ET Q q 0 0 0 rg BT 305.25 176.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.76 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 335.94 176.25 Td (own ) Tj ET Q q 0 0 0 rg BT 356.01 176.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 403.28 176.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 434.46 176.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 481.26 176.25 Td (The ) Tj ET Q q 0 0 0 rg BT 499.66 176.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 549.17 176.25 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.56 164.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 103.06 164.25 Td (based ) Tj ET Q q 0 0 0 rg BT 128.45 164.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 151.07 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.91 164.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 209.64 164.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 241.14 164.25 Td (Data ) Tj ET Q q 0 0 0 rg BT 262.64 164.25 Td (\("MMD"\), ) Tj ET Q q 0 0 0 rg BT 307.59 164.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 340.22 164.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.17 164.25 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 381.19 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.81 164.25 Td (index. ) Tj ET Q q 0 0 0 rg BT 410.96 164.25 Td (W) Tj ET Q q 0 0 0 rg BT 419.60 164.25 Td (e ) Tj ET Q q 0 0 0 rg BT 426.66 164.25 Td (also ) Tj ET Q q 0 0 0 rg BT 445.39 164.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 468.00 164.25 Td (into ) Tj ET Q q 0 0 0 rg BT 486.18 164.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.57 164.25 Td (default ) Tj ET Q q 0 0 0 rg BT 541.96 164.25 Td (swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (index ) Tj ET Q q 0 0 0 rg BT 73.86 152.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 112.09 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.01 152.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 148.03 152.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 169.06 152.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 212.29 152.25 Td (with ) Tj ET Q q 0 0 0 rg BT 232.21 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.68 152.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 278.69 152.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 301.38 152.25 Td (income ) Tj ET Q q 0 0 0 rg BT 332.95 152.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 375.36 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.94 152.25 Td (option ) Tj ET Q q 0 0 0 rg BT 419.63 152.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 457.87 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.79 152.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 493.80 152.25 Td (market ) Tj ET Q q 0 0 0 rg BT 523.71 152.25 Td (value ) Tj ET Q q 0 0 0 rg BT 547.50 152.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.14 140.25 Td (with ) Tj ET Q q 0 0 0 rg BT 113.46 140.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 160.98 140.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 201.29 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.27 140.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 290.23 140.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 333.04 140.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 371.81 140.25 Td (, ) Tj ET Q q 0 0 0 rg BT 376.85 140.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.06 140.25 Td (do ) Tj ET Q q 0 0 0 rg BT 403.60 140.25 Td (not ) Tj ET Q q 0 0 0 rg BT 418.92 140.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 445.34 140.25 Td (all ) Tj ET Q q 0 0 0 rg BT 457.88 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.76 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 484.63 140.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 516.61 140.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 534.14 140.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 554.18 140.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.98 128.25 Td (these ) Tj ET Q q 0 0 0 rg BT 111.74 128.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 147.16 128.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 188.13 128.25 Td (may ) Tj ET Q q 0 0 0 rg BT 208.56 128.25 Td (not ) Tj ET Q q 0 0 0 rg BT 224.54 128.25 Td (work ) Tj ET Q q 0 0 0 rg BT 248.30 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 259.29 128.25 Td (all ) Tj ET Q q 0 0 0 rg BT 272.49 128.25 Td (market ) Tj ET Q q 0 0 0 rg BT 303.46 128.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 361.11 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.75 128.25 Td (as ) Tj ET Q q 0 0 0 rg BT 390.29 128.25 Td (a ) Tj ET Q q 0 0 0 rg BT 397.94 128.25 Td (result ) Tj ET Q q 0 0 0 rg BT 423.36 128.25 Td (may ) Tj ET Q q 0 0 0 rg BT 443.79 128.25 Td (not ) Tj ET Q q 0 0 0 rg BT 459.77 128.25 Td (be ) Tj ET Q q 0 0 0 rg BT 472.42 128.25 Td (ef) Tj ET Q q 0 0 0 rg BT 480.01 128.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 510.42 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.40 128.25 Td (mitigating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.72 116.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.49 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.72 116.25 Td (market ) Tj ET Q q 0 0 0 rg BT 147.27 116.25 Td (value ) Tj ET Q q 0 0 0 rg BT 171.71 116.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 192.00 116.25 Td (especially ) Tj ET Q q 0 0 0 rg BT 234.77 116.25 Td (when ) Tj ET Q q 0 0 0 rg BT 259.21 116.25 Td (market ) Tj ET Q q 0 0 0 rg BT 289.76 116.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 328.66 116.25 Td (reduces ) Tj ET Q q 0 0 0 rg BT 361.98 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.99 116.25 Td (correlation ) Tj ET Q q 0 0 0 rg BT 423.09 116.25 Td (between ) Tj ET Q q 0 0 0 rg BT 459.19 116.25 Td (a ) Tj ET Q q 0 0 0 rg BT 466.41 116.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 501.42 116.25 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 533.08 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 116.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 104.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 130.59 104.25 Td (being ) Tj ET Q q 0 0 0 rg BT 155.31 104.25 Td (hedged.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (There ) Tj ET Q q 0 0 0 rg BT 74.91 80.25 Td (are ) Tj ET Q q 0 0 0 rg BT 89.20 80.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 110.18 80.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 145.04 80.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.91 80.25 Td (our ) Tj ET Q q 0 0 0 rg BT 170.33 80.25 Td (use ) Tj ET Q q 0 0 0 rg BT 185.75 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.17 80.25 Td (these ) Tj ET Q q 0 0 0 rg BT 218.80 80.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 257.83 80.25 Td (including ) Tj ET Q q 0 0 0 rg BT 297.69 80.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 350.32 80.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 388.50 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.03 80.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 427.12 80.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 446.71 80.25 Td (Counterparty ) Tj ET Q q 0 0 0 rg BT 501.57 80.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 539.75 80.25 Td (refers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.87 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.68 68.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 92.27 68.25 Td (that ) Tj ET Q q 0 0 0 rg BT 109.86 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.67 68.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 157.26 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.18 68.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 207.97 68.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.34 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.27 68.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 279.64 68.25 Td (on ) Tj ET Q q 0 0 0 rg BT 292.23 68.25 Td (any ) Tj ET Q q 0 0 0 rg BT 309.27 68.25 Td (given ) Tj ET Q q 0 0 0 rg BT 334.08 68.25 Td (day ) Tj ET Q q 0 0 0 rg BT 351.11 68.25 Td (may ) Tj ET Q q 0 0 0 rg BT 370.92 68.25 Td (not ) Tj ET Q q 0 0 0 rg BT 386.29 68.25 Td (be ) Tj ET Q q 0 0 0 rg BT 398.32 68.25 Td (suf) Tj ET Q q 0 0 0 rg BT 410.36 68.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 438.49 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 448.87 68.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 470.34 68.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 495.14 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.95 68.25 Td (current ) Tj ET Q q 0 0 0 rg BT 540.86 68.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.20 56.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 100.72 56.25 Td (if ) Tj ET Q q 0 0 0 rg BT 108.90 56.25 Td (a ) Tj ET Q q 0 0 0 rg BT 115.41 56.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 168.02 56.25 Td (were ) Tj ET Q q 0 0 0 rg BT 189.52 56.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.38 56.25 Td (suddenly ) Tj ET Q q 0 0 0 rg BT 237.56 56.25 Td (default. ) Tj ET Q q 0 0 0 rg BT 269.90 56.25 Td (Basis ) Tj ET Q q 0 0 0 rg BT 293.65 56.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 310.72 56.25 Td (refers ) Tj ET Q q 0 0 0 rg BT 335.55 56.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.41 56.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 366.38 56.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 409.54 56.25 Td (with ) Tj ET Q q 0 0 0 rg BT 429.40 56.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 455.92 56.25 Td (where ) Tj ET Q q 0 0 0 rg BT 482.42 56.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 516.70 56.25 Td (in ) Tj ET Q q 0 0 0 rg BT 526.56 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.85 56.25 Td (value ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.56 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.51 740.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 99.69 740.10 Td (may ) Tj ET Q q 0 0 0 rg BT 118.64 740.10 Td (not ) Tj ET Q q 0 0 0 rg BT 133.15 740.10 Td (exactly ) Tj ET Q q 0 0 0 rg BT 163.76 740.10 Td (mirror ) Tj ET Q q 0 0 0 rg BT 191.04 740.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 224.98 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.49 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.44 740.10 Td (value ) Tj ET Q q 0 0 0 rg BT 271.83 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.89 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.84 740.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.34 740.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 339.30 740.10 Td (they ) Tj ET Q q 0 0 0 rg BT 358.25 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 372.19 740.10 Td (hedging. ) Tj ET Q q 0 0 0 rg BT 408.52 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.15 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 423.32 740.10 Td (may ) Tj ET Q q 0 0 0 rg BT 442.27 740.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 464.56 740.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 490.18 740.10 Td (from ) Tj ET Q q 0 0 0 rg BT 511.35 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 526.42 740.10 Td (exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 728.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 102.26 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.19 728.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 151.68 728.10 Td (products ) Tj ET Q q 0 0 0 rg BT 188.62 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.55 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.27 728.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 260.53 728.10 Td (use ) Tj ET Q q 0 0 0 rg BT 276.36 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.19 728.10 Td (these ) Tj ET Q q 0 0 0 rg BT 310.23 728.10 Td (products ) Tj ET Q q 0 0 0 rg BT 347.17 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.45 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.17 728.10 Td (future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 704.10 Td (use ) Tj ET Q q 0 0 0 rg BT 84.50 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.33 704.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 135.60 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.67 704.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 198.95 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.79 704.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 256.19 704.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 273.69 704.10 Td (value ) Tj ET Q q 0 0 0 rg BT 298.41 704.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 330.34 704.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 376.74 704.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 422.02 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.09 704.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 481.48 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.42 704.10 Td (management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 680.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.67 680.10 Td (make ) Tj ET Q q 0 0 0 rg BT 88.41 680.10 Td (various ) Tj ET Q q 0 0 0 rg BT 119.94 680.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 159.24 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.32 680.10 Td (af) Tj ET Q q 0 0 0 rg BT 183.91 680.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.98 680.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 236.39 680.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 272.36 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.89 680.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 337.92 680.10 Td (Broadly) Tj ET Q q 0 0 0 rg BT 369.49 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 374.07 680.10 Td (those ) Tj ET Q q 0 0 0 rg BT 397.27 680.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 436.57 680.10 Td (are ) Tj ET Q q 0 0 0 rg BT 450.87 680.10 Td (used ) Tj ET Q q 0 0 0 rg BT 471.29 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.15 680.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 524.90 680.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.86 680.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.09 668.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.55 668.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.79 668.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 182.21 668.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 233.25 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.29 668.10 Td (private ) Tj ET Q q 0 0 0 rg BT 275.31 668.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 323.83 668.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 370.96 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 385.88 668.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 424.70 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.40 668.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 485.65 668.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 514.73 668.10 Td (establishing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 93.02 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 106.53 656.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 143.38 656.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 169.12 656.10 Td (that ) Tj ET Q q 0 0 0 rg BT 185.97 656.10 Td (may ) Tj ET Q q 0 0 0 rg BT 205.04 656.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 225.77 656.10 Td (from ) Tj ET Q q 0 0 0 rg BT 247.06 656.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 287.52 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.81 656.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 346.75 656.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 396.92 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.21 656.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 427.28 656.10 Td (examinations. ) Tj ET Q q 0 0 0 rg BT 484.95 656.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 525.69 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 539.74 656.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.93 644.10 Td (available ) Tj ET Q q 0 0 0 rg BT 100.45 644.10 Td (information ) Tj ET Q q 0 0 0 rg BT 150.09 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.96 644.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 209.49 644.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 253.83 644.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 280.14 644.10 Td (results ) Tj ET Q q 0 0 0 rg BT 308.68 644.10 Td (could ) Tj ET Q q 0 0 0 rg BT 333.32 644.10 Td (dif) Tj ET Q q 0 0 0 rg BT 344.25 644.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 357.78 644.10 Td (from ) Tj ET Q q 0 0 0 rg BT 379.65 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.41 644.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 435.05 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.92 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.35 644.10 Td (dif) Tj ET Q q 0 0 0 rg BT 480.28 644.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 512.12 644.10 Td (could ) Tj ET Q q 0 0 0 rg BT 536.77 644.10 Td (have ) Tj ET Q q 0 0 0 rg BT 558.08 644.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (material ) Tj ET Q q 0 0 0 rg BT 84.76 632.10 Td (ef) Tj ET Q q 0 0 0 rg BT 92.35 632.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 109.83 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.33 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.16 632.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.20 632.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.68 632.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.39 608.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.73 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.84 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 179.06 608.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.06 608.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 258.85 608.10 Td (owned, ) Tj ET Q q 0 0 0 rg BT 290.69 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.80 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.46 608.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 394.80 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.91 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 435.13 608.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 476.13 608.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 514.93 608.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 534.27 608.10 Td (but ) Tj ET Q q 0 0 0 rg BT 549.72 608.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 63.82 596.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 108.97 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 123.28 596.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 160.36 596.10 Td (at ) Tj ET Q q 0 0 0 rg BT 169.68 596.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 185.67 596.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 211.93 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.47 596.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 272.22 596.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 295.43 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.98 596.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 337.97 596.10 Td (related ) Tj ET Q q 0 0 0 rg BT 367.28 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.17 596.10 Td (these ) Tj ET Q q 0 0 0 rg BT 399.82 596.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.91 596.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 485.68 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 499.99 596.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 537.07 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 596.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.16 584.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 148.49 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.93 584.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 206.98 584.10 Td (The ) Tj ET Q q 0 0 0 rg BT 225.64 584.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 242.64 584.10 Td (value ) Tj ET Q q 0 0 0 rg BT 267.41 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.86 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.41 584.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.51 584.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 370.40 584.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.19 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.52 584.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 428.63 584.10 Td (at ) Tj ET Q q 0 0 0 rg BT 438.96 584.10 Td (which ) Tj ET Q q 0 0 0 rg BT 466.52 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.85 584.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 527.74 584.10 Td (could ) Tj ET Q q 0 0 0 rg BT 553.08 584.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 93.98 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.49 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 109.66 572.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 155.26 572.10 Td (between ) Tj ET Q q 0 0 0 rg BT 190.31 572.10 Td (market ) Tj ET Q q 0 0 0 rg BT 219.80 572.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 268.18 572.10 Td (at ) Tj ET Q q 0 0 0 rg BT 277.13 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.08 572.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 346.12 572.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 366.88 572.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 395.25 572.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 435.57 572.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.18 572.10 Td (value ) Tj ET Q q 0 0 0 rg BT 474.56 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 482.96 572.10 Td (based ) Tj ET Q q 0 0 0 rg BT 507.46 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 519.19 572.10 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (market ) Tj ET Q q 0 0 0 rg BT 78.70 560.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 104.01 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.77 560.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 159.07 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.83 560.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 200.25 560.10 Td (from ) Tj ET Q q 0 0 0 rg BT 221.12 560.10 Td (such ) Tj ET Q q 0 0 0 rg BT 240.88 560.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 266.19 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 275.96 560.10 Td (parameters. ) Tj ET Q q 0 0 0 rg BT 323.65 560.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 351.73 560.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 396.47 560.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 421.78 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.55 560.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 457.43 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 471.07 560.10 Td (not ) Tj ET Q q 0 0 0 rg BT 485.28 560.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 525.30 560.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (models ) Tj ET Q q 0 0 0 rg BT 80.85 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 95.53 548.10 Td (applied. ) Tj ET Q q 0 0 0 rg BT 129.75 548.10 Td (These ) Tj ET Q q 0 0 0 rg BT 156.09 548.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 195.77 548.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 241.00 548.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 273.46 548.10 Td (management ) Tj ET Q q 0 0 0 rg BT 327.01 548.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 371.14 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.04 548.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 430.78 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.46 548.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 474.58 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.37 548.10 Td (which ) Tj ET Q q 0 0 0 rg BT 512.28 548.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.41 548.10 Td (dependent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.18 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.07 536.10 Td (price ) Tj ET Q q 0 0 0 rg BT 99.73 536.10 Td (transparency ) Tj ET Q q 0 0 0 rg BT 153.50 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.83 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.73 536.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.07 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.08 536.10 Td (market ) Tj ET Q q 0 0 0 rg BT 273.52 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.63 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.53 536.10 Td (instruments' ) Tj ET Q q 0 0 0 rg BT 356.67 536.10 Td (complexity) Tj ET Q q 0 0 0 rg BT 401.01 536.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.19 536.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 419.34 536.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 443.12 536.10 Td (market ) Tj ET Q q 0 0 0 rg BT 473.56 536.10 Td (environments, ) Tj ET Q q 0 0 0 rg BT 533.17 536.10 Td (such ) Tj ET Q q 0 0 0 rg BT 554.18 536.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (those ) Tj ET Q q 0 0 0 rg BT 72.60 524.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 122.90 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.67 524.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 157.16 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 176.37 524.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 200.57 524.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.55 524.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 286.21 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.98 524.10 Td (become ) Tj ET Q q 0 0 0 rg BT 329.07 524.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 381.61 524.10 Td (more ) Tj ET Q q 0 0 0 rg BT 404.15 524.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 435.04 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.47 524.10 Td (dif) Tj ET Q q 0 0 0 rg BT 462.40 524.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 485.49 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.27 524.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 521.41 524.10 Td (increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 512.10 Td (use ) Tj ET Q q 0 0 0 rg BT 80.46 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.49 512.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 131.41 512.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 165.50 512.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 183.76 512.10 Td (future ) Tj ET Q q 0 0 0 rg BT 210.34 512.10 Td (results ) Tj ET Q q 0 0 0 rg BT 239.15 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.19 512.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 294.55 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.69 512.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.38 512.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 389.86 512.10 Td (may ) Tj ET Q q 0 0 0 rg BT 409.78 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 421.92 512.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 462.94 512.10 Td (af) Tj ET Q q 0 0 0 rg BT 470.53 512.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 497.66 512.10 Td (by ) Tj ET Q q 0 0 0 rg BT 510.36 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.29 512.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 99.77 500.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.27 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.43 500.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 156.15 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.42 500.10 Td (these ) Tj ET Q q 0 0 0 rg BT 189.47 500.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.95 500.10 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 99.88 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.71 476.10 Td (private ) Tj ET Q q 0 0 0 rg BT 139.53 476.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 184.35 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 198.61 476.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 227.32 476.10 Td (based ) Tj ET Q q 0 0 0 rg BT 252.14 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 264.20 476.10 Td (an ) Tj ET Q q 0 0 0 rg BT 275.69 476.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 322.19 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.57 476.10 Td (each ) Tj ET Q q 0 0 0 rg BT 352.94 476.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 398.32 476.10 Td (security) Tj ET Q q 0 0 0 rg BT 429.33 476.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.88 476.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 482.59 476.10 Td (rounds ) Tj ET Q q 0 0 0 rg BT 511.87 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.25 476.10 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (third ) Tj ET Q q 0 0 0 rg BT 72.61 464.10 Td (party ) Tj ET Q q 0 0 0 rg BT 97.37 464.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 149.36 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.02 464.10 Td (market-based ) Tj ET Q q 0 0 0 rg BT 226.10 464.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 280.03 464.10 Td (including ) Tj ET Q q 0 0 0 rg BT 322.02 464.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 372.89 464.10 Td (company ) Tj ET Q q 0 0 0 rg BT 413.76 464.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 468.25 464.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 500.79 464.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 542.23 464.10 Td (\(e.g., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 88.13 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.87 452.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 130.92 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.77 452.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 182.05 452.10 Td (before ) Tj ET Q q 0 0 0 rg BT 209.00 452.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 242.34 452.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 266.79 452.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 317.62 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.46 452.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 385.41 452.10 Td (\("EBITDA"\)\) ) Tj ET Q q 0 0 0 rg BT 441.63 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.48 452.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 491.09 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.28 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 529.45 452.10 Td (outlook, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (among ) Tj ET Q q 0 0 0 rg BT 79.22 440.10 Td (other ) Tj ET Q q 0 0 0 rg BT 102.26 440.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 134.29 440.10 Td (These ) Tj ET Q q 0 0 0 rg BT 160.67 440.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 200.38 440.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 245.64 440.10 Td (require ) Tj ET Q q 0 0 0 rg BT 276.46 440.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 321.17 440.10 Td (management ) Tj ET Q q 0 0 0 rg BT 374.76 440.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 418.92 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.86 440.10 Td (judgment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 92.02 416.10 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 392.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.39 392.10 Td (face ) Tj ET Q q 0 0 0 rg BT 82.85 392.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 118.56 392.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 135.37 392.10 Td (both ) Tj ET Q q 0 0 0 rg BT 154.96 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 174.55 392.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 204.68 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.28 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 229.42 392.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 256.79 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.38 392.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 293.74 392.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 319.44 392.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 359.02 392.10 Td (that ) Tj ET Q q 0 0 0 rg BT 375.83 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 389.30 392.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 408.90 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.49 392.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 464.18 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 483.77 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 498.91 392.10 Td (market-making, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.65 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.80 380.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 122.34 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.50 380.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 186.63 380.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 217.67 380.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 258.99 380.10 Td (as ) Tj ET Q q 0 0 0 rg BT 270.03 380.10 Td (well ) Tj ET Q q 0 0 0 rg BT 289.96 380.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.00 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.05 380.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 345.31 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.81 380.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 384.07 380.10 Td (access ) Tj ET Q q 0 0 0 rg BT 412.32 380.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 453.90 380.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 487.73 380.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 520.43 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.92 380.10 Td (order ) Tj ET Q q 0 0 0 rg BT 554.73 380.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 82.05 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.51 368.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 138.03 368.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 168.38 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 186.50 368.10 Td (we ) Tj ET Q q 0 0 0 rg BT 201.29 368.10 Td (suf) Tj ET Q q 0 0 0 rg BT 213.33 368.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 227.55 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 240.68 368.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 281.57 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 299.70 368.10 Td (we ) Tj ET Q q 0 0 0 rg BT 314.48 368.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 344.27 368.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 372.94 368.10 Td (divest, ) Tj ET Q q 0 0 0 rg BT 402.46 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 413.92 368.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 450.37 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.28 368.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 489.40 368.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 531.40 368.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (could ) Tj ET Q q 0 0 0 rg BT 74.11 356.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 118.16 356.10 Td (af) Tj ET Q q 0 0 0 rg BT 125.74 356.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 143.12 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.85 356.10 Td (future ) Tj ET Q q 0 0 0 rg BT 185.12 356.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.49 356.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 262.66 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 273.38 356.10 Td (results ) Tj ET Q q 0 0 0 rg BT 301.89 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.61 356.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 358.99 356.10 Td (The ) Tj ET Q q 0 0 0 rg BT 376.93 356.10 Td (following ) Tj ET Q q 0 0 0 rg BT 418.21 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 432.81 356.10 Td (those ) Tj ET Q q 0 0 0 rg BT 456.31 356.10 Td (market ) Tj ET Q q 0 0 0 rg BT 486.47 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 503.86 356.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 533.46 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 356.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (have ) Tj ET Q q 0 0 0 rg BT 70.88 344.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 111.70 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 122.53 344.10 Td (posing ) Tj ET Q q 0 0 0 rg BT 151.70 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.41 344.10 Td (most ) Tj ET Q q 0 0 0 rg BT 188.36 344.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 233.07 344.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 254.47 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.74 344.10 Td (us.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (An ) Tj ET Q q 0 0 0 rg BT 64.23 320.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 100.62 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.90 320.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 141.73 320.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 167.55 320.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 200.06 320.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 239.24 320.10 Td (may ) Tj ET Q q 0 0 0 rg BT 258.96 320.10 Td (result ) Tj ET Q q 0 0 0 rg BT 284.80 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.64 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 335.36 320.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 361.76 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.03 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.99 320.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 296.10 Td (imely ) Tj ET Q q 0 0 0 rg BT 81.49 296.10 Td (divestiture ) Tj ET Q q 0 0 0 rg BT 127.16 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.96 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.75 296.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 187.53 296.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 229.61 296.10 Td (including ) Tj ET Q q 0 0 0 rg BT 270.85 296.10 Td (equity) Tj ET Q q 0 0 0 rg BT 295.19 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 301.15 296.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 325.16 296.10 Td (income ) Tj ET Q q 0 0 0 rg BT 358.05 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.95 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 399.96 296.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 441.19 296.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 483.27 296.10 Td (can ) Tj ET Q q 0 0 0 rg BT 500.60 296.10 Td (be ) Tj ET Q q 0 0 0 rg BT 513.50 296.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 552.51 296.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 91.24 284.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 121.90 284.10 Td (volume, ) Tj ET Q q 0 0 0 rg BT 156.72 284.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 196.80 284.10 Td (price ) Tj ET Q q 0 0 0 rg BT 219.12 284.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 254.58 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.41 284.10 Td (rapid ) Tj ET Q q 0 0 0 rg BT 282.28 284.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 316.82 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.93 284.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 358.69 284.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 382.40 284.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 435.80 284.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 466.46 284.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 507.41 284.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.51 284.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.91 272.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 91.66 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.63 272.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 127.71 272.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 166.02 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.99 272.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 203.74 272.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 250.36 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.88 272.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 303.06 272.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 353.02 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.65 272.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 404.05 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.02 272.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 448.99 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.63 272.10 Td (government ) Tj ET Q q 0 0 0 rg BT 515.58 272.10 Td (regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (This ) Tj ET Q q 0 0 0 rg BT 70.02 260.10 Td (is ) Tj ET Q q 0 0 0 rg BT 79.42 260.10 Td (true ) Tj ET Q q 0 0 0 rg BT 97.71 260.10 Td (both ) Tj ET Q q 0 0 0 rg BT 118.22 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 132.62 260.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 172.01 260.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 222.51 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 240.24 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.64 260.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 292.35 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 303.42 260.10 Td (well ) Tj ET Q q 0 0 0 rg BT 323.37 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.44 260.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 381.60 260.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 412.66 260.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 451.52 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.25 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 483.65 260.10 Td (maintain. ) Tj ET Q q 0 0 0 rg BT 523.67 260.10 Td (While ) Tj ET Q q 0 0 0 rg BT 550.85 260.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 70.60 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 78.35 248.10 Td (security) Tj ET Q q 0 0 0 rg BT 109.36 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.17 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.15 248.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.67 248.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 191.19 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.29 248.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 242.82 248.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 293.35 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.10 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 331.64 248.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 378.25 248.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.55 248.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 443.76 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.85 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.39 248.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 498.14 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.67 248.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.64 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 248.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (security ) Tj ET Q q 0 0 0 rg BT 84.00 236.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 125.16 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.44 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.95 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 172.01 236.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 201.51 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.14 236.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 240.54 236.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 267.27 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.45 236.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 305.18 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.35 236.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.53 236.10 Td (position ) Tj ET Q q 0 0 0 rg BT 387.60 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.23 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 416.07 236.10 Td (security) Tj ET Q q 0 0 0 rg BT 447.08 236.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.22 236.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.61 236.10 Td (value ) Tj ET Q q 0 0 0 rg BT 495.12 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 515.18 236.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 546.90 236.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.08 236.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.84 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.30 224.10 Td (many ) Tj ET Q q 0 0 0 rg BT 111.65 224.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 144.48 224.10 Td (including ) Tj ET Q q 0 0 0 rg BT 185.38 224.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 208.51 224.10 Td (-specific, ) Tj ET Q q 0 0 0 rg BT 248.56 224.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.45 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.91 224.10 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 341.25 224.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 372.42 224.10 Td (In ) Tj ET Q q 0 0 0 rg BT 383.88 224.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 422.28 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.18 224.10 Td (times ) Tj ET Q q 0 0 0 rg BT 457.98 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.43 224.10 Td (market ) Tj ET Q q 0 0 0 rg BT 500.33 224.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 544.66 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.28 224.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 85.21 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.37 212.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 121.64 212.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 162.34 212.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 200.84 212.10 Td (may ) Tj ET Q q 0 0 0 rg BT 220.44 212.10 Td (have ) Tj ET Q q 0 0 0 rg BT 241.69 212.10 Td (an ) Tj ET Q q 0 0 0 rg BT 253.51 212.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 283.11 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 295.49 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.20 212.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 347.47 212.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.18 212.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 391.67 212.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 424.04 212.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 463.62 212.10 Td (become ) Tj ET Q q 0 0 0 rg BT 497.10 212.10 Td (more ) Tj ET Q q 0 0 0 rg BT 520.02 212.10 Td (restrictive, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.51 200.10 Td (would ) Tj ET Q q 0 0 0 rg BT 104.08 200.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 125.54 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.44 200.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 169.56 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.91 200.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 209.13 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.92 200.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 269.82 200.10 Td (security ) Tj ET Q q 0 0 0 rg BT 304.04 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 314.94 200.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 357.21 200.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 375.33 200.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 411.79 200.10 Td (may ) Tj ET Q q 0 0 0 rg BT 431.58 200.10 Td (also ) Tj ET Q q 0 0 0 rg BT 450.26 200.10 Td (be ) Tj ET Q q 0 0 0 rg BT 462.26 200.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 501.48 200.10 Td (if ) Tj ET Q q 0 0 0 rg BT 510.16 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 524.39 200.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 554.73 200.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 87.17 188.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 123.75 188.10 Td (for ) Tj ET Q q 0 0 0 rg BT 138.10 188.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 171.88 188.10 Td (products ) Tj ET Q q 0 0 0 rg BT 209.01 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.13 188.10 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 272.71 188.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 308.15 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.17 188.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 365.18 188.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 403.99 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.46 188.10 Td (order ) Tj ET Q q 0 0 0 rg BT 438.25 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.71 188.10 Td (do ) Tj ET Q q 0 0 0 rg BT 461.40 188.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 475.49 188.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 514.28 188.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 554.74 188.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 79.75 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 110.02 176.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 127.52 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.46 176.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 181.95 176.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.43 176.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 245.82 176.10 Td (from ) Tj ET Q q 0 0 0 rg BT 267.76 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.47 176.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 322.74 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.02 176.10 Td (value ) Tj ET Q q 0 0 0 rg BT 357.17 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.00 176.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 399.39 176.10 Td (positions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (An ) Tj ET Q q 0 0 0 rg BT 63.51 152.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 99.19 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.75 152.10 Td (access ) Tj ET Q q 0 0 0 rg BT 136.63 152.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.18 152.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 196.29 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 206.97 152.10 Td (on ) Tj ET Q q 0 0 0 rg BT 219.31 152.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 243.87 152.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 284.53 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.09 152.10 Td (us ) Tj ET Q q 0 0 0 rg BT 305.33 152.10 Td (could ) Tj ET Q q 0 0 0 rg BT 329.89 152.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 358.89 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.13 152.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 402.46 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.02 152.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 433.26 152.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 478.38 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.73 152.10 Td (could ) Tj ET Q q 0 0 0 rg BT 520.29 152.10 Td (jeopardize ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 140.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.18 140.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 147.58 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.64 140.10 Td (results ) Tj ET Q q 0 0 0 rg BT 195.37 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.20 140.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 86.07 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.44 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.63 116.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 127.70 116.10 Td (access ) Tj ET Q q 0 0 0 rg BT 156.10 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.74 116.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 194.33 116.10 Td (is ) Tj ET Q q 0 0 0 rg BT 203.86 116.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 241.16 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.80 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.00 116.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 307.25 116.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 340.10 116.10 Td (lar) Tj ET Q q 0 0 0 rg BT 350.47 116.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 362.77 116.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 400.61 116.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 447.93 116.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 473.56 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.75 116.10 Td (mer) Tj ET Q q 0 0 0 rg BT 500.12 116.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 517.42 116.10 Td (with ) Tj ET Q q 0 0 0 rg BT 538.06 116.10 Td (others ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.77 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.15 104.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 117.08 104.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 140.35 104.10 Td (following ) Tj ET Q q 0 0 0 rg BT 181.40 104.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 225.77 104.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 260.70 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.64 104.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 292.24 104.10 Td (values ) Tj ET Q q 0 0 0 rg BT 319.95 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.90 104.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 369.82 104.10 Td (held ) Tj ET Q q 0 0 0 rg BT 389.20 104.10 Td (by ) Tj ET Q q 0 0 0 rg BT 401.37 104.10 Td (these ) Tj ET Q q 0 0 0 rg BT 424.08 104.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 473.19 104.10 Td (with ) Tj ET Q q 0 0 0 rg BT 493.13 104.10 Td (Lehman ) Tj ET Q q 0 0 0 rg BT 528.06 104.10 Td (Brothers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (being ) Tj ET Q q 0 0 0 rg BT 73.60 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.70 92.10 Td (most ) Tj ET Q q 0 0 0 rg BT 109.03 92.10 Td (prominent ) Tj ET Q q 0 0 0 rg BT 152.01 92.10 Td (example. ) Tj ET Q q 0 0 0 rg BT 190.13 92.10 Td (T) Tj ET Q q 0 0 0 rg BT 195.54 92.10 Td (o ) Tj ET Q q 0 0 0 rg BT 202.43 92.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 222.64 92.10 Td (our ) Tj ET Q q 0 0 0 rg BT 237.85 92.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 276.12 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 289.67 92.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 307.10 92.10 Td (on ) Tj ET Q q 0 0 0 rg BT 318.98 92.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 368.06 92.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 392.15 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.47 92.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 429.79 92.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 469.43 92.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.65 92.10 Td (well ) Tj ET Q q 0 0 0 rg BT 498.75 92.10 Td (as ) Tj ET Q q 0 0 0 rg BT 508.96 92.10 Td (other ) Tj ET Q q 0 0 0 rg BT 531.39 92.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 81.98 80.10 Td (such ) Tj ET Q q 0 0 0 rg BT 102.80 80.10 Td (as ) Tj ET Q q 0 0 0 rg BT 113.62 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.33 80.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 174.12 80.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 210.77 80.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 228.81 80.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 250.74 80.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 290.99 80.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 326.81 80.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 382.07 80.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.32 80.10 Td (lines, ) Tj ET Q q 0 0 0 rg BT 431.20 80.10 Td (which ) Tj ET Q q 0 0 0 rg BT 458.13 80.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.83 80.10 Td (become ) Tj ET Q q 0 0 0 rg BT 516.42 80.10 Td (unavailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.90 68.10 Td (us ) Tj ET Q q 0 0 0 rg BT 71.42 68.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.05 68.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 124.43 68.10 Td (short ) Tj ET Q q 0 0 0 rg BT 147.06 68.10 Td (notice. ) Tj ET Q q 0 0 0 rg BT 176.62 68.10 Td (In ) Tj ET Q q 0 0 0 rg BT 187.57 68.10 Td (an ) Tj ET Q q 0 0 0 rg BT 199.64 68.10 Td (ef) Tj ET Q q 0 0 0 rg BT 207.23 68.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 224.29 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.70 68.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 270.09 68.10 Td (this ) Tj ET Q q 0 0 0 rg BT 287.16 68.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 320.90 68.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 341.02 68.10 Td (we ) Tj ET Q q 0 0 0 rg BT 355.31 68.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 391.80 68.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.87 68.10 Td ($200 ) Tj ET Q q 0 0 0 rg BT 421.49 68.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.39 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.01 68.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 498.41 68.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 523.80 68.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 554.74 68.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (December ) Tj ET Q q 0 0 0 rg BT 92.92 56.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 115.26 56.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.26 56.10 Td (another ) Tj ET Q q 0 0 0 rg BT 161.58 56.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 190.58 56.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 224.70 56.10 Td (W) Tj ET Q q 0 0 0 rg BT 233.33 56.10 Td (e ) Tj ET Q q 0 0 0 rg BT 240.11 56.10 Td (also ) Tj ET Q q 0 0 0 rg BT 258.56 56.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.78 56.10 Td ($175 ) Tj ET Q q 0 0 0 rg BT 302.11 56.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.01 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 333.34 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.01 56.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 386.89 56.10 Td (notes. ) Tj ET Q q 0 0 0 rg BT 412.67 56.10 Td (The ) Tj ET Q q 0 0 0 rg BT 430.55 56.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 454.00 56.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 484.12 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.79 56.10 Td (two ) Tj ET Q q 0 0 0 rg BT 512.13 56.10 Td (classes, ) Tj ET Q q 0 0 0 rg BT 544.73 56.10 Td (with ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 71.45 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.34 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.29 740.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 140.34 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.06 740.10 Td (October ) Tj ET Q q 0 0 0 rg BT 184.22 740.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 206.16 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.55 740.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 239.50 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.39 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.34 740.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 308.39 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.11 740.10 Td (May ) Tj ET Q q 0 0 0 rg BT 338.39 740.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 362.84 740.10 Td (In ) Tj ET Q q 0 0 0 rg BT 373.11 740.10 Td (order ) Tj ET Q q 0 0 0 rg BT 396.16 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.89 740.10 Td (further ) Tj ET Q q 0 0 0 rg BT 435.04 740.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 472.53 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 487.81 740.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 531.41 740.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 77.73 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.34 728.10 Td (also ) Tj ET Q q 0 0 0 rg BT 111.41 728.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 148.80 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.53 728.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 197.48 728.10 Td (three ) Tj ET Q q 0 0 0 rg BT 220.42 728.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 270.57 728.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 295.74 728.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 336.46 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.20 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.37 728.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 399.21 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 728.10 Td ($300 ) Tj ET Q q 0 0 0 rg BT 433.46 728.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.35 728.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.81 728.10 Td ($150 ) Tj ET Q q 0 0 0 rg BT 490.76 728.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.11 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 728.10 Td ($125 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 716.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 692.10 Td (access ) Tj ET Q q 0 0 0 rg BT 95.48 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.70 692.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 139.25 692.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 174.19 692.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 222.72 692.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 277.93 692.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 311.48 692.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 346.42 692.10 Td (could ) Tj ET Q q 0 0 0 rg BT 371.08 692.10 Td (be ) Tj ET Q q 0 0 0 rg BT 382.96 692.10 Td (hindered ) Tj ET Q q 0 0 0 rg BT 420.39 692.10 Td (by ) Tj ET Q q 0 0 0 rg BT 432.83 692.10 Td (many ) Tj ET Q q 0 0 0 rg BT 457.49 692.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 489.64 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.53 692.10 Td (many ) Tj ET Q q 0 0 0 rg BT 531.19 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 692.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.30 680.10 Td (we ) Tj ET Q q 0 0 0 rg BT 93.56 680.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 122.82 680.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 156.24 680.10 Td (such ) Tj ET Q q 0 0 0 rg BT 177.17 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.09 680.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 229.56 680.10 Td (downturns, ) Tj ET Q q 0 0 0 rg BT 276.88 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.70 680.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 334.85 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.78 680.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.36 680.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 420.11 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.92 680.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 463.62 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.54 680.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 531.02 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.95 680.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.44 668.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 135.36 668.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 171.19 668.10 Td (news ) Tj ET Q q 0 0 0 rg BT 193.71 668.10 Td (about ) Tj ET Q q 0 0 0 rg BT 217.89 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.07 668.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 269.01 668.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 303.75 668.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 342.92 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 353.21 668.10 Td (us ) Tj ET Q q 0 0 0 rg BT 364.07 668.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 409.50 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.83 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 422.46 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.86 668.10 Td (could ) Tj ET Q q 0 0 0 rg BT 453.04 668.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 498.31 668.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 544.72 668.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.54 656.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 91.01 656.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 128.15 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.64 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.56 656.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 182.65 656.10 Td (including ) Tj ET Q q 0 0 0 rg BT 223.13 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.06 656.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 256.33 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.37 656.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 303.97 656.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 336.67 656.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 364.92 656.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 405.38 656.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 449.75 656.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 474.96 656.10 Td (if ) Tj ET Q q 0 0 0 rg BT 483.78 656.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 515.37 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.41 656.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 83.47 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.23 644.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 126.42 644.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 170.94 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.58 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.23 644.10 Td (short- ) Tj ET Q q 0 0 0 rg BT 222.88 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.52 644.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 275.27 644.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.57 644.10 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 355.16 644.10 Td (which ) Tj ET Q q 0 0 0 rg BT 381.91 644.10 Td (could ) Tj ET Q q 0 0 0 rg BT 406.45 644.10 Td (result ) Tj ET Q q 0 0 0 rg BT 430.98 644.10 Td (from ) Tj ET Q q 0 0 0 rg BT 452.73 644.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 494.47 644.10 Td (business ) Tj ET Q q 0 0 0 rg BT 530.67 644.10 Td (activity) Tj ET Q q 0 0 0 rg BT 560.02 644.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.22 632.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 103.27 632.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.55 632.10 Td (could ) Tj ET Q q 0 0 0 rg BT 145.93 632.10 Td (be ) Tj ET Q q 0 0 0 rg BT 157.53 632.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 196.34 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.51 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.89 632.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 261.15 632.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 298.31 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.26 632.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 364.84 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.33 632.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 395.00 632.10 Td (including ) Tj ET Q q 0 0 0 rg BT 434.94 632.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 481.53 632.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 519.79 632.10 Td (from ) Tj ET Q q 0 0 0 rg BT 541.39 632.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (term ) Tj ET Q q 0 0 0 rg BT 70.30 620.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.55 620.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 148.58 620.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 198.83 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.09 620.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 242.66 620.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 276.79 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.60 620.10 Td (products ) Tj ET Q q 0 0 0 rg BT 324.52 620.10 Td (without ) Tj ET Q q 0 0 0 rg BT 357.55 620.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 390.79 620.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.77 620.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 413.80 620.10 Td (access ) Tj ET Q q 0 0 0 rg BT 441.82 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.07 620.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 476.77 620.10 Td (also ) Tj ET Q q 0 0 0 rg BT 495.36 620.10 Td (may ) Tj ET Q q 0 0 0 rg BT 515.05 620.10 Td (be ) Tj ET Q q 0 0 0 rg BT 526.97 620.10 Td (impaired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (if ) Tj ET Q q 0 0 0 rg BT 58.81 608.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 103.10 608.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 148.51 608.10 Td (take ) Tj ET Q q 0 0 0 rg BT 168.37 608.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 213.78 608.10 Td (action ) Tj ET Q q 0 0 0 rg BT 241.41 608.10 Td (against ) Tj ET Q q 0 0 0 rg BT 272.94 608.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 287.53 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 299.06 608.10 Td (if ) Tj ET Q q 0 0 0 rg BT 308.37 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 323.23 608.10 Td (discover ) Tj ET Q q 0 0 0 rg BT 360.30 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 378.50 608.10 Td (one ) Tj ET Q q 0 0 0 rg BT 396.14 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.67 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 424.20 608.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 470.16 608.10 Td (has ) Tj ET Q q 0 0 0 rg BT 486.69 608.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 523.20 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 534.18 608.10 Td (serious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 104.20 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 115.03 596.10 Td (illegal ) Tj ET Q q 0 0 0 rg BT 142.52 596.10 Td (activity) Tj ET Q q 0 0 0 rg BT 171.86 596.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.51 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.40 572.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 104.46 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 118.80 572.10 Td (may ) Tj ET Q q 0 0 0 rg BT 138.69 572.10 Td (need ) Tj ET Q q 0 0 0 rg BT 160.25 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.70 572.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 193.93 572.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 213.82 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.83 572.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 247.51 572.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 275.18 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.64 572.10 Td (order ) Tj ET Q q 0 0 0 rg BT 309.42 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.87 572.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 340.88 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.89 572.10 Td (working ) Tj ET Q q 0 0 0 rg BT 392.90 572.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 422.23 572.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 479.61 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.62 572.10 Td (well ) Tj ET Q q 0 0 0 rg BT 510.51 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.52 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 572.10 Td (execute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.58 560.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 98.66 560.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 141.85 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.59 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 181.56 560.10 Td (include ) Tj ET Q q 0 0 0 rg BT 214.74 560.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 266.27 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.46 560.10 Td (other ) Tj ET Q q 0 0 0 rg BT 308.75 560.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 362.78 560.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 399.35 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.60 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.68 560.10 Td (access ) Tj ET Q q 0 0 0 rg BT 451.97 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.49 560.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 498.35 560.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 532.09 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 560.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 94.76 548.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 117.80 548.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 143.06 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.54 548.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 205.25 548.10 Td (that ) Tj ET Q q 0 0 0 rg BT 223.29 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 243.55 548.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 265.48 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.86 548.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 307.66 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.04 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 360.97 548.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 400.11 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.60 548.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 448.97 548.10 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 493.95 548.10 Td (For ) Tj ET Q q 0 0 0 rg BT 510.89 548.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 550.30 548.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 92.48 536.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 116.03 536.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 156.80 536.10 Td (above ) Tj ET Q q 0 0 0 rg BT 183.12 536.10 Td (include ) Tj ET Q q 0 0 0 rg BT 214.99 536.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 257.42 536.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 277.36 536.10 Td (among ) Tj ET Q q 0 0 0 rg BT 307.01 536.10 Td (other ) Tj ET Q q 0 0 0 rg BT 330.00 536.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 359.39 536.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 380.73 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.50 536.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 432.80 536.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 453.57 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.45 536.10 Td (require ) Tj ET Q q 0 0 0 rg BT 501.20 536.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 554.17 536.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.23 524.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 105.09 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.95 524.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 150.69 524.10 Td (net ) Tj ET Q q 0 0 0 rg BT 165.43 524.10 Td (worth, ) Tj ET Q q 0 0 0 rg BT 193.79 524.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 237.42 524.10 Td (net ) Tj ET Q q 0 0 0 rg BT 252.16 524.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 283.84 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.81 524.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 341.10 524.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 361.40 524.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 382.26 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.57 524.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 415.64 524.10 Td (char) Tj ET Q q 0 0 0 rg BT 432.67 524.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 451.03 524.10 Td (In ) Tj ET Q q 0 0 0 rg BT 461.89 524.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 499.69 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 513.88 524.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 552.50 524.10 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (not ) Tj ET Q q 0 0 0 rg BT 64.34 512.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.28 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.78 512.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.61 512.10 Td (rating, ) Tj ET Q q 0 0 0 rg BT 144.49 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 170.99 512.10 Td (could ) Tj ET Q q 0 0 0 rg BT 195.27 512.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 235.65 512.10 Td (af) Tj ET Q q 0 0 0 rg BT 243.24 512.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 260.28 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.68 512.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 311.63 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.13 512.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 377.40 512.10 Td (position ) Tj ET Q q 0 0 0 rg BT 411.69 512.10 Td (by ) Tj ET Q q 0 0 0 rg BT 423.75 512.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 466.91 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.30 512.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 526.02 512.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 548.08 512.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 83.67 500.10 Td (access ) Tj ET Q q 0 0 0 rg BT 111.71 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.99 500.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 154.48 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.31 500.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 201.70 500.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.19 500.10 Td (require ) Tj ET Q q 0 0 0 rg BT 250.01 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 256.95 500.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 282.21 500.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 308.04 500.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.87 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.80 500.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 366.08 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.36 500.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 417.74 500.10 Td (funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (If ) Tj ET Q q 0 0 0 rg BT 59.05 476.10 Td (we ) Tj ET Q q 0 0 0 rg BT 73.60 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 88.70 476.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 118.24 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.91 476.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 156.79 476.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 198.55 476.10 Td (funding, ) Tj ET Q q 0 0 0 rg BT 235.05 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 246.27 476.10 Td (if ) Tj ET Q q 0 0 0 rg BT 255.27 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.37 476.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 304.37 476.10 Td (we ) Tj ET Q q 0 0 0 rg BT 318.92 476.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 346.81 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 356.37 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 369.25 476.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 394.36 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.69 476.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 456.24 476.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 506.89 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.56 476.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 531.84 476.10 Td (it ) Tj ET Q q 0 0 0 rg BT 540.28 476.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 93.05 464.10 Td (af) Tj ET Q q 0 0 0 rg BT 100.64 464.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 117.52 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 132.75 464.10 Td (business ) Tj ET Q q 0 0 0 rg BT 168.54 464.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 206.54 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.88 464.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 268.93 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.27 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.50 464.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 327.95 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.63 464.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 366.19 464.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.29 464.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 425.52 464.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 466.86 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.20 464.10 Td (make ) Tj ET Q q 0 0 0 rg BT 506.75 464.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 535.85 464.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 91.66 452.10 Td (including ) Tj ET Q q 0 0 0 rg BT 131.88 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.55 452.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 182.32 452.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 216.97 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.20 452.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 244.08 452.10 Td (future ) Tj ET Q q 0 0 0 rg BT 270.40 452.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 311.74 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.96 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.74 452.10 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 393.22 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 404.00 452.10 Td (well ) Tj ET Q q 0 0 0 rg BT 423.66 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 434.44 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.21 452.10 Td (future ) Tj ET Q q 0 0 0 rg BT 476.54 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.96 452.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 554.18 452.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (results ) Tj ET Q q 0 0 0 rg BT 78.11 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.94 440.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.98 416.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 79.59 416.10 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.29 392.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.42 392.10 Td (has ) Tj ET Q q 0 0 0 rg BT 118.99 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.44 392.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 170.67 392.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.57 392.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 202.37 392.10 Td (due ) Tj ET Q q 0 0 0 rg BT 219.04 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.06 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.51 392.10 Td (default ) Tj ET Q q 0 0 0 rg BT 273.52 392.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.08 392.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 337.41 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.43 392.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 372.43 392.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 402.44 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.01 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.68 392.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 469.57 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 474.30 392.10 Td (customer) Tj ET Q q 0 0 0 rg BT 510.56 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 515.30 392.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 554.18 392.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 75.20 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.90 380.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 126.04 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 140.07 380.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 160.22 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.36 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.06 380.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 216.76 380.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 254.44 380.10 Td (. ) Tj ET Q q 0 0 0 rg BT 259.31 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.51 380.10 Td (The ) Tj ET Q q 0 0 0 rg BT 279.42 380.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 306.78 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.59 380.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 355.95 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.66 380.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 391.79 380.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 409.16 380.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 444.30 380.10 Td (on ) Tj ET Q q 0 0 0 rg BT 456.67 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.26 380.10 Td (type ) Tj ET Q q 0 0 0 rg BT 490.84 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.55 380.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 550.29 380.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 87.08 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.11 368.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 140.03 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.95 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.54 368.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 215.00 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.03 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.84 368.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 276.09 368.10 Td (involved. ) Tj ET Q q 0 0 0 rg BT 316.18 368.10 Td (For ) Tj ET Q q 0 0 0 rg BT 332.66 368.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 371.63 368.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 396.99 368.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 414.58 368.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 458.26 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 478.64 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.56 368.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 541.02 368.10 Td (is ) Tj ET Q q 0 0 0 rg BT 550.29 368.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 66.27 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 83.04 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.24 356.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 141.55 356.10 Td (will ) Tj ET Q q 0 0 0 rg BT 158.87 356.10 Td (not ) Tj ET Q q 0 0 0 rg BT 173.42 356.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 207.40 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.95 356.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 263.68 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 283.23 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.21 356.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 321.20 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.30 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.29 356.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 388.15 356.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 429.90 356.10 Td (contract. ) Tj ET Q q 0 0 0 rg BT 466.37 356.10 Td (In ) Tj ET Q q 0 0 0 rg BT 476.47 356.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 513.51 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.61 356.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.05 344.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 90.04 344.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 107.26 344.10 Td (from ) Tj ET Q q 0 0 0 rg BT 128.92 344.10 Td (an ) Tj ET Q q 0 0 0 rg BT 140.58 344.10 Td (obligor's ) Tj ET Q q 0 0 0 rg BT 177.38 344.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 205.70 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.70 344.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 237.35 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.79 344.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 276.23 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.78 344.10 Td (any ) Tj ET Q q 0 0 0 rg BT 303.44 344.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 337.86 344.10 Td (with ) Tj ET Q q 0 0 0 rg BT 357.86 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.30 344.10 Td (company ) Tj ET Q q 0 0 0 rg BT 411.18 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 421.73 344.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 462.83 344.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 478.38 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.38 344.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 522.81 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.36 344.10 Td (agreed. ) Tj ET Q q 0 0 0 rg BT 565.00 344.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (This ) Tj ET Q q 0 0 0 rg BT 68.65 332.10 Td (may ) Tj ET Q q 0 0 0 rg BT 87.24 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 98.05 332.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 134.40 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 145.77 332.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 171.04 332.10 Td (like ) Tj ET Q q 0 0 0 rg BT 187.41 332.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 229.88 332.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 275.69 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.40 332.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 321.21 332.10 Td (collections ) Tj ET Q q 0 0 0 rg BT 365.90 332.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 387.54 332.10 Td (mar) Tj ET Q q 0 0 0 rg BT 402.91 332.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 417.06 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.87 332.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 478.13 332.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 511.72 332.10 Td (receivables\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.26 308.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 118.19 308.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 169.61 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.25 308.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 225.23 308.10 Td (may ) Tj ET Q q 0 0 0 rg BT 245.54 308.10 Td (be ) Tj ET Q q 0 0 0 rg BT 258.06 308.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 299.46 308.10 Td (af) Tj ET Q q 0 0 0 rg BT 307.61 308.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 335.12 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.64 308.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 404.07 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.49 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.36 308.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 457.77 308.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 489.19 308.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 503.10 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.08 308.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 550.95 308.10 Td (by) Tj ET Q q 0 0 0 rg BT 560.01 308.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (third ) Tj ET Q q 0 0 0 rg BT 72.01 296.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 102.29 296.10 Td (who ) Tj ET Q q 0 0 0 rg BT 122.02 296.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 140.63 296.10 Td (us ) Tj ET Q q 0 0 0 rg BT 152.58 296.10 Td (money) Tj ET Q q 0 0 0 rg BT 179.43 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 184.43 296.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.81 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.21 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.38 296.10 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.75 272.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 95.43 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.46 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.49 272.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 167.42 272.10 Td (exposes ) Tj ET Q q 0 0 0 rg BT 201.78 272.10 Td (us ) Tj ET Q q 0 0 0 rg BT 213.37 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.85 272.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 249.31 272.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 269.51 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.54 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.46 272.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 313.16 272.10 Td (that ) Tj ET Q q 0 0 0 rg BT 330.85 272.10 Td (third ) Tj ET Q q 0 0 0 rg BT 352.44 272.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 381.79 272.10 Td (who ) Tj ET Q q 0 0 0 rg BT 401.72 272.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 421.08 272.10 Td (us ) Tj ET Q q 0 0 0 rg BT 432.67 272.10 Td (money) Tj ET Q q 0 0 0 rg BT 459.24 272.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.44 272.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 504.90 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.93 272.10 Td (other ) Tj ET Q q 0 0 0 rg BT 539.18 272.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (will ) Tj ET Q q 0 0 0 rg BT 66.44 260.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.59 260.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 114.18 260.10 Td (their ) Tj ET Q q 0 0 0 rg BT 133.88 260.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 182.11 260.10 Td (These ) Tj ET Q q 0 0 0 rg BT 207.36 260.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 235.40 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 254.00 260.10 Td (default ) Tj ET Q q 0 0 0 rg BT 283.14 260.10 Td (on ) Tj ET Q q 0 0 0 rg BT 294.52 260.10 Td (their ) Tj ET Q q 0 0 0 rg BT 314.22 260.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 360.04 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.20 260.10 Td (us ) Tj ET Q q 0 0 0 rg BT 379.47 260.10 Td (due ) Tj ET Q q 0 0 0 rg BT 395.29 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.45 260.10 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 448.79 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.66 260.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 470.70 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.41 260.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 513.65 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.53 260.10 Td (operational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 77.82 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 88.38 248.10 Td (other ) Tj ET Q q 0 0 0 rg BT 111.15 248.10 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 145.87 248.10 Td (Deterioration ) Tj ET Q q 0 0 0 rg BT 201.40 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.41 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.85 248.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 250.84 248.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 280.84 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.40 248.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 331.39 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.95 248.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 388.62 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 402.50 248.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 422.51 248.10 Td (could ) Tj ET Q q 0 0 0 rg BT 446.95 248.10 Td (result ) Tj ET Q q 0 0 0 rg BT 471.39 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.40 248.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 507.52 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.18 248.10 Td (adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 236.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 74.37 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 90.00 236.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 117.85 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.93 236.10 Td (rehypothecate ) Tj ET Q q 0 0 0 rg BT 186.31 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.94 236.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 238.12 236.10 Td (use ) Tj ET Q q 0 0 0 rg BT 253.75 236.10 Td (those ) Tj ET Q q 0 0 0 rg BT 277.16 236.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 317.22 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.85 236.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 374.59 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.55 236.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 424.74 236.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 464.59 236.10 Td (A) Tj ET Q q 0 0 0 rg BT 471.26 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.56 236.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 518.07 236.10 Td (downgrade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.44 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.81 224.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 98.73 224.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 128.11 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.60 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.08 224.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 212.88 224.10 Td (could ) Tj ET Q q 0 0 0 rg BT 237.26 224.10 Td (also ) Tj ET Q q 0 0 0 rg BT 255.53 224.10 Td (have ) Tj ET Q q 0 0 0 rg BT 276.56 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 283.16 224.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 319.19 224.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 348.56 224.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.72 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.20 224.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 406.97 224.10 Td (Default ) Tj ET Q q 0 0 0 rg BT 439.11 224.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 462.65 224.10 Td (downgrades ) Tj ET Q q 0 0 0 rg BT 513.13 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.72 224.10 Td (disputes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.79 212.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 128.94 212.10 Td (as ) Tj ET Q q 0 0 0 rg BT 139.78 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.07 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.79 212.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 204.51 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.35 212.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 255.06 212.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 274.79 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.08 212.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 320.34 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.63 212.10 Td (times ) Tj ET Q q 0 0 0 rg BT 354.80 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.64 212.10 Td (market ) Tj ET Q q 0 0 0 rg BT 395.92 212.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 420.65 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.60 212.10 Td (illiquidity) Tj ET Q q 0 0 0 rg BT 476.39 212.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.85 212.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 521.14 212.10 Td (we ) Tj ET Q q 0 0 0 rg BT 535.31 212.10 Td (review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.03 200.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 115.79 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.33 200.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 158.20 200.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 186.07 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.27 200.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 260.68 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.89 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.43 200.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 319.29 200.10 Td (industries ) Tj ET Q q 0 0 0 rg BT 359.95 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 376.71 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 390.14 200.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 420.78 200.10 Td (may ) Tj ET Q q 0 0 0 rg BT 439.76 200.10 Td (present ) Tj ET Q q 0 0 0 rg BT 470.41 200.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 494.94 200.10 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 534.74 200.10 Td (default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 68.01 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 88.73 188.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 111.12 188.10 Td (from ) Tj ET Q q 0 0 0 rg BT 134.07 188.10 Td (events ) Tj ET Q q 0 0 0 rg BT 163.12 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 174.96 188.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 235.11 188.10 Td (that ) Tj ET Q q 0 0 0 rg BT 253.61 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 269.33 188.10 Td (dif) Tj ET Q q 0 0 0 rg BT 280.25 188.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 304.87 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.15 188.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 343.53 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.37 188.10 Td (foresee. ) Tj ET Q q 0 0 0 rg BT 389.47 188.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 414.37 188.10 Td (concerns ) Tj ET Q q 0 0 0 rg BT 453.42 188.10 Td (about, ) Tj ET Q q 0 0 0 rg BT 481.64 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.48 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 501.43 188.10 Td (default ) Tj ET Q q 0 0 0 rg BT 532.70 188.10 Td (by) Tj ET Q q 0 0 0 rg BT 542.05 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 548.06 188.10 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 92.07 176.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 131.28 176.10 Td (leads ) Tj ET Q q 0 0 0 rg BT 153.83 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 176.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 192.01 176.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 236.23 176.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 272.13 176.10 Td (problems, ) Tj ET Q q 0 0 0 rg BT 313.86 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.19 176.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 357.85 176.10 Td (by ) Tj ET Q q 0 0 0 rg BT 369.86 176.10 Td (other ) Tj ET Q q 0 0 0 rg BT 392.42 176.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 441.38 176.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.82 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.61 176.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 495.72 176.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 536.04 176.10 Td (af) Tj ET Q q 0 0 0 rg BT 543.63 176.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 164.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (Particular ) Tj ET Q q 0 0 0 rg BT 90.78 140.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 129.28 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 140.02 140.10 Td (products ) Tj ET Q q 0 0 0 rg BT 176.86 140.10 Td (within ) Tj ET Q q 0 0 0 rg BT 204.83 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.56 140.10 Td (business ) Tj ET Q q 0 0 0 rg BT 256.86 140.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 287.04 140.10 Td (us ) Tj ET Q q 0 0 0 rg BT 298.33 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.52 140.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 348.68 140.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 373.85 140.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 393.75 140.10 Td (including ) Tj ET Q q 0 0 0 rg BT 433.93 140.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 474.67 140.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 515.69 140.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.53 140.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 72.73 128.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 111.50 128.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.96 128.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 171.30 128.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 196.74 128.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 238.02 128.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 291.23 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 308.91 128.10 Td (with ) Tj ET Q q 0 0 0 rg BT 329.37 128.10 Td (one ) Tj ET Q q 0 0 0 rg BT 346.49 128.10 Td (major ) Tj ET Q q 0 0 0 rg BT 372.49 128.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 410.15 128.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 453.39 128.10 Td (related ) Tj ET Q q 0 0 0 rg BT 483.28 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.73 128.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 533.07 128.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.21 116.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 88.48 116.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 126.30 116.10 Td (without ) Tj ET Q q 0 0 0 rg BT 158.58 116.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 196.96 116.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 221.45 116.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 261.77 116.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 307.38 116.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 341.32 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.48 116.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 393.64 116.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 407.57 116.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 456.77 116.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 495.14 116.10 Td (mar) Tj ET Q q 0 0 0 rg BT 510.51 116.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 525.01 116.10 Td (accounts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 85.39 104.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 125.16 104.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.16 104.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 171.37 104.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.35 104.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 222.01 104.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 245.12 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 258.78 104.10 Td (remarket, ) Tj ET Q q 0 0 0 rg BT 298.81 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.25 104.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 345.58 104.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 398.11 104.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 436.21 104.10 Td (related ) Tj ET Q q 0 0 0 rg BT 465.41 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.19 104.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 518.29 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.73 104.10 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 90.70 92.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.74 92.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 113.10 92.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 144.22 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.80 92.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 187.04 92.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 204.83 92.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 228.18 92.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 267.08 92.10 Td (with ) Tj ET Q q 0 0 0 rg BT 287.67 92.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 327.12 92.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 352.69 92.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 394.10 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 408.56 92.10 Td (have ) Tj ET Q q 0 0 0 rg BT 430.24 92.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 465.25 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.27 92.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 505.84 92.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 544.74 92.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.05 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 68.19 80.10 Td (public ) Tj ET Q q 0 0 0 rg BT 96.33 80.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 128.90 80.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 188.68 80.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.38 80.10 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 248.02 80.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.91 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.05 80.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.42 80.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 349.64 80.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.64 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.79 80.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.26 80.10 Td (part ) Tj ET Q q 0 0 0 rg BT 402.95 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.42 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.90 80.10 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 491.24 80.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 523.82 80.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 541.95 80.10 Td (swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 87.87 68.10 Td (In ) Tj ET Q q 0 0 0 rg BT 98.19 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.40 68.10 Td (event ) Tj ET Q q 0 0 0 rg BT 136.04 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.37 68.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.79 68.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 200.88 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.21 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.41 68.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 262.11 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.32 68.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 328.84 68.10 Td (would ) Tj ET Q q 0 0 0 rg BT 355.83 68.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 374.48 68.10 Td (us ) Tj ET Q q 0 0 0 rg BT 385.36 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.57 68.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 442.65 68.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 474.64 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.96 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.17 68.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 523.92 68.10 Td (exposure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (If ) Tj ET Q q 0 0 0 rg BT 58.68 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.53 56.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 127.58 56.10 Td (is ) Tj ET Q q 0 0 0 rg BT 136.77 56.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 165.95 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.24 56.10 Td (make ) Tj ET Q q 0 0 0 rg BT 200.42 56.10 Td (its ) Tj ET Q q 0 0 0 rg BT 212.39 56.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 249.34 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.64 56.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 273.55 56.10 Td (we ) Tj ET Q q 0 0 0 rg BT 287.73 56.10 Td (would ) Tj ET Q q 0 0 0 rg BT 315.25 56.10 Td (still ) Tj ET Q q 0 0 0 rg BT 332.77 56.10 Td (be ) Tj ET Q q 0 0 0 rg BT 344.73 56.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 384.46 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.76 56.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 411.72 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 427.57 56.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 462.30 56.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 512.19 56.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.21 56.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 554.72 56.10 Td (in ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.23 740.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 102.59 740.10 Td (Non-performance ) Tj ET Q q 0 0 0 rg BT 175.63 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 187.60 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.89 740.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 264.00 740.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 292.07 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.48 740.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 337.38 740.10 Td (including ) Tj ET Q q 0 0 0 rg BT 377.12 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 396.87 740.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 427.15 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.89 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 452.19 740.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 492.48 740.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 533.07 740.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.59 728.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 89.25 728.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 127.44 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 147.33 728.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 186.09 728.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 210.96 728.10 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 255.55 728.10 Td (could ) Tj ET Q q 0 0 0 rg BT 279.87 728.10 Td (result ) Tj ET Q q 0 0 0 rg BT 304.19 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.08 728.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 342.57 728.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 387.44 728.10 Td (material, ) Tj ET Q q 0 0 0 rg BT 424.81 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.35 728.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 460.13 728.10 Td (have ) Tj ET Q q 0 0 0 rg BT 481.11 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 487.65 728.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 531.97 728.10 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 716.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 74.57 716.10 Td (on ) Tj ET Q q 0 0 0 rg BT 87.07 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.90 716.10 Td (business ) Tj ET Q q 0 0 0 rg BT 139.29 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.23 716.10 Td (results ) Tj ET Q q 0 0 0 rg BT 184.84 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.67 716.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.28 692.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 100.00 692.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 135.09 692.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.53 692.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 187.52 692.10 Td (from ) Tj ET Q q 0 0 0 rg BT 210.40 692.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 237.73 692.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.40 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.28 692.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 308.61 692.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 330.38 692.10 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 369.66 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 397.55 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 413.20 692.10 Td (less ) Tj ET Q q 0 0 0 rg BT 431.65 692.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 472.30 692.10 Td (than ) Tj ET Q q 0 0 0 rg BT 492.96 692.10 Td (many ) Tj ET Q q 0 0 0 rg BT 518.63 692.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (company ) Tj ET Q q 0 0 0 rg BT 88.35 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.99 680.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.07 680.10 Td (advisor ) Tj ET Q q 0 0 0 rg BT 182.71 680.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 213.52 680.10 Td (may ) Tj ET Q q 0 0 0 rg BT 232.93 680.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 262.90 680.10 Td (us ) Tj ET Q q 0 0 0 rg BT 273.99 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.97 680.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 313.92 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 331.12 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.65 680.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.83 680.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 396.59 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 418.23 680.10 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 456.54 680.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 482.61 680.10 Td (than ) Tj ET Q q 0 0 0 rg BT 502.03 680.10 Td (is ) Tj ET Q q 0 0 0 rg BT 510.90 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.32 680.10 Td (case ) Tj ET Q q 0 0 0 rg BT 544.72 680.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.45 668.10 Td (types ) Tj ET Q q 0 0 0 rg BT 95.96 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.69 668.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 156.86 668.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 197.87 668.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 256.92 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.65 668.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 285.05 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 304.67 668.10 Td (result ) Tj ET Q q 0 0 0 rg BT 329.29 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.46 668.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 365.75 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.93 668.10 Td (us ) Tj ET Q q 0 0 0 rg BT 387.22 668.10 Td (even ) Tj ET Q q 0 0 0 rg BT 408.50 668.10 Td (when ) Tj ET Q q 0 0 0 rg BT 432.56 668.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 473.83 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.67 668.10 Td (market ) Tj ET Q q 0 0 0 rg BT 520.84 668.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 656.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 103.91 656.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 144.16 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 158.32 656.10 Td (others ) Tj ET Q q 0 0 0 rg BT 185.26 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.54 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 211.37 656.10 Td (industry) Tj ET Q q 0 0 0 rg BT 243.50 656.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 111.46 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.29 632.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 140.35 632.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 181.18 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.46 632.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 235.07 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 249.79 632.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 296.19 632.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 109.02 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.21 608.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 138.08 608.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 177.59 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.67 608.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 230.52 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.05 608.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.13 608.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 316.88 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.53 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.72 608.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 366.03 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.33 608.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 417.02 608.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 464.31 608.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 498.00 608.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 543.06 608.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 105.74 596.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 145.60 596.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 182.97 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.07 596.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 254.38 596.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 301.56 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 310.20 596.10 Td (e ) Tj ET Q q 0 0 0 rg BT 317.29 596.10 Td (have ) Tj ET Q q 0 0 0 rg BT 338.83 596.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 384.25 596.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 413.56 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.99 596.10 Td (these ) Tj ET Q q 0 0 0 rg BT 447.19 596.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 494.57 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.66 596.10 Td (we ) Tj ET Q q 0 0 0 rg BT 525.98 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 545.85 596.10 Td (take ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 94.81 584.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 133.47 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.78 584.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 184.63 584.10 Td (types ) Tj ET Q q 0 0 0 rg BT 208.28 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.15 584.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 259.45 584.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 287.53 584.10 Td (issuers. ) Tj ET Q q 0 0 0 rg BT 319.61 584.10 Td (This ) Tj ET Q q 0 0 0 rg BT 339.93 584.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 396.88 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.75 584.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 425.29 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 445.04 584.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 469.79 584.10 Td (us ) Tj ET Q q 0 0 0 rg BT 481.22 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.54 584.10 Td (suf) Tj ET Q q 0 0 0 rg BT 503.58 584.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 517.21 584.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 543.64 584.10 Td (even ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (when ) Tj ET Q q 0 0 0 rg BT 73.66 572.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 115.03 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.96 572.10 Td (market ) Tj ET Q q 0 0 0 rg BT 162.22 572.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 206.39 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 221.09 572.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 260.79 572.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 301.04 572.10 Td (for ) Tj ET Q q 0 0 0 rg BT 315.20 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.03 572.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 383.24 572.10 Td (Further) Tj ET Q q 0 0 0 rg BT 412.28 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 417.27 572.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 464.22 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.50 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.21 572.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 514.47 572.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 548.62 572.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.66 560.10 Td (it ) Tj ET Q q 0 0 0 rg BT 81.71 560.10 Td (dif) Tj ET Q q 0 0 0 rg BT 92.64 560.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 116.24 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.52 560.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 152.90 560.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 195.39 560.10 Td (ef) Tj ET Q q 0 0 0 rg BT 202.98 560.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 240.46 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.40 560.10 Td (economically) Tj ET Q q 0 0 0 rg BT 310.61 560.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (Human ) Tj ET Q q 0 0 0 rg BT 84.23 536.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 118.40 536.10 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 512.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.83 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.94 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 119.83 512.10 Td (human ) Tj ET Q q 0 0 0 rg BT 149.49 512.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 178.58 512.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 217.42 512.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 236.80 512.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 277.83 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 293.60 512.10 Td (future ) Tj ET Q q 0 0 0 rg BT 319.92 512.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 357.35 512.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 397.56 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.45 512.10 Td (results ) Tj ET Q q 0 0 0 rg BT 443.00 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.77 512.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 497.87 512.10 Td (are ) Tj ET Q q 0 0 0 rg BT 512.52 512.10 Td (significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 93.81 500.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 117.02 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.57 500.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 179.55 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.20 500.10 Td (their ) Tj ET Q q 0 0 0 rg BT 218.74 500.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 252.78 500.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 271.55 500.10 Td (success ) Tj ET Q q 0 0 0 rg BT 304.76 500.10 Td (is ) Tj ET Q q 0 0 0 rg BT 314.64 500.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 358.95 500.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 382.17 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.60 500.10 Td (skills, ) Tj ET Q q 0 0 0 rg BT 424.43 500.10 Td (expertise, ) Tj ET Q q 0 0 0 rg BT 466.24 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.89 500.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 537.63 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 500.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 97.46 488.10 Td (Human ) Tj ET Q q 0 0 0 rg BT 129.59 488.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 158.94 488.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 180.53 488.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 219.87 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.78 488.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 256.37 488.10 Td (posed ) Tj ET Q q 0 0 0 rg BT 282.39 488.10 Td (if ) Tj ET Q q 0 0 0 rg BT 291.19 488.10 Td (we ) Tj ET Q q 0 0 0 rg BT 305.55 488.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 321.57 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.04 488.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 359.72 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.85 488.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 402.31 488.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 440.55 488.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 487.69 488.10 Td (who ) Tj ET Q q 0 0 0 rg BT 507.61 488.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.51 488.10 Td (motivated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.59 476.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 83.00 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.53 476.10 Td (best ) Tj ET Q q 0 0 0 rg BT 115.95 476.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 151.58 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.22 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.86 476.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 208.78 476.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 241.08 476.10 Td (serving ) Tj ET Q q 0 0 0 rg BT 272.83 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.35 476.10 Td (best ) Tj ET Q q 0 0 0 rg BT 305.77 476.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 341.41 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.05 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.69 476.10 Td (company) Tj ET Q q 0 0 0 rg BT 403.70 476.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.51 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.15 476.10 Td (well ) Tj ET Q q 0 0 0 rg BT 438.68 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 449.32 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.85 476.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 485.05 476.10 Td (posed ) Tj ET Q q 0 0 0 rg BT 510.69 476.10 Td (if ) Tj ET Q q 0 0 0 rg BT 519.11 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 534.75 476.10 Td (culture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 69.56 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.17 464.10 Td (encourage ) Tj ET Q q 0 0 0 rg BT 124.10 464.10 Td (such ) Tj ET Q q 0 0 0 rg BT 145.27 464.10 Td (behavior) Tj ET Q q 0 0 0 rg BT 179.70 464.10 Td (. ) Tj ET Q q 0 0 0 rg BT 185.04 464.10 Td (Human ) Tj ET Q q 0 0 0 rg BT 217.32 464.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 246.81 464.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 264.65 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 274.16 464.10 Td (also ) Tj ET Q q 0 0 0 rg BT 293.10 464.10 Td (present ) Tj ET Q q 0 0 0 rg BT 324.82 464.10 Td (where ) Tj ET Q q 0 0 0 rg BT 352.09 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 366.59 464.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 382.75 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.37 464.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 420.08 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.36 464.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 470.18 464.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 515.79 464.10 Td (from ) Tj ET Q q 0 0 0 rg BT 538.06 464.10 Td (acting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (contrary ) Tj ET Q q 0 0 0 rg BT 85.41 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.79 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 111.72 452.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 145.42 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.46 452.10 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 211.24 452.10 Td (The ) Tj ET Q q 0 0 0 rg BT 229.39 452.10 Td (following ) Tj ET Q q 0 0 0 rg BT 270.87 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.68 452.10 Td (those ) Tj ET Q q 0 0 0 rg BT 309.39 452.10 Td (human ) Tj ET Q q 0 0 0 rg BT 339.20 452.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 368.45 452.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 386.05 452.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 415.86 452.10 Td (that ) Tj ET Q q 0 0 0 rg BT 433.45 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 447.71 452.10 Td (have ) Tj ET Q q 0 0 0 rg BT 469.19 452.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 510.10 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.03 452.10 Td (posing ) Tj ET Q q 0 0 0 rg BT 550.30 452.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (most ) Tj ET Q q 0 0 0 rg BT 71.45 440.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 116.16 440.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 137.55 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.83 440.10 Td (us.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.61 416.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 98.61 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.82 416.10 Td (attract, ) Tj ET Q q 0 0 0 rg BT 142.43 416.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 176.96 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.96 416.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 223.85 416.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 253.41 416.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 283.52 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.52 416.10 Td (productive ) Tj ET Q q 0 0 0 rg BT 349.28 416.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 397.42 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.43 416.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 450.96 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.18 416.10 Td (next ) Tj ET Q q 0 0 0 rg BT 488.40 416.10 Td (generation ) Tj ET Q q 0 0 0 rg BT 536.28 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 416.10 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (business ) Tj ET Q q 0 0 0 rg BT 87.01 404.10 Td (leadership ) Tj ET Q q 0 0 0 rg BT 132.29 404.10 Td (is ) Tj ET Q q 0 0 0 rg BT 141.46 404.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 172.84 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.12 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.40 404.10 Td (success ) Tj ET Q q 0 0 0 rg BT 231.45 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.28 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.24 404.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 96.06 380.10 Td (, ) Tj ET Q q 0 0 0 rg BT 101.40 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.46 380.10 Td (market ) Tj ET Q q 0 0 0 rg BT 147.07 380.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.57 380.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 199.95 380.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 245.56 380.10 Td (within ) Tj ET Q q 0 0 0 rg BT 273.96 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.02 380.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.84 380.10 Td (services ) Tj ET Q q 0 0 0 rg BT 361.89 380.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 397.51 380.10 Td (has ) Tj ET Q q 0 0 0 rg BT 413.68 380.10 Td (been ) Tj ET Q q 0 0 0 rg BT 435.40 380.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 468.23 380.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.07 380.10 Td (intense ) Tj ET Q q 0 0 0 rg BT 512.23 380.10 Td (competition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.03 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.33 368.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 132.94 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.36 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.77 368.10 Td (business ) Tj ET Q q 0 0 0 rg BT 194.75 368.10 Td (may ) Tj ET Q q 0 0 0 rg BT 214.06 368.10 Td (suf) Tj ET Q q 0 0 0 rg BT 226.10 368.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 239.29 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.15 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.46 368.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 289.98 368.10 Td (we ) Tj ET Q q 0 0 0 rg BT 303.72 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 318.02 368.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 346.76 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.63 368.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 383.69 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.22 368.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 425.07 368.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 469.92 368.10 Td (ef) Tj ET Q q 0 0 0 rg BT 477.51 368.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 511.84 368.10 Td (, ) Tj ET Q q 0 0 0 rg BT 516.43 368.10 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (given ) Tj ET Q q 0 0 0 rg BT 74.35 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.20 356.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 129.58 356.10 Td (small ) Tj ET Q q 0 0 0 rg BT 153.88 356.10 Td (size ) Tj ET Q q 0 0 0 rg BT 172.06 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.02 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.98 356.10 Td (company ) Tj ET Q q 0 0 0 rg BT 238.27 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.34 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.30 356.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 312.80 356.10 Td (base ) Tj ET Q q 0 0 0 rg BT 333.20 356.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 375.25 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.66 356.10 Td (some ) Tj ET Q q 0 0 0 rg BT 409.40 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.36 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.32 356.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 486.17 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.24 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.08 356.10 Td (geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 88.08 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.33 344.10 Td (which ) Tj ET Q q 0 0 0 rg BT 125.24 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 139.38 344.10 Td (operate. ) Tj ET Q q 0 0 0 rg BT 173.60 344.10 Td (The ) Tj ET Q q 0 0 0 rg BT 191.62 344.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 225.75 344.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 258.21 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.02 344.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 303.14 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.39 344.10 Td (each ) Tj ET Q q 0 0 0 rg BT 334.18 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.99 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.79 344.10 Td (business ) Tj ET Q q 0 0 0 rg BT 397.16 344.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 418.52 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.20 344.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 487.90 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.81 344.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 523.39 344.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 552.51 344.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.50 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.50 332.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 157.72 332.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 208.05 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.05 332.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 264.27 332.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.82 332.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 340.48 332.10 Td (by ) Tj ET Q q 0 0 0 rg BT 353.04 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.93 332.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 416.76 332.10 Td (who ) Tj ET Q q 0 0 0 rg BT 436.55 332.10 Td (have ) Tj ET Q q 0 0 0 rg BT 457.99 332.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 505.54 332.10 Td (been ) Tj ET Q q 0 0 0 rg BT 526.98 332.10 Td (recruited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.89 320.10 Td (other ) Tj ET Q q 0 0 0 rg BT 84.82 320.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 108.32 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.14 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.31 320.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.89 320.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 188.38 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 202.97 320.10 Td (able ) Tj ET Q q 0 0 0 rg BT 222.02 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.18 320.10 Td (take ) Tj ET Q q 0 0 0 rg BT 251.22 320.10 Td (their ) Tj ET Q q 0 0 0 rg BT 271.93 320.10 Td (client ) Tj ET Q q 0 0 0 rg BT 296.53 320.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 350.02 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 370.19 320.10 Td (them ) Tj ET Q q 0 0 0 rg BT 392.57 320.10 Td (when ) Tj ET Q q 0 0 0 rg BT 416.62 320.10 Td (they ) Tj ET Q q 0 0 0 rg BT 436.22 320.10 Td (change ) Tj ET Q q 0 0 0 rg BT 466.92 320.10 Td (firms. ) Tj ET Q q 0 0 0 rg BT 492.92 320.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 518.08 320.10 Td (specialized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 73.48 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.26 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.03 308.10 Td (business ) Tj ET Q q 0 0 0 rg BT 139.37 308.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.02 308.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 192.89 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 206.33 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 214.22 308.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 255.42 308.10 Td (small ) Tj ET Q q 0 0 0 rg BT 280.53 308.10 Td (number ) Tj ET Q q 0 0 0 rg BT 314.52 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.30 308.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 375.01 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.67 308.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 409.67 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.45 308.10 Td (any ) Tj ET Q q 0 0 0 rg BT 439.33 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.11 308.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 479.55 308.10 Td (could ) Tj ET Q q 0 0 0 rg BT 505.21 308.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 550.30 308.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (continuation ) Tj ET Q q 0 0 0 rg BT 101.99 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.82 296.10 Td (that ) Tj ET Q q 0 0 0 rg BT 130.32 296.10 Td (business ) Tj ET Q q 0 0 0 rg BT 166.71 296.10 Td (following ) Tj ET Q q 0 0 0 rg BT 208.09 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.81 296.10 Td (employee's ) Tj ET Q q 0 0 0 rg BT 269.88 296.10 Td (departure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 272.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.00 272.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 125.84 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.24 272.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 181.75 272.10 Td (success ) Tj ET Q q 0 0 0 rg BT 214.71 272.10 Td (often ) Tj ET Q q 0 0 0 rg BT 238.22 272.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 273.95 272.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.92 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.10 272.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.62 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.36 272.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 372.09 272.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 422.26 272.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 483.27 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.67 272.10 Td (we ) Tj ET Q q 0 0 0 rg BT 515.30 272.10 Td (may ) Tj ET Q q 0 0 0 rg BT 535.48 272.10 Td (be ) Tj ET Q q 0 0 0 rg BT 547.89 272.10 Td (at ) Tj ET Q q 0 0 0 rg BT 558.07 272.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 104.73 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.53 260.10 Td (some ) Tj ET Q q 0 0 0 rg BT 139.67 260.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 189.91 260.10 Td (given ) Tj ET Q q 0 0 0 rg BT 215.15 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.51 260.10 Td (size ) Tj ET Q q 0 0 0 rg BT 250.08 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.54 260.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.55 260.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 348.84 260.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 367.41 260.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 403.77 260.10 Td (or ) Tj ET Q q 0 0 0 rg BT 415.13 260.10 Td (unwillingness ) Tj ET Q q 0 0 0 rg BT 473.71 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.51 260.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 506.97 260.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 76.26 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 88.58 248.10 Td (demands ) Tj ET Q q 0 0 0 rg BT 128.11 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 149.32 248.10 Td (result ) Tj ET Q q 0 0 0 rg BT 175.52 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.29 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.50 248.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 223.05 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.36 248.10 Td (some ) Tj ET Q q 0 0 0 rg BT 260.46 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.78 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.10 248.10 Td (professionals ) Tj ET Q q 0 0 0 rg BT 346.86 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.18 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.38 248.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 412.70 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.47 248.10 Td (recruit ) Tj ET Q q 0 0 0 rg BT 454.55 248.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 498.53 248.10 Td (professionals ) Tj ET Q q 0 0 0 rg BT 555.29 248.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.51 236.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 133.31 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 150.78 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.46 236.10 Td (within ) Tj ET Q q 0 0 0 rg BT 193.49 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.29 236.10 Td (tar) Tj ET Q q 0 0 0 rg BT 219.66 236.10 Td (get ) Tj ET Q q 0 0 0 rg BT 234.34 236.10 Td (range ) Tj ET Q q 0 0 0 rg BT 259.02 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.16 236.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 331.17 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.08 236.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 382.21 236.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 419.39 236.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 437.41 236.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 465.44 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.69 236.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 500.92 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.83 236.10 Td (recruit ) Tj ET Q q 0 0 0 rg BT 546.40 236.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 224.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.16 224.10 Td (hindered ) Tj ET Q q 0 0 0 rg BT 118.64 224.10 Td (if ) Tj ET Q q 0 0 0 rg BT 127.25 224.10 Td (we ) Tj ET Q q 0 0 0 rg BT 141.41 224.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 162.80 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.63 224.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 219.99 224.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 249.15 224.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 307.19 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.13 224.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 358.28 224.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 392.99 224.10 Td (as ) Tj ET Q q 0 0 0 rg BT 403.82 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.76 224.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 456.56 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.39 224.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 496.55 224.10 Td (net ) Tj ET Q q 0 0 0 rg BT 511.26 224.10 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.73 200.10 Td (business ) Tj ET Q q 0 0 0 rg BT 102.31 200.10 Td (success ) Tj ET Q q 0 0 0 rg BT 133.98 200.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 168.43 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.89 200.10 Td (lar) Tj ET Q q 0 0 0 rg BT 188.25 200.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 199.37 200.10 Td (part ) Tj ET Q q 0 0 0 rg BT 216.60 200.10 Td (on ) Tj ET Q q 0 0 0 rg BT 228.28 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.18 200.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 277.73 200.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 316.63 200.10 Td (made ) Tj ET Q q 0 0 0 rg BT 339.97 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 351.65 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.66 200.10 Td (leadership ) Tj ET Q q 0 0 0 rg BT 409.43 200.10 Td (team, ) Tj ET Q q 0 0 0 rg BT 433.05 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.17 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.07 200.10 Td (business ) Tj ET Q q 0 0 0 rg BT 498.64 200.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 521.43 200.10 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.04 188.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 120.34 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 132.44 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 147.87 188.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 174.41 188.10 Td (business ) Tj ET Q q 0 0 0 rg BT 210.40 188.10 Td (leaders. ) Tj ET Q q 0 0 0 rg BT 243.32 188.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 260.97 188.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 288.62 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.50 188.10 Td (identify) Tj ET Q q 0 0 0 rg BT 328.95 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 333.55 188.10 Td (develop, ) Tj ET Q q 0 0 0 rg BT 369.81 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.35 188.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 411.21 188.10 Td (future ) Tj ET Q q 0 0 0 rg BT 437.19 188.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 463.72 188.10 Td (business ) Tj ET Q q 0 0 0 rg BT 499.71 188.10 Td (leaders, ) Tj ET Q q 0 0 0 rg BT 532.63 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 188.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 77.89 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.51 176.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 123.01 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.29 176.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 185.90 176.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 229.84 176.10 Td (succession ) Tj ET Q q 0 0 0 rg BT 275.45 176.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 299.39 176.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.90 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 330.07 176.10 Td (CEO ) Tj ET Q q 0 0 0 rg BT 352.91 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.19 176.10 Td (leadership ) Tj ET Q q 0 0 0 rg BT 414.12 176.10 Td (team, ) Tj ET Q q 0 0 0 rg BT 438.90 176.10 Td (is ) Tj ET Q q 0 0 0 rg BT 448.41 176.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 479.01 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.63 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 505.80 176.10 Td (future ) Tj ET Q q 0 0 0 rg BT 532.51 176.10 Td (success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 164.10 Td (results ) Tj ET Q q 0 0 0 rg BT 95.05 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.88 164.10 Td (operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.94 140.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 103.60 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.14 140.10 Td (ef) Tj ET Q q 0 0 0 rg BT 120.73 140.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 156.36 140.10 Td (integrate ) Tj ET Q q 0 0 0 rg BT 194.79 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.12 140.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 238.33 140.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 280.66 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.77 140.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 338.09 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 357.64 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.86 140.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 425.09 140.10 Td (may ) Tj ET Q q 0 0 0 rg BT 444.07 140.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 484.15 140.10 Td (af) Tj ET Q q 0 0 0 rg BT 492.30 140.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 509.05 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.27 140.10 Td (financial ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 90.90 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.96 128.10 Td (results ) Tj ET Q q 0 0 0 rg BT 138.69 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.52 128.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.26 104.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 89.83 104.10 Td (time ) Tj ET Q q 0 0 0 rg BT 109.29 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.41 104.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 164.86 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.32 104.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 211.54 104.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 250.44 104.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 304.90 104.10 Td (for ) Tj ET Q q 0 0 0 rg BT 318.25 104.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 370.20 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.33 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 399.67 104.10 Td (have ) Tj ET Q q 0 0 0 rg BT 420.23 104.10 Td (made ) Tj ET Q q 0 0 0 rg BT 443.57 104.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 493.03 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.49 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.39 104.10 Td (past ) Tj ET Q q 0 0 0 rg BT 534.19 104.10 Td (several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (years ) Tj ET Q q 0 0 0 rg BT 73.95 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.08 92.10 Td (broaden ) Tj ET Q q 0 0 0 rg BT 120.64 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.21 92.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 162.34 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.13 92.10 Td (depth ) Tj ET Q q 0 0 0 rg BT 205.70 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.38 92.10 Td (our ) Tj ET Q q 0 0 0 rg BT 234.07 92.10 Td (human ) Tj ET Q q 0 0 0 rg BT 264.64 92.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 294.64 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.77 92.10 Td (various ) Tj ET Q q 0 0 0 rg BT 338.56 92.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 386.64 92.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 420.54 92.10 Td (diligence ) Tj ET Q q 0 0 0 rg BT 460.54 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.34 92.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 525.01 92.10 Td (planning, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 100.18 80.10 Td (still ) Tj ET Q q 0 0 0 rg BT 118.10 80.10 Td (present ) Tj ET Q q 0 0 0 rg BT 149.88 80.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 179.99 80.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 204.29 80.10 Td (including ) Tj ET Q q 0 0 0 rg BT 244.98 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.10 80.10 Td (dif) Tj ET Q q 0 0 0 rg BT 271.03 80.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 306.15 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.84 80.10 Td (integrating ) Tj ET Q q 0 0 0 rg BT 363.07 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.42 80.10 Td (bringing ) Tj ET Q q 0 0 0 rg BT 417.21 80.10 Td (together ) Tj ET Q q 0 0 0 rg BT 452.89 80.10 Td (dif) Tj ET Q q 0 0 0 rg BT 463.81 80.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 490.04 80.10 Td (work ) Tj ET Q q 0 0 0 rg BT 513.50 80.10 Td (cultures ) Tj ET Q q 0 0 0 rg BT 548.06 80.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 97.56 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.80 68.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 153.15 68.10 Td (those ) Tj ET Q q 0 0 0 rg BT 177.05 68.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 222.62 68.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.08 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.10 68.10 Td (period ) Tj ET Q q 0 0 0 rg BT 280.44 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.57 68.10 Td (time ) Tj ET Q q 0 0 0 rg BT 312.15 68.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 353.81 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.39 68.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 393.83 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.85 68.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 455.52 68.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 489.97 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.10 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.12 68.10 Td (acquisition. ) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 62.65 740.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 98.77 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.45 740.10 Td (integrating ) Tj ET Q q 0 0 0 rg BT 157.68 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.92 740.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 229.10 740.10 Td (including ) Tj ET Q q 0 0 0 rg BT 270.78 740.10 Td (attracting ) Tj ET Q q 0 0 0 rg BT 312.45 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.79 740.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 370.24 740.10 Td (talent ) Tj ET Q q 0 0 0 rg BT 396.36 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.05 740.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 438.59 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.72 740.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 494.16 740.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 529.72 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 740.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 102.27 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 121.99 728.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 162.81 728.10 Td (af) Tj ET Q q 0 0 0 rg BT 170.39 728.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 187.88 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 203.71 728.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.19 728.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 281.46 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.40 728.10 Td (results ) Tj ET Q q 0 0 0 rg BT 327.01 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.84 728.10 Td (operations.) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.21 632.10 Td (information ) Tj ET Q q 0 0 0 rg BT 119.69 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.29 632.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 184.31 632.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 219.95 632.10 Td (including ) Tj ET Q q 0 0 0 rg BT 261.44 632.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 309.03 632.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 344.67 632.10 Td (are ) Tj ET Q q 0 0 0 rg BT 360.03 632.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 390.94 632.10 Td (components ) Tj ET Q q 0 0 0 rg BT 442.42 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.78 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.26 632.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 517.13 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.72 632.10 Td (failure ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.01 620.10 Td (those ) Tj ET Q q 0 0 0 rg BT 83.87 620.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 117.16 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 128.24 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 152.09 620.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 183.71 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.23 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 210.86 620.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 256.39 620.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 316.37 620.10 Td (may ) Tj ET Q q 0 0 0 rg BT 335.77 620.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 366.85 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 383.49 620.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 423.19 620.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 448.70 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.11 620.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 505.86 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.60 620.10 Td (constrain ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 608.10 Td (growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 584.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.86 584.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 102.14 584.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 135.52 584.10 Td (thousands ) Tj ET Q q 0 0 0 rg BT 177.81 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.43 584.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 228.48 584.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 254.64 584.10 Td (on ) Tj ET Q q 0 0 0 rg BT 266.93 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 273.66 584.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 295.94 584.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 318.23 584.10 Td (across ) Tj ET Q q 0 0 0 rg BT 345.51 584.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 381.12 584.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 417.57 584.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.41 584.10 Td (data ) Tj ET Q q 0 0 0 rg BT 454.35 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.07 584.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 517.23 584.10 Td (processing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (custody) Tj ET Q q 0 0 0 rg BT 79.96 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.69 572.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 124.40 572.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 170.50 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.16 572.10 Td (other ) Tj ET Q q 0 0 0 rg BT 209.94 572.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 256.60 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.27 572.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 313.26 572.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 347.15 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 361.59 572.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 398.25 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.26 572.10 Td (this ) Tj ET Q q 0 0 0 rg BT 424.93 572.10 Td (task. ) Tj ET Q q 0 0 0 rg BT 445.28 572.10 Td (A) Tj ET Q q 0 0 0 rg BT 451.95 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.18 572.10 Td (system ) Tj ET Q q 0 0 0 rg BT 484.18 572.10 Td (malfunction ) Tj ET Q q 0 0 0 rg BT 534.73 572.10 Td (\(due ) Tj ET Q q 0 0 0 rg BT 554.73 572.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (hardware ) Tj ET Q q 0 0 0 rg BT 87.95 560.10 Td (failure, ) Tj ET Q q 0 0 0 rg BT 117.79 560.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 152.36 560.10 Td (overload, ) Tj ET Q q 0 0 0 rg BT 191.09 560.10 Td (security ) Tj ET Q q 0 0 0 rg BT 224.00 560.10 Td (incident, ) Tj ET Q q 0 0 0 rg BT 259.96 560.10 Td (data ) Tj ET Q q 0 0 0 rg BT 277.87 560.10 Td (corruption, ) Tj ET Q q 0 0 0 rg BT 323.28 560.10 Td (etc.\) ) Tj ET Q q 0 0 0 rg BT 342.01 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.59 560.10 Td (mistake ) Tj ET Q q 0 0 0 rg BT 383.95 560.10 Td (made ) Tj ET Q q 0 0 0 rg BT 406.86 560.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 438.65 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.68 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.15 560.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 505.17 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.75 560.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.53 548.10 Td (result ) Tj ET Q q 0 0 0 rg BT 97.56 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.16 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.95 548.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 163.83 548.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 196.75 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.35 548.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 236.77 548.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 279.68 548.10 Td (intervention, ) Tj ET Q q 0 0 0 rg BT 332.31 548.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 381.89 548.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 414.80 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.05 548.10 Td (constraints ) Tj ET Q q 0 0 0 rg BT 476.19 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 488.01 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.15 548.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 530.52 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.11 548.10 Td (grow) Tj ET Q q 0 0 0 rg BT 560.01 548.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 536.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.33 536.10 Td (outsource ) Tj ET Q q 0 0 0 rg BT 108.97 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.16 536.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 163.69 536.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 196.34 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.43 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 225.51 536.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 257.03 536.10 Td (data ) Tj ET Q q 0 0 0 rg BT 277.44 536.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 323.97 536.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 366.32 536.10 Td (including ) Tj ET Q q 0 0 0 rg BT 407.85 536.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 431.60 536.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 478.12 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.32 536.10 Td (back ) Tj ET Q q 0 0 0 rg BT 518.95 536.10 Td (of) Tj ET Q q 0 0 0 rg BT 527.10 536.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 545.85 536.10 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (processing. ) Tj ET Q q 0 0 0 rg BT 97.82 524.10 Td (For ) Tj ET Q q 0 0 0 rg BT 114.77 524.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 154.19 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 168.91 524.10 Td (have ) Tj ET Q q 0 0 0 rg BT 190.84 524.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 223.31 524.10 Td (into ) Tj ET Q q 0 0 0 rg BT 241.92 524.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 281.07 524.10 Td (with ) Tj ET Q q 0 0 0 rg BT 301.90 524.10 Td (Broadridge ) Tj ET Q q 0 0 0 rg BT 349.94 524.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 390.20 524.10 Td (Solutions, ) Tj ET Q q 0 0 0 rg BT 433.55 524.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 451.87 524.10 Td (\("Broadridge"\), ) Tj ET Q q 0 0 0 rg BT 517.23 524.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 554.72 524.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.93 512.10 Td (Broadridge ) Tj ET Q q 0 0 0 rg BT 124.91 512.10 Td (handles ) Tj ET Q q 0 0 0 rg BT 158.45 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.78 512.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 197.76 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.19 512.10 Td (back ) Tj ET Q q 0 0 0 rg BT 237.06 512.10 Td (of) Tj ET Q q 0 0 0 rg BT 245.21 512.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 263.19 512.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 311.46 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.89 512.10 Td (Unisys ) Tj ET Q q 0 0 0 rg BT 359.67 512.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 410.99 512.10 Td (\("Unisys"\), ) Tj ET Q q 0 0 0 rg BT 459.09 512.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 496.52 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.30 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 534.73 512.10 Td (Unisys ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (supports ) Tj ET Q q 0 0 0 rg BT 84.98 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 99.90 500.10 Td (data ) Tj ET Q q 0 0 0 rg BT 118.15 500.10 Td (center ) Tj ET Q q 0 0 0 rg BT 144.16 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.19 500.10 Td (helpdesk ) Tj ET Q q 0 0 0 rg BT 197.33 500.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 224.08 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 232.71 500.10 Td (e ) Tj ET Q q 0 0 0 rg BT 238.74 500.10 Td (also ) Tj ET Q q 0 0 0 rg BT 256.44 500.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 290.23 500.10 Td (with ) Tj ET Q q 0 0 0 rg BT 309.60 500.10 Td (third ) Tj ET Q q 0 0 0 rg BT 330.08 500.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 358.33 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 371.58 500.10 Td (market ) Tj ET Q q 0 0 0 rg BT 400.93 500.10 Td (data ) Tj ET Q q 0 0 0 rg BT 419.18 500.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 455.48 500.10 Td (which ) Tj ET Q q 0 0 0 rg BT 481.51 500.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 524.20 500.10 Td (broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (news, ) Tj ET Q q 0 0 0 rg BT 74.89 488.10 Td (quotes, ) Tj ET Q q 0 0 0 rg BT 105.84 488.10 Td (analytics ) Tj ET Q q 0 0 0 rg BT 143.72 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.49 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 183.38 488.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 217.92 488.10 Td (information ) Tj ET Q q 0 0 0 rg BT 267.47 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.58 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 293.25 488.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 340.68 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.32 488.10 Td (e ) Tj ET Q q 0 0 0 rg BT 356.10 488.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 390.64 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.75 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 433.64 488.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 467.64 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.75 488.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 512.30 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.07 488.10 Td (mail ) Tj ET Q q 0 0 0 rg BT 549.19 488.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.19 476.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 132.43 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.91 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.72 476.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 191.30 476.10 Td (other ) Tj ET Q q 0 0 0 rg BT 213.88 476.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 250.62 476.10 Td (In ) Tj ET Q q 0 0 0 rg BT 260.98 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.23 476.10 Td (event ) Tj ET Q q 0 0 0 rg BT 298.92 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 315.95 476.10 Td (any ) Tj ET Q q 0 0 0 rg BT 332.42 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.79 476.10 Td (these ) Tj ET Q q 0 0 0 rg BT 365.37 476.10 Td (service ) Tj ET Q q 0 0 0 rg BT 395.72 476.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 435.52 476.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 454.77 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.58 476.10 Td (adequately ) Tj ET Q q 0 0 0 rg BT 509.93 476.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 544.17 476.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (services ) Tj ET Q q 0 0 0 rg BT 84.17 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.96 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.64 464.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 159.32 464.10 Td (between ) Tj ET Q q 0 0 0 rg BT 195.09 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 212.55 464.10 Td (service ) Tj ET Q q 0 0 0 rg BT 243.33 464.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 279.67 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.57 464.10 Td (us ) Tj ET Q q 0 0 0 rg BT 307.92 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 317.06 464.10 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 364.78 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.90 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 398.58 464.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 444.34 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.24 464.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 495.92 464.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 538.94 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 464.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 95.95 452.10 Td (including ) Tj ET Q q 0 0 0 rg BT 136.02 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.64 452.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 179.49 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.56 452.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 217.41 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.14 452.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 277.52 452.10 Td (process ) Tj ET Q q 0 0 0 rg BT 309.80 452.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 359.86 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 370.49 452.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 407.77 452.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 446.72 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.45 452.10 Td (accurate ) Tj ET Q q 0 0 0 rg BT 499.05 452.10 Td (records ) Tj ET Q q 0 0 0 rg BT 530.77 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.39 452.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.03 416.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 84.74 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.60 416.10 Td (have ) Tj ET Q q 0 0 0 rg BT 119.68 416.10 Td (made ) Tj ET Q q 0 0 0 rg BT 143.54 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.96 416.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 194.04 416.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 229.57 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.55 416.10 Td (move ) Tj ET Q q 0 0 0 rg BT 263.97 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.95 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.59 416.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 301.68 416.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 341.10 416.10 Td (model ) Tj ET Q q 0 0 0 rg BT 368.30 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.17 416.10 Td (all ) Tj ET Q q 0 0 0 rg BT 394.36 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.90 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.43 416.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 458.73 416.10 Td (self ) Tj ET Q q 0 0 0 rg BT 475.37 416.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 509.78 416.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 538.08 416.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.11 404.10 Td (In ) Tj ET Q q 0 0 0 rg BT 106.89 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.78 404.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 135.12 404.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 174.79 404.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 204.74 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 218.85 404.10 Td (will ) Tj ET Q q 0 0 0 rg BT 236.86 404.10 Td (act ) Tj ET Q q 0 0 0 rg BT 250.97 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 261.75 404.10 Td (an ) Tj ET Q q 0 0 0 rg BT 273.64 404.10 Td (introducing ) Tj ET Q q 0 0 0 rg BT 322.20 404.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 350.75 404.10 Td (for ) Tj ET Q q 0 0 0 rg BT 364.86 404.10 Td (most ) Tj ET Q q 0 0 0 rg BT 386.76 404.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 425.87 404.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 476.09 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.98 404.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 510.98 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 523.43 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.32 404.10 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 78.37 392.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 105.57 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.12 392.10 Td (handle ) Tj ET Q q 0 0 0 rg BT 145.55 392.10 Td (clearance ) Tj ET Q q 0 0 0 rg BT 186.06 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.27 392.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 247.14 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.24 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.34 392.10 Td (customers' ) Tj ET Q q 0 0 0 rg BT 319.47 392.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.00 392.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 412.84 392.10 Td (W) Tj ET Q q 0 0 0 rg BT 421.48 392.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.69 392.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 457.55 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.54 392.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 519.19 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.74 392.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 554.72 392.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 380.10 Td (second ) Tj ET Q q 0 0 0 rg BT 94.88 380.10 Td (half ) Tj ET Q q 0 0 0 rg BT 113.13 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.16 380.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 149.16 380.10 Td (The ) Tj ET Q q 0 0 0 rg BT 167.41 380.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 213.99 380.10 Td (process ) Tj ET Q q 0 0 0 rg BT 246.67 380.10 Td (introduces ) Tj ET Q q 0 0 0 rg BT 291.03 380.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 320.95 380.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 342.54 380.10 Td (that ) Tj ET Q q 0 0 0 rg BT 360.23 380.10 Td (could ) Tj ET Q q 0 0 0 rg BT 385.15 380.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 410.05 380.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 454.96 380.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 502.11 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.59 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.62 380.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.20 368.10 Td (create ) Tj ET Q q 0 0 0 rg BT 88.43 368.10 Td (other ) Tj ET Q q 0 0 0 rg BT 112.34 368.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 161.24 368.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 191.26 368.10 Td (char) Tj ET Q q 0 0 0 rg BT 208.28 368.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 224.98 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.68 368.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 266.43 368.10 Td (Once ) Tj ET Q q 0 0 0 rg BT 290.90 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.48 368.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 353.73 368.10 Td (is ) Tj ET Q q 0 0 0 rg BT 363.76 368.10 Td (completed, ) Tj ET Q q 0 0 0 rg BT 411.28 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.86 368.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 462.43 368.10 Td (services ) Tj ET Q q 0 0 0 rg BT 498.01 368.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 536.92 368.10 Td (by ) Tj ET Q q 0 0 0 rg BT 550.29 368.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 83.89 356.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 112.17 356.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 138.78 356.10 Td (will ) Tj ET Q q 0 0 0 rg BT 156.52 356.10 Td (be ) Tj ET Q q 0 0 0 rg BT 168.15 356.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 198.09 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.05 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.57 356.10 Td (business ) Tj ET Q q 0 0 0 rg BT 259.64 356.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 305.98 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.61 356.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 352.57 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.53 356.10 Td (other ) Tj ET Q q 0 0 0 rg BT 385.26 356.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 415.21 356.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 461.27 356.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 507.61 356.10 Td (any ) Tj ET Q q 0 0 0 rg BT 524.23 356.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 552.51 356.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 344.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 99.19 344.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 123.48 344.10 Td (with ) Tj ET Q q 0 0 0 rg BT 143.90 344.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 174.85 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.27 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.12 344.10 Td (services ) Tj ET Q q 0 0 0 rg BT 234.96 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.26 344.10 Td (will ) Tj ET Q q 0 0 0 rg BT 267.45 344.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 285.64 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 298.27 344.10 Td (it ) Tj ET Q q 0 0 0 rg BT 306.47 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.88 344.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 350.07 344.10 Td (could ) Tj ET Q q 0 0 0 rg BT 374.92 344.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 427.55 344.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 457.96 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.04 344.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 519.32 344.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 549.17 344.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.66 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.59 332.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.07 332.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (Adapting ) Tj ET Q q 0 0 0 rg BT 89.85 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 101.32 308.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 148.89 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.36 308.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 212.93 308.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 247.73 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.65 308.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 281.22 308.10 Td (new ) Tj ET Q q 0 0 0 rg BT 301.01 308.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 345.24 308.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 403.08 308.10 Td (client ) Tj ET Q q 0 0 0 rg BT 428.43 308.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 456.83 308.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 504.39 308.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 548.08 308.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.48 296.10 Td (demands ) Tj ET Q q 0 0 0 rg BT 122.23 296.10 Td (also ) Tj ET Q q 0 0 0 rg BT 140.55 296.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.42 296.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 179.39 296.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.25 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.78 296.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 247.38 296.10 Td (Introduction ) Tj ET Q q 0 0 0 rg BT 299.02 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.55 296.10 Td (new ) Tj ET Q q 0 0 0 rg BT 328.42 296.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 381.17 296.10 Td (present ) Tj ET Q q 0 0 0 rg BT 412.25 296.10 Td (new ) Tj ET Q q 0 0 0 rg BT 431.11 296.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 475.52 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 487.72 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 494.37 296.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 524.89 296.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 549.43 296.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 296.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.47 284.10 Td (an ) Tj ET Q q 0 0 0 rg BT 84.00 284.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 119.87 284.10 Td (need ) Tj ET Q q 0 0 0 rg BT 141.84 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.72 284.10 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 188.02 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.55 284.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 241.97 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.39 284.10 Td (various ) Tj ET Q q 0 0 0 rg BT 290.92 284.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 338.45 284.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 375.71 284.10 Td (including ) Tj ET Q q 0 0 0 rg BT 416.58 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.00 284.10 Td (data ) Tj ET Q q 0 0 0 rg BT 452.75 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.28 284.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 517.25 284.10 Td (processing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 89.78 272.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 138.95 272.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.75 272.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 213.13 272.10 Td (compliance, ) Tj ET Q q 0 0 0 rg BT 264.52 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.76 272.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 312.88 272.10 Td (systems. ) Tj ET Q q 0 0 0 rg BT 349.64 272.10 Td (This ) Tj ET Q q 0 0 0 rg BT 370.22 272.10 Td (need ) Tj ET Q q 0 0 0 rg BT 391.90 272.10 Td (could ) Tj ET Q q 0 0 0 rg BT 416.91 272.10 Td (present ) Tj ET Q q 0 0 0 rg BT 448.58 272.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 496.36 272.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 523.05 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.18 272.10 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.40 260.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 123.75 260.10 Td (spending. ) Tj ET Q q 0 0 0 rg BT 165.05 260.10 Td (It ) Tj ET Q q 0 0 0 rg BT 173.85 260.10 Td (also ) Tj ET Q q 0 0 0 rg BT 192.65 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 212.56 260.10 Td (require ) Tj ET Q q 0 0 0 rg BT 243.57 260.10 Td (us ) Tj ET Q q 0 0 0 rg BT 255.15 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.63 260.10 Td (make ) Tj ET Q q 0 0 0 rg BT 289.97 260.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 332.66 260.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 383.12 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.59 260.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 440.72 260.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 475.08 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.21 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 512.12 260.10 Td (require ) Tj ET Q q 0 0 0 rg BT 543.13 260.10 Td (us ) Tj ET Q q 0 0 0 rg BT 554.72 260.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (reevaluate ) Tj ET Q q 0 0 0 rg BT 92.90 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.44 248.10 Td (current ) Tj ET Q q 0 0 0 rg BT 138.08 248.10 Td (value ) Tj ET Q q 0 0 0 rg BT 162.05 248.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 189.92 248.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 227.78 248.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 254.54 248.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 275.75 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.40 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.05 248.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 348.80 248.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 385.30 248.10 Td (which ) Tj ET Q q 0 0 0 rg BT 412.06 248.10 Td (could ) Tj ET Q q 0 0 0 rg BT 436.59 248.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 480.57 248.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 510.10 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.75 248.10 Td (results ) Tj ET Q q 0 0 0 rg BT 554.18 248.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.49 212.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 101.36 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.46 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.99 212.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 182.17 212.10 Td (that ) Tj ET Q q 0 0 0 rg BT 199.48 212.10 Td (supports ) Tj ET Q q 0 0 0 rg BT 235.69 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.34 212.10 Td (business ) Tj ET Q q 0 0 0 rg BT 287.54 212.10 Td (due ) Tj ET Q q 0 0 0 rg BT 304.30 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.40 212.10 Td (fire, ) Tj ET Q q 0 0 0 rg BT 333.09 212.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 363.17 212.10 Td (disaster) Tj ET Q q 0 0 0 rg BT 393.32 212.10 Td (, ) Tj ET Q q 0 0 0 rg BT 398.13 212.10 Td (health ) Tj ET Q q 0 0 0 rg BT 424.88 212.10 Td (emer) Tj ET Q q 0 0 0 rg BT 444.69 212.10 Td (gency ) Tj ET Q q 0 0 0 rg BT 470.88 212.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 488.19 212.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 526.88 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.63 212.10 Td (disease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (pandemic\), ) Tj ET Q q 0 0 0 rg BT 96.47 200.10 Td (power ) Tj ET Q q 0 0 0 rg BT 123.73 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.32 200.10 Td (communication ) Tj ET Q q 0 0 0 rg BT 198.80 200.10 Td (failure, ) Tj ET Q q 0 0 0 rg BT 229.66 200.10 Td (act ) Tj ET Q q 0 0 0 rg BT 243.58 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.18 200.10 Td (terrorism ) Tj ET Q q 0 0 0 rg BT 293.10 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.70 200.10 Td (war ) Tj ET Q q 0 0 0 rg BT 320.96 200.10 Td (may ) Tj ET Q q 0 0 0 rg BT 340.44 200.10 Td (af) Tj ET Q q 0 0 0 rg BT 348.03 200.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 365.28 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.88 200.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 408.70 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.74 200.10 Td (service ) Tj ET Q q 0 0 0 rg BT 449.32 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.03 200.10 Td (interact ) Tj ET Q q 0 0 0 rg BT 498.28 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.32 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.92 200.10 Td (clients. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (If ) Tj ET Q q 0 0 0 rg BT 58.66 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 72.82 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 87.53 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 102.81 188.10 Td (able ) Tj ET Q q 0 0 0 rg BT 121.96 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.24 188.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 177.51 188.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 228.88 188.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 252.49 188.10 Td (ef) Tj ET Q q 0 0 0 rg BT 260.08 188.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 294.41 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 299.41 188.10 Td (any ) Tj ET Q q 0 0 0 rg BT 316.35 188.10 Td (such ) Tj ET Q q 0 0 0 rg BT 337.18 188.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 380.23 188.10 Td (could ) Tj ET Q q 0 0 0 rg BT 404.95 188.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 428.00 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.83 188.10 Td (results ) Tj ET Q q 0 0 0 rg BT 472.43 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.26 188.10 Td (operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (Protection ) Tj ET Q q 0 0 0 rg BT 94.71 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.47 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.36 164.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 159.78 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.78 164.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 229.66 164.10 Td (information ) Tj ET Q q 0 0 0 rg BT 281.55 164.10 Td (is ) Tj ET Q q 0 0 0 rg BT 290.65 164.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 321.96 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.18 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 349.06 164.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 397.33 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.33 164.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 445.54 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.30 164.10 Td (those ) Tj ET Q q 0 0 0 rg BT 480.41 164.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 513.95 164.10 Td (may ) Tj ET Q q 0 0 0 rg BT 533.60 164.10 Td (disrupt ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 152.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 106.47 152.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 141.18 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.14 152.10 Td (reputations, ) Tj ET Q q 0 0 0 rg BT 209.82 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.88 152.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 253.71 152.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.44 152.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.81 128.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 98.68 128.10 Td (routinely ) Tj ET Q q 0 0 0 rg BT 138.55 128.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 172.86 128.10 Td (us ) Tj ET Q q 0 0 0 rg BT 185.51 128.10 Td (with ) Tj ET Q q 0 0 0 rg BT 207.05 128.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 245.81 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.01 128.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 315.53 128.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 369.01 128.10 Td (Secure ) Tj ET Q q 0 0 0 rg BT 399.98 128.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 449.01 128.10 Td (storage ) Tj ET Q q 0 0 0 rg BT 481.65 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.85 128.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 554.17 128.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 100.22 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.62 116.10 Td (other ) Tj ET Q q 0 0 0 rg BT 141.13 116.10 Td (information ) Tj ET Q q 0 0 0 rg BT 191.30 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.04 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 218.33 116.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 251.84 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.24 116.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 316.07 116.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 356.80 116.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 391.43 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.83 116.10 Td (networks ) Tj ET Q q 0 0 0 rg BT 448.45 116.10 Td (is ) Tj ET Q q 0 0 0 rg BT 458.08 116.10 Td (critically ) Tj ET Q q 0 0 0 rg BT 496.58 116.10 Td (important ) Tj ET Q q 0 0 0 rg BT 538.43 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 116.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.22 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.86 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 103.80 104.10 Td (take ) Tj ET Q q 0 0 0 rg BT 122.96 104.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 165.45 104.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 205.17 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.11 104.10 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 261.26 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.55 104.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 302.94 104.10 Td (them ) Tj ET Q q 0 0 0 rg BT 325.45 104.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.28 104.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 395.43 104.10 Td (warrant. ) Tj ET Q q 0 0 0 rg BT 430.98 104.10 Td (However) Tj ET Q q 0 0 0 rg BT 467.23 104.10 Td (, ) Tj ET Q q 0 0 0 rg BT 472.23 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.07 104.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 528.34 104.10 Td (systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (software ) Tj ET Q q 0 0 0 rg BT 85.48 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.47 92.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 142.18 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.17 92.10 Td (those ) Tj ET Q q 0 0 0 rg BT 180.83 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.71 92.10 Td (our ) Tj ET Q q 0 0 0 rg BT 205.59 92.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 235.74 92.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 271.45 92.10 Td (service ) Tj ET Q q 0 0 0 rg BT 301.32 92.10 Td (providers, ) Tj ET Q q 0 0 0 rg BT 343.14 92.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 401.33 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.31 92.10 Td (other ) Tj ET Q q 0 0 0 rg BT 439.41 92.10 Td (third ) Tj ET Q q 0 0 0 rg BT 459.85 92.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 490.55 92.10 Td (may ) Tj ET Q q 0 0 0 rg BT 509.32 92.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.31 92.10 Td (vulnerable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.06 80.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 117.04 80.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 148.86 80.10 Td (cyberattacks, ) Tj ET Q q 0 0 0 rg BT 205.11 80.10 Td (security ) Tj ET Q q 0 0 0 rg BT 240.54 80.10 Td (breaches, ) Tj ET Q q 0 0 0 rg BT 281.79 80.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 323.34 80.10 Td (viruses ) Tj ET Q q 0 0 0 rg BT 355.45 80.10 Td (or ) Tj ET Q q 0 0 0 rg BT 367.56 80.10 Td (other ) Tj ET Q q 0 0 0 rg BT 391.88 80.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 434.54 80.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 459.70 80.10 Td (inadvertent, ) Tj ET Q q 0 0 0 rg BT 510.96 80.10 Td (erroneous ) Tj ET Q q 0 0 0 rg BT 554.17 80.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (intercepted ) Tj ET Q q 0 0 0 rg BT 96.75 68.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 150.15 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.31 68.10 Td (information ) Tj ET Q q 0 0 0 rg BT 211.36 68.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 255.30 68.10 Td (by ) Tj ET Q q 0 0 0 rg BT 268.14 68.10 Td (e-mail\), ) Tj ET Q q 0 0 0 rg BT 302.34 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.62 68.10 Td (other ) Tj ET Q q 0 0 0 rg BT 343.00 68.10 Td (events ) Tj ET Q q 0 0 0 rg BT 371.38 68.10 Td (that ) Tj ET Q q 0 0 0 rg BT 389.22 68.10 Td (could ) Tj ET Q q 0 0 0 rg BT 414.27 68.10 Td (have ) Tj ET Q q 0 0 0 rg BT 435.98 68.10 Td (an ) Tj ET Q q 0 0 0 rg BT 448.26 68.10 Td (information ) Tj ET Q q 0 0 0 rg BT 498.30 68.10 Td (security ) Tj ET Q q 0 0 0 rg BT 532.79 68.10 Td (impact. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 56.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.59 56.10 Td (work ) Tj ET Q q 0 0 0 rg BT 91.16 56.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.95 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.29 56.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 162.91 56.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 201.08 56.10 Td (service ) Tj ET Q q 0 0 0 rg BT 233.41 56.10 Td (providers, ) Tj ET Q q 0 0 0 rg BT 277.69 56.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 338.35 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.80 56.10 Td (other ) Tj ET Q q 0 0 0 rg BT 381.36 56.10 Td (third ) Tj ET Q q 0 0 0 rg BT 404.26 56.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 434.93 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.72 56.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 482.39 56.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 511.94 56.10 Td (transmission ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 97.34 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.08 740.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 144.14 740.10 Td (against ) Tj ET Q q 0 0 0 rg BT 174.76 740.10 Td (these ) Tj ET Q q 0 0 0 rg BT 197.61 740.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 227.96 740.10 Td (but ) Tj ET Q q 0 0 0 rg BT 243.04 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.00 740.10 Td (do ) Tj ET Q q 0 0 0 rg BT 269.29 740.10 Td (not ) Tj ET Q q 0 0 0 rg BT 284.37 740.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 308.05 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.79 740.10 Td (may ) Tj ET Q q 0 0 0 rg BT 344.30 740.10 Td (be ) Tj ET Q q 0 0 0 rg BT 356.04 740.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 385.00 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.08 740.10 Td (put ) Tj ET Q q 0 0 0 rg BT 410.15 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.23 740.10 Td (place, ) Tj ET Q q 0 0 0 rg BT 446.13 740.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 473.96 740.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 521.80 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 541.88 740.10 Td (all ) Tj ET Q q 0 0 0 rg BT 554.17 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.52 728.10 Td (third ) Tj ET Q q 0 0 0 rg BT 95.89 728.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 126.02 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.94 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 159.08 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 179.77 728.10 Td (not ) Tj ET Q q 0 0 0 rg BT 196.03 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 208.95 728.10 Td (able ) Tj ET Q q 0 0 0 rg BT 229.08 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.33 728.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 269.91 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 288.38 728.10 Td (these ) Tj ET Q q 0 0 0 rg BT 312.41 728.10 Td (third ) Tj ET Q q 0 0 0 rg BT 334.77 728.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 364.91 728.10 Td (have ) Tj ET Q q 0 0 0 rg BT 387.26 728.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 436.27 728.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 471.97 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.22 728.10 Td (place ) Tj ET Q q 0 0 0 rg BT 507.80 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.05 728.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 550.29 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (confidentiality ) Tj ET Q q 0 0 0 rg BT 111.10 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.71 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.21 716.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 191.21 716.10 Td (If ) Tj ET Q q 0 0 0 rg BT 201.15 716.10 Td (one ) Tj ET Q q 0 0 0 rg BT 218.87 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 230.48 716.10 Td (more ) Tj ET Q q 0 0 0 rg BT 254.31 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.92 716.10 Td (such ) Tj ET Q q 0 0 0 rg BT 287.54 716.10 Td (events ) Tj ET Q q 0 0 0 rg BT 316.37 716.10 Td (occur) Tj ET Q q 0 0 0 rg BT 338.17 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 343.96 716.10 Td (this ) Tj ET Q q 0 0 0 rg BT 361.69 716.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 407.74 716.10 Td (could ) Tj ET Q q 0 0 0 rg BT 433.24 716.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 478.16 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.77 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 506.39 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 523.00 716.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 554.19 716.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 110.99 704.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 161.80 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.29 704.10 Td (other ) Tj ET Q q 0 0 0 rg BT 202.89 704.10 Td (information ) Tj ET Q q 0 0 0 rg BT 253.16 704.10 Td (processed ) Tj ET Q q 0 0 0 rg BT 295.64 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.13 704.10 Td (stored ) Tj ET Q q 0 0 0 rg BT 340.62 704.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 353.95 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.44 704.10 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 419.48 704.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 456.14 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.52 704.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 513.34 704.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 548.06 704.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 90.82 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 101.31 692.10 Td (those ) Tj ET Q q 0 0 0 rg BT 124.58 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.07 692.10 Td (third ) Tj ET Q q 0 0 0 rg BT 156.12 692.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 187.43 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.93 692.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 238.96 692.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 263.33 692.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 316.59 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.09 692.10 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 381.46 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.40 692.10 Td (our) Tj ET Q q 0 0 0 rg BT 404.33 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.99 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 424.48 692.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 457.04 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.53 692.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 533.14 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 543.63 692.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (parties' ) Tj ET Q q 0 0 0 rg BT 79.30 680.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 124.71 680.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.34 680.10 Td (e ) Tj ET Q q 0 0 0 rg BT 139.13 680.10 Td (may ) Tj ET Q q 0 0 0 rg BT 157.69 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 168.47 680.10 Td (required ) Tj ET Q q 0 0 0 rg BT 203.13 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.26 680.10 Td (expend ) Tj ET Q q 0 0 0 rg BT 242.48 680.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 286.04 680.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 327.37 680.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 366.48 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.60 680.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 405.83 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.51 680.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 461.83 680.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 500.38 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.06 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.18 680.10 Td (investigate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.78 668.10 Td (remediate ) Tj ET Q q 0 0 0 rg BT 109.04 668.10 Td (vulnerabilities ) Tj ET Q q 0 0 0 rg BT 169.09 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.27 668.10 Td (other ) Tj ET Q q 0 0 0 rg BT 203.66 668.10 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 248.99 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.27 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.78 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 300.84 668.10 Td (be ) Tj ET Q q 0 0 0 rg BT 313.12 668.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 344.29 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.91 668.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 405.51 668.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 428.90 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.07 668.10 Td (well ) Tj ET Q q 0 0 0 rg BT 460.13 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.31 668.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 510.26 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.54 668.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.89 656.10 Td (that ) Tj ET Q q 0 0 0 rg BT 93.39 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.09 656.10 Td (either ) Tj ET Q q 0 0 0 rg BT 133.36 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 148.64 656.10 Td (insured ) Tj ET Q q 0 0 0 rg BT 180.57 656.10 Td (against ) Tj ET Q q 0 0 0 rg BT 211.40 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.23 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 237.51 656.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 258.89 656.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 293.04 656.10 Td (through ) Tj ET Q q 0 0 0 rg BT 326.65 656.10 Td (any ) Tj ET Q q 0 0 0 rg BT 343.59 656.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 384.40 656.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 431.33 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 443.83 656.10 Td (us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 75.89 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.51 632.10 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 144.78 632.10 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 75.06 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.30 608.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 136.19 608.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 153.99 608.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 190.12 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.13 608.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 222.93 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.06 608.10 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 301.28 608.10 Td (with ) Tj ET Q q 0 0 0 rg BT 321.86 608.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 365.75 608.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 387.98 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.22 608.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 449.11 608.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 504.11 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.35 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.37 608.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 554.73 608.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.97 596.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 109.66 596.10 Td (we ) Tj ET Q q 0 0 0 rg BT 124.46 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 144.82 596.10 Td (suf) Tj ET Q q 0 0 0 rg BT 156.86 596.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 171.11 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 182.58 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.16 596.10 Td (result ) Tj ET Q q 0 0 0 rg BT 215.52 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.00 596.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 256.23 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.16 596.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 300.29 596.10 Td (with ) Tj ET Q q 0 0 0 rg BT 321.22 596.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 345.19 596.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 395.27 596.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 420.35 596.10 Td (related ) Tj ET Q q 0 0 0 rg BT 450.69 596.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 512.70 596.10 Td (or) Tj ET Q q 0 0 0 rg BT 520.85 596.10 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 90.78 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.73 584.10 Td (codes ) Tj ET Q q 0 0 0 rg BT 135.02 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.86 584.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 182.03 584.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 226.63 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.92 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 254.76 584.10 Td (business ) Tj ET Q q 0 0 0 rg BT 292.17 584.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 334.28 584.10 Td (It ) Tj ET Q q 0 0 0 rg BT 343.90 584.10 Td (also ) Tj ET Q q 0 0 0 rg BT 363.52 584.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 400.36 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.09 584.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 434.60 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 453.11 584.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 498.29 584.10 Td (could ) Tj ET Q q 0 0 0 rg BT 524.02 584.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 554.18 584.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 88.74 572.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 117.98 572.10 Td (business ) Tj ET Q q 0 0 0 rg BT 153.90 572.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 192.03 572.10 Td (that ) Tj ET Q q 0 0 0 rg BT 209.06 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 222.76 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 237.00 572.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 275.13 572.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 310.47 572.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 322.79 572.10 Td (which ) Tj ET Q q 0 0 0 rg BT 349.26 572.10 Td (could ) Tj ET Q q 0 0 0 rg BT 373.51 572.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 417.19 572.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 446.44 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 461.80 572.10 Td (future ) Tj ET Q q 0 0 0 rg BT 487.71 572.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.73 572.10 Td (condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.37 560.10 Td (results ) Tj ET Q q 0 0 0 rg BT 87.03 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.90 560.10 Td (operation. ) Tj ET Q q 0 0 0 rg BT 138.60 560.10 Td (The ) Tj ET Q q 0 0 0 rg BT 155.69 560.10 Td (following ) Tj ET Q q 0 0 0 rg BT 196.12 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 209.87 560.10 Td (those ) Tj ET Q q 0 0 0 rg BT 232.52 560.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 253.50 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.49 560.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 312.12 560.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.67 560.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 357.42 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 373.96 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 387.16 560.10 Td (have ) Tj ET Q q 0 0 0 rg BT 407.59 560.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 447.45 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 457.32 560.10 Td (posing ) Tj ET Q q 0 0 0 rg BT 485.54 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.30 560.10 Td (most ) Tj ET Q q 0 0 0 rg BT 520.29 560.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 70.89 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.17 548.10 Td (us. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 524.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 108.40 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.67 524.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 141.17 524.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 174.78 524.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.95 524.10 Td (significant, ) Tj ET Q q 0 0 0 rg BT 232.84 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.91 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 276.18 524.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 295.90 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.18 524.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 353.70 524.10 Td (damages.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 500.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 500.10 Td (face ) Tj ET Q q 0 0 0 rg BT 85.15 500.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 130.32 500.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 152.72 500.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 174.57 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.31 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.61 500.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 249.08 500.10 Td (These ) Tj ET Q q 0 0 0 rg BT 275.92 500.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 297.77 500.10 Td (include ) Tj ET Q q 0 0 0 rg BT 330.17 500.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 368.12 500.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 402.19 500.10 Td (under ) Tj ET Q q 0 0 0 rg BT 427.92 500.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.65 500.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 489.94 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.35 500.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 554.74 500.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 96.58 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.56 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 134.10 488.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 163.95 488.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 201.31 488.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 223.96 488.10 Td (management ) Tj ET Q q 0 0 0 rg BT 278.25 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.90 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 319.65 488.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 367.34 488.10 Td (The ) Tj ET Q q 0 0 0 rg BT 386.10 488.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 419.30 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.94 488.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 470.14 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.68 488.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 519.87 488.10 Td (claimed ) Tj ET Q q 0 0 0 rg BT 554.73 488.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 90.53 476.10 Td (arbitrations, ) Tj ET Q q 0 0 0 rg BT 141.00 476.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 184.52 476.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 236.92 476.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 267.67 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.53 476.10 Td (other ) Tj ET Q q 0 0 0 rg BT 307.51 476.10 Td (adversarial ) Tj ET Q q 0 0 0 rg BT 353.79 476.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 404.54 476.10 Td (against ) Tj ET Q q 0 0 0 rg BT 435.29 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 472.69 476.10 Td (services ) Tj ET Q q 0 0 0 rg BT 507.33 476.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 530.86 476.10 Td (remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (intense. ) Tj ET Q q 0 0 0 rg BT 81.58 464.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 98.40 464.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 142.96 464.10 Td (has ) Tj ET Q q 0 0 0 rg BT 157.55 464.10 Td (been ) Tj ET Q q 0 0 0 rg BT 177.68 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 193.94 464.10 Td (adversarial ) Tj ET Q q 0 0 0 rg BT 239.06 464.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 288.64 464.10 Td (against ) Tj ET Q q 0 0 0 rg BT 318.22 464.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.46 464.10 Td (services ) Tj ET Q q 0 0 0 rg BT 387.93 464.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 410.30 464.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 446.55 464.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 480.56 464.10 Td (during ) Tj ET Q q 0 0 0 rg BT 507.93 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.63 464.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.13 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 88.08 452.10 Td (downturn. ) Tj ET Q q 0 0 0 rg BT 131.87 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.50 452.10 Td (e ) Tj ET Q q 0 0 0 rg BT 148.13 452.10 Td (also ) Tj ET Q q 0 0 0 rg BT 167.43 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.82 452.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 214.34 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.30 452.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 254.60 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 277.22 452.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 313.19 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 334.16 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.68 452.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 396.63 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.25 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.77 452.10 Td (former ) Tj ET Q q 0 0 0 rg BT 461.17 452.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 507.12 452.10 Td (under ) Tj ET Q q 0 0 0 rg BT 533.08 452.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 111.03 440.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 135.66 440.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 179.14 440.10 Td (with ) Tj ET Q q 0 0 0 rg BT 199.31 440.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 221.14 440.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 254.64 440.10 Td (often ) Tj ET Q q 0 0 0 rg BT 277.58 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 292.18 440.10 Td (dif) Tj ET Q q 0 0 0 rg BT 303.11 440.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 326.60 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.78 440.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 363.61 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.33 440.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 410.05 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.88 440.10 Td (their ) Tj ET Q q 0 0 0 rg BT 447.60 440.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 487.20 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.03 440.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 548.63 440.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 79.97 428.10 Td (unknown ) Tj ET Q q 0 0 0 rg BT 119.90 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 134.26 428.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 179.18 428.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 211.32 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.36 428.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 245.33 428.10 Td (making ) Tj ET Q q 0 0 0 rg BT 278.04 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.96 428.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 325.66 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.69 428.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 358.83 428.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 394.29 428.10 Td (related ) Tj ET Q q 0 0 0 rg BT 424.20 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.69 428.10 Td (these ) Tj ET Q q 0 0 0 rg BT 457.94 428.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 480.08 428.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 520.00 428.10 Td (dif) Tj ET Q q 0 0 0 rg BT 530.93 428.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 554.73 428.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 90.87 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.70 416.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 136.41 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.58 416.10 Td (future ) Tj ET Q q 0 0 0 rg BT 170.85 416.10 Td (revision. ) Tj ET Q q 0 0 0 rg BT 206.95 416.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 231.10 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 240.82 416.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 283.31 416.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 314.13 416.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 353.85 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.57 416.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 407.45 416.10 Td (of) Tj ET Q q 0 0 0 rg BT 415.60 416.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 439.19 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.91 416.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 493.06 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.23 416.10 Td (their ) Tj ET Q q 0 0 0 rg BT 521.95 416.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (capacities ) Tj ET Q q 0 0 0 rg BT 92.17 404.10 Td (also ) Tj ET Q q 0 0 0 rg BT 111.52 404.10 Td (may ) Tj ET Q q 0 0 0 rg BT 131.99 404.10 Td (create ) Tj ET Q q 0 0 0 rg BT 159.10 404.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 198.45 404.10 Td (for ) Tj ET Q q 0 0 0 rg BT 213.36 404.10 Td (us ) Tj ET Q q 0 0 0 rg BT 225.50 404.10 Td (because ) Tj ET Q q 0 0 0 rg BT 260.39 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 275.30 404.10 Td (may ) Tj ET Q q 0 0 0 rg BT 295.76 404.10 Td (be ) Tj ET Q q 0 0 0 rg BT 308.45 404.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 348.91 404.10 Td (or ) Tj ET Q q 0 0 0 rg BT 360.49 404.10 Td (may ) Tj ET Q q 0 0 0 rg BT 380.96 404.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 411.97 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.00 404.10 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 467.35 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.82 404.10 Td (af) Tj ET Q q 0 0 0 rg BT 490.41 404.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 518.08 404.10 Td (individuals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (against ) Tj ET Q q 0 0 0 rg BT 79.69 392.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 118.78 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.08 392.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 173.05 392.10 Td (they ) Tj ET Q q 0 0 0 rg BT 192.13 392.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 214.54 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.19 392.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 269.93 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 289.57 392.10 Td (such ) Tj ET Q q 0 0 0 rg BT 309.77 392.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 341.07 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.71 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.80 392.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 391.10 392.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 431.28 392.10 Td (under ) Tj ET Q q 0 0 0 rg BT 455.92 392.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 498.88 392.10 Td (law) Tj ET Q q 0 0 0 rg BT 512.66 392.10 Td (. ) Tj ET Q q 0 0 0 rg BT 517.03 392.10 Td (In ) Tj ET Q q 0 0 0 rg BT 527.23 392.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (like ) Tj ET Q q 0 0 0 rg BT 66.75 380.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.55 380.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.78 380.10 Td (services ) Tj ET Q q 0 0 0 rg BT 161.24 380.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 208.76 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 222.67 380.10 Td (may ) Tj ET Q q 0 0 0 rg BT 242.14 380.10 Td (face ) Tj ET Q q 0 0 0 rg BT 261.04 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.50 380.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 319.43 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.01 380.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 371.14 380.10 Td (fraud ) Tj ET Q q 0 0 0 rg BT 394.49 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 405.07 380.10 Td (misconduct. ) Tj ET Q q 0 0 0 rg BT 455.77 380.10 Td (The ) Tj ET Q q 0 0 0 rg BT 473.56 380.10 Td (precautions ) Tj ET Q q 0 0 0 rg BT 521.91 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 535.82 380.10 Td (take ) Tj ET Q q 0 0 0 rg BT 554.73 380.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 82.53 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.02 368.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 126.94 368.10 Td (this ) Tj ET Q q 0 0 0 rg BT 144.43 368.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 177.47 368.10 Td (may ) Tj ET Q q 0 0 0 rg BT 197.73 368.10 Td (not ) Tj ET Q q 0 0 0 rg BT 213.56 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 226.04 368.10 Td (ef) Tj ET Q q 0 0 0 rg BT 233.63 368.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 263.88 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.71 368.10 Td (all ) Tj ET Q q 0 0 0 rg BT 287.75 368.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 311.89 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.38 368.10 Td (there ) Tj ET Q q 0 0 0 rg BT 352.41 368.10 Td (can ) Tj ET Q q 0 0 0 rg BT 369.33 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 381.82 368.10 Td (no ) Tj ET Q q 0 0 0 rg BT 394.87 368.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 436.78 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 454.82 368.10 Td (we ) Tj ET Q q 0 0 0 rg BT 469.53 368.10 Td (will ) Tj ET Q q 0 0 0 rg BT 488.13 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 500.62 368.10 Td (able ) Tj ET Q q 0 0 0 rg BT 520.32 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.15 368.10 Td (deter ) Tj ET Q q 0 0 0 rg BT 554.18 368.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 81.93 356.10 Td (fraud ) Tj ET Q q 0 0 0 rg BT 105.47 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.25 356.10 Td (misconduct. ) Tj ET Q q 0 0 0 rg BT 167.30 356.10 Td (Exposures ) Tj ET Q q 0 0 0 rg BT 211.40 356.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.29 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.17 356.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 288.72 356.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 324.48 356.10 Td (related ) Tj ET Q q 0 0 0 rg BT 354.12 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.35 356.10 Td (any ) Tj ET Q q 0 0 0 rg BT 381.23 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.01 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.67 356.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 447.99 356.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 478.76 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.54 356.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 540.30 356.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.76 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.58 344.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 116.84 344.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 147.43 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 160.81 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.53 344.10 Td (results ) Tj ET Q q 0 0 0 rg BT 207.02 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.73 344.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 263.77 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.59 344.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 319.95 344.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 363.61 344.10 Td (In ) Tj ET Q q 0 0 0 rg BT 375.32 344.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 413.98 344.10 Td (future ) Tj ET Q q 0 0 0 rg BT 441.24 344.10 Td (results ) Tj ET Q q 0 0 0 rg BT 470.73 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.44 344.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 527.48 344.10 Td (could ) Tj ET Q q 0 0 0 rg BT 553.08 344.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.86 332.10 Td (af) Tj ET Q q 0 0 0 rg BT 98.45 332.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 125.92 332.10 Td (if ) Tj ET Q q 0 0 0 rg BT 135.07 332.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 170.88 332.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 204.47 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.29 332.10 Td (these ) Tj ET Q q 0 0 0 rg BT 238.88 332.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 261.36 332.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 301.63 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 316.88 332.10 Td (required ) Tj ET Q q 0 0 0 rg BT 353.24 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.06 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 376.55 332.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 417.35 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 428.72 332.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 451.20 332.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 502.56 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.82 332.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 554.74 332.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.10 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.93 320.10 Td (established ) Tj ET Q q 0 0 0 rg BT 135.86 320.10 Td (reserves.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.22 296.10 Td (business ) Tj ET Q q 0 0 0 rg BT 107.29 296.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.01 296.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.94 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.77 296.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 200.58 296.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 246.42 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.81 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.64 296.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 327.82 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.20 296.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.26 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 381.42 296.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 417.52 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.13 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.18 296.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 491.12 296.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 536.95 296.10 Td (action ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (against ) Tj ET Q q 0 0 0 rg BT 81.55 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.04 284.10 Td (company ) Tj ET Q q 0 0 0 rg BT 137.30 284.10 Td (may ) Tj ET Q q 0 0 0 rg BT 156.55 284.10 Td (have ) Tj ET Q q 0 0 0 rg BT 178.03 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.07 284.10 Td (material ) Tj ET Q q 0 0 0 rg BT 221.55 284.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 254.69 284.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.95 284.10 Td (ef) Tj ET Q q 0 0 0 rg BT 301.54 284.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 318.56 284.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 333.66 284.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 359.03 284.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 404.97 284.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 457.57 284.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 481.84 284.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 494.16 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.09 284.10 Td (result ) Tj ET Q q 0 0 0 rg BT 530.47 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 540.85 284.10 Td (other ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 90.88 272.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 150.04 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.76 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.72 272.10 Td (company) Tj ET Q q 0 0 0 rg BT 218.56 272.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.85 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 71.52 248.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 117.51 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.52 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.97 248.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.18 248.10 Td (services ) Tj ET Q q 0 0 0 rg BT 217.62 248.10 Td (industry) Tj ET Q q 0 0 0 rg BT 249.75 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 255.48 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 270.37 248.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.81 248.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 317.37 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.38 248.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 366.05 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.72 248.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 424.71 248.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 468.49 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.05 248.10 Td (many ) Tj ET Q q 0 0 0 rg BT 505.50 248.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 537.61 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 248.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 84.86 236.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.33 236.10 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 145.84 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.75 236.10 Td (state ) Tj ET Q q 0 0 0 rg BT 181.54 236.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 224.10 236.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 262.50 236.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 322.83 236.10 Td (or) Tj ET Q q 0 0 0 rg BT 330.98 236.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 377.99 236.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 420.56 236.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.80 236.10 Td (exchanges\) ) Tj ET Q q 0 0 0 rg BT 506.24 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.15 236.10 Td (by ) Tj ET Q q 0 0 0 rg BT 533.62 236.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 106.76 224.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 145.97 224.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 189.35 224.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 217.74 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.46 224.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 274.50 224.10 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 320.93 224.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 368.04 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.83 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.44 224.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 428.48 224.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 477.98 224.10 Td (include ) Tj ET Q q 0 0 0 rg BT 509.70 224.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 538.08 224.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.43 212.10 Td (related ) Tj ET Q q 0 0 0 rg BT 98.13 212.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 139.39 212.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 171.76 212.10 Td (or) Tj ET Q q 0 0 0 rg BT 179.91 212.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 214.50 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.77 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.48 212.10 Td (United ) Tj ET Q q 0 0 0 rg BT 272.19 212.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 302.07 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.78 212.10 Td (United ) Tj ET Q q 0 0 0 rg BT 348.49 212.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 392.26 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.20 212.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 435.91 212.10 Td (Kong. ) Tj ET Q q 0 0 0 rg BT 464.13 212.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 487.61 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.43 212.10 Td (these ) Tj ET Q q 0 0 0 rg BT 523.47 212.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 555.85 212.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.46 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.33 200.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 137.62 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 157.94 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.69 200.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 216.32 200.10 Td (local ) Tj ET Q q 0 0 0 rg BT 238.28 200.10 Td (regulator ) Tj ET Q q 0 0 0 rg BT 276.91 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.89 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 303.09 200.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 333.95 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.27 200.10 Td (all ) Tj ET Q q 0 0 0 rg BT 356.80 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.67 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.42 200.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 426.04 200.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 448.02 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.99 200.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 511.96 200.10 Td (promulgated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.03 188.10 Td (those ) Tj ET Q q 0 0 0 rg BT 85.67 188.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 132.91 188.10 Td (In ) Tj ET Q q 0 0 0 rg BT 143.77 188.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 181.58 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.44 188.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 219.41 188.10 Td (management ) Tj ET Q q 0 0 0 rg BT 273.03 188.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 324.72 188.10 Td (ARI, ) Tj ET Q q 0 0 0 rg BT 346.97 188.10 Td (PJIM, ) Tj ET Q q 0 0 0 rg BT 373.67 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.64 188.10 Td (PJC ) Tj ET Q q 0 0 0 rg BT 409.30 188.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 440.71 188.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 476.01 188.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 499.93 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.79 188.10 Td (well ) Tj ET Q q 0 0 0 rg BT 530.54 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 541.40 188.10 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 60.98 176.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 79.41 176.10 Td (& ) Tj ET Q q 0 0 0 rg BT 89.53 176.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 108.53 176.10 Td (are ) Tj ET Q q 0 0 0 rg BT 123.08 176.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 164.83 176.10 Td (as ) Tj ET Q q 0 0 0 rg BT 175.50 176.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 221.72 176.10 Td (advisors ) Tj ET Q q 0 0 0 rg BT 257.38 176.10 Td (with ) Tj ET Q q 0 0 0 rg BT 277.50 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.05 176.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 312.72 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.50 176.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 360.16 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.27 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.82 176.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 427.70 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.48 176.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 484.03 176.10 Td (by ) Tj ET Q q 0 0 0 rg BT 496.36 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.92 176.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 534.09 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.87 176.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (have ) Tj ET Q q 0 0 0 rg BT 70.88 164.10 Td (an ) Tj ET Q q 0 0 0 rg BT 82.82 164.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 125.31 164.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 147.24 164.10 Td (management ) Tj ET Q q 0 0 0 rg BT 200.83 164.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 244.44 164.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 275.27 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.54 164.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 328.59 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.87 164.10 Td (Guernsey) Tj ET Q q 0 0 0 rg BT 376.54 164.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.27 140.10 Td (, ) Tj ET Q q 0 0 0 rg BT 93.15 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.75 140.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 162.33 140.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 198.60 140.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.98 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.69 140.10 Td (regulators ) Tj ET Q q 0 0 0 rg BT 269.06 140.10 Td (are ) Tj ET Q q 0 0 0 rg BT 283.65 140.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 321.57 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.73 140.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 360.21 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 140.10 Td (integrity ) Tj ET Q q 0 0 0 rg BT 411.07 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.78 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.38 140.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 473.74 140.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 507.77 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.59 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.75 140.10 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 91.92 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.23 128.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.64 128.10 Td (third ) Tj ET Q q 0 0 0 rg BT 151.40 128.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 179.92 128.10 Td (who ) Tj ET Q q 0 0 0 rg BT 199.02 128.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 217.54 128.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.19 128.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 250.32 128.10 Td (These ) Tj ET Q q 0 0 0 rg BT 276.06 128.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 330.14 128.10 Td (are ) Tj ET Q q 0 0 0 rg BT 344.21 128.10 Td (not ) Tj ET Q q 0 0 0 rg BT 358.86 128.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 396.28 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.93 128.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 435.56 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.76 128.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 505.67 128.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 560.01 128.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 76.90 116.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 102.62 116.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 148.35 116.10 Td (often ) Tj ET Q q 0 0 0 rg BT 170.20 116.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 192.60 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.67 116.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 221.86 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.49 116.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 276.39 116.10 Td (through ) Tj ET Q q 0 0 0 rg BT 308.80 116.10 Td (net ) Tj ET Q q 0 0 0 rg BT 322.31 116.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 352.76 116.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.72 116.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 432.56 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.29 116.10 Td (market ) Tj ET Q q 0 0 0 rg BT 477.36 116.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 510.31 116.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.61 104.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 113.72 104.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.39 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.28 104.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 186.18 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.63 104.10 Td (which ) Tj ET Q q 0 0 0 rg BT 223.74 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 238.07 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 257.96 104.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 290.06 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.06 104.10 Td (invest. ) Tj ET Q q 0 0 0 rg BT 329.93 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 338.57 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 345.68 104.10 Td (also ) Tj ET Q q 0 0 0 rg BT 364.46 104.10 Td (must ) Tj ET Q q 0 0 0 rg BT 386.58 104.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 419.25 104.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.70 104.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 461.82 104.10 Td (management ) Tj ET Q q 0 0 0 rg BT 515.58 104.10 Td (regulations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.68 92.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 144.29 92.10 Td (related ) Tj ET Q q 0 0 0 rg BT 173.90 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.09 92.10 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 222.59 92.10 Td (duties ) Tj ET Q q 0 0 0 rg BT 248.89 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.08 92.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 290.09 92.10 Td (record-keeping ) Tj ET Q q 0 0 0 rg BT 353.02 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.87 92.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 408.93 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.78 92.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 464.84 92.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 514.19 92.10 Td (Compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (with ) Tj ET Q q 0 0 0 rg BT 68.97 80.10 Td (many ) Tj ET Q q 0 0 0 rg BT 92.87 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.89 80.10 Td (these ) Tj ET Q q 0 0 0 rg BT 125.12 80.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 171.24 80.10 Td (entails ) Tj ET Q q 0 0 0 rg BT 199.03 80.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.16 80.10 Td (number ) Tj ET Q q 0 0 0 rg BT 237.39 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.41 80.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 270.49 80.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 318.26 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.73 80.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 349.95 80.10 Td (where ) Tj ET Q q 0 0 0 rg BT 376.07 80.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 418.84 80.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 464.96 80.10 Td (may ) Tj ET Q q 0 0 0 rg BT 483.87 80.10 Td (be ) Tj ET Q q 0 0 0 rg BT 494.99 80.10 Td (newer ) Tj ET Q q 0 0 0 rg BT 521.11 80.10 Td (or ) Tj ET Q q 0 0 0 rg BT 531.13 80.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 560.00 80.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.14 68.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 97.72 68.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 141.12 68.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 185.64 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.73 68.10 Td (all ) Tj ET Q q 0 0 0 rg BT 208.03 68.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 259.79 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.87 68.10 Td (which ) Tj ET Q q 0 0 0 rg BT 296.62 68.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.59 68.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 344.55 68.10 Td (business ) Tj ET Q q 0 0 0 rg BT 380.75 68.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.28 68.10 Td (intervene ) Tj ET Q q 0 0 0 rg BT 439.79 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.88 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.51 68.10 Td (business ) Tj ET Q q 0 0 0 rg BT 501.71 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.46 68.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.43 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 68.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.76 56.10 Td (could ) Tj ET Q q 0 0 0 rg BT 119.48 56.10 Td (be ) Tj ET Q q 0 0 0 rg BT 131.42 56.10 Td (fined ) Tj ET Q q 0 0 0 rg BT 154.47 56.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.30 56.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 206.67 56.10 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 253.05 56.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.21 56.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 309.16 56.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.99 56.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 363.59 56.10 Td (from ) Tj ET Q q 0 0 0 rg BT 385.53 56.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 424.69 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.96 56.10 Td (some ) Tj ET Q q 0 0 0 rg BT 458.57 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.40 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.23 56.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.62 56.10 Td (activities.) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.34 728.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.52 728.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.92 728.10 Td (subjects ) Tj ET Q q 0 0 0 rg BT 156.42 728.10 Td (us ) Tj ET Q q 0 0 0 rg BT 167.61 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.67 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.18 728.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 228.90 728.10 Td (income ) Tj ET Q q 0 0 0 rg BT 260.62 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.35 728.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 307.97 728.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 322.47 728.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 343.09 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.71 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.22 728.10 Td (national ) Tj ET Q q 0 0 0 rg BT 402.72 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.44 728.10 Td (local ) Tj ET Q q 0 0 0 rg BT 441.17 728.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 492.90 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.97 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 529.69 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 543.64 728.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.85 716.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 132.46 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.35 716.10 Td (these ) Tj ET Q q 0 0 0 rg BT 172.35 716.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 187.02 716.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 207.81 716.10 Td (may ) Tj ET Q q 0 0 0 rg BT 227.48 716.10 Td (be ) Tj ET Q q 0 0 0 rg BT 239.38 716.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 270.16 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.39 716.10 Td (dif) Tj ET Q q 0 0 0 rg BT 291.32 716.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 317.09 716.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 377.30 716.10 Td (by ) Tj ET Q q 0 0 0 rg BT 389.76 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.43 716.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 441.31 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.20 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.87 716.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 507.53 716.10 Td (governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 76.88 704.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 123.80 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 132.44 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 139.26 704.10 Td (must ) Tj ET Q q 0 0 0 rg BT 161.09 704.10 Td (make ) Tj ET Q q 0 0 0 rg BT 185.13 704.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 229.18 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.00 704.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 306.14 704.10 Td (about ) Tj ET Q q 0 0 0 rg BT 330.74 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.34 704.10 Td (application ) Tj ET Q q 0 0 0 rg BT 392.15 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.86 704.10 Td (these ) Tj ET Q q 0 0 0 rg BT 425.79 704.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 468.72 704.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 505.53 704.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 520.13 704.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 540.85 704.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 100.19 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.78 692.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 154.92 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 168.95 692.10 Td (income ) Tj ET Q q 0 0 0 rg BT 200.76 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.57 692.10 Td (other ) Tj ET Q q 0 0 0 rg BT 240.48 692.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 265.73 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.36 692.10 Td (e ) Tj ET Q q 0 0 0 rg BT 281.17 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.75 692.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 326.44 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.59 692.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 381.17 692.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 395.76 692.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 413.13 692.10 Td (that ) Tj ET Q q 0 0 0 rg BT 430.49 692.10 Td (could ) Tj ET Q q 0 0 0 rg BT 455.08 692.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 495.77 692.10 Td (af) Tj ET Q q 0 0 0 rg BT 503.35 692.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 520.71 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.41 692.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 680.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 106.78 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.96 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.58 680.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 158.41 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 175.80 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 191.53 680.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 251.69 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.42 680.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.03 680.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 297.76 680.10 Td (are ) Tj ET Q q 0 0 0 rg BT 312.37 680.10 Td (disputed ) Tj ET Q q 0 0 0 rg BT 348.65 680.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 371.05 680.10 Td (examination ) Tj ET Q q 0 0 0 rg BT 422.88 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.61 680.10 Td (audit, ) Tj ET Q q 0 0 0 rg BT 458.50 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.34 680.10 Td (are ) Tj ET Q q 0 0 0 rg BT 489.95 680.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 518.45 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.63 680.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 668.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 88.38 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.21 668.10 Td (established ) Tj ET Q q 0 0 0 rg BT 146.14 668.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 181.40 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.56 668.10 Td (such ) Tj ET Q q 0 0 0 rg BT 216.39 668.10 Td (contingencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.73 644.10 Td (ef) Tj ET Q q 0 0 0 rg BT 74.32 644.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 90.44 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.90 644.10 Td (combat ) Tj ET Q q 0 0 0 rg BT 131.01 644.10 Td (money ) Tj ET Q q 0 0 0 rg BT 159.91 644.10 Td (laundering ) Tj ET Q q 0 0 0 rg BT 204.35 644.10 Td (also ) Tj ET Q q 0 0 0 rg BT 222.14 644.10 Td (has ) Tj ET Q q 0 0 0 rg BT 237.15 644.10 Td (become ) Tj ET Q q 0 0 0 rg BT 269.93 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 276.05 644.10 Td (high ) Tj ET Q q 0 0 0 rg BT 295.51 644.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 327.18 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.64 644.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 393.30 644.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 419.98 644.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.44 644.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 469.44 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.90 644.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.56 644.10 Td (institutions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.46 632.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 108.42 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.16 632.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.55 632.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 202.91 632.10 Td (including ) Tj ET Q q 0 0 0 rg BT 242.10 632.10 Td (ourselves, ) Tj ET Q q 0 0 0 rg BT 283.78 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.96 632.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 325.48 632.10 Td (their ) Tj ET Q q 0 0 0 rg BT 345.21 632.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 389.67 632.10 Td (watch ) Tj ET Q q 0 0 0 rg BT 414.96 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 428.03 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.88 632.10 Td (report ) Tj ET Q q 0 0 0 rg BT 469.16 632.10 Td (suspicious ) Tj ET Q q 0 0 0 rg BT 512.24 632.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 84.40 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.41 620.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 131.42 620.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.31 620.10 Td (information ) Tj ET Q q 0 0 0 rg BT 196.76 620.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.00 620.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 254.33 620.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 299.78 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.45 620.10 Td (law ) Tj ET Q q 0 0 0 rg BT 335.13 620.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 388.33 620.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 428.49 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.17 620.10 Td (share ) Tj ET Q q 0 0 0 rg BT 470.50 620.10 Td (information ) Tj ET Q q 0 0 0 rg BT 520.95 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 541.96 620.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.73 608.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 135.93 608.10 Td (has ) Tj ET Q q 0 0 0 rg BT 151.51 608.10 Td (required ) Tj ET Q q 0 0 0 rg BT 187.07 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 608.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 266.55 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.24 608.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 336.01 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.59 608.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 379.38 608.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 419.66 608.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 465.78 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.47 608.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 516.93 608.10 Td (which ) Tj ET Q q 0 0 0 rg BT 543.62 608.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (increased, ) Tj ET Q q 0 0 0 rg BT 91.82 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.33 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 127.62 596.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 164.12 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.97 596.10 Td (increase, ) Tj ET Q q 0 0 0 rg BT 211.30 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.70 596.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 250.81 596.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 270.10 596.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 298.27 596.10 Td (with ) Tj ET Q q 0 0 0 rg BT 318.12 596.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 348.50 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.35 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.75 596.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 413.59 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.44 596.10 Td (this ) Tj ET Q q 0 0 0 rg BT 439.96 596.10 Td (area ) Tj ET Q q 0 0 0 rg BT 458.67 596.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.96 596.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 513.35 596.10 Td (us ) Tj ET Q q 0 0 0 rg BT 524.32 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.17 596.10 Td (serious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 94.08 584.10 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 155.05 584.10 Td (including ) Tj ET Q q 0 0 0 rg BT 196.31 584.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 242.57 584.10 Td (fines, ) Tj ET Q q 0 0 0 rg BT 268.00 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.93 584.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 332.18 584.10 Td (other ) Tj ET Q q 0 0 0 rg BT 356.22 584.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 399.42 584.10 Td (In ) Tj ET Q q 0 0 0 rg BT 411.24 584.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 450.01 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.82 584.10 Td (international ) Tj ET Q q 0 0 0 rg BT 520.85 584.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (require ) Tj ET Q q 0 0 0 rg BT 79.77 572.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 127.82 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 147.56 572.10 Td (anti-bribery ) Tj ET Q q 0 0 0 rg BT 196.72 572.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 219.51 572.10 Td (including ) Tj ET Q q 0 0 0 rg BT 259.25 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.42 572.10 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 306.49 572.10 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 339.56 572.10 Td (Practices ) Tj ET Q q 0 0 0 rg BT 377.18 572.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 393.58 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.97 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.15 572.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 445.55 572.10 Td (Bribery ) Tj ET Q q 0 0 0 rg BT 477.63 572.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 494.02 572.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 518.34 572.10 Td (These ) Tj ET Q q 0 0 0 rg BT 544.18 572.10 Td (laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.71 560.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 124.39 560.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 170.16 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.61 560.10 Td (their ) Tj ET Q q 0 0 0 rg BT 208.95 560.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 269.15 560.10 Td (from ) Tj ET Q q 0 0 0 rg BT 291.60 560.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 331.27 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.06 560.10 Td (bribery ) Tj ET Q q 0 0 0 rg BT 373.94 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.28 560.10 Td (making ) Tj ET Q q 0 0 0 rg BT 418.29 560.10 Td (other ) Tj ET Q q 0 0 0 rg BT 441.85 560.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 481.51 560.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 522.85 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.64 560.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 548.10 Td (ficials ) Tj ET Q q 0 0 0 rg BT 85.29 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.16 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.58 548.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 150.45 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.99 548.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 202.97 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 214.50 548.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 253.25 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 290.35 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.89 548.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 335.09 548.10 Td (an ) Tj ET Q q 0 0 0 rg BT 347.74 548.10 Td (unfair ) Tj ET Q q 0 0 0 rg BT 374.82 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 411.92 548.10 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 457.93 548.10 Td (While ) Tj ET Q q 0 0 0 rg BT 485.57 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.10 548.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 548.07 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (agents ) Tj ET Q q 0 0 0 rg BT 78.24 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 93.64 536.10 Td (required ) Tj ET Q q 0 0 0 rg BT 130.15 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.12 536.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 174.31 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 195.28 536.10 Td (these ) Tj ET Q q 0 0 0 rg BT 219.02 536.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 243.04 536.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.90 536.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 287.75 536.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 317.04 536.10 Td (that ) Tj ET Q q 0 0 0 rg BT 335.23 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.75 536.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 385.49 536.10 Td (control ) Tj ET Q q 0 0 0 rg BT 417.00 536.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 451.30 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.93 536.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 515.99 536.10 Td (will ) Tj ET Q q 0 0 0 rg BT 534.74 536.10 Td (always ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 78.98 524.10 Td (us ) Tj ET Q q 0 0 0 rg BT 89.59 524.10 Td (from ) Tj ET Q q 0 0 0 rg BT 110.74 524.10 Td (intentional, ) Tj ET Q q 0 0 0 rg BT 157.72 524.10 Td (reckless ) Tj ET Q q 0 0 0 rg BT 191.65 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.69 524.10 Td (negligent ) Tj ET Q q 0 0 0 rg BT 240.62 524.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 257.88 524.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 302.36 524.10 Td (by ) Tj ET Q q 0 0 0 rg BT 314.08 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 329.13 524.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 373.60 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 383.65 524.10 Td (agents, ) Tj ET Q q 0 0 0 rg BT 413.41 524.10 Td (which ) Tj ET Q q 0 0 0 rg BT 439.57 524.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 456.83 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 480.76 524.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 510.80 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.85 524.10 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 512.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 81.72 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.55 512.10 Td (other ) Tj ET Q q 0 0 0 rg BT 115.59 512.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.19 512.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 216.66 512.10 Td (that ) Tj ET Q q 0 0 0 rg BT 234.16 512.10 Td (could ) Tj ET Q q 0 0 0 rg BT 258.88 512.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 289.15 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.98 512.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 349.14 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.08 512.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 410.23 512.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 439.94 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 455.77 512.10 Td (results ) Tj ET Q q 0 0 0 rg BT 484.38 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.21 512.10 Td (operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 96.43 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.49 488.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.77 488.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 201.72 488.10 Td (could ) Tj ET Q q 0 0 0 rg BT 227.00 488.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 280.61 488.10 Td (curtail ) Tj ET Q q 0 0 0 rg BT 310.34 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.62 488.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 360.89 488.10 Td (from ) Tj ET Q q 0 0 0 rg BT 383.39 488.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 414.77 488.10 Td (products ) Tj ET Q q 0 0 0 rg BT 452.83 488.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.45 488.10 Td (we ) Tj ET Q q 0 0 0 rg BT 485.06 488.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 525.34 488.10 Td (provide.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Proposed ) Tj ET Q q 0 0 0 rg BT 88.82 464.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 123.12 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.99 464.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 153.42 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 163.84 464.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 210.37 464.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 243.01 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.88 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.30 464.10 Td (business ) Tj ET Q q 0 0 0 rg BT 304.29 464.10 Td (could ) Tj ET Q q 0 0 0 rg BT 328.60 464.10 Td (decrease, ) Tj ET Q q 0 0 0 rg BT 367.61 464.10 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 400.80 464.10 Td (significantly) Tj ET Q q 0 0 0 rg BT 450.14 464.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.74 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.05 464.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 502.79 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.88 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.64 464.10 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.72 452.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 103.71 452.10 Td (products ) Tj ET Q q 0 0 0 rg BT 141.94 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.05 452.10 Td (services ) Tj ET Q q 0 0 0 rg BT 190.05 452.10 Td (that ) Tj ET Q q 0 0 0 rg BT 208.83 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.27 452.10 Td (provide. ) Tj ET Q q 0 0 0 rg BT 261.11 452.10 Td (For ) Tj ET Q q 0 0 0 rg BT 278.79 452.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 318.94 452.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 350.48 452.10 Td (law ) Tj ET Q q 0 0 0 rg BT 368.71 452.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 408.59 452.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 438.48 452.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 478.38 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.94 452.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 510.94 452.10 Td (issuances ) Tj ET Q q 0 0 0 rg BT 552.50 452.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (government ) Tj ET Q q 0 0 0 rg BT 99.18 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.54 440.10 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 158.01 440.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 188.81 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.51 440.10 Td (exclude ) Tj ET Q q 0 0 0 rg BT 231.53 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.66 440.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 267.58 440.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 298.94 440.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.52 440.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 342.19 440.10 Td (income ) Tj ET Q q 0 0 0 rg BT 373.55 440.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 387.68 440.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 427.66 440.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 464.57 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.27 440.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 498.96 440.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 530.31 440.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.63 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.31 428.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 104.10 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 114.90 428.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 156.79 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.03 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.94 428.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 205.28 428.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 248.01 428.10 Td (In ) Tj ET Q q 0 0 0 rg BT 258.80 428.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 285.69 428.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 311.76 428.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 341.98 428.10 Td (lawmakers ) Tj ET Q q 0 0 0 rg BT 387.76 428.10 Td (have ) Tj ET Q q 0 0 0 rg BT 409.10 428.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 449.88 428.10 Td (various ) Tj ET Q q 0 0 0 rg BT 481.79 428.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 522.58 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.83 428.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 554.18 428.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 88.62 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.75 416.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 149.65 416.10 Td (status ) Tj ET Q q 0 0 0 rg BT 174.34 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.59 416.10 Td (this ) Tj ET Q q 0 0 0 rg BT 200.95 416.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 222.87 416.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 256.72 416.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 274.19 416.10 Td (public ) Tj ET Q q 0 0 0 rg BT 301.10 416.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 332.44 416.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 378.23 416.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 412.37 416.10 Td (business ) Tj ET Q q 0 0 0 rg BT 448.17 416.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 482.84 416.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 526.97 416.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.73 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 68.07 404.10 Td (result ) Tj ET Q q 0 0 0 rg BT 93.18 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.41 404.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 158.97 404.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 191.86 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.54 404.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 249.31 404.10 Td (with ) Tj ET Q q 0 0 0 rg BT 269.98 404.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 290.10 404.10 Td (issuances ) Tj ET Q q 0 0 0 rg BT 330.77 404.10 Td (by ) Tj ET Q q 0 0 0 rg BT 343.67 404.10 Td (government ) Tj ET Q q 0 0 0 rg BT 394.33 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.67 404.10 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 455.12 404.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 486.62 404.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 526.73 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 539.63 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 546.97 404.10 Td (tax-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 82.59 392.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 107.94 392.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 132.99 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.09 392.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 186.95 392.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 233.91 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.90 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.89 392.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 304.31 392.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 346.29 392.10 Td (- ) Tj ET Q q 0 0 0 rg BT 353.28 392.10 Td (both ) Tj ET Q q 0 0 0 rg BT 374.71 392.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 414.49 392.10 Td (held ) Tj ET Q q 0 0 0 rg BT 435.36 392.10 Td (for ) Tj ET Q q 0 0 0 rg BT 450.68 392.10 Td (client ) Tj ET Q q 0 0 0 rg BT 476.55 392.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 510.20 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.29 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 545.28 392.10 Td (own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 97.36 380.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 129.11 380.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 168.66 380.10 Td (- ) Tj ET Q q 0 0 0 rg BT 175.42 380.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 206.63 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.40 380.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 261.82 380.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 304.76 380.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 325.41 380.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 366.60 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 378.37 380.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 427.34 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.11 380.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 487.52 380.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 510.95 380.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 546.31 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 558.08 380.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 90.02 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.55 368.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 143.86 368.10 Td (income ) Tj ET Q q 0 0 0 rg BT 176.04 368.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 191.01 368.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 215.14 368.10 Td (could ) Tj ET Q q 0 0 0 rg BT 240.12 368.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 284.52 368.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 314.49 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.46 368.10 Td (value ) Tj ET Q q 0 0 0 rg BT 353.87 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.95 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.92 368.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 422.66 368.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 463.18 368.10 Td (we ) Tj ET Q q 0 0 0 rg BT 477.60 368.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 498.13 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.66 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.74 368.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.58 356.10 Td (as ) Tj ET Q q 0 0 0 rg BT 101.67 356.10 Td (well ) Tj ET Q q 0 0 0 rg BT 121.64 356.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.72 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.81 356.10 Td (public ) Tj ET Q q 0 0 0 rg BT 176.56 356.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 208.74 356.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 255.38 356.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 290.35 356.10 Td (business ) Tj ET Q q 0 0 0 rg BT 327.00 356.10 Td (more ) Tj ET Q q 0 0 0 rg BT 350.30 356.10 Td (generally) Tj ET Q q 0 0 0 rg BT 386.85 356.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.11 356.10 Td (which ) Tj ET Q q 0 0 0 rg BT 419.30 356.10 Td (would ) Tj ET Q q 0 0 0 rg BT 447.05 356.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 491.46 356.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 521.43 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 356.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 344.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 104.49 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.65 344.10 Td (these ) Tj ET Q q 0 0 0 rg BT 141.69 344.10 Td (businesses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 320.10 Td (business ) Tj ET Q q 0 0 0 rg BT 105.62 320.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 151.46 320.10 Td (that ) Tj ET Q q 0 0 0 rg BT 170.08 320.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.69 320.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 218.97 320.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 250.92 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.75 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.02 320.10 Td (United ) Tj ET Q q 0 0 0 rg BT 307.30 320.10 Td (States ) Tj ET Q q 0 0 0 rg BT 334.25 320.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 365.64 320.10 Td (us ) Tj ET Q q 0 0 0 rg BT 377.59 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.87 320.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 419.27 320.10 Td (risks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.22 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 296.10 Td (o ) Tj ET Q q 0 0 0 rg BT 61.74 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.79 296.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 102.06 296.10 Td (that ) Tj ET Q q 0 0 0 rg BT 118.89 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 132.38 296.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 165.87 296.10 Td (business ) Tj ET Q q 0 0 0 rg BT 201.60 296.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 232.32 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.37 296.10 Td (United ) Tj ET Q q 0 0 0 rg BT 275.42 296.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 303.64 296.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.13 296.10 Td (example ) Tj ET Q q 0 0 0 rg BT 352.84 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 362.04 296.10 Td (Asia ) Tj ET Q q 0 0 0 rg BT 382.21 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.48 296.10 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 431.69 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.18 296.10 Td (are ) Tj ET Q q 0 0 0 rg BT 459.22 296.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 489.38 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.00 296.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 522.22 296.10 Td (including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (without ) Tj ET Q q 0 0 0 rg BT 82.61 284.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 126.55 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.32 284.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 158.88 284.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.42 284.10 Td (we ) Tj ET Q q 0 0 0 rg BT 190.64 284.10 Td (will ) Tj ET Q q 0 0 0 rg BT 208.75 284.10 Td (be ) Tj ET Q q 0 0 0 rg BT 220.74 284.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 249.95 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.28 284.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 293.38 284.10 Td (ef) Tj ET Q q 0 0 0 rg BT 300.97 284.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 330.73 284.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 378.26 284.10 Td (support ) Tj ET Q q 0 0 0 rg BT 410.81 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.15 284.10 Td (these ) Tj ET Q q 0 0 0 rg BT 444.25 284.10 Td (business ) Tj ET Q q 0 0 0 rg BT 480.69 284.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 521.84 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.61 284.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 554.17 284.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (noncompliance ) Tj ET Q q 0 0 0 rg BT 112.33 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.84 272.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 162.46 272.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 182.53 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.70 272.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 247.38 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.55 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.51 272.10 Td (general ) Tj ET Q q 0 0 0 rg BT 308.67 272.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 349.28 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.46 272.10 Td (political ) Tj ET Q q 0 0 0 rg BT 399.96 272.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 443.37 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.88 272.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 491.28 272.10 Td (where ) Tj ET Q q 0 0 0 rg BT 517.44 272.10 Td (we ) Tj ET Q q 0 0 0 rg BT 530.84 272.10 Td (conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 88.39 260.10 Td (which ) Tj ET Q q 0 0 0 rg BT 115.33 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 135.05 260.10 Td (dif) Tj ET Q q 0 0 0 rg BT 145.97 260.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 159.57 260.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 212.06 260.10 Td (from ) Tj ET Q q 0 0 0 rg BT 234.00 260.10 Td (those ) Tj ET Q q 0 0 0 rg BT 257.61 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.89 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.61 260.10 Td (United ) Tj ET Q q 0 0 0 rg BT 312.32 260.10 Td (States.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 97.08 236.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.89 236.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 183.36 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 202.61 236.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 223.53 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.01 236.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 267.59 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.39 236.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 309.42 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.34 236.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 359.60 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.08 236.10 Td (present ) Tj ET Q q 0 0 0 rg BT 408.11 236.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 432.90 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.26 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 480.30 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.22 236.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 520.48 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.96 236.10 Td (ability ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 224.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 81.71 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.67 224.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.39 224.10 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 200.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.92 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 79.47 200.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 110.14 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.27 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.83 200.10 Td (SEC's ) Tj ET Q q 0 0 0 rg BT 161.21 200.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 195.77 200.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.33 200.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.33 200.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 257.22 200.10 Td (\(Rule15c3-1\) ) Tj ET Q q 0 0 0 rg BT 315.38 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.16 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.73 200.10 Td (net ) Tj ET Q q 0 0 0 rg BT 361.29 200.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.28 200.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 408.18 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.85 200.10 Td (FINRA, ) Tj ET Q q 0 0 0 rg BT 453.70 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.48 200.10 Td (may ) Tj ET Q q 0 0 0 rg BT 500.05 200.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 521.28 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.96 200.10 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.82 188.10 Td (make ) Tj ET Q q 0 0 0 rg BT 84.02 188.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 135.44 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.31 188.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.50 188.10 Td (from ) Tj ET Q q 0 0 0 rg BT 197.48 188.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 221.13 188.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 232.61 188.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 261.53 188.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 280.74 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.61 188.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 316.93 188.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 345.57 188.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 372.54 188.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 413.00 188.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.86 188.10 Td (The ) Tj ET Q q 0 0 0 rg BT 435.94 188.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 470.70 188.10 Td (net ) Tj ET Q q 0 0 0 rg BT 485.46 188.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 514.65 188.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 532.74 188.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 550.28 188.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 90.37 176.10 Td (level ) Tj ET Q q 0 0 0 rg BT 111.77 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.08 176.10 Td (net ) Tj ET Q q 0 0 0 rg BT 136.27 176.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 164.89 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.31 176.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 199.38 176.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 225.78 176.10 Td (must ) Tj ET Q q 0 0 0 rg BT 247.20 176.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 284.16 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.58 176.10 Td (also ) Tj ET Q q 0 0 0 rg BT 318.66 176.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 352.84 176.10 Td (that ) Tj ET Q q 0 0 0 rg BT 369.81 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.22 176.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 407.08 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.39 176.10 Td (its ) Tj ET Q q 0 0 0 rg BT 428.81 176.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 454.11 176.10 Td (be ) Tj ET Q q 0 0 0 rg BT 465.53 176.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 505.26 176.10 Td (liquid. ) Tj ET Q q 0 0 0 rg BT 533.07 176.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 562.52 176.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.08 164.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 101.11 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.91 164.10 Td (member ) Tj ET Q q 0 0 0 rg BT 141.04 164.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 159.62 164.10 Td (from ) Tj ET Q q 0 0 0 rg BT 180.43 164.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 223.45 164.10 Td (its ) Tj ET Q q 0 0 0 rg BT 234.26 164.10 Td (business ) Tj ET Q q 0 0 0 rg BT 269.52 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 279.21 164.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 307.79 164.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 326.93 164.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 367.18 164.10 Td (if ) Tj ET Q q 0 0 0 rg BT 374.65 164.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 411.01 164.10 Td (net ) Tj ET Q q 0 0 0 rg BT 424.59 164.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 452.61 164.10 Td (falls ) Tj ET Q q 0 0 0 rg BT 471.19 164.10 Td (below ) Tj ET Q q 0 0 0 rg BT 496.99 164.10 Td (its ) Tj ET Q q 0 0 0 rg BT 507.81 164.10 Td (requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 105.90 152.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 162.87 152.10 Td (require ) Tj ET Q q 0 0 0 rg BT 193.71 152.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.67 152.10 Td (char) Tj ET Q q 0 0 0 rg BT 217.70 152.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 229.66 152.10 Td (against ) Tj ET Q q 0 0 0 rg BT 260.51 152.10 Td (net ) Tj ET Q q 0 0 0 rg BT 275.26 152.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 304.43 152.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 323.90 152.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 370.45 152.10 Td (, ) Tj ET Q q 0 0 0 rg BT 375.48 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.33 152.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 419.41 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.71 152.10 Td (make ) Tj ET Q q 0 0 0 rg BT 453.90 152.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 508.08 152.10 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 140.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.16 140.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 111.99 140.10 Td (by ) Tj ET Q q 0 0 0 rg BT 124.49 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.20 140.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 190.01 140.10 Td (that ) Tj ET Q q 0 0 0 rg BT 207.51 140.10 Td (we ) Tj ET Q q 0 0 0 rg BT 221.67 140.10 Td (must ) Tj ET Q q 0 0 0 rg BT 243.62 140.10 Td (at ) Tj ET Q q 0 0 0 rg BT 253.33 140.10 Td (all ) Tj ET Q q 0 0 0 rg BT 265.83 140.10 Td (times ) Tj ET Q q 0 0 0 rg BT 289.99 140.10 Td (be ) Tj ET Q q 0 0 0 rg BT 301.93 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.21 140.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 360.80 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 381.08 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.79 140.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 439.38 140.10 Td (net ) Tj ET Q q 0 0 0 rg BT 454.10 140.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.25 140.10 Td (regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.56 116.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 85.61 116.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 97.09 116.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 115.14 116.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 162.08 116.10 Td (is ) Tj ET Q q 0 0 0 rg BT 170.69 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.08 116.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 209.58 116.10 Td (company) Tj ET Q q 0 0 0 rg BT 245.59 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.03 116.10 Td (it ) Tj ET Q q 0 0 0 rg BT 257.53 116.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 292.25 116.10 Td (on ) Tj ET Q q 0 0 0 rg BT 304.19 116.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 347.53 116.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 399.48 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.86 116.10 Td (other ) Tj ET Q q 0 0 0 rg BT 438.35 116.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 478.63 116.10 Td (from ) Tj ET Q q 0 0 0 rg BT 500.01 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.29 116.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 104.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 81.63 104.10 Td (its ) Tj ET Q q 0 0 0 rg BT 94.09 104.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 143.82 104.10 Td (The ) Tj ET Q q 0 0 0 rg BT 162.38 104.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 206.48 104.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 253.93 104.10 Td (described ) Tj ET Q q 0 0 0 rg BT 295.25 104.10 Td (above ) Tj ET Q q 0 0 0 rg BT 322.14 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 342.37 104.10 Td (impede ) Tj ET Q q 0 0 0 rg BT 374.81 104.10 Td (access ) Tj ET Q q 0 0 0 rg BT 403.36 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.15 104.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 439.38 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 455.72 104.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 489.29 104.10 Td (company ) Tj ET Q q 0 0 0 rg BT 528.95 104.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 554.73 104.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.66 92.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 114.48 92.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.98 92.10 Td (any ) Tj ET Q q 0 0 0 rg BT 143.92 92.10 Td (such ) Tj ET Q q 0 0 0 rg BT 164.75 92.10 Td (obligations.) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 728.25 Td ( Risks to Our) Tj ET Q q 0 0 0 rg BT 131.64 728.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 154.52 728.25 Td (eholders) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 704.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.32 704.25 Td (may ) Tj ET Q q 0 0 0 rg BT 83.76 704.25 Td (change ) Tj ET Q q 0 0 0 rg BT 115.99 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.67 704.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 169.90 704.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 196.56 704.25 Td (at ) Tj ET Q q 0 0 0 rg BT 206.57 704.25 Td (any ) Tj ET Q q 0 0 0 rg BT 223.80 704.25 Td (time ) Tj ET Q q 0 0 0 rg BT 243.80 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.59 704.25 Td (there ) Tj ET Q q 0 0 0 rg BT 284.93 704.25 Td (can ) Tj ET Q q 0 0 0 rg BT 302.16 704.25 Td (be ) Tj ET Q q 0 0 0 rg BT 313.82 704.25 Td (no ) Tj ET Q q 0 0 0 rg BT 326.61 704.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 370.52 704.25 Td (that ) Tj ET Q q 0 0 0 rg BT 388.87 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 402.20 704.25 Td (will ) Tj ET Q q 0 0 0 rg BT 419.44 704.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 457.78 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.79 704.25 Td (declare ) Tj ET Q q 0 0 0 rg BT 500.01 704.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 521.13 704.25 Td (dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 94.25 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.10 680.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 130.68 680.25 Td (we ) Tj ET Q q 0 0 0 rg BT 145.42 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 160.71 680.25 Td (initiating ) Tj ET Q q 0 0 0 rg BT 199.90 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.20 680.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 252.71 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.12 680.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.64 680.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 310.81 680.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 331.66 680.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 369.74 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.59 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.00 680.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 452.44 680.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 493.30 680.25 Td (we ) Tj ET Q q 0 0 0 rg BT 508.04 680.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 537.21 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 548.07 680.25 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 90.33 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 100.04 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.31 668.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 167.79 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 177.51 668.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 224.41 668.25 Td (with ) Tj ET Q q 0 0 0 rg BT 244.13 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 259.40 668.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 296.33 668.25 Td (policy) Tj ET Q q 0 0 0 rg BT 320.68 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 325.12 668.25 Td (we ) Tj ET Q q 0 0 0 rg BT 338.72 668.25 Td (have ) Tj ET Q q 0 0 0 rg BT 359.54 668.25 Td (no ) Tj ET Q q 0 0 0 rg BT 371.48 668.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 413.97 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.69 668.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 440.07 668.25 Td (any ) Tj ET Q q 0 0 0 rg BT 456.44 668.25 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 495.88 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.26 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.53 668.25 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 76.15 656.25 Td (may ) Tj ET Q q 0 0 0 rg BT 95.02 656.25 Td (change ) Tj ET Q q 0 0 0 rg BT 124.98 656.25 Td (at ) Tj ET Q q 0 0 0 rg BT 133.85 656.25 Td (any ) Tj ET Q q 0 0 0 rg BT 149.94 656.25 Td (time ) Tj ET Q q 0 0 0 rg BT 169.37 656.25 Td (without ) Tj ET Q q 0 0 0 rg BT 201.58 656.25 Td (notice. ) Tj ET Q q 0 0 0 rg BT 230.04 656.25 Td (The ) Tj ET Q q 0 0 0 rg BT 247.24 656.25 Td (declaration ) Tj ET Q q 0 0 0 rg BT 293.31 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.40 656.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 345.49 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.47 656.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 396.01 656.25 Td (is ) Tj ET Q q 0 0 0 rg BT 404.33 656.25 Td (at ) Tj ET Q q 0 0 0 rg BT 413.20 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.07 656.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 468.15 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.13 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.12 656.25 Td (board ) Tj ET Q q 0 0 0 rg BT 517.54 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.52 656.25 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.10 644.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 107.88 644.25 Td (with ) Tj ET Q q 0 0 0 rg BT 128.48 644.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 172.39 644.25 Td (law ) Tj ET Q q 0 0 0 rg BT 189.64 644.25 Td (after ) Tj ET Q q 0 0 0 rg BT 210.78 644.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 238.59 644.25 Td (into ) Tj ET Q q 0 0 0 rg BT 256.97 644.25 Td (account ) Tj ET Q q 0 0 0 rg BT 290.88 644.25 Td (various ) Tj ET Q q 0 0 0 rg BT 323.14 644.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 355.67 644.25 Td (including ) Tj ET Q q 0 0 0 rg BT 396.26 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 412.41 644.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 450.21 644.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 493.31 644.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 533.89 644.25 Td (results, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (current ) Tj ET Q q 0 0 0 rg BT 80.42 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 97.46 632.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 143.94 632.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 164.31 632.25 Td (needs, ) Tj ET Q q 0 0 0 rg BT 192.18 632.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 237.57 632.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 274.06 632.25 Td (by ) Tj ET Q q 0 0 0 rg BT 286.66 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 302.60 632.25 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 359.36 632.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 381.40 632.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 436.20 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.25 632.25 Td (other ) Tj ET Q q 0 0 0 rg BT 476.40 632.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 506.21 632.25 Td (that ) Tj ET Q q 0 0 0 rg BT 523.81 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 539.75 632.25 Td (board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 620.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 97.82 620.25 Td (deems ) Tj ET Q q 0 0 0 rg BT 125.86 620.25 Td (relevant. ) Tj ET Q q 0 0 0 rg BT 162.51 620.25 Td (As ) Tj ET Q q 0 0 0 rg BT 176.13 620.25 Td (a ) Tj ET Q q 0 0 0 rg BT 183.06 620.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 210.28 620.25 Td (we ) Tj ET Q q 0 0 0 rg BT 224.44 620.25 Td (may ) Tj ET Q q 0 0 0 rg BT 244.16 620.25 Td (not ) Tj ET Q q 0 0 0 rg BT 259.44 620.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 276.38 620.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 317.76 620.25 Td (at ) Tj ET Q q 0 0 0 rg BT 327.48 620.25 Td (any ) Tj ET Q q 0 0 0 rg BT 344.42 620.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 361.90 620.25 Td (or ) Tj ET Q q 0 0 0 rg BT 372.73 620.25 Td (at ) Tj ET Q q 0 0 0 rg BT 382.45 620.25 Td (all.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.95 596.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 92.83 596.25 Td (price ) Tj ET Q q 0 0 0 rg BT 116.15 596.25 Td (may ) Tj ET Q q 0 0 0 rg BT 136.15 596.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 175.59 596.25 Td (as ) Tj ET Q q 0 0 0 rg BT 187.25 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 195.03 596.25 Td (result ) Tj ET Q q 0 0 0 rg BT 221.14 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.25 596.25 Td (several ) Tj ET Q q 0 0 0 rg BT 263.90 596.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 297.50 596.25 Td (including ) Tj ET Q q 0 0 0 rg BT 339.74 596.25 Td (but ) Tj ET Q q 0 0 0 rg BT 355.85 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 371.97 596.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 403.07 596.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 416.13 596.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 452.79 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.91 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 481.13 596.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 523.07 596.25 Td (operating ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 81.73 584.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 117.57 584.25 Td (book ) Tj ET Q q 0 0 0 rg BT 140.07 584.25 Td (value ) Tj ET Q q 0 0 0 rg BT 164.78 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.84 584.25 Td (return ) Tj ET Q q 0 0 0 rg BT 211.47 584.25 Td (on ) Tj ET Q q 0 0 0 rg BT 224.53 584.25 Td (equity) Tj ET Q q 0 0 0 rg BT 249.15 584.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 560.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.96 560.25 Td (have ) Tj ET Q q 0 0 0 rg BT 86.23 560.25 Td (experienced, ) Tj ET Q q 0 0 0 rg BT 139.41 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.24 560.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 184.72 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.88 560.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 240.57 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 250.74 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.34 560.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 294.10 560.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 343.70 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 353.87 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.47 560.25 Td (market ) Tj ET Q q 0 0 0 rg BT 398.62 560.25 Td (price ) Tj ET Q q 0 0 0 rg BT 420.99 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 431.71 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 447.43 560.25 Td (common ) Tj ET Q q 0 0 0 rg BT 484.81 560.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 508.30 560.25 Td (due ) Tj ET Q q 0 0 0 rg BT 525.13 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 535.29 560.25 Td (factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.36 548.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 90.44 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 100.08 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.17 548.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 141.02 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.22 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.42 548.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 204.68 548.25 Td (including ) Tj ET Q q 0 0 0 rg BT 244.33 548.25 Td (but ) Tj ET Q q 0 0 0 rg BT 258.97 548.25 Td (not ) Tj ET Q q 0 0 0 rg BT 273.62 548.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 303.82 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.47 548.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 347.54 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 357.19 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.39 548.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 412.30 548.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 451.93 548.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 482.41 548.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 516.49 548.25 Td (book ) Tj ET Q q 0 0 0 rg BT 538.36 548.25 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.93 536.25 Td (return ) Tj ET Q q 0 0 0 rg BT 93.81 536.25 Td (on ) Tj ET Q q 0 0 0 rg BT 106.80 536.25 Td (equity) Tj ET Q q 0 0 0 rg BT 131.15 536.25 Td (. ) Tj ET Q q 0 0 0 rg BT 136.64 536.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 155.19 536.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 194.58 536.25 Td (by ) Tj ET Q q 0 0 0 rg BT 207.57 536.25 Td (its ) Tj ET Q q 0 0 0 rg BT 220.02 536.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 250.50 536.25 Td (does ) Tj ET Q q 0 0 0 rg BT 271.82 536.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.60 536.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 322.80 536.25 Td (steady ) Tj ET Q q 0 0 0 rg BT 351.34 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.78 536.25 Td (predictable ) Tj ET Q q 0 0 0 rg BT 416.19 536.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 453.06 536.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.06 536.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.49 536.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 512.58 536.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 538.08 536.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (causes ) Tj ET Q q 0 0 0 rg BT 78.32 524.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 128.25 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 138.75 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 154.80 524.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.63 524.25 Td (price ) Tj ET Q q 0 0 0 rg BT 201.33 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 219.05 524.25 Td (may ) Tj ET Q q 0 0 0 rg BT 238.98 524.25 Td (be ) Tj ET Q q 0 0 0 rg BT 251.14 524.25 Td (significant. ) Tj ET Q q 0 0 0 rg BT 298.57 524.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 324.06 524.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 353.99 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 371.70 524.25 Td (have ) Tj ET Q q 0 0 0 rg BT 393.30 524.25 Td (af) Tj ET Q q 0 0 0 rg BT 400.89 524.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 430.53 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.69 524.25 Td (may ) Tj ET Q q 0 0 0 rg BT 467.63 524.25 Td (further ) Tj ET Q q 0 0 0 rg BT 497.55 524.25 Td (af) Tj ET Q q 0 0 0 rg BT 505.14 524.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 525.34 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 541.39 524.25 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (price ) Tj ET Q q 0 0 0 rg BT 71.60 512.25 Td (include ) Tj ET Q q 0 0 0 rg BT 103.15 512.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 137.48 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.37 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 157.82 512.25 Td (news ) Tj ET Q q 0 0 0 rg BT 180.49 512.25 Td (related ) Tj ET Q q 0 0 0 rg BT 209.81 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.70 512.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 260.69 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 271.14 512.25 Td (market ) Tj ET Q q 0 0 0 rg BT 301.02 512.25 Td (events ) Tj ET Q q 0 0 0 rg BT 328.68 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 339.13 512.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 385.41 512.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 419.73 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.63 512.25 Td (market ) Tj ET Q q 0 0 0 rg BT 459.51 512.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 503.29 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.18 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 512.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (services ) Tj ET Q q 0 0 0 rg BT 83.50 500.25 Td (industry) Tj ET Q q 0 0 0 rg BT 115.63 500.25 Td (, ) Tj ET Q q 0 0 0 rg BT 119.92 500.25 Td (including ) Tj ET Q q 0 0 0 rg BT 159.49 500.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 216.82 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.39 500.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 268.72 500.25 Td (af) Tj ET Q q 0 0 0 rg BT 276.31 500.25 Td (fecting ) Tj ET Q q 0 0 0 rg BT 305.87 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 320.99 500.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 359.17 500.25 Td (a ) Tj ET Q q 0 0 0 rg BT 365.40 500.25 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 425.52 500.25 Td (passive ) Tj ET Q q 0 0 0 rg BT 456.75 500.25 Td (or ) Tj ET Q q 0 0 0 rg BT 466.87 500.25 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 515.87 500.25 Td (shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (base ) Tj ET Q q 0 0 0 rg BT 68.62 488.25 Td (among ) Tj ET Q q 0 0 0 rg BT 97.20 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.77 488.25 Td (company's ) Tj ET Q q 0 0 0 rg BT 154.47 488.25 Td (top ) Tj ET Q q 0 0 0 rg BT 168.60 488.25 Td (twenty ) Tj ET Q q 0 0 0 rg BT 197.18 488.25 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 251.57 488.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 279.02 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.15 488.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 308.94 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.51 488.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 373.85 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 383.53 488.25 Td (market ) Tj ET Q q 0 0 0 rg BT 412.65 488.25 Td (analysts, ) Tj ET Q q 0 0 0 rg BT 448.72 488.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 482.28 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.42 488.25 Td (recommendations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 476.25 Td (outlooks ) Tj ET Q q 0 0 0 rg BT 97.28 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 109.78 476.25 Td (market ) Tj ET Q q 0 0 0 rg BT 140.04 476.25 Td (analysts, ) Tj ET Q q 0 0 0 rg BT 177.26 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.20 476.25 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 238.90 476.25 Td (short ) Tj ET Q q 0 0 0 rg BT 261.40 476.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 290.57 476.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 320.84 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.12 476.25 Td (that ) Tj ET Q q 0 0 0 rg BT 348.62 476.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 399.42 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.70 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.41 476.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.89 476.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 497.17 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 507.45 476.25 Td (2008.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 96.13 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.75 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.49 452.25 Td (certificate ) Tj ET Q q 0 0 0 rg BT 169.87 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.48 452.25 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 241.45 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.30 452.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 291.36 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.21 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.82 452.25 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 364.55 452.25 Td (law ) Tj ET Q q 0 0 0 rg BT 382.28 452.25 Td (may ) Tj ET Q q 0 0 0 rg BT 402.79 452.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 436.62 452.25 Td (or ) Tj ET Q q 0 0 0 rg BT 448.80 452.25 Td (delay ) Tj ET Q q 0 0 0 rg BT 473.74 452.25 Td (an ) Tj ET Q q 0 0 0 rg BT 487.59 452.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 536.44 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 452.25 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (company) Tj ET Q q 0 0 0 rg BT 86.35 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 91.35 440.25 Td (which ) Tj ET Q q 0 0 0 rg BT 118.86 440.25 Td (could ) Tj ET Q q 0 0 0 rg BT 144.13 440.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 182.17 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.45 440.25 Td (market ) Tj ET Q q 0 0 0 rg BT 228.84 440.25 Td (value ) Tj ET Q q 0 0 0 rg BT 253.55 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.38 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 281.34 440.25 Td (common ) Tj ET Q q 0 0 0 rg BT 319.39 440.25 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.96 416.25 Td (certificate ) Tj ET Q q 0 0 0 rg BT 108.83 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.07 416.25 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 174.85 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.19 416.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 221.43 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.77 416.25 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 277.99 416.25 Td (law ) Tj ET Q q 0 0 0 rg BT 294.33 416.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 325.67 416.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 369.25 416.25 Td (that ) Tj ET Q q 0 0 0 rg BT 386.15 416.25 Td (are ) Tj ET Q q 0 0 0 rg BT 400.26 416.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 436.60 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.29 416.25 Td (deter ) Tj ET Q q 0 0 0 rg BT 468.18 416.25 Td (abusive ) Tj ET Q q 0 0 0 rg BT 500.64 416.25 Td (takeover ) Tj ET Q q 0 0 0 rg BT 536.97 416.25 Td (tactics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.01 404.25 Td (making ) Tj ET Q q 0 0 0 rg BT 92.52 404.25 Td (them ) Tj ET Q q 0 0 0 rg BT 114.03 404.25 Td (unacceptably ) Tj ET Q q 0 0 0 rg BT 168.29 404.25 Td (expensive ) Tj ET Q q 0 0 0 rg BT 209.79 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.08 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.81 404.25 Td (raider ) Tj ET Q q 0 0 0 rg BT 257.64 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.59 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.88 404.25 Td (encourage ) Tj ET Q q 0 0 0 rg BT 325.48 404.25 Td (prospective ) Tj ET Q q 0 0 0 rg BT 373.08 404.25 Td (acquirors ) Tj ET Q q 0 0 0 rg BT 411.80 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.09 404.25 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 459.26 404.25 Td (with ) Tj ET Q q 0 0 0 rg BT 478.55 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.39 404.25 Td (board ) Tj ET Q q 0 0 0 rg BT 517.67 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.51 404.25 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 74.93 392.25 Td (than ) Tj ET Q q 0 0 0 rg BT 94.25 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.14 392.25 Td (attempt ) Tj ET Q q 0 0 0 rg BT 136.24 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 142.79 392.25 Td (hostile ) Tj ET Q q 0 0 0 rg BT 171.57 392.25 Td (takeover) Tj ET Q q 0 0 0 rg BT 205.44 392.25 Td (. ) Tj ET Q q 0 0 0 rg BT 209.90 392.25 Td (These ) Tj ET Q q 0 0 0 rg BT 235.89 392.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 279.67 392.25 Td (include ) Tj ET Q q 0 0 0 rg BT 311.21 392.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 356.10 392.25 Td (on ) Tj ET Q q 0 0 0 rg BT 368.21 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 383.65 392.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 438.10 392.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 465.77 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.65 392.25 Td (act ) Tj ET Q q 0 0 0 rg BT 489.42 392.25 Td (by ) Tj ET Q q 0 0 0 rg BT 501.53 392.25 Td (written ) Tj ET Q q 0 0 0 rg BT 531.97 392.25 Td (consent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.57 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 76.98 380.25 Td (call ) Tj ET Q q 0 0 0 rg BT 94.04 380.25 Td (special ) Tj ET Q q 0 0 0 rg BT 124.44 380.25 Td (meetings. ) Tj ET Q q 0 0 0 rg BT 165.67 380.25 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 206.61 380.25 Td (law ) Tj ET Q q 0 0 0 rg BT 223.68 380.25 Td (also ) Tj ET Q q 0 0 0 rg BT 242.42 380.25 Td (imposes ) Tj ET Q q 0 0 0 rg BT 277.83 380.25 Td (some ) Tj ET Q q 0 0 0 rg BT 301.57 380.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 348.63 380.25 Td (on ) Tj ET Q q 0 0 0 rg BT 361.26 380.25 Td (mer) Tj ET Q q 0 0 0 rg BT 376.63 380.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 395.92 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.99 380.25 Td (other ) Tj ET Q q 0 0 0 rg BT 436.17 380.25 Td (business ) Tj ET Q q 0 0 0 rg BT 472.69 380.25 Td (combinations ) Tj ET Q q 0 0 0 rg BT 529.20 380.25 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (us ) Tj ET Q q 0 0 0 rg BT 60.92 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 77.88 368.25 Td (any ) Tj ET Q q 0 0 0 rg BT 94.85 368.25 Td (holder ) Tj ET Q q 0 0 0 rg BT 122.92 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.78 368.25 Td (15percent ) Tj ET Q q 0 0 0 rg BT 178.23 368.25 Td (or ) Tj ET Q q 0 0 0 rg BT 189.09 368.25 Td (more ) Tj ET Q q 0 0 0 rg BT 212.16 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.02 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.88 368.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 288.07 368.25 Td (common ) Tj ET Q q 0 0 0 rg BT 325.59 368.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 351.54 368.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.18 368.25 Td (e ) Tj ET Q q 0 0 0 rg BT 367.14 368.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 398.54 368.25 Td (these ) Tj ET Q q 0 0 0 rg BT 421.62 368.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 465.81 368.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 496.10 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.96 368.25 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.24 356.25 Td (coercive ) Tj ET Q q 0 0 0 rg BT 107.41 356.25 Td (or ) Tj ET Q q 0 0 0 rg BT 118.04 356.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 159.22 356.25 Td (unfair ) Tj ET Q q 0 0 0 rg BT 185.40 356.25 Td (takeover ) Tj ET Q q 0 0 0 rg BT 222.12 356.25 Td (tactics ) Tj ET Q q 0 0 0 rg BT 249.97 356.25 Td (by ) Tj ET Q q 0 0 0 rg BT 262.27 356.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 301.23 356.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 338.52 356.25 Td (acquirors ) Tj ET Q q 0 0 0 rg BT 378.03 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.11 356.25 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 427.06 356.25 Td (with ) Tj ET Q q 0 0 0 rg BT 447.14 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 462.77 356.25 Td (board ) Tj ET Q q 0 0 0 rg BT 487.84 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 498.48 356.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 535.76 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 552.51 356.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 91.28 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 107.50 344.25 Td (board ) Tj ET Q q 0 0 0 rg BT 133.16 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.39 344.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 182.27 344.25 Td (with ) Tj ET Q q 0 0 0 rg BT 202.94 344.25 Td (more ) Tj ET Q q 0 0 0 rg BT 226.38 344.25 Td (time ) Tj ET Q q 0 0 0 rg BT 247.04 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.72 344.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 285.05 344.25 Td (any ) Tj ET Q q 0 0 0 rg BT 302.38 344.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 349.16 344.25 Td (proposal, ) Tj ET Q q 0 0 0 rg BT 388.99 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.32 344.25 Td (are ) Tj ET Q q 0 0 0 rg BT 421.42 344.25 Td (not ) Tj ET Q q 0 0 0 rg BT 437.09 344.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 474.42 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.09 344.25 Td (make ) Tj ET Q q 0 0 0 rg BT 509.64 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.86 344.25 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (immune ) Tj ET Q q 0 0 0 rg BT 85.17 332.25 Td (from ) Tj ET Q q 0 0 0 rg BT 107.51 332.25 Td (takeovers. ) Tj ET Q q 0 0 0 rg BT 151.23 332.25 Td (However) Tj ET Q q 0 0 0 rg BT 187.48 332.25 Td (, ) Tj ET Q q 0 0 0 rg BT 192.88 332.25 Td (these ) Tj ET Q q 0 0 0 rg BT 216.33 332.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 260.90 332.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 286.01 332.25 Td (even ) Tj ET Q q 0 0 0 rg BT 307.79 332.25 Td (if ) Tj ET Q q 0 0 0 rg BT 316.80 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.92 332.25 Td (of) Tj ET Q q 0 0 0 rg BT 340.07 332.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 354.07 332.25 Td (may ) Tj ET Q q 0 0 0 rg BT 374.18 332.25 Td (be ) Tj ET Q q 0 0 0 rg BT 386.52 332.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 432.74 332.25 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 475.06 332.25 Td (by ) Tj ET Q q 0 0 0 rg BT 487.96 332.25 Td (some ) Tj ET Q q 0 0 0 rg BT 511.97 332.25 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.10 320.25 Td (could ) Tj ET Q q 0 0 0 rg BT 90.49 320.25 Td (delay ) Tj ET Q q 0 0 0 rg BT 114.31 320.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.80 320.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 156.95 320.25 Td (an ) Tj ET Q q 0 0 0 rg BT 168.56 320.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 214.60 320.25 Td (that ) Tj ET Q q 0 0 0 rg BT 231.77 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.26 320.25 Td (board ) Tj ET Q q 0 0 0 rg BT 272.20 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.69 320.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 319.84 320.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 365.88 320.25 Td (is ) Tj ET Q q 0 0 0 rg BT 374.71 320.25 Td (not ) Tj ET Q q 0 0 0 rg BT 389.66 320.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.60 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.98 320.25 Td (best ) Tj ET Q q 0 0 0 rg BT 432.26 320.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 467.75 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.25 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.74 320.25 Td (company ) Tj ET Q q 0 0 0 rg BT 532.56 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 320.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (ITEM1B. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 100.34 284.25 Td (UNRESOL) Tj ET Q q 0 0 0 rg BT 146.64 284.25 Td (VED ) Tj ET Q q 0 0 0 rg BT 169.71 284.25 Td (ST) Tj ET Q q 0 0 0 rg BT 180.82 284.25 Td (AFF) Tj ET Q q 0 0 0 rg BT 200.65 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.15 284.25 Td (COMMENTS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (ITEM2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 236.25 Td (PROPERTIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.85 212.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.41 212.25 Td (February21, ) Tj ET Q q 0 0 0 rg BT 126.75 212.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.75 212.25 Td (, ) Tj ET Q q 0 0 0 rg BT 151.48 212.25 Td (we ) Tj ET Q q 0 0 0 rg BT 165.38 212.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 208.71 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.27 212.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 268.16 212.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.51 212.25 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.51 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 313.74 212.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 351.52 212.25 Td (of) Tj ET Q q 0 0 0 rg BT 359.67 212.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 380.78 212.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 212.25 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.03 212.25 Td (states, ) Tj ET Q q 0 0 0 rg BT 429.98 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.66 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.11 212.25 Td (District ) Tj ET Q q 0 0 0 rg BT 493.34 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.91 212.25 Td (Columbia, ) Tj ET Q q 0 0 0 rg BT 548.08 212.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.37 200.25 Td (London, ) Tj ET Q q 0 0 0 rg BT 94.61 200.25 Td (Aberdeen, ) Tj ET Q q 0 0 0 rg BT 138.07 200.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 162.38 200.25 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 189.04 200.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.45 200.25 Td (okyo ) Tj ET Q q 0 0 0 rg BT 216.54 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.07 200.25 Td (Zurich. ) Tj ET Q q 0 0 0 rg BT 263.86 200.25 Td (All ) Tj ET Q q 0 0 0 rg BT 278.73 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.15 200.25 Td (our ) Tj ET Q q 0 0 0 rg BT 304.57 200.25 Td (of) Tj ET Q q 0 0 0 rg BT 312.72 200.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 333.69 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 347.98 200.25 Td (leased. ) Tj ET Q q 0 0 0 rg BT 377.56 200.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 395.20 200.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 432.84 200.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 473.24 200.25 Td (of) Tj ET Q q 0 0 0 rg BT 481.39 200.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 498.47 200.25 Td (is ) Tj ET Q q 0 0 0 rg BT 507.23 200.25 Td (located ) Tj ET Q q 0 0 0 rg BT 538.19 200.25 Td (at ) Tj ET Q q 0 0 0 rg BT 547.50 200.25 Td (800 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (Nicollet ) Tj ET Q q 0 0 0 rg BT 83.88 188.25 Td (Mall, ) Tj ET Q q 0 0 0 rg BT 107.44 188.25 Td (Suite ) Tj ET Q q 0 0 0 rg BT 130.16 188.25 Td (1000, ) Tj ET Q q 0 0 0 rg BT 154.83 188.25 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 209.50 188.25 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 253.88 188.25 Td (55402 ) Tj ET Q q 0 0 0 rg BT 281.05 188.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 300.16 188.25 Td (as ) Tj ET Q q 0 0 0 rg BT 310.66 188.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.16 188.25 Td (February21, ) Tj ET Q q 0 0 0 rg BT 374.43 188.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.43 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 399.10 188.25 Td (comprises ) Tj ET Q q 0 0 0 rg BT 441.81 188.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 501.74 188.25 Td (124,000 ) Tj ET Q q 0 0 0 rg BT 536.41 188.25 Td (square ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (feet ) Tj ET Q q 0 0 0 rg BT 66.99 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.82 176.25 Td (space ) Tj ET Q q 0 0 0 rg BT 102.52 176.25 Td (under ) Tj ET Q q 0 0 0 rg BT 127.79 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 134.73 176.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 157.21 176.25 Td (which ) Tj ET Q q 0 0 0 rg BT 184.15 176.25 Td (expires ) Tj ET Q q 0 0 0 rg BT 215.53 176.25 Td (November ) Tj ET Q q 0 0 0 rg BT 260.24 176.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 275.24 176.25 Td (2025, ) Tj ET Q q 0 0 0 rg BT 300.24 176.25 Td (with ) Tj ET Q q 0 0 0 rg BT 320.52 176.25 Td (an ) Tj ET Q q 0 0 0 rg BT 332.45 176.25 Td (early ) Tj ET Q q 0 0 0 rg BT 354.94 176.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 403.54 176.25 Td (option ) Tj ET Q q 0 0 0 rg BT 431.59 176.25 Td (ef) Tj ET Q q 0 0 0 rg BT 439.18 176.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 468.88 176.25 Td (January ) Tj ET Q q 0 0 0 rg BT 502.48 176.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 517.48 176.25 Td (2022.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 740.25 Td (ITEM3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.17 740.25 Td (LEGAL) Tj ET Q q 0 0 0 rg BT 131.58 740.25 Td ( PROCEEDINGS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.25 Td (Due ) Tj ET Q q 0 0 0 rg BT 68.32 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.75 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.63 716.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 118.27 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.25 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 143.24 716.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 181.29 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 194.61 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 208.47 716.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 245.12 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.56 716.25 Td (a ) Tj ET Q q 0 0 0 rg BT 260.65 716.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 290.07 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.06 716.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 321.15 716.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 373.50 716.25 Td (These ) Tj ET Q q 0 0 0 rg BT 399.04 716.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 449.01 716.25 Td (include ) Tj ET Q q 0 0 0 rg BT 480.10 716.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 520.36 716.25 Td (arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.42 704.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 109.50 704.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 162.29 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 188.71 704.25 Td (may ) Tj ET Q q 0 0 0 rg BT 207.91 704.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 228.77 704.25 Td (from, ) Tj ET Q q 0 0 0 rg BT 252.69 704.25 Td (among ) Tj ET Q q 0 0 0 rg BT 281.89 704.25 Td (other ) Tj ET Q q 0 0 0 rg BT 304.42 704.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 333.34 704.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 386.98 704.25 Td (or ) Tj ET Q q 0 0 0 rg BT 397.29 704.25 Td (other ) Tj ET Q q 0 0 0 rg BT 419.82 704.25 Td (transactional ) Tj ET Q q 0 0 0 rg BT 472.89 704.25 Td (activity) Tj ET Q q 0 0 0 rg BT 502.23 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.71 704.25 Td (client ) Tj ET Q q 0 0 0 rg BT 530.91 704.25 Td (account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (activity) Tj ET Q q 0 0 0 rg BT 79.34 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 85.09 692.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 138.34 692.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 173.52 692.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 217.87 692.25 Td (examinations ) Tj ET Q q 0 0 0 rg BT 274.45 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.03 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 302.61 692.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 348.09 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.78 692.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 424.58 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.17 692.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 477.19 692.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 513.22 692.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 552.00 692.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 107.50 680.25 Td (agencies ) Tj ET Q q 0 0 0 rg BT 144.45 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.41 680.25 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 222.79 680.25 Td (or) Tj ET Q q 0 0 0 rg BT 230.94 680.25 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 281.32 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 299.39 680.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.68 680.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 374.98 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.17 680.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 412.25 680.25 Td (regulated, ) Tj ET Q q 0 0 0 rg BT 454.47 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.43 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.17 680.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 529.79 680.25 Td (scrutiny ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 82.16 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 92.66 668.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 133.15 668.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 156.98 668.25 Td (is ) Tj ET Q q 0 0 0 rg BT 166.37 668.25 Td (intense, ) Tj ET Q q 0 0 0 rg BT 199.92 668.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 237.64 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 248.14 668.25 Td (a ) Tj ET Q q 0 0 0 rg BT 255.30 668.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 300.24 668.25 Td (number ) Tj ET Q q 0 0 0 rg BT 333.51 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.56 668.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 388.38 668.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 446.66 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.82 668.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 516.51 668.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 547.56 668.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 97.48 656.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 138.30 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.01 656.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 178.29 656.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 215.22 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.05 656.25 Td (these ) Tj ET Q q 0 0 0 rg BT 249.10 656.25 Td (matters. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (Litigation-related ) Tj ET Q q 0 0 0 rg BT 122.33 632.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 160.78 632.25 Td (include ) Tj ET Q q 0 0 0 rg BT 192.58 632.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 228.82 632.25 Td (we ) Tj ET Q q 0 0 0 rg BT 242.84 632.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 274.06 632.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 301.97 632.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 318.76 632.25 Td (out ) Tj ET Q q 0 0 0 rg BT 333.90 632.25 Td (as ) Tj ET Q q 0 0 0 rg BT 344.58 632.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 366.38 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.17 632.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 426.62 632.25 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 476.47 632.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 507.15 632.25 Td (or ) Tj ET Q q 0 0 0 rg BT 517.84 632.25 Td (judgments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.39 620.25 Td (fines. ) Tj ET Q q 0 0 0 rg BT 92.27 620.25 Td (Parties ) Tj ET Q q 0 0 0 rg BT 122.43 620.25 Td (who ) Tj ET Q q 0 0 0 rg BT 142.60 620.25 Td (initiate ) Tj ET Q q 0 0 0 rg BT 173.32 620.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 212.37 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.76 620.25 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 274.36 620.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 325.62 620.25 Td (against ) Tj ET Q q 0 0 0 rg BT 356.89 620.25 Td (us ) Tj ET Q q 0 0 0 rg BT 368.73 620.25 Td (may ) Tj ET Q q 0 0 0 rg BT 388.89 620.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 409.61 620.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 455.33 620.25 Td (or ) Tj ET Q q 0 0 0 rg BT 466.60 620.25 Td (indeterminate ) Tj ET Q q 0 0 0 rg BT 524.53 620.25 Td (damages, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.47 608.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 111.59 608.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 170.18 608.25 Td (can ) Tj ET Q q 0 0 0 rg BT 187.09 608.25 Td (result ) Tj ET Q q 0 0 0 rg BT 212.33 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.14 608.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 268.95 608.25 Td (fines ) Tj ET Q q 0 0 0 rg BT 291.42 608.25 Td (being ) Tj ET Q q 0 0 0 rg BT 316.67 608.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 353.58 608.25 Td (on ) Tj ET Q q 0 0 0 rg BT 366.62 608.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 380.82 608.25 Td (W) Tj ET Q q 0 0 0 rg BT 389.46 608.25 Td (e ) Tj ET Q q 0 0 0 rg BT 396.93 608.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 428.82 608.25 Td (for ) Tj ET Q q 0 0 0 rg BT 443.52 608.25 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 501.53 608.25 Td (related ) Tj ET Q q 0 0 0 rg BT 531.76 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 542.57 608.25 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 99.81 596.25 Td (at ) Tj ET Q q 0 0 0 rg BT 108.53 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.25 596.25 Td (time ) Tj ET Q q 0 0 0 rg BT 141.52 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.46 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.73 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.45 596.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 206.38 596.25 Td (we ) Tj ET Q q 0 0 0 rg BT 219.54 596.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 261.02 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.74 596.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 306.23 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.51 596.25 Td (be ) Tj ET Q q 0 0 0 rg BT 326.45 596.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 362.93 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.87 596.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 423.68 596.25 Td (estimable. ) Tj ET Q q 0 0 0 rg BT 466.00 596.25 Td (However) Tj ET Q q 0 0 0 rg BT 502.25 596.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.25 596.25 Td (it ) Tj ET Q q 0 0 0 rg BT 513.31 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 521.47 596.25 Td (inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 584.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 84.49 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.72 584.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 124.95 584.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 168.48 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.16 584.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 211.73 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.62 584.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 265.51 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.30 584.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 298.19 584.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 351.47 584.25 Td (including ) Tj ET Q q 0 0 0 rg BT 391.70 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.37 584.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 442.72 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 453.50 584.25 Td (any ) Tj ET Q q 0 0 0 rg BT 470.40 584.25 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 520.35 584.25 Td (judgments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.21 572.25 Td (fines. ) Tj ET Q q 0 0 0 rg BT 83.90 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 92.54 572.25 Td (e ) Tj ET Q q 0 0 0 rg BT 98.86 572.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 125.19 572.25 Td (each ) Tj ET Q q 0 0 0 rg BT 145.39 572.25 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BT 283.31 512.25 Td (no ) Tj ET Q q 0 0 0 rg BT 295.74 512.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 337.04 512.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.47 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 370.23 512.25 Td (assessments ) Tj ET Q q 0 0 0 rg BT 421.00 512.25 Td (will ) Tj ET Q q 0 0 0 rg BT 438.99 512.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 466.96 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.61 512.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 516.81 512.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 553.68 512.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 84.55 500.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 137.71 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.48 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.04 500.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 205.81 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.48 500.25 Td (any ) Tj ET Q q 0 0 0 rg BT 233.25 500.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 273.90 500.25 Td (matter ) Tj ET Q q 0 0 0 rg BT 301.78 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Tj ET Q q 0 0 0 rg BT 283.52 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.48 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.22 488.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 347.74 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.59 488.25 Td (established ) Tj ET Q q 0 0 0 rg BT 405.55 488.25 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 443.33 488.25 Td (Reasonably ) Tj ET Q q 0 0 0 rg BT 492.51 488.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 527.82 488.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 554.23 488.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.31 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.86 476.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 124.96 476.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 158.26 476.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.69 476.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.99 476.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.99 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.20 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.62 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 67.00 404.25 Td (applicable.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.96 680.25 Td (common ) Tj ET Q q 0 0 0 rg BT 105.86 680.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 129.87 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 139.44 680.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 164.01 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 176.92 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.04 680.25 Td (New ) Tj ET Q q 0 0 0 rg BT 213.39 680.25 Td (Y) Tj ET Q q 0 0 0 rg BT 219.61 680.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 235.85 680.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 261.53 680.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 303.86 680.25 Td (under ) Tj ET Q q 0 0 0 rg BT 329.53 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.65 680.25 Td (symbol ) Tj ET Q q 0 0 0 rg BT 377.00 680.25 Td ("PJC." ) Tj ET Q q 0 0 0 rg BT 406.49 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 424.94 680.25 Td (following ) Tj ET Q q 0 0 0 rg BT 466.73 680.25 Td (table ) Tj ET Q q 0 0 0 rg BT 489.07 680.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 525.30 680.25 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 88.21 668.25 Td (price ) Tj ET Q q 0 0 0 rg BT 110.81 668.25 Td (information ) Tj ET Q q 0 0 0 rg BT 160.64 668.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.91 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.74 668.25 Td (years ) Tj ET Q q 0 0 0 rg BT 213.46 668.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.95 668.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 298.65 668.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 321.26 668.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.31 668.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.31 668.25 Td (. ) Tj ET Q q 0 0 0 rg BT 363.43 668.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.26 668.25 Td (February21, ) Tj ET Q q 0 0 0 rg BT 431.98 668.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.98 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 457.09 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.92 668.25 Td (last ) Tj ET Q q 0 0 0 rg BT 488.43 668.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 524.36 668.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 542.52 668.25 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 656.25 Td (common ) Tj ET Q q 0 0 0 rg BT 113.66 656.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 137.26 656.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.32 656.25 Td ($75.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.82 656.25 Td (.) 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0.9333333333333333 1 rg /GS0 gs 415.00 597.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 597.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 633.75 m 329 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 633.75 m 337 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 633.75 m 407 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 633.75 m 485 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 633.75 m 493 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 633.75 m 563 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 621.75 m 329 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 621.75 m 407 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 621.75 m 485 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 621.75 m 563 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 621.75 m 329 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 621.75 m 407 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 621.75 m 485 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 621.75 m 563 621.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.75 636.48 Td (2016 Fiscal ) Tj ET Q q 0 0 0 rg BT 347.37 636.48 Td (Y) Tj ET Q q 0 0 0 rg BT 353.49 636.48 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.75 636.48 Td (2015 Fiscal ) Tj ET Q q 0 0 0 rg BT 503.37 636.48 Td (Y) Tj ET Q q 0 0 0 rg BT 509.49 636.48 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.90 624.48 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.05 624.48 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.90 624.48 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.05 624.48 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 612.37 Td (First Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.50 612.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 612.48 Td (49.56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 612.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 612.48 Td (32.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 612.37 Td (58.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 612.37 Td (51.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 600.37 Td (Second Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 600.48 Td (49.23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 600.48 Td (35.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 600.37 Td (55.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 600.37 Td (43.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 588.37 Td (Third Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 588.48 Td (48.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 588.48 Td (37.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 588.37 Td (46.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 588.37 Td (36.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 576.37 Td (Fourth Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 576.48 Td (77.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 576.48 Td (48.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 576.37 Td (42.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 576.37 Td (34.40) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 550.25 Td (eholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 526.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.66 526.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.19 526.25 Td (14,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.69 526.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.78 526.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 163.40 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.82 526.25 Td (record ) Tj ET Q q 0 0 0 rg BT 201.44 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.97 526.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.82 526.25 Td (26,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.32 526.25 Td ( ) Tj ET Q q 0 0 0 rg BT 307.40 526.25 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 348.91 526.25 Td (owners ) Tj ET Q q 0 0 0 rg BT 379.88 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.30 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.71 526.25 Td (common ) Tj ET Q q 0 0 0 rg BT 442.80 526.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 465.99 526.25 Td (as ) Tj ET Q q 0 0 0 rg BT 476.41 526.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.83 526.25 Td (February21, ) Tj ET Q q 0 0 0 rg BT 540.01 526.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 526.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 478.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.48 478.25 Td (have ) Tj ET Q q 0 0 0 rg BT 85.27 478.25 Td (not ) Tj ET Q q 0 0 0 rg BT 99.95 478.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 146.85 478.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 165.97 478.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.65 478.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 226.44 478.25 Td (on ) Tj ET Q q 0 0 0 rg BT 238.35 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 253.58 478.25 Td (common ) Tj ET Q q 0 0 0 rg BT 290.49 478.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 316.00 478.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 359.57 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.26 478.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 393.67 478.25 Td (we ) Tj ET Q q 0 0 0 rg BT 407.23 478.25 Td (are ) Tj ET Q q 0 0 0 rg BT 421.35 478.25 Td (initiating ) Tj ET Q q 0 0 0 rg BT 459.36 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.48 478.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 509.82 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.06 478.25 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 478.25 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.70 466.25 Td (dividend. ) Tj ET Q q 0 0 0 rg BT 109.62 466.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 127.60 466.25 Td (board ) Tj ET Q q 0 0 0 rg BT 152.80 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.56 466.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 200.97 466.25 Td (has ) Tj ET Q q 0 0 0 rg BT 216.73 466.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 253.03 466.25 Td (a ) Tj ET Q q 0 0 0 rg BT 259.89 466.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 297.32 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.08 466.25 Td ($0.3125 ) Tj ET Q q 0 0 0 rg BT 343.01 466.25 Td (per ) Tj ET Q q 0 0 0 rg BT 358.20 466.25 Td (share ) Tj ET Q q 0 0 0 rg BT 381.73 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.94 466.25 Td (be ) Tj ET Q q 0 0 0 rg BT 403.81 466.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 423.45 466.25 Td (on ) Tj ET Q q 0 0 0 rg BT 435.88 466.25 Td (March ) Tj ET Q q 0 0 0 rg BT 464.41 466.25 Td (13, ) Tj ET Q q 0 0 0 rg BT 479.34 466.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 501.77 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 511.98 466.25 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.88 454.25 Td (record ) Tj ET Q q 0 0 0 rg BT 87.46 454.25 Td (as ) Tj ET Q q 0 0 0 rg BT 97.84 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.22 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.49 454.25 Td (close ) Tj ET Q q 0 0 0 rg BT 145.08 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.46 454.25 Td (business ) Tj ET Q q 0 0 0 rg BT 191.40 454.25 Td (on ) Tj ET Q q 0 0 0 rg BT 203.45 454.25 Td (February ) Tj ET Q q 0 0 0 rg BT 241.59 454.25 Td (20, ) Tj ET Q q 0 0 0 rg BT 256.14 454.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 280.69 454.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 298.29 454.25 Td (board ) Tj ET Q q 0 0 0 rg BT 323.11 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.49 454.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 370.52 454.25 Td (is ) Tj ET Q q 0 0 0 rg BT 379.24 454.25 Td (free ) Tj ET Q q 0 0 0 rg BT 396.82 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.65 454.25 Td (change ) Tj ET Q q 0 0 0 rg BT 437.01 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.39 454.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 489.44 454.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 516.48 454.25 Td (at ) Tj ET Q q 0 0 0 rg BT 525.75 454.25 Td (any ) Tj ET Q q 0 0 0 rg BT 542.23 454.25 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (Restrictions ) Tj ET Q q 0 0 0 rg BT 99.69 442.25 Td (on ) Tj ET Q q 0 0 0 rg BT 112.11 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.85 442.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 148.05 442.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 176.57 442.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 203.41 442.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 247.29 442.25 Td (s ) Tj ET Q q 0 0 0 rg BT 253.60 442.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 281.57 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 291.76 442.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 308.62 442.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 349.92 442.25 Td (are ) Tj ET Q q 0 0 0 rg BT 364.54 442.25 Td (described ) Tj ET Q q 0 0 0 rg BT 405.27 442.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.47 442.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 437.32 442.25 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.32 442.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.74 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.93 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.57 442.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.52 442.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 430.25 Td (included ) Tj ET Q q 0 0 0 rg BT 131.15 430.25 Td (in ) Tj ET Q q 0 0 0 rg BT 141.42 430.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 160.03 430.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 171.69 430.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 192.52 430.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 200.02 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.85 430.25 Td (this ) Tj ET Q q 0 0 0 rg BT 227.80 430.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 251.97 430.25 Td (10-K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.22 406.25 Td (table ) Tj ET Q q 0 0 0 rg BT 90.83 406.25 Td (below ) Tj ET Q q 0 0 0 rg BT 118.44 406.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 136.62 406.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 159.23 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.63 406.25 Td (information ) Tj ET Q q 0 0 0 rg BT 225.01 406.25 Td (with ) Tj ET Q q 0 0 0 rg BT 245.97 406.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 277.46 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.41 406.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 331.02 406.25 Td (made ) Tj ET Q q 0 0 0 rg BT 355.85 406.25 Td (by ) Tj ET Q q 0 0 0 rg BT 369.02 406.25 Td (or ) Tj ET Q q 0 0 0 rg BT 380.53 406.25 Td (on ) Tj ET Q q 0 0 0 rg BT 393.70 406.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 421.86 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.37 406.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.65 406.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 469.13 406.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 488.40 406.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 536.58 406.25 Td (or ) Tj ET Q q 0 0 0 rg BT 548.08 406.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td ("af) Tj ET Q q 0 0 0 rg BT 61.17 394.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 91.99 394.25 Td (purchaser" ) Tj ET Q q 0 0 0 rg BT 137.43 394.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 151.58 394.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 184.07 394.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.34 394.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 215.72 394.25 Td (10b-18\(a\)\(3\) ) Tj ET Q q 0 0 0 rg BT 269.30 394.25 Td (under ) Tj ET Q q 0 0 0 rg BT 294.57 394.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.28 394.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 351.21 394.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 392.58 394.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 409.51 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.34 394.25 Td (1934\), ) Tj ET Q q 0 0 0 rg BT 448.66 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.49 394.25 Td (our ) Tj ET Q q 0 0 0 rg BT 475.31 394.25 Td (common ) Tj ET Q q 0 0 0 rg BT 512.80 394.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 536.41 394.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 382.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 95.03 382.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.41 382.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 179.99 382.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.99 382.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 327.75 107.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 327.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 327.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 327.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 327.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 327.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 327.75 98.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 327.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 327.75 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 327.75 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 316.75 107.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 316.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 316.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 316.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 316.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 316.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 316.75 98.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 316.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 316.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 316.75 40.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 259.75 107.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 259.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 259.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 259.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 259.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 259.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 259.75 98.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 259.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 259.75 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 259.75 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 248.75 107.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 248.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 248.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 248.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 248.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 248.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 248.75 98.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 248.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 248.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 248.75 40.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 327.75 m 157 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 327.75 m 245 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 327.75 m 333 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 327.75 m 444 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 327.75 m 522 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 327.75 m 562 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 225.75 m 245 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 206.75 m 245 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 204.75 m 245 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 225.75 m 333 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 206.75 m 333 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 204.75 m 333 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 225.75 m 444 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 206.75 m 444 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 204.75 m 444 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 225.75 m 522 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 206.75 m 522 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 204.75 m 522 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 225.75 m 562 225.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 206.75 m 562 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 204.75 m 562 204.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.70 363.20 Td (Total Number of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.25 363.20 Td (Approximate Dollar) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.70 352.20 Td (Purchased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 352.20 Td (Value of Shares Yet to be) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.20 341.20 Td (Total Number of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.20 341.20 Td (Average Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.85 341.20 Td (Publicly Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.40 341.20 Td (Purchased Under the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 330.20 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.75 330.20 Td (Shares Purchased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 330.20 Td (Paid per Share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.65 330.20 Td (Plans or Programs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 330.20 Td (Plans or) Tj ET Q q 0 0 0 rg BT 498.34 330.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 509.92 330.20 Td (ograms ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.66 330.20 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 319.06 Td (Month #1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 308.01 Td ( \(October 1, 2016 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 299.01 Td (October 31, 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 298.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 298.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 298.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 298.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 298.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 298.21 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 298.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 285.06 Td (Month #2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 274.01 Td ( \(November 1, 2016 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 265.01 Td (November 30, 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.25 264.21 Td (6,521) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 264.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 264.21 Td (66.22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 264.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 264.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 264.21 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 264.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 251.06 Td (Month #3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 240.01 Td ( \(December 1, 2016 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 231.01 Td (December 31, 2016\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 230.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 230.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 230.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 230.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 230.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 230.21 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 230.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 210.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.25 210.21 Td (6,521) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 210.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 210.21 Td (66.22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 210.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 210.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.50 210.21 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 210.21 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 193.65 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 193.65 Td (Effective ) Tj ET Q q 0 0 0 rg BT 97.34 193.65 Td (August ) Tj ET Q q 0 0 0 rg BT 121.56 193.65 Td (14, ) Tj ET Q q 0 0 0 rg BT 133.56 193.65 Td (2015, ) Tj ET Q q 0 0 0 rg BT 153.56 193.65 Td (our ) Tj ET Q q 0 0 0 rg BT 166.67 193.65 Td (boar) Tj ET Q q 0 0 0 rg BT 181.49 193.65 Td (d ) Tj ET Q q 0 0 0 rg BT 187.49 193.65 Td (of ) Tj ET Q q 0 0 0 rg BT 195.71 193.65 Td (dir) Tj ET Q q 0 0 0 rg BT 204.75 193.65 Td (ectors ) Tj ET Q q 0 0 0 rg BT 226.30 193.65 Td (authorized ) Tj ET Q q 0 0 0 rg BT 262.52 193.65 Td (the ) Tj ET Q q 0 0 0 rg BT 274.30 193.65 Td (r) Tj ET Q q 0 0 0 rg BT 277.11 193.65 Td (epur) Tj ET Q q 0 0 0 rg BT 291.48 193.65 Td (chase ) Tj ET Q q 0 0 0 rg BT 311.70 193.65 Td (of ) Tj ET Q q 0 0 0 rg BT 319.92 193.65 Td (up ) Tj ET Q q 0 0 0 rg BT 329.92 193.65 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.14 193.65 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 362.14 193.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.81 193.65 Td ( ) Tj ET Q q 0 0 0 rg BT 386.81 193.65 Td (of ) Tj ET Q q 0 0 0 rg BT 395.03 193.65 Td (common ) Tj ET Q q 0 0 0 rg BT 424.14 193.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 442.57 193.65 Td (thr) Tj ET Q q 0 0 0 rg BT 451.61 193.65 Td (ough ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.61 193.65 Td (September30, ) Tj ET Q q 0 0 0 rg BT 517.38 193.65 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.38 193.65 Td (.) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Stock Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (The ) Tj ET Q q 0 0 0 rg BT 69.40 716.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.64 716.25 Td (graph ) Tj ET Q q 0 0 0 rg BT 139.76 716.25 Td (compares ) Tj ET Q q 0 0 0 rg BT 182.42 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.99 716.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 253.87 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.55 716.25 Td (an ) Tj ET Q q 0 0 0 rg BT 280.34 716.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 328.57 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 340.70 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 358.38 716.25 Td (common ) Tj ET Q q 0 0 0 rg BT 397.73 716.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 423.19 716.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.98 716.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 507.42 716.25 Td (201) Tj ET Q q 0 0 0 rg BT 522.04 716.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.04 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 531.40 716.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.49 704.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 131.90 704.25 Td (with ) Tj ET Q q 0 0 0 rg BT 151.58 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.70 704.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 184.23 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 186.14 704.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 203.04 704.25 Td (Index ) Tj ET Q q 0 0 0 rg BT 227.72 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.06 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.19 704.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 276.72 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.62 704.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 295.53 704.25 Td (Diversified ) Tj ET Q q 0 0 0 rg BT 342.42 704.25 Td (Financials ) Tj ET Q q 0 0 0 rg BT 385.43 704.25 Td (Index. ) Tj ET Q q 0 0 0 rg BT 412.46 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 429.92 704.25 Td (graph ) Tj ET Q q 0 0 0 rg BT 454.59 704.25 Td (assumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.83 704.25 Td ($100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.83 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 511.73 704.25 Td (was ) Tj ET Q q 0 0 0 rg BT 529.19 704.25 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.95 692.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.48 692.25 Td (201) Tj ET Q q 0 0 0 rg BT 135.11 692.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.11 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 145.06 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.29 692.25 Td (each ) Tj ET Q q 0 0 0 rg BT 176.06 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.84 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 202.62 692.25 Td (common ) Tj ET Q q 0 0 0 rg BT 240.06 692.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 266.12 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.79 692.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 299.32 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.77 692.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 319.22 692.25 Td (Index ) Tj ET Q q 0 0 0 rg BT 344.44 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.33 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.99 692.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 394.52 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.97 692.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 414.42 692.25 Td (Diversified ) Tj ET Q q 0 0 0 rg BT 461.86 692.25 Td (Financials ) Tj ET Q q 0 0 0 rg BT 505.41 692.25 Td (Index ) Tj ET Q q 0 0 0 rg BT 530.63 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 547.52 692.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (all ) Tj ET Q q 0 0 0 rg BT 61.85 680.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 103.09 680.25 Td (were ) Tj ET Q q 0 0 0 rg BT 124.87 680.25 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 168.31 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 180.67 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.24 680.25 Td (date ) Tj ET Q q 0 0 0 rg BT 214.24 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.93 680.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 261.71 680.25 Td (without ) Tj ET Q q 0 0 0 rg BT 294.62 680.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 331.41 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.09 680.25 Td (any ) Tj ET Q q 0 0 0 rg BT 358.88 680.25 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 415.79 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 433.69 680.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 486.56 680.25 Td (shown ) Tj ET Q q 0 0 0 rg BT 515.03 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 525.16 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 539.73 680.25 Td (graph ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 92.54 668.25 Td (past ) Tj ET Q q 0 0 0 rg BT 111.15 668.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 164.17 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.11 668.25 Td (should ) Tj ET Q q 0 0 0 rg BT 210.28 668.25 Td (not ) Tj ET Q q 0 0 0 rg BT 225.55 668.25 Td (be ) Tj ET Q q 0 0 0 rg BT 237.49 668.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 283.31 668.25 Td (an ) Tj ET Q q 0 0 0 rg BT 295.25 668.25 Td (indication ) Tj ET Q q 0 0 0 rg BT 337.74 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.57 668.25 Td (future ) Tj ET Q q 0 0 0 rg BT 374.94 668.25 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.75 644.25 Td (FIVE ) Tj ET Q q 0 0 0 rg BT 135.77 644.25 Td (YEAR ) Tj ET Q q 0 0 0 rg BT 166.42 644.25 Td (T) Tj ET Q q 0 0 0 rg BT 172.91 644.25 Td (OT) Tj ET Q q 0 0 0 rg BT 186.62 644.25 Td (AL) Tj ET Q q 0 0 0 rg BT 199.96 644.25 Td ( RETURN FOR PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 341.26 644.25 Td (Y) Tj ET Q q 0 0 0 rg BT 348.11 644.25 Td ( COMP) Tj ET Q q 0 0 0 rg BT 380.41 644.25 Td (ANIES COMMON ST) Tj ET Q q 0 0 0 rg BT 476.91 644.25 Td (OCK, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.05 632.25 Td (THE S&P) Tj ET Q q 0 0 0 rg BT 183.12 632.25 Td ( 500 INDEX ) Tj ET Q q 0 0 0 rg BT 237.29 632.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 261.28 632.25 Td (THE S&P) Tj ET Q q 0 0 0 rg BT 304.34 632.25 Td ( DIVERSIFIED FINANCIALS INDEX) Tj ET Q /GS0 gs q 555.00 0 0 365.00 28.50 262.25 cm /I19 Do Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 232.75 m 190.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 232.75 m 252.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 232.75 m 313.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 232.75 m 375.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 232.75 m 437.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 232.75 m 499.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 232.75 m 561.5 232.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 235.48 Td (Company/Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.95 235.48 Td (12/31/2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.20 235.48 Td (12/31/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.70 235.48 Td (12/31/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.70 235.48 Td (12/31/2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.70 235.48 Td (12/31/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.70 235.48 Td (12/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 223.37 Td (Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.65 223.37 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.10 223.37 Td (159.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 223.37 Td (195.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 223.37 Td (287.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 223.37 Td (200.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 223.37 Td (358.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 211.37 Td (S&P 500 Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.65 211.37 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.10 211.37 Td (116.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 211.37 Td (153.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 211.37 Td (174.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 211.37 Td (177.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 211.37 Td (198.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 199.37 Td (S&P 500 Diversified Financials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.65 199.37 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.10 199.37 Td (141.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 199.37 Td (199.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 199.37 Td (232.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 199.37 Td (211.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 199.37 Td (255.25) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 740.25 Td (SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 207.49 740.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 223.33 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 228.89 740.25 Td (A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.67 716.25 Td (following ) Tj ET Q q 0 0 0 rg BT 111.17 716.25 Td (table ) Tj ET Q q 0 0 0 rg BT 134.23 716.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.62 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.57 716.25 Td (selected ) Tj ET Q q 0 0 0 rg BT 223.39 716.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 277.55 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 316.16 716.25 Td (data ) Tj ET Q q 0 0 0 rg BT 336.43 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.83 716.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 396.41 716.25 Td (with ) Tj ET Q q 0 0 0 rg BT 417.81 716.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 439.21 716.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 480.04 716.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 518.63 716.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 91.13 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 104.98 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.40 704.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 151.03 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.66 704.25 Td (dates ) Tj ET Q q 0 0 0 rg BT 190.40 704.25 Td (indicated. ) Tj ET Q q 0 0 0 rg BT 231.59 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 249.33 704.25 Td (information ) Tj ET Q q 0 0 0 rg BT 298.74 704.25 Td (set ) Tj ET Q q 0 0 0 rg BT 312.04 704.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 333.67 704.25 Td (below ) Tj ET Q q 0 0 0 rg BT 360.31 704.25 Td (should ) Tj ET Q q 0 0 0 rg BT 389.17 704.25 Td (be ) Tj ET Q q 0 0 0 rg BT 400.81 704.25 Td (read ) Tj ET Q q 0 0 0 rg BT 420.21 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 430.18 704.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 479.59 704.25 Td (with ) Tj ET Q q 0 0 0 rg BT 499.56 704.25 Td ("Management) Tj ET Q q 0 0 0 rg BT 558.62 704.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 96.11 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.67 692.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 150.39 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.44 692.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 201.37 692.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 244.09 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.25 692.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 293.41 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.46 692.25 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 355.14 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.30 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.35 692.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 441.61 692.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.31 692.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 524.24 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.39 692.25 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (thereto.) 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0 i [] 0 d 0 J 0 j 3 M 391 393.75 m 443 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 393.75 m 503 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 393.75 m 563 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 335.75 m 319 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 335.75 m 383 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 335.75 m 443 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 335.75 m 503 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 335.75 m 563 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 275.75 m 319 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 275.75 m 383 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 275.75 m 443 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 275.75 m 503 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 275.75 m 563 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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0 0 0 rg BT 464.47 661.15 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 649.70 Td (\(Dollars and shares in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 648.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 648.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 648.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.50 648.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.50 648.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 624.48 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 612.37 Td (Investment banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 612.37 Td (490,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 612.37 Td (414,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 612.37 Td (369,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 612.37 Td (248,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 612.37 Td (232,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 600.37 Td (Institutional brokerage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 600.37 Td (161,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 600.37 Td (154,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 600.37 Td (156,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 600.37 Td (146,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 600.37 Td (166,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 588.37 Td (Asset management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 588.37 Td (60,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 588.37 Td (75,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 588.37 Td (85,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 588.37 Td (83,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 588.37 Td (65,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 576.37 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 576.37 Td (33,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 576.37 Td (41,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 576.37 Td (48,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 576.37 Td (50,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 576.37 Td (37,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 564.37 Td (Investment income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 564.37 Td (24,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 564.37 Td (10,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 564.37 Td (12,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 564.37 Td (21,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 564.37 Td (4,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 540.37 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 540.37 Td (769,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 540.37 Td (696,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 540.37 Td (673,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 540.37 Td (550,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 540.37 Td (508,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 516.37 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 516.37 Td (22,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 516.37 Td (23,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 516.37 Td (25,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 516.37 Td (25,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 516.37 Td (19,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 492.37 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 492.37 Td (747,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 492.37 Td (672,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 492.37 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 492.37 Td (525,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 492.37 Td (488,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 468.48 Td (Non-interest expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 456.37 Td (Compensation and benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 456.37 Td (510,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 456.37 Td (421,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 456.37 Td (394,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 456.37 Td (322,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 456.37 Td (296,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 444.37 Td (Restructuring and integration costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 444.37 Td (10,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 444.37 Td (10,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 444.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 444.37 Td (4,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 444.37 Td (3,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 432.37 Td (Goodwill impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 432.37 Td (82,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 420.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 420.37 Td (174,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 420.37 Td (154,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 420.37 Td (143,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 420.37 Td (122,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 420.37 Td (119,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 396.37 Td (Total non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 396.37 Td (778,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 396.37 Td (586,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 396.37 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.60 396.37 Td (449,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 396.37 Td (419,941) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 372.48 Td (Income/\(loss\) from continuing operations before) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 362.48 Td (income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 364.47 Td (\(30,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 364.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 364.42 Td (86,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.60 364.42 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 364.42 Td (75,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 364.42 Td (69,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 338.37 Td (Income tax expense/\(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 338.37 Td (\(17,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 338.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 338.37 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 338.37 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 338.37 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 338.37 Td (19,470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 314.48 Td (Net income/\(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 314.37 Td (\(13,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 314.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 314.37 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 314.37 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 314.37 Td (55,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 314.37 Td (49,541) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 290.48 Td (Discontinued operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 278.37 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 278.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 278.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 278.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 278.37 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 278.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 278.37 Td (\(5,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 278.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 254.48 Td (Net income/\(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 254.37 Td (\(13,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 254.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 254.37 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 254.37 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 254.37 Td (50,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 254.37 Td (43,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 230.37 Td (Net income applicable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 230.37 Td (8,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 230.37 Td (6,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 230.37 Td (11,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 230.37 Td (5,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 230.37 Td (2,466) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 206.48 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 196.48 Td (Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 198.47 Td (\(21,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 198.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 198.42 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 198.42 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 198.42 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 198.42 Td (41,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 172.48 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 162.48 Td (Companies' common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 164.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 164.47 Td (\(21,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 164.42 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 321.50 167.37 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 164.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 164.42 Td (48,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 164.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 164.42 Td (58,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 164.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 164.42 Td (40,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 164.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 164.42 Td (35,335) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.35 138.36 Td (Continued on next page) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (26) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 733.5 m 319 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 733.5 m 331 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 733.5 m 383 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 733.5 m 391 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 733.5 m 443 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 733.5 m 451 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 733.5 m 503 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 733.5 m 511 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 733.5 m 563 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 733.5 m 319 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 721.5 m 319 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 733.5 m 331 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 733.5 m 383 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 721.5 m 383 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 733.5 m 391 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 733.5 m 443 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 721.5 m 443 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 733.5 m 451 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 733.5 m 503 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 721.5 m 503 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 733.5 m 511 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 733.5 m 563 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 721.5 m 563 721.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 351.00 736.90 Td (For) Tj ET Q q 0 0 0 rg BT 364.83 736.90 Td ( the year) Tj ET Q q 0 0 0 rg BT 398.15 736.90 Td ( ended December) Tj ET Q q 0 0 0 rg BT 464.47 736.90 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 725.45 Td (\(Dollars and shares in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 724.23 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 724.23 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 724.23 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.50 724.23 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.50 724.23 Td (2012) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 687.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 687.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 687.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 687.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 687.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 663.50 217.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 663.50 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 663.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 663.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 663.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 629.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 629.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 629.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 629.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 629.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 605.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 605.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 605.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 605.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 605.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 581.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 581.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 581.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 581.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 581.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 557.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 557.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 557.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 557.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 557.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 533.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 533.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 533.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 533.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 533.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 509.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 509.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 509.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 509.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 509.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 485.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 485.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 485.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 485.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 485.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 461.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 461.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 461.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 461.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 461.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 437.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 437.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 437.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 437.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 437.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 413.50 217.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 413.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 413.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 413.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 413.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 413.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 413.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 413.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 413.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 413.50 52.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 663.5 m 319 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 663.5 m 383 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 663.5 m 443 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 663.5 m 503 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 663.5 m 563 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 663.5 m 319 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 663.5 m 383 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 663.5 m 443 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 593.5 m 319 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 593.5 m 383 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 593.5 m 443 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 593.5 m 503 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 593.5 m 563 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 533.5 m 319 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 533.5 m 383 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 533.5 m 443 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 533.5 m 503 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 533.5 m 563 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 533.5 m 503 533.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 700.23 Td (Amounts applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 678.12 Td (Net income/\(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 678.12 Td (\(21,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 678.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 678.12 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 678.12 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 678.12 Td (49,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 678.12 Td (47,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 666.12 Td (Net loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 666.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 666.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 666.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 666.12 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 666.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 666.12 Td (\(5,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 666.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 654.07 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 644.12 Td (Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 646.22 Td (\(21,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 646.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 646.17 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 646.17 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 646.17 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 646.17 Td (41,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 620.23 Td (Earnings/\(loss\) per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 608.12 Td (Income/\(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 608.12 Td (\(1.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 608.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 608.12 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 608.12 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 608.12 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 608.12 Td (2.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 596.12 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 596.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 596.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 596.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 596.12 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 596.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 596.12 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 596.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 584.12 Td (Earnings/\(loss\) per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 584.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 584.12 Td (\(1.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 584.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 584.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 584.12 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 584.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 584.12 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 584.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 584.12 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 584.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 584.12 Td (2.26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 560.23 Td (Earnings/\(loss\) per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 548.12 Td (Income/\(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 548.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 548.12 Td (\(1.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 548.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 548.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 548.12 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 548.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 548.12 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 548.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 548.12 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 548.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 548.12 Td (2.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 536.12 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 536.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 536.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 536.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 536.12 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 536.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 536.12 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 536.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 524.12 Td (Earnings/\(loss\) per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 524.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 524.12 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0 rg BT 339.59 656.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 383.39 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.08 656.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 432.95 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.64 656.25 Td (also ) Tj ET Q q 0 0 0 rg BT 470.01 656.25 Td (may ) Tj ET Q q 0 0 0 rg BT 490.48 656.25 Td (include ) Tj ET Q q 0 0 0 rg BT 523.17 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 539.75 656.25 Td (belief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 90.46 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.31 644.25 Td (ef) Tj ET Q q 0 0 0 rg BT 112.90 644.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 130.53 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.50 644.25 Td (various ) Tj ET Q q 0 0 0 rg BT 173.58 644.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 195.65 644.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 249.11 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 260.08 644.25 Td (set ) Tj ET Q q 0 0 0 rg BT 273.83 644.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 295.91 644.25 Td (under ) Tj ET Q q 0 0 0 rg BT 321.32 644.25 Td ("Legal ) Tj ET Q q 0 0 0 rg BT 350.80 644.25 Td (Proceedings" ) Tj ET Q q 0 0 0 rg BT 406.40 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 416.82 644.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 435.57 644.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 444.04 644.25 Td (Item3 ) Tj ET Q q 0 0 0 rg BT 472.51 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.48 644.25 Td (this ) Tj ET Q q 0 0 0 rg BT 500.57 644.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 524.88 644.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 548.07 644.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.63 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.30 632.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 122.09 632.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 152.21 632.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.88 632.25 Td (with ) Tj ET Q q 0 0 0 rg BT 193.00 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.57 632.25 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 230.76 632.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 300.87 632.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 345.43 632.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 377.78 632.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 412.89 632.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 434.13 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.91 632.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 506.85 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.63 632.25 Td (important ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 78.15 620.25 Td (could ) Tj ET Q q 0 0 0 rg BT 101.81 620.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 125.46 620.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 150.78 620.25 Td (results ) Tj ET Q q 0 0 0 rg BT 178.33 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.56 620.25 Td (dif) Tj ET Q q 0 0 0 rg BT 198.48 620.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 211.03 620.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 253.01 620.25 Td (from ) Tj ET Q q 0 0 0 rg BT 273.89 620.25 Td (those ) Tj ET Q q 0 0 0 rg BT 296.44 620.25 Td (anticipated, ) Tj ET Q q 0 0 0 rg BT 344.25 620.25 Td (including ) Tj ET Q q 0 0 0 rg BT 383.47 620.25 Td (those ) Tj ET Q q 0 0 0 rg BT 406.03 620.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 434.68 620.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 474.45 620.25 Td (below ) Tj ET Q q 0 0 0 rg BT 500.33 620.25 Td (under ) Tj ET Q q 0 0 0 rg BT 524.55 620.25 Td ("External ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 81.77 608.25 Td (Impacting ) Tj ET Q q 0 0 0 rg BT 125.14 608.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 143.53 608.25 Td (Business" ) Tj ET Q q 0 0 0 rg BT 186.00 608.25 Td (as ) Tj ET Q q 0 0 0 rg BT 197.16 608.25 Td (well ) Tj ET Q q 0 0 0 rg BT 217.21 608.25 Td (as ) Tj ET Q q 0 0 0 rg BT 228.37 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.42 608.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 273.46 608.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 314.61 608.25 Td (under ) Tj ET Q q 0 0 0 rg BT 340.21 608.25 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 365.46 608.25 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 401.81 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 412.42 608.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 431.36 608.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 440.02 608.25 Td (Item1A) Tj ET Q q 0 0 0 rg BT 472.52 608.25 Td ( ) Tj ET Q q 0 0 0 rg BT 475.35 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.51 608.25 Td (this ) Tj ET Q q 0 0 0 rg BT 503.79 608.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 528.29 608.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 554.17 608.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 83.57 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 93.77 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 109.51 596.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 156.37 596.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 186.55 596.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 207.29 596.25 Td (with ) Tj ET Q q 0 0 0 rg BT 227.49 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.12 596.25 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 265.20 596.25 Td (These ) Tj ET Q q 0 0 0 rg BT 291.49 596.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 321.68 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 336.30 596.25 Td (available ) Tj ET Q q 0 0 0 rg BT 374.81 596.25 Td (at ) Tj ET Q q 0 0 0 rg BT 384.44 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.01 596.25 Td (W) Tj ET Q q 0 0 0 rg BT 408.65 596.25 Td (eb ) Tj ET Q q 0 0 0 rg BT 420.50 596.25 Td (site ) Tj ET Q q 0 0 0 rg BT 436.80 596.25 Td (at ) Tj ET Q q 0 0 0 rg BT 446.44 596.25 Td (www) Tj ET Q q 0 0 0 rg BT 467.45 596.25 Td (.piperjaf) Tj ET Q q 0 0 0 rg BT 500.87 596.25 Td (fray) Tj ET Q q 0 0 0 rg BT 516.32 596.25 Td (.com ) Tj ET Q q 0 0 0 rg BT 538.45 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 555.30 596.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.85 584.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 86.10 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.74 584.25 Td (eb ) Tj ET Q q 0 0 0 rg BT 107.31 584.25 Td (site ) Tj ET Q q 0 0 0 rg BT 124.33 584.25 Td (at ) Tj ET Q q 0 0 0 rg BT 134.68 584.25 Td (www) Tj ET Q q 0 0 0 rg BT 155.70 584.25 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 187.82 584.25 Td (. ) Tj ET Q q 0 0 0 rg BT 193.45 584.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 264.36 584.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 309.70 584.25 Td (speak ) Tj ET Q q 0 0 0 rg BT 335.61 584.25 Td (only ) Tj ET Q q 0 0 0 rg BT 356.52 584.25 Td (as ) Tj ET Q q 0 0 0 rg BT 367.98 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.45 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.80 584.25 Td (date ) Tj ET Q q 0 0 0 rg BT 414.59 584.25 Td (they ) Tj ET Q q 0 0 0 rg BT 434.94 584.25 Td (are ) Tj ET Q q 0 0 0 rg BT 450.28 584.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 477.57 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.15 584.25 Td (we ) Tj ET Q q 0 0 0 rg BT 509.94 584.25 Td (undertake ) Tj ET Q q 0 0 0 rg BT 552.50 584.25 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 92.55 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 102.83 572.25 Td (update ) Tj ET Q q 0 0 0 rg BT 131.99 572.25 Td (them ) Tj ET Q q 0 0 0 rg BT 154.48 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 164.76 572.25 Td (light ) Tj ET Q q 0 0 0 rg BT 185.59 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.42 572.25 Td (new ) Tj ET Q q 0 0 0 rg BT 215.58 572.25 Td (information ) Tj ET Q q 0 0 0 rg BT 265.30 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 276.13 572.25 Td (future ) Tj ET Q q 0 0 0 rg BT 302.50 572.25 Td (events.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (Explanation of Non-GAAP) Tj ET Q q 0 0 0 rg BT 163.96 548.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 241.56 548.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 524.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.06 524.25 Td (have ) Tj ET Q q 0 0 0 rg BT 88.42 524.25 Td (included ) Tj ET Q q 0 0 0 rg BT 126.33 524.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 164.79 524.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 205.48 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.96 524.25 Td (are ) Tj ET Q q 0 0 0 rg BT 239.65 524.25 Td (not ) Tj ET Q q 0 0 0 rg BT 255.91 524.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 294.36 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.62 524.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 354.07 524.25 Td (with ) Tj ET Q q 0 0 0 rg BT 375.33 524.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 396.59 524.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 437.27 524.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 475.73 524.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 523.08 524.25 Td (principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (\("GAAP"\). ) Tj ET Q q 0 0 0 rg BT 95.26 512.25 Td (These ) Tj ET Q q 0 0 0 rg BT 120.45 512.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 165.64 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.94 512.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.23 512.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 241.75 512.25 Td (include ) Tj ET Q q 0 0 0 rg BT 272.49 512.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 321.57 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 330.66 512.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 363.06 512.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 376.03 512.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 412.88 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.62 512.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 466.03 512.25 Td (related ) Tj ET Q q 0 0 0 rg BT 494.54 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.63 512.25 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (interests, ) Tj ET Q q 0 0 0 rg BT 87.99 500.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 102.32 500.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 155.52 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.52 500.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 209.17 500.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 235.17 500.25 Td (related ) Tj ET Q q 0 0 0 rg BT 265.04 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.48 500.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 328.42 500.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 342.75 500.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 400.96 500.25 Td (from ) Tj ET Q q 0 0 0 rg BT 423.06 500.25 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 500.14 500.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 550.84 500.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 101.89 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.63 488.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 162.80 488.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 207.42 488.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 228.72 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.45 488.25 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 257.41 488.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 294.26 488.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 341.66 488.25 Td (char) Tj ET Q q 0 0 0 rg BT 358.68 488.25 Td (ges. ) Tj ET Q q 0 0 0 rg BT 375.71 488.25 Td (These ) Tj ET Q q 0 0 0 rg BT 400.89 488.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 449.96 488.25 Td (af) Tj ET Q q 0 0 0 rg BT 457.55 488.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 473.83 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.34 488.25 Td (following ) Tj ET Q q 0 0 0 rg BT 527.52 488.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (measures: ) Tj ET Q q 0 0 0 rg BT 93.81 476.25 Td (net ) Tj ET Q q 0 0 0 rg BT 110.36 476.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 152.73 476.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 212.60 476.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 255.52 476.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 333.72 476.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 376.65 476.25 Td (net ) Tj ET Q q 0 0 0 rg BT 393.20 476.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 451.96 476.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 497.38 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 509.48 476.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.92 476.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.40 476.25 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 100.19 464.25 Td (earnings/\(loss\) ) Tj ET Q q 0 0 0 rg BT 162.27 464.25 Td (per ) Tj ET Q q 0 0 0 rg BT 178.24 464.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 209.21 464.25 Td (common ) Tj ET Q q 0 0 0 rg BT 247.40 464.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 274.20 464.25 Td (return ) Tj ET Q q 0 0 0 rg BT 301.27 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 314.47 464.25 Td (average ) Tj ET Q q 0 0 0 rg BT 348.75 464.25 Td (common ) Tj ET Q q 0 0 0 rg BT 386.95 464.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 442.48 464.25 Td (equity) Tj ET Q q 0 0 0 rg BT 466.83 464.25 Td (, ) Tj ET Q q 0 0 0 rg BT 472.53 464.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 509.05 464.25 Td (net ) Tj ET Q q 0 0 0 rg BT 524.47 464.25 Td (revenues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 84.37 452.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 123.67 452.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 163.81 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 198.67 452.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 228.53 452.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 267.83 452.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 323.81 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.79 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 374.65 452.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 404.51 452.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 443.81 452.25 Td (mar) Tj ET Q q 0 0 0 rg BT 459.18 452.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 476.00 452.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.74 452.25 Td (believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (that ) Tj ET Q q 0 0 0 rg BT 65.98 440.25 Td (presenting ) Tj ET Q q 0 0 0 rg BT 109.13 440.25 Td (these ) Tj ET Q q 0 0 0 rg BT 131.17 440.25 Td (results ) Tj ET Q q 0 0 0 rg BT 158.76 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.69 440.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 213.39 440.25 Td (on ) Tj ET Q q 0 0 0 rg BT 224.88 440.25 Td (an ) Tj ET Q q 0 0 0 rg BT 235.80 440.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 270.62 440.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 292.11 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 301.38 440.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 350.08 440.25 Td (with ) Tj ET Q q 0 0 0 rg BT 369.34 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.05 440.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 441.75 440.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 461.02 440.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 487.87 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.36 440.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 528.06 440.25 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.47 428.25 Td (most ) Tj ET Q q 0 0 0 rg BT 86.67 428.25 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 134.96 428.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 157.71 428.25 Td (for ) Tj ET Q q 0 0 0 rg BT 172.12 428.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 221.53 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.61 428.25 Td (its ) Tj ET Q q 0 0 0 rg BT 244.81 428.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 285.33 428.25 Td (results ) Tj ET Q q 0 0 0 rg BT 314.19 428.25 Td (across ) Tj ET Q q 0 0 0 rg BT 341.93 428.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 376.62 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.81 428.25 Td (enhances ) Tj ET Q q 0 0 0 rg BT 433.21 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.17 428.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 478.69 428.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 538.10 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 428.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (current ) Tj ET Q q 0 0 0 rg BT 80.11 416.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 117.38 416.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 170.19 416.25 Td (by ) Tj ET Q q 0 0 0 rg BT 182.48 416.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 224.20 416.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 253.69 416.25 Td (items ) Tj ET Q q 0 0 0 rg BT 277.65 416.25 Td (that ) Tj ET Q q 0 0 0 rg BT 294.93 416.25 Td (may ) Tj ET Q q 0 0 0 rg BT 314.44 416.25 Td (not ) Tj ET Q q 0 0 0 rg BT 329.51 416.25 Td (be ) Tj ET Q q 0 0 0 rg BT 341.24 416.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 382.96 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 393.58 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 409.20 416.25 Td (core ) Tj ET Q q 0 0 0 rg BT 428.69 416.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 468.75 416.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 499.48 416.25 Td (The ) Tj ET Q q 0 0 0 rg BT 517.32 416.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 562.50 416.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.77 404.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 128.26 404.25 Td (should ) Tj ET Q q 0 0 0 rg BT 158.21 404.25 Td (be ) Tj ET Q q 0 0 0 rg BT 170.94 404.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 217.54 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 228.60 404.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 264.66 404.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 278.22 404.25 Td (not ) Tj ET Q q 0 0 0 rg BT 294.29 404.25 Td (as ) Tj ET Q q 0 0 0 rg BT 305.90 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 313.63 404.25 Td (substitute ) Tj ET Q q 0 0 0 rg BT 355.25 404.25 Td (for) Tj ET Q q 0 0 0 rg BT 366.50 404.25 Td (, ) Tj ET Q q 0 0 0 rg BT 372.29 404.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 412.78 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.40 404.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.66 404.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 516.47 404.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 554.73 404.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 96.96 392.25 Td (with ) Tj ET Q q 0 0 0 rg BT 117.24 392.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 137.52 392.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 163.64 392.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (Executive Overview) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 88.31 344.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 99.05 344.25 Td (owth ) Tj ET Q q 0 0 0 rg BT 121.21 344.25 Td (Initiatives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.20 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.91 344.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.91 344.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.61 344.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 215.99 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.47 344.25 Td (201) Tj ET Q q 0 0 0 rg BT 241.10 344.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 251.31 344.25 Td (following ) Tj ET Q q 0 0 0 rg BT 292.90 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.83 344.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.52 344.25 Td (crisis, ) Tj ET Q q 0 0 0 rg BT 371.83 344.25 Td (we ) Tj ET Q q 0 0 0 rg BT 386.20 344.25 Td (implemented ) Tj ET Q q 0 0 0 rg BT 441.11 344.25 Td (a ) Tj ET Q q 0 0 0 rg BT 448.26 344.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 484.84 344.25 Td (framework ) Tj ET Q q 0 0 0 rg BT 531.41 344.25 Td (focused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.46 332.25 Td (achieving ) Tj ET Q q 0 0 0 rg BT 104.29 332.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 132.24 332.25 Td (results ) Tj ET Q q 0 0 0 rg BT 161.31 332.25 Td (across ) Tj ET Q q 0 0 0 rg BT 189.25 332.25 Td (various ) Tj ET Q q 0 0 0 rg BT 221.65 332.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 256.26 332.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 303.38 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 314.67 332.25 Td (well ) Tj ET Q q 0 0 0 rg BT 334.84 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 346.13 332.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 377.42 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 388.15 332.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 424.98 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.38 332.25 Td (improvement ) Tj ET Q q 0 0 0 rg BT 498.66 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 509.39 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.68 332.25 Td (return ) Tj ET Q q 0 0 0 rg BT 552.51 332.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (equity) Tj ET Q q 0 0 0 rg BT 73.85 320.25 Td (. ) Tj ET Q q 0 0 0 rg BT 79.45 320.25 Td (In ) Tj ET Q q 0 0 0 rg BT 90.88 320.25 Td (order ) Tj ET Q q 0 0 0 rg BT 115.08 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.96 320.25 Td (do ) Tj ET Q q 0 0 0 rg BT 139.07 320.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 153.56 320.25 Td (we ) Tj ET Q q 0 0 0 rg BT 168.33 320.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 202.53 320.25 Td (on ) Tj ET Q q 0 0 0 rg BT 215.63 320.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 259.83 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.15 320.25 Td (contributions ) Tj ET Q q 0 0 0 rg BT 331.02 320.25 Td (from ) Tj ET Q q 0 0 0 rg BT 353.56 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 370.00 320.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 398.65 320.25 Td (mar) Tj ET Q q 0 0 0 rg BT 414.01 320.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 429.90 320.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 469.10 320.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 490.25 320.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 527.79 320.25 Td (services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (public ) Tj ET Q q 0 0 0 rg BT 75.83 308.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 106.58 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.35 308.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 143.12 308.25 Td (management\), ) Tj ET Q q 0 0 0 rg BT 201.37 308.25 Td (diversifying ) Tj ET Q q 0 0 0 rg BT 251.02 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.57 308.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 302.29 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.06 308.25 Td (making ) Tj ET Q q 0 0 0 rg BT 349.39 308.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 398.49 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.60 308.25 Td (drive ) Tj ET Q q 0 0 0 rg BT 429.48 308.25 Td (growth. ) Tj ET Q q 0 0 0 rg BT 461.54 308.25 Td (Through ) Tj ET Q q 0 0 0 rg BT 497.31 308.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 523.64 308.25 Td (execution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 63.43 296.25 Td (these ) Tj ET Q q 0 0 0 rg BT 87.90 296.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 125.69 296.25 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 169.06 296.25 Td (we ) Tj ET Q q 0 0 0 rg BT 184.64 296.25 Td (have ) Tj ET Q q 0 0 0 rg BT 207.45 296.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 249.13 296.25 Td (net ) Tj ET Q q 0 0 0 rg BT 265.27 296.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 304.73 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.09 296.25 Td (changed ) Tj ET Q q 0 0 0 rg BT 360.33 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.48 296.25 Td (business ) Tj ET Q q 0 0 0 rg BT 414.29 296.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 433.78 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 445.48 296.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 474.95 296.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 506.65 296.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 546.95 296.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.77 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.05 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.77 284.25 Td (business ) Tj ET Q q 0 0 0 rg BT 161.16 284.25 Td (are ) Tj ET Q q 0 0 0 rg BT 175.87 284.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 216.70 284.25 Td (below) Tj ET Q q 0 0 0 rg BT 240.49 284.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (Overview ) Tj ET Q q 0 0 0 rg BT 90.21 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.38 260.25 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.38 260.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.78 260.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.78 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.17 260.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 173.12 260.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 217.17 260.25 Td (are ) Tj ET Q q 0 0 0 rg BT 231.77 260.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 277.48 260.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 313.19 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.36 260.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 364.64 260.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 410.92 260.25 Td (banking, ) Tj ET Q q 0 0 0 rg BT 448.03 260.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 498.20 260.25 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 543.07 260.25 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (management ) Tj ET Q q 0 0 0 rg BT 102.08 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.00 248.25 Td (related ) Tj ET Q q 0 0 0 rg BT 146.69 248.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.16 248.25 Td (services ) Tj ET Q q 0 0 0 rg BT 216.86 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.13 248.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 280.10 248.25 Td (private ) Tj ET Q q 0 0 0 rg BT 309.35 248.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 335.83 248.25 Td (groups, ) Tj ET Q q 0 0 0 rg BT 367.04 248.25 Td (public ) Tj ET Q q 0 0 0 rg BT 393.53 248.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 426.40 248.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 468.43 248.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 498.80 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.73 248.25 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 88.11 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 98.39 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.10 236.25 Td (United ) Tj ET Q q 0 0 0 rg BT 142.82 236.25 Td (States ) Tj ET Q q 0 0 0 rg BT 169.21 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.15 236.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 219.84 236.25 Td (W) Tj ET Q q 0 0 0 rg BT 228.48 236.25 Td (e ) Tj ET Q q 0 0 0 rg BT 235.42 236.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 267.34 236.25 Td (through ) Tj ET Q q 0 0 0 rg BT 300.95 236.25 Td (two ) Tj ET Q q 0 0 0 rg BT 318.45 236.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 361.48 236.25 Td (business ) Tj ET Q q 0 0 0 rg BT 397.87 236.25 Td (segments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.85 212.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 120.63 212.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.63 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.19 212.25 Td (The ) Tj ET Q q 0 0 0 rg BT 144.41 212.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 174.97 212.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 209.42 212.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 244.43 212.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 280.55 212.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 326.11 212.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 360.00 212.25 Td (services ) Tj ET Q q 0 0 0 rg BT 393.89 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 410.01 212.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 459.47 212.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 483.08 212.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 513.09 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.21 212.25 Td (research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 86.62 200.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 133.46 200.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 168.08 200.25 Td (services ) Tj ET Q q 0 0 0 rg BT 202.70 200.25 Td (include ) Tj ET Q q 0 0 0 rg BT 234.54 200.25 Td (management ) Tj ET Q q 0 0 0 rg BT 288.04 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.78 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.63 200.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 368.57 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 378.76 200.25 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 439.21 200.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 476.60 200.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 513.45 200.25 Td (services ) Tj ET Q q 0 0 0 rg BT 548.07 200.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (public ) Tj ET Q q 0 0 0 rg BT 77.45 188.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 109.84 188.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 151.39 188.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 193.23 188.25 Td (are ) Tj ET Q q 0 0 0 rg BT 208.40 188.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 250.22 188.25 Td (through ) Tj ET Q q 0 0 0 rg BT 284.29 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.46 188.25 Td (receipt ) Tj ET Q q 0 0 0 rg BT 329.62 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.91 188.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 378.31 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.71 188.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 436.43 188.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 457.99 188.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 509.28 188.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 534.17 188.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.60 176.25 Td (research ) Tj ET Q q 0 0 0 rg BT 100.56 176.25 Td (services ) Tj ET Q q 0 0 0 rg BT 134.42 176.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 157.74 176.25 Td (on ) Tj ET Q q 0 0 0 rg BT 169.40 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.27 176.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 213.25 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.24 176.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 249.89 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.98 176.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 288.19 176.25 Td (income ) Tj ET Q q 0 0 0 rg BT 319.28 176.25 Td (products ) Tj ET Q q 0 0 0 rg BT 355.37 176.25 Td (with ) Tj ET Q q 0 0 0 rg BT 374.81 176.25 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 423.42 176.25 Td (government ) Tj ET Q q 0 0 0 rg BT 472.84 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.93 176.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 531.14 176.25 Td (entities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 90.44 164.25 Td (are ) Tj ET Q q 0 0 0 rg BT 104.71 164.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 145.64 164.25 Td (through ) Tj ET Q q 0 0 0 rg BT 178.81 164.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 233.10 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.61 164.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 271.11 164.25 Td (credits ) Tj ET Q q 0 0 0 rg BT 299.83 164.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 328.54 164.25 Td (on ) Tj ET Q q 0 0 0 rg BT 340.60 164.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 367.66 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.17 164.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 406.78 164.25 Td (income ) Tj ET Q q 0 0 0 rg BT 438.28 164.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 488.12 164.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 509.62 164.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 550.28 164.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.88 152.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 120.37 152.25 Td (on ) Tj ET Q q 0 0 0 rg BT 133.32 152.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 164.59 152.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 205.30 152.25 Td (held ) Tj ET Q q 0 0 0 rg BT 225.47 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.19 152.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 273.87 152.25 Td (, ) Tj ET Q q 0 0 0 rg BT 279.32 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.70 152.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 325.76 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.15 152.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 369.99 152.25 Td (from ) Tj ET Q q 0 0 0 rg BT 392.37 152.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 423.65 152.25 Td (these ) Tj ET Q q 0 0 0 rg BT 447.14 152.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 489.70 152.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 514.04 152.25 Td (we ) Tj ET Q q 0 0 0 rg BT 528.65 152.25 Td (generate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 84.78 140.25 Td (through ) Tj ET Q q 0 0 0 rg BT 119.53 140.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 157.04 140.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 189.00 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.07 140.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 247.38 140.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 289.61 140.25 Td (which ) Tj ET Q q 0 0 0 rg BT 317.69 140.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 342.98 140.25 Td (on ) Tj ET Q q 0 0 0 rg BT 356.62 140.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 408.03 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.44 140.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 463.07 140.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 493.10 140.25 Td (mortgage-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.54 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.25 128.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 126.30 128.25 Td (government ) Tj ET Q q 0 0 0 rg BT 176.34 128.25 Td (agency ) Tj ET Q q 0 0 0 rg BT 206.92 128.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 249.46 128.25 Td (In ) Tj ET Q q 0 0 0 rg BT 260.06 128.25 Td (order ) Tj ET Q q 0 0 0 rg BT 283.43 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.48 128.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 319.64 128.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 339.13 128.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 368.05 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.76 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.81 128.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 428.18 128.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 457.10 128.25 Td (from ) Tj ET Q q 0 0 0 rg BT 478.81 128.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 509.97 128.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 550.85 128.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (have ) Tj ET Q q 0 0 0 rg BT 70.56 116.25 Td (created ) Tj ET Q q 0 0 0 rg BT 101.60 116.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 145.98 116.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 167.61 116.25 Td (management ) Tj ET Q q 0 0 0 rg BT 220.88 116.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 245.28 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 255.24 116.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 294.63 116.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 329.03 116.25 Td (that ) Tj ET Q q 0 0 0 rg BT 346.20 116.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 378.38 116.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 405.56 116.25 Td (or ) Tj ET Q q 0 0 0 rg BT 416.07 116.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 435.47 116.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 485.43 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 495.39 116.25 Td (late ) Tj ET Q q 0 0 0 rg BT 512.00 116.25 Td (stage ) Tj ET Q q 0 0 0 rg BT 534.73 116.25 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (companies; ) Tj ET Q q 0 0 0 rg BT 97.11 104.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 123.62 104.25 Td (living, ) Tj ET Q q 0 0 0 rg BT 151.53 104.25 Td (which ) Tj ET Q q 0 0 0 rg BT 178.04 104.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 214.54 104.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 254.38 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 264.23 104.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 284.08 104.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 310.59 104.25 Td (living ) Tj ET Q q 0 0 0 rg BT 335.99 104.25 Td (facilities; ) Tj ET Q q 0 0 0 rg BT 375.27 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.78 104.25 Td (ener) Tj ET Q q 0 0 0 rg BT 408.81 104.25 Td (gy) Tj ET Q q 0 0 0 rg BT 418.16 104.25 Td (, ) Tj ET Q q 0 0 0 rg BT 422.73 104.25 Td (whose ) Tj ET Q q 0 0 0 rg BT 450.35 104.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 487.96 104.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 520.02 104.25 Td (is ) Tj ET Q q 0 0 0 rg BT 528.76 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 538.61 104.25 Td (invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.26 92.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 73.79 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.21 92.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 107.52 92.25 Td (services ) Tj ET Q q 0 0 0 rg BT 142.70 92.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 188.45 92.25 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 248.05 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.81 92.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 292.95 92.25 Td (W) Tj ET Q q 0 0 0 rg BT 301.59 92.25 Td (e ) Tj ET Q q 0 0 0 rg BT 309.01 92.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 340.85 92.25 Td (management ) Tj ET Q q 0 0 0 rg BT 394.91 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.33 92.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 465.83 92.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 484.91 92.25 Td (for ) Tj ET Q q 0 0 0 rg BT 499.55 92.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 541.96 92.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (funds.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.59 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.48 740.10 Td (made ) Tj ET Q q 0 0 0 rg BT 109.14 740.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 153.37 740.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 189.26 740.10 Td (on ) Tj ET Q q 0 0 0 rg BT 201.27 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 216.61 740.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 252.50 740.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 282.84 740.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 324.29 740.10 Td (through ) Tj ET Q q 0 0 0 rg BT 357.41 740.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 407.20 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.99 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.21 740.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 469.62 740.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 508.84 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 520.85 740.10 Td (expanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (into ) Tj ET Q q 0 0 0 rg BT 68.26 728.10 Td (new ) Tj ET Q q 0 0 0 rg BT 88.13 728.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 124.11 728.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 155.09 728.10 Td (within ) Tj ET Q q 0 0 0 rg BT 183.85 728.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 212.05 728.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 259.14 728.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 294.56 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.20 728.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 340.40 728.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 391.39 728.10 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 437.07 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.71 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.13 728.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 513.89 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.42 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.96 728.10 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (income ) Tj ET Q q 0 0 0 rg BT 81.43 716.10 Td (middle ) Tj ET Q q 0 0 0 rg BT 111.71 716.10 Td (market ) Tj ET Q q 0 0 0 rg BT 141.97 716.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 163.91 716.10 Td (platform. ) Tj ET Q q 0 0 0 rg BT 203.16 716.10 Td (The ) Tj ET Q q 0 0 0 rg BT 221.21 716.10 Td (following ) Tj ET Q q 0 0 0 rg BT 262.60 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 271.77 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 278.70 716.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 318.42 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.25 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 345.08 716.10 Td (most ) Tj ET Q q 0 0 0 rg BT 367.03 716.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 393.95 716.10 Td (activity) Tj ET Q q 0 0 0 rg BT 423.29 716.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 692.10 Td (As ) Tj ET Q q 0 0 0 rg BT 99.11 692.10 Td (part ) Tj ET Q q 0 0 0 rg BT 117.16 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.99 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.82 692.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 177.98 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.25 692.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 219.63 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.46 692.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 262.96 692.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.34 692.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 344.05 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 380.45 692.10 Td (into ) Tj ET Q q 0 0 0 rg BT 398.50 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.22 692.10 Td (ener) Tj ET Q q 0 0 0 rg BT 430.25 692.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 442.75 692.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 469.12 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.06 692.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 509.11 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.94 692.10 Td (advisory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 680.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 124.69 680.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.49 680.10 Td (February26, ) Tj ET Q q 0 0 0 rg BT 191.39 680.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.39 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 216.69 680.10 Td (we ) Tj ET Q q 0 0 0 rg BT 231.15 680.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 275.60 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.61 680.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.29 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.42 680.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 389.01 680.10 Td (& ) Tj ET Q q 0 0 0 rg BT 399.59 680.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 441.27 680.10 Td (International ) Tj ET Q q 0 0 0 rg BT 495.16 680.10 Td (\("Simmons"\), ) Tj ET Q q 0 0 0 rg BT 553.07 680.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 668.10 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 156.86 668.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 203.24 668.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 225.18 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.12 668.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 270.72 668.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 297.64 668.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 331.24 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 343.74 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.46 668.10 Td (ener) Tj ET Q q 0 0 0 rg BT 375.49 668.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 387.99 668.10 Td (industry) Tj ET Q q 0 0 0 rg BT 420.11 668.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 644.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 644.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.00 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.38 644.10 Td (second ) Tj ET Q q 0 0 0 rg BT 140.32 644.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 170.80 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.30 644.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 205.96 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 219.79 644.10 Td (began ) Tj ET Q q 0 0 0 rg BT 245.83 644.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 289.66 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 305.15 644.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.32 644.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 378.36 644.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 412.75 644.10 Td (business ) Tj ET Q q 0 0 0 rg BT 448.81 644.10 Td (into ) Tj ET Q q 0 0 0 rg BT 466.53 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.91 644.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 518.06 644.10 Td (institutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 632.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 111.88 632.10 Td (through ) Tj ET Q q 0 0 0 rg BT 145.49 632.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 190.20 632.10 Td (hiring ) Tj ET Q q 0 0 0 rg BT 216.58 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.86 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.69 632.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 274.07 632.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 309.34 632.10 Td (segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 608.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 608.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.71 608.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 159.45 608.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.45 608.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.94 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.58 608.10 Td (built ) Tj ET Q q 0 0 0 rg BT 217.90 608.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 239.88 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.20 608.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 297.73 608.10 Td (into ) Tj ET Q q 0 0 0 rg BT 315.27 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.47 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 366.43 608.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 412.87 608.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 438.73 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 450.72 608.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 490.46 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.66 608.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 529.98 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.29 608.10 Td (River ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 596.10 Td (Branch ) Tj ET Q q 0 0 0 rg BT 117.65 596.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 157.60 596.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 179.76 596.10 Td (\("River ) Tj ET Q q 0 0 0 rg BT 212.67 596.10 Td (Branch"\), ) Tj ET Q q 0 0 0 rg BT 254.73 596.10 Td (an ) Tj ET Q q 0 0 0 rg BT 267.45 596.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 295.72 596.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.88 596.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 378.37 596.10 Td (boutique ) Tj ET Q q 0 0 0 rg BT 416.64 596.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 451.02 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.29 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.79 596.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 518.04 596.10 Td (institutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 584.10 Td (sector) Tj ET Q q 0 0 0 rg BT 108.83 584.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.83 584.10 Td (The ) Tj ET Q q 0 0 0 rg BT 132.08 584.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 178.67 584.10 Td (added ) Tj ET Q q 0 0 0 rg BT 205.25 584.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.84 584.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 286.76 584.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 327.22 584.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 368.24 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.72 584.10 Td (banks, ) Tj ET Q q 0 0 0 rg BT 407.25 584.10 Td (thrifts, ) Tj ET Q q 0 0 0 rg BT 436.34 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.49 584.10 Td (depository ) Tj ET Q q 0 0 0 rg BT 498.41 584.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 548.06 584.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 572.10 Td (further ) Tj ET Q q 0 0 0 rg BT 115.21 572.10 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 168.80 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 184.63 572.10 Td (mer) Tj ET Q q 0 0 0 rg BT 200.00 572.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 219.16 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.10 572.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 286.37 572.10 Td (leadership ) Tj ET Q q 0 0 0 rg BT 329.96 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.24 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.96 572.10 Td (middle ) Tj ET Q q 0 0 0 rg BT 385.23 572.10 Td (markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 548.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 548.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.60 548.10 Td (October9, ) Tj ET Q q 0 0 0 rg BT 145.69 548.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.69 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.06 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 185.60 548.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 230.13 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.23 548.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 291.99 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.20 548.10 Td (BMO ) Tj ET Q q 0 0 0 rg BT 328.86 548.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 360.62 548.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 396.26 548.10 Td (GKST) Tj ET Q q 0 0 0 rg BT 422.20 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.08 548.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 443.22 548.10 Td (\("BMO ) Tj ET Q q 0 0 0 rg BT 476.30 548.10 Td (GKST"\), ) Tj ET Q q 0 0 0 rg BT 515.20 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 522.52 548.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 536.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 109.55 536.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 135.53 536.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 167.90 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.39 536.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 234.32 536.10 Td (business ) Tj ET Q q 0 0 0 rg BT 272.26 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.63 536.10 Td (BMO ) Tj ET Q q 0 0 0 rg BT 311.46 536.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 352.72 536.10 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 378.98 536.10 Td (This ) Tj ET Q q 0 0 0 rg BT 400.80 536.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 448.73 536.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 491.09 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 508.47 536.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 533.06 536.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 524.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 136.04 524.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 160.73 524.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 191.82 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.02 524.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 263.43 524.10 Td (platforms. ) Tj ET Q q 0 0 0 rg BT 306.40 524.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 356.31 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.57 524.10 Td (it ) Tj ET Q q 0 0 0 rg BT 369.88 524.10 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 423.73 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.82 524.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 476.45 524.10 Td (analytic ) Tj ET Q q 0 0 0 rg BT 510.86 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.06 524.10 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 512.10 Td (capabilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 488.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 488.10 Td (For ) Tj ET Q q 0 0 0 rg BT 101.89 488.10 Td (more ) Tj ET Q q 0 0 0 rg BT 124.94 488.10 Td (information ) Tj ET Q q 0 0 0 rg BT 174.65 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 187.15 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.98 488.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 255.75 488.10 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.02 488.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 292.96 488.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.96 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.46 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.29 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.12 488.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 380.16 488.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.64 488.10 Td (statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.45 464.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 132.73 464.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.73 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.75 464.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.99 464.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 181.39 464.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 235.77 464.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 273.77 464.10 Td (which ) Tj ET Q q 0 0 0 rg BT 300.39 464.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 337.01 464.10 Td (traditional ) Tj ET Q q 0 0 0 rg BT 380.28 464.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 401.90 464.10 Td (management ) Tj ET Q q 0 0 0 rg BT 455.17 464.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 492.05 464.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 529.21 464.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.72 464.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 88.42 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.67 452.10 Td (international ) Tj ET Q q 0 0 0 rg BT 159.02 452.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 186.83 452.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 223.18 452.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 273.09 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 278.40 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.43 452.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 315.69 452.10 Td (management ) Tj ET Q q 0 0 0 rg BT 369.59 452.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 405.73 452.10 Td (manages ) Tj ET Q q 0 0 0 rg BT 443.53 452.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 494.12 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.71 452.10 Td (master ) Tj ET Q q 0 0 0 rg BT 534.18 452.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 100.45 440.10 Td (\("MLPs"\) ) Tj ET Q q 0 0 0 rg BT 141.81 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.33 440.10 Td (ener) Tj ET Q q 0 0 0 rg BT 175.35 440.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 187.43 440.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 243.37 440.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 283.21 440.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 316.39 440.10 Td (on ) Tj ET Q q 0 0 0 rg BT 328.46 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.76 440.10 Td (ener) Tj ET Q q 0 0 0 rg BT 359.79 440.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 371.86 440.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 397.82 440.10 Td (for ) Tj ET Q q 0 0 0 rg BT 411.56 440.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 458.09 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.60 440.10 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 523.62 440.10 Td (Revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.14 428.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 103.43 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.63 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.28 428.10 Td (form ) Tj ET Q q 0 0 0 rg BT 147.14 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.90 428.10 Td (management ) Tj ET Q q 0 0 0 rg BT 209.42 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.29 428.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 277.24 428.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 297.26 428.10 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 337.57 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 351.20 428.10 Td (also ) Tj ET Q q 0 0 0 rg BT 368.74 428.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 409.03 428.10 Td (through ) Tj ET Q q 0 0 0 rg BT 441.57 428.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 490.77 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.98 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.62 428.10 Td (partnerships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 416.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 91.16 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.66 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.82 416.10 Td (manage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (An ) Tj ET Q q 0 0 0 rg BT 64.41 392.10 Td (explicit ) Tj ET Q q 0 0 0 rg BT 97.09 392.10 Td (element ) Tj ET Q q 0 0 0 rg BT 131.43 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.44 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.46 392.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 192.81 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.27 392.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 225.40 392.10 Td (management ) Tj ET Q q 0 0 0 rg BT 279.18 392.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.53 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.00 392.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 337.23 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.25 392.10 Td (product ) Tj ET Q q 0 0 0 rg BT 386.49 392.10 Td (of) Tj ET Q q 0 0 0 rg BT 394.64 392.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 425.09 392.10 Td (by ) Tj ET Q q 0 0 0 rg BT 437.78 392.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 467.69 392.10 Td (high ) Tj ET Q q 0 0 0 rg BT 488.15 392.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 518.61 392.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (teams. ) Tj ET Q q 0 0 0 rg BT 77.89 380.10 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 122.68 380.10 Td (with ) Tj ET Q q 0 0 0 rg BT 143.02 380.10 Td (this ) Tj ET Q q 0 0 0 rg BT 160.03 380.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 191.03 380.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.10 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 210.32 380.10 Td (added ) Tj ET Q q 0 0 0 rg BT 236.76 380.10 Td (Cupps ) Tj ET Q q 0 0 0 rg BT 264.88 380.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 296.33 380.10 Td (Management, ) Tj ET Q q 0 0 0 rg BT 353.59 380.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 375.04 380.10 Td (\("Cupps"\) ) Tj ET Q q 0 0 0 rg BT 417.99 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.33 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.11 380.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 470.11 380.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 500.99 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.88 380.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 536.94 380.10 Td (Cupps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 81.99 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 94.49 368.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 114.77 368.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 145.60 368.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 191.99 368.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 232.25 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 252.53 368.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.47 368.10 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 309.17 368.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 340.00 368.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 367.50 368.10 Td (product.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 344.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 71.54 344.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 102.31 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.53 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.77 344.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 152.44 344.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 207.09 344.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 245.36 344.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.25 344.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 295.79 344.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 319.33 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.11 344.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 368.66 344.10 Td (favoring ) Tj ET Q q 0 0 0 rg BT 404.99 344.10 Td (passive ) Tj ET Q q 0 0 0 rg BT 436.88 344.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 483.21 344.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 518.42 344.10 Td (over ) Tj ET Q q 0 0 0 rg BT 538.63 344.10 Td (active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 104.92 332.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 146.18 332.10 Td (with ) Tj ET Q q 0 0 0 rg BT 165.78 332.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 194.81 332.10 Td (products ) Tj ET Q q 0 0 0 rg BT 231.08 332.10 Td (having ) Tj ET Q q 0 0 0 rg BT 260.12 332.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 305.83 332.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 358.18 332.10 Td (below ) Tj ET Q q 0 0 0 rg BT 384.45 332.10 Td (their ) Tj ET Q q 0 0 0 rg BT 404.60 332.10 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 457.25 332.10 Td (have ) Tj ET Q q 0 0 0 rg BT 477.95 332.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 511.42 332.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.25 320.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.57 320.10 Td (this ) Tj ET Q q 0 0 0 rg BT 99.67 320.10 Td (business ) Tj ET Q q 0 0 0 rg BT 136.22 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.31 320.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 183.18 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.27 320.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 250.13 320.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 281.66 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.09 320.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 339.21 320.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.37 320.10 Td (Lower ) Tj ET Q q 0 0 0 rg BT 373.12 320.10 Td (average ) Tj ET Q q 0 0 0 rg BT 406.86 320.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.85 320.10 Td (under ) Tj ET Q q 0 0 0 rg BT 458.27 320.10 Td (management ) Tj ET Q q 0 0 0 rg BT 512.01 320.10 Td (for ) Tj ET Q q 0 0 0 rg BT 526.33 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.31 320.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 562.50 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 91.49 308.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 118.77 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 130.49 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 136.66 308.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 167.26 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.76 308.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 196.96 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.68 308.10 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 244.01 308.10 Td (also ) Tj ET Q q 0 0 0 rg BT 261.85 308.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 295.23 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.74 308.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 345.88 308.10 Td (management ) Tj ET Q q 0 0 0 rg BT 398.70 308.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 416.52 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.69 308.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 479.81 308.10 Td (. ) Tj ET Q q 0 0 0 rg BT 484.04 308.10 Td (In ) Tj ET Q q 0 0 0 rg BT 494.09 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.04 308.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 534.20 308.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.77 296.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 86.22 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.82 296.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 144.86 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 161.13 296.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 190.73 296.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 229.23 296.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 278.27 296.10 Td (testing, ) Tj ET Q q 0 0 0 rg BT 310.38 296.10 Td (including ) Tj ET Q q 0 0 0 rg BT 351.10 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.26 296.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 404.76 296.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 448.79 296.10 Td (with ) Tj ET Q q 0 0 0 rg BT 469.52 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.14 296.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 510.30 296.10 Td (Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 86.60 284.10 Td (which ) Tj ET Q q 0 0 0 rg BT 112.32 284.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 145.26 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.31 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 160.03 284.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 189.63 284.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 227.00 284.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 274.38 284.10 Td (char) Tj ET Q q 0 0 0 rg BT 291.41 284.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 302.13 284.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.74 284.10 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 335.52 284.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.41 284.10 Td (. ) Tj ET Q q 0 0 0 rg BT 368.19 284.10 Td (For ) Tj ET Q q 0 0 0 rg BT 383.36 284.10 Td (more ) Tj ET Q q 0 0 0 rg BT 405.18 284.10 Td (information ) Tj ET Q q 0 0 0 rg BT 453.67 284.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.95 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.56 284.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 516.40 284.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (testing, ) Tj ET Q q 0 0 0 rg BT 81.17 272.10 Td (please ) Tj ET Q q 0 0 0 rg BT 108.65 272.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 130.02 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.30 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.01 272.10 Td ("Critical ) Tj ET Q q 0 0 0 rg BT 191.03 272.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 240.19 272.10 Td (Policies" ) Tj ET Q q 0 0 0 rg BT 278.44 272.10 Td (section. ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (29) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Financial Highlights) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 678.75 263.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 678.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 678.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 678.75 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 654.75 263.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 654.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 654.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 654.75 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 630.75 263.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 630.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 630.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 630.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 630.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 630.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 630.75 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 606.75 263.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 606.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 606.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 606.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 606.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 606.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 606.75 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 582.75 263.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 582.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 582.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 582.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 582.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 582.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 582.75 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 558.75 263.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 558.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 558.75 76.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 558.75 86.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 716.75 m 562 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 716.75 m 392 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 716.75 m 396 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 716.75 m 472 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 716.75 m 476 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 716.75 m 562 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 690.75 m 472 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 690.75 m 562 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 690.75 m 392 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 690.75 m 472 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 690.75 m 562 690.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.80 720.48 Td (Twelve Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.95 720.48 Td ( Per) Tj ET Q q 0 0 0 rg BT 497.25 720.48 Td (cent Inc/\(Dec\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 695.00 Td (\(Amounts in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 177.86 695.00 Td (e data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.70 707.48 Td (Dec. 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.70 707.48 Td (Dec. 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.50 707.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.50 694.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.50 694.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.55 694.48 Td (vs. 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 681.48 Td (U.S. GAAP) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 669.66 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.50 669.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 669.48 Td (747,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 669.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 669.37 Td (672,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 669.37 Td (11.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 669.37 Td (%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 657.66 Td (Compensation and benefits expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 657.48 Td (510,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 657.37 Td (421,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 657.37 Td (21.1) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 645.66 Td (Non-compensation expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 645.48 Td (267,611) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 645.37 Td (164,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 645.37 Td (62.4) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 633.66 Td (Net income/\(loss\) applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.30 633.53 Td (\(21,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 633.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 633.37 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.60 633.37 Td (N/M) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 621.66 Td (Earnings/\(loss\) per diluted common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.50 621.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.30 621.53 Td (\(1.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 621.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 621.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 621.37 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.60 621.37 Td (N/M) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 597.48 Td (Non-GAAP) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 100.94 602.01 Td (\(1\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 585.66 Td (Adjusted net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.50 585.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 585.48 Td (736,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 585.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 585.37 Td (663,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 585.37 Td (11.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 585.37 Td (%) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 573.66 Td (Adjusted compensation and benefits expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 573.48 Td (474,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 573.37 Td (417,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 573.37 Td (13.6) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 561.66 Td (Adjusted non-compensation expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.65 561.48 Td (150,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 561.37 Td (143,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 561.37 Td (5.2) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 549.66 Td (Adjusted net income applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.65 549.48 Td (72,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 549.37 Td (65,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 549.37 Td (10.3) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 57.50 537.66 Td (Adjusted earnings per diluted common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.50 537.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 537.48 Td (4.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.50 537.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 537.37 Td (4.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 537.37 Td (11.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 522.65 Td (N/M ) Tj ET Q q 0 0 0 rg BT 65.72 522.65 Td ( ) Tj ET Q q 0 0 0 rg BT 74.84 522.65 Td (Not ) Tj ET Q q 0 0 0 rg BT 88.39 522.65 Td (meaningful) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 498.65 Td (For ) Tj ET Q q 0 0 0 rg BT 67.00 498.65 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.72 498.65 Td (year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.49 498.65 Td ( ) Tj ET Q q 0 0 0 rg BT 101.99 498.65 Td (ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.36 498.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.95 498.65 Td (2016) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 474.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 83.87 474.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 121.33 474.65 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.02 474.65 Td (1) Tj ET Q q 0 0 0 rg BT 165.64 474.65 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 180.07 474.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 474.65 Td ( ) Tj ET Q q 0 0 0 rg BT 211.43 474.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 252.78 474.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.49 474.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.49 474.65 Td (, ) Tj ET Q q 0 0 0 rg BT 286.91 474.65 Td (as ) Tj ET Q q 0 0 0 rg BT 297.17 474.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 324.65 474.65 Td (advisory ) Tj ET Q q 0 0 0 rg BT 361.02 474.65 Td (services ) Tj ET Q q 0 0 0 rg BT 395.15 474.65 Td (and ) Tj ET Q q 0 0 0 rg BT 411.52 474.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 430.66 474.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 470.36 474.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 507.82 474.65 Td (were ) Tj ET Q q 0 0 0 rg BT 529.18 474.65 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 462.65 Td (of) Tj ET Q q 0 0 0 rg BT 75.65 462.65 Td (fset ) Tj ET Q q 0 0 0 rg BT 92.59 462.65 Td (by ) Tj ET Q q 0 0 0 rg BT 105.09 462.65 Td (lower ) Tj ET Q q 0 0 0 rg BT 130.36 462.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 157.85 462.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 198.12 462.65 Td (and ) Tj ET Q q 0 0 0 rg BT 215.05 462.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 236.99 462.65 Td (management ) Tj ET Q q 0 0 0 rg BT 290.58 462.65 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 450.65 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 129.90 450.65 Td (and ) Tj ET Q q 0 0 0 rg BT 148.96 450.65 Td (benefits ) Tj ET Q q 0 0 0 rg BT 185.24 450.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.96 450.65 Td (were ) Tj ET Q q 0 0 0 rg BT 250.01 450.65 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.63 450.65 Td (21.1 ) Tj ET Q q 0 0 0 rg BT 286.76 450.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.18 450.65 Td ( ) Tj ET Q q 0 0 0 rg BT 320.80 450.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 364.85 450.65 Td (to ) Tj ET Q q 0 0 0 rg BT 377.25 450.65 Td (the ) Tj ET Q q 0 0 0 rg BT 394.09 450.65 Td (year) Tj ET Q q 0 0 0 rg BT 411.10 450.65 Td (-ago ) Tj ET Q q 0 0 0 rg BT 433.49 450.65 Td (period ) Tj ET Q q 0 0 0 rg BT 463.66 450.65 Td (due ) Tj ET Q q 0 0 0 rg BT 482.72 450.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 524.56 450.65 Td (to ) Tj ET Q q 0 0 0 rg BT 536.96 450.65 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 438.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 126.13 438.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 165.31 438.65 Td (arising ) Tj ET Q q 0 0 0 rg BT 195.62 438.65 Td (from ) Tj ET Q q 0 0 0 rg BT 218.14 438.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 258.98 438.65 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 300.10 438.65 Td (as ) Tj ET Q q 0 0 0 rg BT 311.52 438.65 Td (well ) Tj ET Q q 0 0 0 rg BT 331.82 438.65 Td (as ) Tj ET Q q 0 0 0 rg BT 343.24 438.65 Td (additional ) Tj ET Q q 0 0 0 rg BT 386.31 438.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 444.94 438.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 484.13 438.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 528.31 438.65 Td (with ) Tj ET Q q 0 0 0 rg BT 549.17 438.65 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 426.65 Td (recent ) Tj ET Q q 0 0 0 rg BT 96.22 426.65 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 150.79 426.65 Td (including ) Tj ET Q q 0 0 0 rg BT 192.86 426.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 247.69 426.65 Td (of ) Tj ET Q q 0 0 0 rg BT 260.31 426.65 Td (deal ) Tj ET Q q 0 0 0 rg BT 281.26 426.65 Td (consideration ) Tj ET Q q 0 0 0 rg BT 339.43 426.65 Td (tied ) Tj ET Q q 0 0 0 rg BT 358.72 426.65 Td (to ) Tj ET Q q 0 0 0 rg BT 370.79 426.65 Td (employment, ) Tj ET Q q 0 0 0 rg BT 427.58 426.65 Td (and ) Tj ET Q q 0 0 0 rg BT 446.31 426.65 Td (expansion ) Tj ET Q q 0 0 0 rg BT 491.15 426.65 Td (into ) Tj ET Q q 0 0 0 rg BT 511.00 426.65 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 426.65 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 414.65 Td (institutions ) Tj ET Q q 0 0 0 rg BT 114.45 414.65 Td (sector) Tj ET Q q 0 0 0 rg BT 137.78 414.65 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 402.65 Td (Non-compensation ) Tj ET Q q 0 0 0 rg BT 145.02 402.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 182.55 402.65 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.74 402.65 Td (62.4 ) Tj ET Q q 0 0 0 rg BT 240.67 402.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.09 402.65 Td ( ) Tj ET Q q 0 0 0 rg BT 271.52 402.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 312.37 402.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.58 402.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.58 402.65 Td (, ) Tj ET Q q 0 0 0 rg BT 345.51 402.65 Td (driven ) Tj ET Q q 0 0 0 rg BT 372.49 402.65 Td (by ) Tj ET Q q 0 0 0 rg BT 383.92 402.65 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.78 402.65 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 418.71 402.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.61 402.65 Td ( ) Tj ET Q q 0 0 0 rg BT 449.04 402.65 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 486.02 402.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 533.55 402.65 Td (char) Tj ET Q q 0 0 0 rg BT 550.58 402.65 Td (ge.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 390.65 Td (Also, ) Tj ET Q q 0 0 0 rg BT 91.81 390.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 120.28 390.65 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 197.61 390.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 236.63 390.65 Td (and ) Tj ET Q q 0 0 0 rg BT 253.98 390.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 282.45 390.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 305.37 390.65 Td (as ) Tj ET Q q 0 0 0 rg BT 316.62 390.65 Td (a ) Tj ET Q q 0 0 0 rg BT 323.98 390.65 Td (result ) Tj ET Q q 0 0 0 rg BT 349.11 390.65 Td (of ) Tj ET Q q 0 0 0 rg BT 360.36 390.65 Td (business ) Tj ET Q q 0 0 0 rg BT 397.17 390.65 Td (expansion ) Tj ET Q q 0 0 0 rg BT 440.64 390.65 Td (were ) Tj ET Q q 0 0 0 rg BT 462.98 390.65 Td (partially ) Tj ET Q q 0 0 0 rg BT 499.22 390.65 Td (of) Tj ET Q q 0 0 0 rg BT 507.37 390.65 Td (fset ) Tj ET Q q 0 0 0 rg BT 524.73 390.65 Td (by ) Tj ET Q q 0 0 0 rg BT 537.65 390.65 Td (a ) Tj ET Q q 0 0 0 rg BT 545.01 390.65 Td ($9.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 378.65 Td (million ) Tj ET Q q 0 0 0 rg BT 98.89 378.65 Td (settlement ) Tj ET Q q 0 0 0 rg BT 142.49 378.65 Td (of ) Tj ET Q q 0 0 0 rg BT 153.32 378.65 Td (a ) Tj ET Q q 0 0 0 rg BT 160.26 378.65 Td (legal ) Tj ET Q q 0 0 0 rg BT 182.19 378.65 Td (matter ) Tj ET Q q 0 0 0 rg BT 210.23 378.65 Td (in ) Tj ET Q q 0 0 0 rg BT 220.51 378.65 Td (the ) Tj ET Q q 0 0 0 rg BT 235.23 378.65 Td (prior) Tj ET Q q 0 0 0 rg BT 254.47 378.65 Td (-year ) Tj ET Q q 0 0 0 rg BT 277.50 378.65 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 366.65 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 366.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.04 366.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.04 366.65 Td (, ) Tj ET Q q 0 0 0 rg BT 102.75 366.65 Td (our ) Tj ET Q q 0 0 0 rg BT 118.29 366.65 Td (return ) Tj ET Q q 0 0 0 rg BT 144.38 366.65 Td (on ) Tj ET Q q 0 0 0 rg BT 156.58 366.65 Td (average ) Tj ET Q q 0 0 0 rg BT 189.88 366.65 Td (common ) Tj ET Q q 0 0 0 rg BT 227.08 366.65 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 281.63 366.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 308.84 366.65 Td (was ) Tj ET Q q 0 0 0 rg BT 326.60 366.65 Td (a ) Tj ET Q q 0 0 0 rg BT 333.24 366.65 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.33 366.65 Td (2.8 ) Tj ET Q q 0 0 0 rg BT 384.04 366.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.46 366.65 Td (, ) Tj ET Q q 0 0 0 rg BT 418.17 366.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 459.80 366.65 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.79 366.65 Td (6.4 ) Tj ET Q q 0 0 0 rg BT 494.50 366.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.92 366.65 Td ( ) Tj ET Q q 0 0 0 rg BT 526.13 366.65 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 366.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 366.65 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 354.65 Td (On ) Tj ET Q q 0 0 0 rg BT 81.86 354.65 Td (an ) Tj ET Q q 0 0 0 rg BT 93.45 354.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 128.91 354.65 Td (basis, ) Tj ET Q q 0 0 0 rg BT 153.56 354.65 Td (we ) Tj ET Q q 0 0 0 rg BT 167.36 354.65 Td (generated ) Tj ET Q q 0 0 0 rg BT 208.36 354.65 Td (a ) Tj ET Q q 0 0 0 rg BT 214.94 354.65 Td (return ) Tj ET Q q 0 0 0 rg BT 240.96 354.65 Td (on ) Tj ET Q q 0 0 0 rg BT 253.11 354.65 Td (average ) Tj ET Q q 0 0 0 rg BT 286.33 354.65 Td (common ) Tj ET Q q 0 0 0 rg BT 323.47 354.65 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 377.95 354.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 405.09 354.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.56 354.65 Td (9.2 ) Tj ET Q q 0 0 0 rg BT 430.21 354.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 459.63 359.18 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.60 354.65 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.38 354.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.52 354.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.52 354.65 Td (, ) Tj ET Q q 0 0 0 rg BT 503.16 354.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.73 354.65 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 342.65 Td (8.1 ) Tj ET Q q 0 0 0 rg BT 82.50 342.65 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 111.92 347.18 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 342.65 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 342.65 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.16 342.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.16 342.65 Td (. ) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 741.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 741.45 Td ( ) Tj ET Q q 0 0 0 rg BT 62.83 741.45 Td ( ) Tj ET Q q 0 0 0 rg BT 64.83 741.45 Td ( ) Tj ET Q q 0 0 0 rg BT 66.83 741.45 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 115.48 741.45 Td (of ) Tj ET Q q 0 0 0 rg BT 123.70 741.45 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 139.48 741.45 Td (GAAP) Tj ET Q q 0 0 0 rg BT 159.77 741.45 Td ( ) Tj ET Q q 0 0 0 rg BT 161.77 741.45 Td (to ) Tj ET Q q 0 0 0 rg BT 170.00 741.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 199.11 741.45 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 234.06 741.45 Td ( ) Tj ET Q q 0 0 0 rg BT 236.06 741.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.50 741.45 Td (information) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 700.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 700.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 700.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 700.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 680.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 680.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 680.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 680.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 660.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 660.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 660.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 660.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 640.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 640.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 640.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 640.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 620.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 620.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 620.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 620.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 600.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 600.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 600.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 600.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 580.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 580.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 580.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 580.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 560.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 560.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 560.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 560.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 540.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 540.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 540.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 540.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 520.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 520.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 520.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 520.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 500.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 500.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 500.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 500.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 480.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 480.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 480.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 480.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 460.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 460.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 460.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 460.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 440.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 440.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 440.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 440.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 420.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 420.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 420.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 420.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 400.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 400.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 400.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 400.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 380.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 380.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 380.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 380.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 360.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 360.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 360.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 360.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 340.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 340.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 340.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 340.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 320.95 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 320.95 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 320.95 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 320.95 70.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 720.95 m 484 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 720.95 m 492 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 720.95 m 562 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 720.95 m 484 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 710.95 m 484 710.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 720.95 m 492 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 720.95 m 562 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 710.95 m 562 710.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 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599.95 m 562 599.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 520.95 m 484 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 520.95 m 562 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 520.95 m 484 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 511.95 m 484 511.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 509.95 m 484 509.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 520.95 m 562 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 511.95 m 562 511.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 509.95 m 562 509.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 430.95 m 484 430.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 430.95 m 562 430.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 430.95 m 484 430.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 421.95 m 484 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 419.95 m 484 419.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 430.95 m 562 430.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 421.95 m 562 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 419.95 m 562 419.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 380.95 m 484 380.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 380.95 m 562 380.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 380.95 m 562 380.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 320.95 m 484 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 311.95 m 484 311.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 309.95 m 484 309.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 320.95 m 562 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 311.95 m 562 311.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 309.95 m 562 309.95 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.80 723.08 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.50 712.95 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.50 713.08 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.50 713.08 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 703.08 Td ( Net revenues:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 692.95 Td (Net revenues U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 693.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 693.08 Td (747,349) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 692.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 692.95 Td (672,918) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 682.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 672.95 Td (Revenue related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 673.08 Td (\(11,070) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 673.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 672.95 Td (\(9,810) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 672.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 662.95 Td (Adjusted net revenues) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 663.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 663.08 Td (736,279) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 662.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 662.95 Td (663,108) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 643.08 Td (Compensation and benefits:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 632.95 Td (Compensation and benefits U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 633.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 633.08 Td (510,612) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 632.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 632.95 Td (421,733) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 622.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 612.95 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 613.08 Td (\(36,241) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 613.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 612.95 Td (\(4,233) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 612.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 602.95 Td (Adjusted compensation and benefits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 603.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 603.08 Td (474,371) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 602.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 602.95 Td (417,500) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 583.08 Td (Non-compensation expenses:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 572.95 Td (Non-compensation expenses U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 573.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 573.08 Td (267,611) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 572.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 572.95 Td (164,762) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 562.95 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 552.95 Td (Non-compensation expenses related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.10 553.08 Td (\(2,864) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 553.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 552.95 Td (\(3,403) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 552.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 542.95 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 543.08 Td (\(10,206) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 543.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.45 542.95 Td (\(10,652) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 542.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 532.95 Td (Goodwill impairment) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 533.08 Td (\(82,900) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 533.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 532.95 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 522.95 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 523.08 Td (\(21,214) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 523.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 522.95 Td (\(7,662) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 522.95 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 512.95 Td (Adjusted non-compensation expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 513.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 513.08 Td (150,427) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 512.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 512.95 Td (143,045) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 493.08 Td (Net income/\(loss\) applicable to Piper Jaffray Companies:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 482.95 Td (Net income/\(loss\) applicable to Piper Jaffray Companies U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 483.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 483.08 Td (\(21,952) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 483.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 482.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 482.95 Td (52,075) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 472.95 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 462.95 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 463.08 Td (23,700) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 462.95 Td (2,586) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 452.95 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 453.08 Td (7,014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 452.95 Td (6,508) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 442.95 Td (Goodwill impairment) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 443.08 Td (50,901) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 442.95 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 432.95 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 433.08 Td (12,979) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 432.95 Td (4,681) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 422.95 Td (Adjusted net income applicable to Piper Jaffray Companies) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 423.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 423.08 Td (72,642) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 422.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 422.95 Td (65,850) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 403.08 Td (Earnings/\(loss\) per diluted common share:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 392.95 Td ( Earnings/\(loss\) per diluted common share U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 393.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.10 393.08 Td (\(1.73) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 393.08 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 392.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 392.95 Td (3.34) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 382.95 Td (Adjustment for loss allocated to participating shares \(3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 383.08 Td (0.30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 382.95 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.10 373.08 Td (\(1.43) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 373.08 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 544.15 373.08 Td (3.34) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 362.95 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 352.95 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 353.08 Td (1.53) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 352.95 Td (0.17) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 342.95 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 343.08 Td (0.45) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 342.95 Td (0.42) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 332.95 Td (Goodwill impairment) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 333.08 Td (3.29) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 332.95 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 322.95 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 323.08 Td (0.84) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 322.95 Td (0.30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 312.95 Td ( Adjusted earnings per diluted common share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 313.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 313.08 Td (4.69) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 312.95 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 312.95 Td (4.22) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 289.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 289.85 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 289.85 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.71 289.85 Td (r) Tj ET Q q 0 0 0 rg BT 100.52 289.85 Td (eturn ) Tj ET Q q 0 0 0 rg BT 119.62 289.85 Td (on ) Tj ET Q q 0 0 0 rg BT 129.83 289.85 Td (average ) Tj ET Q q 0 0 0 rg BT 157.80 289.85 Td (common ) Tj ET Q q 0 0 0 rg BT 187.12 289.85 Td (shar) Tj ET Q q 0 0 0 rg BT 201.05 289.85 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 232.52 289.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 254.28 289.85 Td (is ) Tj ET Q q 0 0 0 rg BT 261.82 289.85 Td (computed ) Tj ET Q q 0 0 0 rg BT 295.14 289.85 Td (by ) Tj ET Q q 0 0 0 rg BT 304.90 289.85 Td (dividing ) Tj ET Q q 0 0 0 rg BT 333.33 289.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 362.64 289.85 Td (net ) Tj ET Q q 0 0 0 rg BT 374.63 289.85 Td (income ) Tj ET Q q 0 0 0 rg BT 399.94 289.85 Td (applicable ) Tj ET Q q 0 0 0 rg BT 435.92 289.85 Td (to ) Tj ET Q q 0 0 0 rg BT 444.35 289.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 464.33 289.85 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 489.21 289.85 Td (Companies ) Tj ET Q q 0 0 0 rg BT 527.42 289.85 Td (for ) Tj ET Q q 0 0 0 rg BT 538.96 289.85 Td (the ) Tj ET Q q 0 0 0 rg BT 550.94 289.85 Td (last ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 280.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 77.64 280.25 Td (months ) Tj ET Q q 0 0 0 rg BT 102.90 280.25 Td (by ) Tj ET Q q 0 0 0 rg BT 112.59 280.25 Td (average ) Tj ET Q q 0 0 0 rg BT 140.50 280.25 Td (monthly ) Tj ET Q q 0 0 0 rg BT 168.42 280.25 Td (common ) Tj ET Q q 0 0 0 rg BT 197.66 280.25 Td (shar) Tj ET Q q 0 0 0 rg BT 211.59 280.25 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 243.00 280.25 Td (equity) Tj ET Q q 0 0 0 rg BT 262.10 280.25 Td (. ) Tj ET Q q 0 0 0 rg BT 266.25 280.25 Td (For ) Tj ET Q q 0 0 0 rg BT 280.39 280.25 Td (a ) Tj ET Q q 0 0 0 rg BT 286.53 280.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 314.44 280.25 Td (explanation ) Tj ET Q q 0 0 0 rg BT 354.36 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.72 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.64 280.25 Td (components ) Tj ET Q q 0 0 0 rg BT 414.99 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.36 280.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 452.61 280.25 Td (net ) Tj ET Q q 0 0 0 rg BT 464.53 280.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 491.77 280.25 Td (see ) Tj ET Q q 0 0 0 rg BT 504.13 280.25 Td ("Reconciliation ) Tj ET Q q 0 0 0 rg BT 556.28 280.25 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 270.65 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 83.28 270.65 Td (GAAP) Tj ET Q q 0 0 0 rg BT 103.57 270.65 Td ( ) Tj ET Q q 0 0 0 rg BT 105.57 270.65 Td (to ) Tj ET Q q 0 0 0 rg BT 113.79 270.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 142.90 270.65 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 177.86 270.65 Td ( ) Tj ET Q q 0 0 0 rg BT 179.86 270.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 210.30 270.65 Td (information" ) Tj ET Q q 0 0 0 rg BT 253.44 270.65 Td (in ) Tj ET Q q 0 0 0 rg BT 261.66 270.65 Td (footnote ) Tj ET Q q 0 0 0 rg BT 289.88 270.65 Td (\(1\).) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 251.45 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 67.50 251.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 87.83 251.45 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 113.05 251.45 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.61 251.45 Td (calculates ) Tj ET Q q 0 0 0 rg BT 186.60 251.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 217.16 251.45 Td (per ) Tj ET Q q 0 0 0 rg BT 230.38 251.45 Td (common ) Tj ET Q q 0 0 0 rg BT 260.05 251.45 Td (shar) Tj ET Q q 0 0 0 rg BT 273.98 251.45 Td (e ) Tj ET Q q 0 0 0 rg BT 280.09 251.45 Td (using ) Tj ET Q q 0 0 0 rg BT 299.98 251.45 Td (the ) Tj ET Q q 0 0 0 rg BT 312.31 251.45 Td (two-class ) Tj ET Q q 0 0 0 rg BT 345.09 251.45 Td (method, ) Tj ET Q q 0 0 0 rg BT 373.20 251.45 Td (which ) Tj ET Q q 0 0 0 rg BT 394.87 251.45 Td (r) Tj ET Q q 0 0 0 rg BT 397.69 251.45 Td (equir) Tj ET Q q 0 0 0 rg BT 414.28 251.45 Td (es ) Tj ET Q q 0 0 0 rg BT 423.50 251.45 Td (the ) Tj ET Q q 0 0 0 rg BT 435.83 251.45 Td (allocation ) Tj ET Q q 0 0 0 rg BT 470.83 251.45 Td (of ) Tj ET Q q 0 0 0 rg BT 479.61 251.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 523.05 251.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 552.72 251.45 Td (net ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 241.85 Td (income ) Tj ET Q q 0 0 0 rg BT 93.08 241.85 Td (between ) Tj ET Q q 0 0 0 rg BT 121.77 241.85 Td (common ) Tj ET Q q 0 0 0 rg BT 151.35 241.85 Td (shar) Tj ET Q q 0 0 0 rg BT 165.28 241.85 Td (eholders ) Tj ET Q q 0 0 0 rg BT 195.31 241.85 Td (and ) Tj ET Q q 0 0 0 rg BT 209.79 241.85 Td (participating ) Tj ET Q q 0 0 0 rg BT 254.05 241.85 Td (security ) Tj ET Q q 0 0 0 rg BT 281.85 241.85 Td (holders, ) Tj ET Q q 0 0 0 rg BT 310.33 241.85 Td (which ) Tj ET Q q 0 0 0 rg BT 331.92 241.85 Td (in ) Tj ET Q q 0 0 0 rg BT 340.62 241.85 Td (the ) Tj ET Q q 0 0 0 rg BT 352.87 241.85 Td (case ) Tj ET Q q 0 0 0 rg BT 369.56 241.85 Td (of ) Tj ET Q q 0 0 0 rg BT 378.26 241.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 398.52 241.85 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 423.65 241.85 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 464.13 241.85 Td (r) Tj ET Q q 0 0 0 rg BT 466.95 241.85 Td (epr) Tj ET Q q 0 0 0 rg BT 477.32 241.85 Td (esents ) Tj ET Q q 0 0 0 rg BT 499.35 241.85 Td (unvested ) Tj ET Q q 0 0 0 rg BT 529.81 241.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 548.73 241.85 Td (with ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 232.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 97.05 232.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 119.72 232.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 143.06 232.25 Td (ar) Tj ET Q q 0 0 0 rg BT 149.88 232.25 Td (e ) Tj ET Q q 0 0 0 rg BT 155.43 232.25 Td (not ) Tj ET Q q 0 0 0 rg BT 167.65 232.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 199.42 232.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.64 232.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 251.42 232.25 Td (shar) Tj ET Q q 0 0 0 rg BT 265.35 232.25 Td (es ) Tj ET Q q 0 0 0 rg BT 274.01 232.25 Td (for ) Tj ET Q q 0 0 0 rg BT 285.35 232.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 311.35 232.25 Td (in ) Tj ET Q q 0 0 0 rg BT 319.57 232.25 Td (which ) Tj ET Q q 0 0 0 rg BT 340.68 232.25 Td (a ) Tj ET Q q 0 0 0 rg BT 346.68 232.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 361.13 232.25 Td (is ) Tj ET Q q 0 0 0 rg BT 368.46 232.25 Td (incurr) Tj ET Q q 0 0 0 rg BT 388.17 232.25 Td (ed.) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Market Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 716.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 716.25 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 716.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 167.81 716.25 Td (a ) Tj ET Q q 0 0 0 rg BT 174.74 716.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 214.46 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.29 716.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 259.99 716.25 Td (market ) Tj ET Q q 0 0 0 rg BT 290.26 716.25 Td (data ) Tj ET Q q 0 0 0 rg BT 309.41 716.25 Td (over ) Tj ET Q q 0 0 0 rg BT 329.68 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.40 716.25 Td (past ) Tj ET Q q 0 0 0 rg BT 363.01 716.25 Td (three ) Tj ET Q q 0 0 0 rg BT 385.49 716.25 Td (years.) 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 672.37 Td (17,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 672.37 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 672.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 672.37 Td (\(2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 672.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 660.37 Td (NASDAQ ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.67 660.37 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 660.48 Td (5,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 660.37 Td (5,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 660.37 Td (4,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 660.37 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 660.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.25 660.37 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 660.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 648.37 Td (NYSE Average Daily Number of Shares Traded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 636.37 Td (\(millions of shares\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 636.48 Td (1,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 636.37 Td (1,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 636.37 Td (1,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 636.37 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 636.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 636.37 Td (14.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 636.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 624.37 Td (NASDAQ Average Daily Number of Shares Traded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 612.37 Td (\(millions of shares\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 612.48 Td (1,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 612.37 Td (1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 612.37 Td (1,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 612.37 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 612.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 612.37 Td (\(3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 612.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 600.37 Td (Mergers and Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 588.37 Td (\(number of transactions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 588.37 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 588.48 Td (10,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.60 588.37 Td (10,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 588.37 Td (10,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 588.37 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 588.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.25 588.37 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 588.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 576.37 Td (Public Equity Offerings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 564.37 Td (\(number of transactions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 564.37 Td (\(c\) \(e\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 564.48 Td (735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 564.37 Td (909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 564.37 Td (1,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 564.37 Td (\(19.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 564.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 564.37 Td (\(17.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 564.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 552.37 Td (Initial Public Offerings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 540.37 Td (\(number of transactions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 540.37 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 540.48 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 540.37 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 540.37 Td (282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 540.37 Td (\(38.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 540.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 540.37 Td (\(39.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 540.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 528.37 Td (Municipal Negotiated Issuances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 516.37 Td (\(number of transactions in U.S.\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 516.37 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 516.48 Td (8,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 516.37 Td (8,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 516.37 Td (7,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 516.37 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 516.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 516.37 Td (20.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 516.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 504.37 Td (Municipal Negotiated Issuances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 492.37 Td (\(value of transactions in billions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.75 492.37 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.50 492.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 492.48 Td (352.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 492.37 Td (315.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.50 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 492.37 Td (266.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 492.37 Td (11.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 492.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 492.37 Td (18.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 492.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 480.37 Td (10-Year Treasuries Average Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 480.48 Td (1.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.50 480.48 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 480.37 Td (2.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 480.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 480.37 Td (2.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 480.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 480.37 Td (\(14.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 480.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 480.37 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 480.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 468.37 Td (3-Month Treasuries Average Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 468.48 Td (0.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.50 468.48 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 468.37 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 468.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 468.37 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 468.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.25 468.37 Td (540.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 468.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 468.37 Td (66.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 468.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 453.65 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 453.65 Td (Data ) Tj ET Q q 0 0 0 rg BT 85.50 453.65 Td (pr) Tj ET Q q 0 0 0 rg BT 92.32 453.65 Td (ovided ) Tj ET Q q 0 0 0 rg BT 115.64 453.65 Td (is ) Tj ET Q q 0 0 0 rg BT 122.98 453.65 Td (at ) Tj ET Q q 0 0 0 rg BT 131.20 453.65 Td (period ) Tj ET Q q 0 0 0 rg BT 154.09 453.65 Td (end.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 441.05 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 441.05 Td (Sour) Tj ET Q q 0 0 0 rg BT 82.32 441.05 Td (ce: ) Tj ET Q q 0 0 0 rg BT 94.08 441.05 Td (Securities ) Tj ET Q q 0 0 0 rg BT 127.63 441.05 Td (Data ) Tj ET Q q 0 0 0 rg BT 145.63 441.05 Td (Corporation.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 428.45 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 428.45 Td (Sour) Tj ET Q q 0 0 0 rg BT 82.32 428.45 Td (ce: ) Tj ET Q q 0 0 0 rg BT 94.08 428.45 Td (Dealogic ) Tj ET Q q 0 0 0 rg BT 125.41 428.45 Td (\(offerings ) Tj ET Q q 0 0 0 rg BT 158.52 428.45 Td (with ) Tj ET Q q 0 0 0 rg BT 174.30 428.45 Td (r) Tj ET Q q 0 0 0 rg BT 177.11 428.45 Td (eported ) Tj ET Q q 0 0 0 rg BT 203.55 428.45 Td (market ) Tj ET Q q 0 0 0 rg BT 227.77 428.45 Td (value ) Tj ET Q q 0 0 0 rg BT 247.09 428.45 Td (gr) Tj ET Q q 0 0 0 rg BT 253.91 428.45 Td (eater ) Tj ET Q q 0 0 0 rg BT 272.34 428.45 Td (than ) Tj ET Q q 0 0 0 rg BT 288.57 428.45 Td ($20 ) Tj ET Q q 0 0 0 rg BT 302.57 428.45 Td (million\).) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 415.85 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 415.85 Td (Sour) Tj ET Q q 0 0 0 rg BT 82.32 415.85 Td (ce: ) Tj ET Q q 0 0 0 rg BT 94.08 415.85 Td (Thomson ) Tj ET Q q 0 0 0 rg BT 125.42 415.85 Td (Reuters.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 403.25 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 403.25 Td (Number ) Tj ET Q q 0 0 0 rg BT 95.28 403.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.50 403.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 145.06 403.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 173.72 403.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 211.70 403.25 Td (offerings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 379.25 Td (External Factors Impacting Our Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.04 355.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.27 355.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.94 355.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.38 355.25 Td (services ) Tj ET Q q 0 0 0 rg BT 195.04 355.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 229.27 355.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.50 355.25 Td (which ) Tj ET Q q 0 0 0 rg BT 264.39 355.25 Td (we ) Tj ET Q q 0 0 0 rg BT 277.51 355.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 308.39 355.25 Td (is ) Tj ET Q q 0 0 0 rg BT 316.51 355.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 343.52 355.25 Td (correlated ) Tj ET Q q 0 0 0 rg BT 384.95 355.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.18 355.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 355.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 437.07 355.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 470.74 355.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.52 355.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 520.85 355.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.62 343.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.29 343.25 Td (market ) Tj ET Q q 0 0 0 rg BT 137.74 343.25 Td (activity) Tj ET Q q 0 0 0 rg BT 167.08 343.25 Td (. ) Tj ET Q q 0 0 0 rg BT 173.27 343.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 206.94 343.25 Td (market ) Tj ET Q q 0 0 0 rg BT 238.39 343.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 283.74 343.25 Td (are ) Tj ET Q q 0 0 0 rg BT 299.63 343.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.75 343.25 Td (product ) Tj ET Q q 0 0 0 rg BT 341.99 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.00 343.25 Td (many ) Tj ET Q q 0 0 0 rg BT 379.90 343.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 413.30 343.25 Td (which ) Tj ET Q q 0 0 0 rg BT 441.42 343.25 Td (are ) Tj ET Q q 0 0 0 rg BT 457.31 343.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 490.44 343.25 Td (our ) Tj ET Q q 0 0 0 rg BT 507.45 343.25 Td (control, ) Tj ET Q q 0 0 0 rg BT 541.96 343.25 Td (often ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 106.32 331.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.15 331.25 Td (at ) Tj ET Q q 0 0 0 rg BT 132.77 331.25 Td (times ) Tj ET Q q 0 0 0 rg BT 156.83 331.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 199.77 331.25 Td (volatile. ) Tj ET Q q 0 0 0 rg BT 234.48 331.25 Td (These ) Tj ET Q q 0 0 0 rg BT 260.76 331.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 290.36 331.25 Td (may ) Tj ET Q q 0 0 0 rg BT 309.98 331.25 Td (af) Tj ET Q q 0 0 0 rg BT 317.56 331.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 334.95 331.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.56 331.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.94 331.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 426.55 331.25 Td (made ) Tj ET Q q 0 0 0 rg BT 450.61 331.25 Td (by ) Tj ET Q q 0 0 0 rg BT 463.00 331.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 504.01 331.25 Td (including ) Tj ET Q q 0 0 0 rg BT 544.18 331.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (level ) Tj ET Q q 0 0 0 rg BT 71.82 319.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.03 319.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 136.45 319.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.11 319.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.21 319.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.08 319.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 237.11 319.25 Td (In ) Tj ET Q q 0 0 0 rg BT 248.33 319.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 269.82 319.25 Td (these ) Tj ET Q q 0 0 0 rg BT 293.25 319.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 333.35 319.25 Td (may ) Tj ET Q q 0 0 0 rg BT 353.45 319.25 Td (af) Tj ET Q q 0 0 0 rg BT 361.04 319.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 378.91 319.25 Td (our ) Tj ET Q q 0 0 0 rg BT 395.12 319.25 Td (business ) Tj ET Q q 0 0 0 rg BT 431.90 319.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 463.18 319.25 Td (W) Tj ET Q q 0 0 0 rg BT 472.22 319.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 485.66 319.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 516.85 319.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 319.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (market ) Tj ET Q q 0 0 0 rg BT 80.75 307.25 Td (activity) Tj ET Q q 0 0 0 rg BT 110.09 307.25 Td (, ) Tj ET Q q 0 0 0 rg BT 116.07 307.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.88 307.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 184.13 307.25 Td (is ) Tj ET Q q 0 0 0 rg BT 194.29 307.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 232.77 307.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.03 307.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.95 307.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 283.19 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.01 307.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 328.20 307.25 Td (including ) Tj ET Q q 0 0 0 rg BT 369.45 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.15 307.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 420.29 307.25 Td (for ) Tj ET Q q 0 0 0 rg BT 435.44 307.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 482.80 307.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 518.50 307.25 Td (services ) Tj ET Q q 0 0 0 rg BT 554.19 307.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 86.65 295.25 Td (by ) Tj ET Q q 0 0 0 rg BT 98.83 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.23 295.25 Td (number ) Tj ET Q q 0 0 0 rg BT 145.96 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.58 295.25 Td (size ) Tj ET Q q 0 0 0 rg BT 180.31 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.82 295.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 218.00 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.62 295.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 254.02 295.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 297.85 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.47 295.25 Td (mer) Tj ET Q q 0 0 0 rg BT 329.84 295.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 344.79 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.41 295.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 407.47 295.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 459.92 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.32 295.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 512.61 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.12 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.52 295.25 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 283.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 90.94 283.25 Td (income ) Tj ET Q q 0 0 0 rg BT 123.61 283.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 160.99 283.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 196.43 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.43 283.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 240.10 283.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 262.20 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.87 283.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 305.86 283.25 Td (spreads ) Tj ET Q q 0 0 0 rg BT 339.08 283.25 Td (\(especially ) Tj ET Q q 0 0 0 rg BT 385.62 283.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 409.40 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.06 283.25 Td (extreme ) Tj ET Q q 0 0 0 rg BT 462.50 283.25 Td (changes\), ) Tj ET Q q 0 0 0 rg BT 503.76 283.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 534.75 283.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 271.25 Td (, ) Tj ET Q q 0 0 0 rg BT 87.65 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.28 271.25 Td (level ) Tj ET Q q 0 0 0 rg BT 124.13 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.98 271.25 Td (shape ) Tj ET Q q 0 0 0 rg BT 166.16 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.90 271.25 Td (various ) Tj ET Q q 0 0 0 rg BT 208.75 271.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 231.16 271.25 Td (curves, ) Tj ET Q q 0 0 0 rg BT 262.17 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.80 271.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 309.21 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.06 271.25 Td (value ) Tj ET Q q 0 0 0 rg BT 350.13 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.87 271.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 391.60 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.79 271.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 444.47 271.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 474.65 271.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.05 271.25 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 548.07 271.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 259.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 98.37 259.25 Td (for ) Tj ET Q q 0 0 0 rg BT 112.53 259.25 Td (active ) Tj ET Q q 0 0 0 rg BT 138.90 259.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 160.84 259.25 Td (management ) Tj ET Q q 0 0 0 rg BT 214.43 259.25 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 81.08 235.25 Td (that ) Tj ET Q q 0 0 0 rg BT 98.21 235.25 Td (dif) Tj ET Q q 0 0 0 rg BT 109.14 235.25 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 149.03 235.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.50 235.25 Td (business ) Tj ET Q q 0 0 0 rg BT 200.53 235.25 Td (within ) Tj ET Q q 0 0 0 rg BT 228.23 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.59 235.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.71 235.25 Td (services ) Tj ET Q q 0 0 0 rg BT 314.05 235.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 348.97 235.25 Td (also ) Tj ET Q q 0 0 0 rg BT 367.22 235.25 Td (may ) Tj ET Q q 0 0 0 rg BT 386.58 235.25 Td (af) Tj ET Q q 0 0 0 rg BT 394.17 235.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 411.29 235.25 Td (our ) Tj ET Q q 0 0 0 rg BT 426.76 235.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 463.88 235.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 494.63 235.25 Td (For ) Tj ET Q q 0 0 0 rg BT 510.66 235.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 549.17 235.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.23 223.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 113.97 223.25 Td (business ) Tj ET Q q 0 0 0 rg BT 150.94 223.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 184.01 223.25 Td (on ) Tj ET Q q 0 0 0 rg BT 197.09 223.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 231.26 223.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 267.12 223.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 297.97 223.25 Td (while ) Tj ET Q q 0 0 0 rg BT 323.27 223.25 Td (serving ) Tj ET Q q 0 0 0 rg BT 355.78 223.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 402.18 223.25 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 464.13 223.25 Td (clientele. ) Tj ET Q q 0 0 0 rg BT 503.58 223.25 Td (If ) Tj ET Q q 0 0 0 rg BT 513.32 223.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.62 223.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 103.19 211.25 Td (for ) Tj ET Q q 0 0 0 rg BT 117.99 211.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.46 211.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 159.27 211.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 190.18 211.25 Td (is ) Tj ET Q q 0 0 0 rg BT 199.99 211.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 239.79 211.25 Td (adversely) Tj ET Q q 0 0 0 rg BT 277.45 211.25 Td (, ) Tj ET Q q 0 0 0 rg BT 283.10 211.25 Td (our ) Tj ET Q q 0 0 0 rg BT 299.57 211.25 Td (business ) Tj ET Q q 0 0 0 rg BT 336.60 211.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.19 211.25 Td (results ) Tj ET Q q 0 0 0 rg BT 383.44 211.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.91 211.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 439.71 211.25 Td (could ) Tj ET Q q 0 0 0 rg BT 465.07 211.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 493.75 211.25 Td (these ) Tj ET Q q 0 0 0 rg BT 517.44 211.25 Td (impacts. ) Tj ET Q q 0 0 0 rg BT 554.18 211.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.31 199.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.17 199.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 142.10 199.25 Td (with ) Tj ET Q q 0 0 0 rg BT 162.41 199.25 Td (its ) Tj ET Q q 0 0 0 rg BT 174.39 199.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 208.02 199.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 231.09 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.96 199.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 266.15 199.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.12 199.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 332.04 199.25 Td (may ) Tj ET Q q 0 0 0 rg BT 351.79 199.25 Td (not ) Tj ET Q q 0 0 0 rg BT 367.10 199.25 Td (track ) Tj ET Q q 0 0 0 rg BT 389.62 199.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 419.92 199.25 Td (market ) Tj ET Q q 0 0 0 rg BT 450.22 199.25 Td (trends. ) Tj ET Q q 0 0 0 rg BT 479.69 199.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 506.66 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.41 199.25 Td (variability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.96 187.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.30 187.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 103.07 187.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 136.85 187.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.42 187.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 193.31 187.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 240.15 187.25 Td (our ) Tj ET Q q 0 0 0 rg BT 255.61 187.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 291.61 187.25 Td (may ) Tj ET Q q 0 0 0 rg BT 310.96 187.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 348.06 187.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 400.18 187.25 Td (from ) Tj ET Q q 0 0 0 rg BT 421.74 187.25 Td (period ) Tj ET Q q 0 0 0 rg BT 449.41 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.32 187.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 489.49 187.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.05 187.25 Td (results ) Tj ET Q q 0 0 0 rg BT 534.29 187.25 Td (for ) Tj ET Q q 0 0 0 rg BT 548.07 187.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 92.55 175.25 Td (period ) Tj ET Q q 0 0 0 rg BT 120.60 175.25 Td (should ) Tj ET Q q 0 0 0 rg BT 149.77 175.25 Td (not ) Tj ET Q q 0 0 0 rg BT 165.05 175.25 Td (be ) Tj ET Q q 0 0 0 rg BT 176.99 175.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 222.80 175.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 264.73 175.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.56 175.25 Td (future ) Tj ET Q q 0 0 0 rg BT 301.94 175.25 Td (results.) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (32) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Outlook for 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 715.05 Td (Markets ) Tj ET Q q 0 0 0 rg BT 85.19 715.05 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 139.20 715.05 Td (following ) Tj ET Q q 0 0 0 rg BT 181.01 715.05 Td (the ) Tj ET Q q 0 0 0 rg BT 196.15 715.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 216.85 715.05 Td (election ) Tj ET Q q 0 0 0 rg BT 251.42 715.05 Td (in ) Tj ET Q q 0 0 0 rg BT 262.12 715.05 Td (November ) Tj ET Q q 0 0 0 rg BT 307.24 715.05 Td (2016. ) Tj ET Q q 0 0 0 rg BT 332.66 715.05 Td (Factors ) Tj ET Q q 0 0 0 rg BT 365.02 715.05 Td (contributing ) Tj ET Q q 0 0 0 rg BT 416.82 715.05 Td (to ) Tj ET Q q 0 0 0 rg BT 427.52 715.05 Td (this ) Tj ET Q q 0 0 0 rg BT 444.89 715.05 Td (market ) Tj ET Q q 0 0 0 rg BT 475.57 715.05 Td (dynamic ) Tj ET Q q 0 0 0 rg BT 512.93 715.05 Td (included ) Tj ET Q q 0 0 0 rg BT 550.28 715.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 703.05 Td (belief ) Tj ET Q q 0 0 0 rg BT 74.86 703.05 Td (that ) Tj ET Q q 0 0 0 rg BT 92.46 703.05 Td (administrative ) Tj ET Q q 0 0 0 rg BT 152.27 703.05 Td (and ) Tj ET Q q 0 0 0 rg BT 169.30 703.05 Td (legislative ) Tj ET Q q 0 0 0 rg BT 213.00 703.05 Td (policies, ) Tj ET Q q 0 0 0 rg BT 249.21 703.05 Td (including ) Tj ET Q q 0 0 0 rg BT 289.58 703.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 329.93 703.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 354.19 703.05 Td (spending, ) Tj ET Q q 0 0 0 rg BT 395.40 703.05 Td (deregulation ) Tj ET Q q 0 0 0 rg BT 447.98 703.05 Td (and ) Tj ET Q q 0 0 0 rg BT 465.02 703.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 479.83 703.05 Td (reform, ) Tj ET Q q 0 0 0 rg BT 512.14 703.05 Td (may ) Tj ET Q q 0 0 0 rg BT 531.96 703.05 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 691.05 Td (catalysts ) Tj ET Q q 0 0 0 rg BT 86.90 691.05 Td (to ) Tj ET Q q 0 0 0 rg BT 97.65 691.05 Td (propel ) Tj ET Q q 0 0 0 rg BT 126.17 691.05 Td (the ) Tj ET Q q 0 0 0 rg BT 141.35 691.05 Td (economy ) Tj ET Q q 0 0 0 rg BT 180.97 691.05 Td (in ) Tj ET Q q 0 0 0 rg BT 191.72 691.05 Td (2017. ) Tj ET Q q 0 0 0 rg BT 217.19 691.05 Td (However) Tj ET Q q 0 0 0 rg BT 253.44 691.05 Td (, ) Tj ET Q q 0 0 0 rg BT 258.91 691.05 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 306.86 691.05 Td (over ) Tj ET Q q 0 0 0 rg BT 327.60 691.05 Td (the ) Tj ET Q q 0 0 0 rg BT 342.78 691.05 Td (details ) Tj ET Q q 0 0 0 rg BT 371.85 691.05 Td (of ) Tj ET Q q 0 0 0 rg BT 383.15 691.05 Td (these ) Tj ET Q q 0 0 0 rg BT 406.67 691.05 Td (policies ) Tj ET Q q 0 0 0 rg BT 440.74 691.05 Td (and ) Tj ET Q q 0 0 0 rg BT 458.15 691.05 Td (their ) Tj ET Q q 0 0 0 rg BT 479.44 691.05 Td (transition, ) Tj ET Q q 0 0 0 rg BT 522.68 691.05 Td (as ) Tj ET Q q 0 0 0 rg BT 533.98 691.05 Td (well ) Tj ET Q q 0 0 0 rg BT 554.17 691.05 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 679.05 Td (political ) Tj ET Q q 0 0 0 rg BT 84.36 679.05 Td (or ) Tj ET Q q 0 0 0 rg BT 94.78 679.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 135.75 679.05 Td (instability ) Tj ET Q q 0 0 0 rg BT 177.84 679.05 Td (internationally) Tj ET Q q 0 0 0 rg BT 235.51 679.05 Td (, ) Tj ET Q q 0 0 0 rg BT 240.10 679.05 Td (may ) Tj ET Q q 0 0 0 rg BT 259.41 679.05 Td (inject ) Tj ET Q q 0 0 0 rg BT 283.71 679.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 315.24 679.05 Td (of ) Tj ET Q q 0 0 0 rg BT 325.66 679.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 363.87 679.05 Td (into ) Tj ET Q q 0 0 0 rg BT 381.51 679.05 Td (the ) Tj ET Q q 0 0 0 rg BT 395.82 679.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 415.70 679.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 442.79 679.05 Td (and ) Tj ET Q q 0 0 0 rg BT 459.32 679.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 478.63 679.05 Td (markets. ) Tj ET Q q 0 0 0 rg BT 514.87 679.05 Td (If ) Tj ET Q q 0 0 0 rg BT 523.63 679.05 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.05 Td (growth ) Tj ET Q q 0 0 0 rg BT 80.89 667.05 Td (accelerates ) Tj ET Q q 0 0 0 rg BT 127.79 667.05 Td (we ) Tj ET Q q 0 0 0 rg BT 142.51 667.05 Td (would ) Tj ET Q q 0 0 0 rg BT 170.57 667.05 Td (expect ) Tj ET Q q 0 0 0 rg BT 199.72 667.05 Td (that ) Tj ET Q q 0 0 0 rg BT 217.78 667.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 246.38 667.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 278.87 667.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 300.81 667.05 Td (would ) Tj ET Q q 0 0 0 rg BT 328.87 667.05 Td (ensue. ) Tj ET Q q 0 0 0 rg BT 356.97 667.05 Td (W) Tj ET Q q 0 0 0 rg BT 365.61 667.05 Td (e ) Tj ET Q q 0 0 0 rg BT 373.10 667.05 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 415.03 667.05 Td (that ) Tj ET Q q 0 0 0 rg BT 433.08 667.05 Td (the ) Tj ET Q q 0 0 0 rg BT 448.36 667.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 469.20 667.05 Td (Federal ) Tj ET Q q 0 0 0 rg BT 502.24 667.05 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 537.51 667.05 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.05 Td (manage ) Tj ET Q q 0 0 0 rg BT 82.60 655.05 Td (to ) Tj ET Q q 0 0 0 rg BT 92.38 655.05 Td (a ) Tj ET Q q 0 0 0 rg BT 98.82 655.05 Td (gradual ) Tj ET Q q 0 0 0 rg BT 130.81 655.05 Td (and ) Tj ET Q q 0 0 0 rg BT 147.25 655.05 Td (steady ) Tj ET Q q 0 0 0 rg BT 174.80 655.05 Td (path ) Tj ET Q q 0 0 0 rg BT 194.02 655.05 Td (to ) Tj ET Q q 0 0 0 rg BT 203.80 655.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 220.79 655.05 Td (normalization. ) Tj ET Q q 0 0 0 rg BT 280.83 655.05 Td (Exogenous ) Tj ET Q q 0 0 0 rg BT 327.27 655.05 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 373.44 655.05 Td (however) Tj ET Q q 0 0 0 rg BT 407.47 655.05 Td (, ) Tj ET Q q 0 0 0 rg BT 411.98 655.05 Td (may ) Tj ET Q q 0 0 0 rg BT 431.20 655.05 Td (trigger ) Tj ET Q q 0 0 0 rg BT 459.85 655.05 Td (episodes ) Tj ET Q q 0 0 0 rg BT 496.30 655.05 Td (of ) Tj ET Q q 0 0 0 rg BT 506.63 655.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 544.74 655.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.05 Td (respect ) Tj ET Q q 0 0 0 rg BT 80.32 643.05 Td (to ) Tj ET Q q 0 0 0 rg BT 90.59 643.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 122.53 643.05 Td (rates. ) Tj ET Q q 0 0 0 rg BT 145.85 643.05 Td (A) Tj ET Q q 0 0 0 rg BT 152.52 643.05 Td ( ) Tj ET Q q 0 0 0 rg BT 155.02 643.05 Td (rising ) Tj ET Q q 0 0 0 rg BT 180.30 643.05 Td (or ) Tj ET Q q 0 0 0 rg BT 191.13 643.05 Td (volatile ) Tj ET Q q 0 0 0 rg BT 223.62 643.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 255.55 643.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 273.04 643.05 Td (environment ) Tj ET Q q 0 0 0 rg BT 326.08 643.05 Td (may ) Tj ET Q q 0 0 0 rg BT 345.80 643.05 Td (have ) Tj ET Q q 0 0 0 rg BT 367.18 643.05 Td (a ) Tj ET Q q 0 0 0 rg BT 374.11 643.05 Td (mixed ) Tj ET Q q 0 0 0 rg BT 401.61 643.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 431.32 643.05 Td (on ) Tj ET Q q 0 0 0 rg BT 443.82 643.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 473.52 643.05 Td (of ) Tj ET Q q 0 0 0 rg BT 484.35 643.05 Td (our ) Tj ET Q q 0 0 0 rg BT 500.18 643.05 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.05 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 619.05 Td (e ) Tj ET Q q 0 0 0 rg BT 64.76 619.05 Td (expect ) Tj ET Q q 0 0 0 rg BT 93.04 619.05 Td (the ) Tj ET Q q 0 0 0 rg BT 107.45 619.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 134.63 619.05 Td (markets ) Tj ET Q q 0 0 0 rg BT 168.47 619.05 Td (to ) Tj ET Q q 0 0 0 rg BT 178.44 619.05 Td (be ) Tj ET Q q 0 0 0 rg BT 190.07 619.05 Td (constructive ) Tj ET Q q 0 0 0 rg BT 241.13 619.05 Td (in ) Tj ET Q q 0 0 0 rg BT 251.09 619.05 Td (2017 ) Tj ET Q q 0 0 0 rg BT 273.28 619.05 Td (as ) Tj ET Q q 0 0 0 rg BT 283.80 619.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 303.77 619.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 344.83 619.05 Td (growth, ) Tj ET Q q 0 0 0 rg BT 377.84 619.05 Td (spurred ) Tj ET Q q 0 0 0 rg BT 410.02 619.05 Td (by ) Tj ET Q q 0 0 0 rg BT 422.21 619.05 Td (the ) Tj ET Q q 0 0 0 rg BT 436.61 619.05 Td (lowering ) Tj ET Q q 0 0 0 rg BT 474.35 619.05 Td (of ) Tj ET Q q 0 0 0 rg BT 484.87 619.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 499.27 619.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 520.33 619.05 Td (and ) Tj ET Q q 0 0 0 rg BT 536.96 619.05 Td (easing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.05 Td (of ) Tj ET Q q 0 0 0 rg BT 60.64 607.05 Td (the ) Tj ET Q q 0 0 0 rg BT 75.67 607.05 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 119.58 607.05 Td (burden ) Tj ET Q q 0 0 0 rg BT 150.16 607.05 Td (on ) Tj ET Q q 0 0 0 rg BT 162.97 607.05 Td (companies, ) Tj ET Q q 0 0 0 rg BT 211.05 607.05 Td (results ) Tj ET Q q 0 0 0 rg BT 239.97 607.05 Td (in ) Tj ET Q q 0 0 0 rg BT 250.56 607.05 Td (improving ) Tj ET Q q 0 0 0 rg BT 295.04 607.05 Td (valuations ) Tj ET Q q 0 0 0 rg BT 338.95 607.05 Td (and ) Tj ET Q q 0 0 0 rg BT 356.20 607.05 Td (sustained ) Tj ET Q q 0 0 0 rg BT 396.23 607.05 Td (CEO ) Tj ET Q q 0 0 0 rg BT 419.05 607.05 Td (confidence ) Tj ET Q q 0 0 0 rg BT 465.72 607.05 Td (levels. ) Tj ET Q q 0 0 0 rg BT 494.16 607.05 Td (These ) Tj ET Q q 0 0 0 rg BT 520.84 607.05 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.05 Td (favor ) Tj ET Q q 0 0 0 rg BT 72.87 595.05 Td (our ) Tj ET Q q 0 0 0 rg BT 88.46 595.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 115.73 595.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.65 595.05 Td (raising ) Tj ET Q q 0 0 0 rg BT 174.13 595.05 Td (and ) Tj ET Q q 0 0 0 rg BT 190.84 595.05 Td (advisory ) Tj ET Q q 0 0 0 rg BT 227.54 595.05 Td (services ) Tj ET Q q 0 0 0 rg BT 262.02 595.05 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 308.51 595.05 Td (After ) Tj ET Q q 0 0 0 rg BT 331.88 595.05 Td (challenging ) Tj ET Q q 0 0 0 rg BT 380.79 595.05 Td (market ) Tj ET Q q 0 0 0 rg BT 410.83 595.05 Td (conditions ) Tj ET Q q 0 0 0 rg BT 454.76 595.05 Td (in ) Tj ET Q q 0 0 0 rg BT 464.81 595.05 Td (the ) Tj ET Q q 0 0 0 rg BT 479.29 595.05 Td (first ) Tj ET Q q 0 0 0 rg BT 497.67 595.05 Td (half ) Tj ET Q q 0 0 0 rg BT 515.48 595.05 Td (of ) Tj ET Q q 0 0 0 rg BT 526.08 595.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 550.85 595.05 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.05 Td (are ) Tj ET Q q 0 0 0 rg BT 65.44 583.05 Td (optimistic ) Tj ET Q q 0 0 0 rg BT 109.17 583.05 Td (that ) Tj ET Q q 0 0 0 rg BT 127.89 583.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 156.62 583.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 198.11 583.05 Td (activity ) Tj ET Q q 0 0 0 rg BT 231.83 583.05 Td (will ) Tj ET Q q 0 0 0 rg BT 251.11 583.05 Td (improve ) Tj ET Q q 0 0 0 rg BT 288.17 583.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 331.32 583.05 Td (to ) Tj ET Q q 0 0 0 rg BT 342.83 583.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 369.06 583.05 Td (absent ) Tj ET Q q 0 0 0 rg BT 398.34 583.05 Td (any ) Tj ET Q q 0 0 0 rg BT 416.50 583.05 Td (episodes ) Tj ET Q q 0 0 0 rg BT 454.67 583.05 Td (of ) Tj ET Q q 0 0 0 rg BT 466.73 583.05 Td (heightened ) Tj ET Q q 0 0 0 rg BT 514.33 583.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 554.17 583.05 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.05 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.25 571.05 Td (declines ) Tj ET Q q 0 0 0 rg BT 129.54 571.05 Td (in ) Tj ET Q q 0 0 0 rg BT 139.86 571.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 167.39 571.05 Td (market ) Tj ET Q q 0 0 0 rg BT 197.68 571.05 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 243.64 571.05 Td (While ) Tj ET Q q 0 0 0 rg BT 270.61 571.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 295.91 571.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 334.55 571.05 Td (benefits ) Tj ET Q q 0 0 0 rg BT 368.74 571.05 Td (our ) Tj ET Q q 0 0 0 rg BT 384.60 571.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 413.79 571.05 Td (raising ) Tj ET Q q 0 0 0 rg BT 443.54 571.05 Td (business, ) Tj ET Q q 0 0 0 rg BT 482.47 571.05 Td (it ) Tj ET Q q 0 0 0 rg BT 490.56 571.05 Td (adversely ) Tj ET Q q 0 0 0 rg BT 531.41 571.05 Td (impacts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.05 Td (our ) Tj ET Q q 0 0 0 rg BT 64.90 559.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 91.96 559.05 Td (sales ) Tj ET Q q 0 0 0 rg BT 113.46 559.05 Td (and ) Tj ET Q q 0 0 0 rg BT 129.96 559.05 Td (trading ) Tj ET Q q 0 0 0 rg BT 160.35 559.05 Td (business. ) Tj ET Q q 0 0 0 rg BT 198.81 559.05 Td (If ) Tj ET Q q 0 0 0 rg BT 207.54 559.05 Td (we ) Tj ET Q q 0 0 0 rg BT 221.26 559.05 Td (experience ) Tj ET Q q 0 0 0 rg BT 266.63 559.05 Td (sustained ) Tj ET Q q 0 0 0 rg BT 305.91 559.05 Td (bouts ) Tj ET Q q 0 0 0 rg BT 329.65 559.05 Td (of ) Tj ET Q q 0 0 0 rg BT 340.04 559.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 367.65 559.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 405.83 559.05 Td (or ) Tj ET Q q 0 0 0 rg BT 416.22 559.05 Td (material ) Tj ET Q q 0 0 0 rg BT 451.05 559.05 Td (market ) Tj ET Q q 0 0 0 rg BT 480.88 559.05 Td (correction, ) Tj ET Q q 0 0 0 rg BT 525.97 559.05 Td (however) Tj ET Q q 0 0 0 rg BT 560.00 559.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.05 Td (our ) Tj ET Q q 0 0 0 rg BT 65.93 547.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 94.02 547.05 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 137.10 547.05 Td (business ) Tj ET Q q 0 0 0 rg BT 174.08 547.05 Td (may ) Tj ET Q q 0 0 0 rg BT 194.40 547.05 Td (benefit ) Tj ET Q q 0 0 0 rg BT 225.26 547.05 Td (while ) Tj ET Q q 0 0 0 rg BT 250.58 547.05 Td (our ) Tj ET Q q 0 0 0 rg BT 267.00 547.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 295.10 547.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 324.85 547.05 Td (raising ) Tj ET Q q 0 0 0 rg BT 355.16 547.05 Td (and ) Tj ET Q q 0 0 0 rg BT 372.70 547.05 Td (advisory ) Tj ET Q q 0 0 0 rg BT 410.23 547.05 Td (businesses ) Tj ET Q q 0 0 0 rg BT 455.55 547.05 Td (would ) Tj ET Q q 0 0 0 rg BT 483.65 547.05 Td (suf) Tj ET Q q 0 0 0 rg BT 495.69 547.05 Td (fer) Tj ET Q q 0 0 0 rg BT 506.24 547.05 Td (. ) Tj ET Q q 0 0 0 rg BT 511.84 547.05 Td (Mer) Tj ET Q q 0 0 0 rg BT 528.32 547.05 Td (gers ) Tj ET Q q 0 0 0 rg BT 548.08 547.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.05 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.45 535.05 Td (activity ) Tj ET Q q 0 0 0 rg BT 129.52 535.05 Td (levels ) Tj ET Q q 0 0 0 rg BT 155.92 535.05 Td (were ) Tj ET Q q 0 0 0 rg BT 178.42 535.05 Td (strong ) Tj ET Q q 0 0 0 rg BT 206.49 535.05 Td (in ) Tj ET Q q 0 0 0 rg BT 217.34 535.05 Td (our ) Tj ET Q q 0 0 0 rg BT 233.74 535.05 Td (advisory ) Tj ET Q q 0 0 0 rg BT 271.25 535.05 Td (services ) Tj ET Q q 0 0 0 rg BT 306.53 535.05 Td (business ) Tj ET Q q 0 0 0 rg BT 343.50 535.05 Td (in ) Tj ET Q q 0 0 0 rg BT 354.35 535.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 379.92 535.05 Td (and ) Tj ET Q q 0 0 0 rg BT 397.43 535.05 Td (we ) Tj ET Q q 0 0 0 rg BT 412.17 535.05 Td (believe ) Tj ET Q q 0 0 0 rg BT 444.11 535.05 Td (this ) Tj ET Q q 0 0 0 rg BT 461.63 535.05 Td (business ) Tj ET Q q 0 0 0 rg BT 498.60 535.05 Td (will ) Tj ET Q q 0 0 0 rg BT 517.23 535.05 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.73 535.05 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.05 Td (perform ) Tj ET Q q 0 0 0 rg BT 84.18 523.05 Td (well ) Tj ET Q q 0 0 0 rg BT 103.87 523.05 Td (in ) Tj ET Q q 0 0 0 rg BT 114.12 523.05 Td (2017 ) Tj ET Q q 0 0 0 rg BT 136.59 523.05 Td (on ) Tj ET Q q 0 0 0 rg BT 149.06 523.05 Td (the ) Tj ET Q q 0 0 0 rg BT 163.75 523.05 Td (strength ) Tj ET Q q 0 0 0 rg BT 198.44 523.05 Td (of ) Tj ET Q q 0 0 0 rg BT 209.24 523.05 Td (our ) Tj ET Q q 0 0 0 rg BT 225.05 523.05 Td (market ) Tj ET Q q 0 0 0 rg BT 255.28 523.05 Td (position, ) Tj ET Q q 0 0 0 rg BT 292.48 523.05 Td (recent ) Tj ET Q q 0 0 0 rg BT 319.38 523.05 Td (investments, ) Tj ET Q q 0 0 0 rg BT 372.12 523.05 Td (and ) Tj ET Q q 0 0 0 rg BT 389.03 523.05 Td (sustained ) Tj ET Q q 0 0 0 rg BT 428.72 523.05 Td (CEO ) Tj ET Q q 0 0 0 rg BT 451.19 523.05 Td (confidence ) Tj ET Q q 0 0 0 rg BT 497.53 523.05 Td (levels. ) Tj ET Q q 0 0 0 rg BT 525.28 523.05 Td (Advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.05 Td (services ) Tj ET Q q 0 0 0 rg BT 83.98 511.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 121.79 511.05 Td (for ) Tj ET Q q 0 0 0 rg BT 135.73 511.05 Td (any ) Tj ET Q q 0 0 0 rg BT 152.44 511.05 Td (given ) Tj ET Q q 0 0 0 rg BT 176.93 511.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 207.52 511.05 Td (are ) Tj ET Q q 0 0 0 rg BT 222.00 511.05 Td (impacted ) Tj ET Q q 0 0 0 rg BT 260.93 511.05 Td (by ) Tj ET Q q 0 0 0 rg BT 273.20 511.05 Td (the ) Tj ET Q q 0 0 0 rg BT 287.69 511.05 Td (timing ) Tj ET Q q 0 0 0 rg BT 316.08 511.05 Td (and ) Tj ET Q q 0 0 0 rg BT 332.79 511.05 Td (size ) Tj ET Q q 0 0 0 rg BT 350.62 511.05 Td (of ) Tj ET Q q 0 0 0 rg BT 361.22 511.05 Td (the ) Tj ET Q q 0 0 0 rg BT 375.71 511.05 Td (deals' ) Tj ET Q q 0 0 0 rg BT 400.33 511.05 Td (closings, ) Tj ET Q q 0 0 0 rg BT 437.89 511.05 Td (which ) Tj ET Q q 0 0 0 rg BT 464.60 511.05 Td (can ) Tj ET Q q 0 0 0 rg BT 480.75 511.05 Td (result ) Tj ET Q q 0 0 0 rg BT 505.24 511.05 Td (in ) Tj ET Q q 0 0 0 rg BT 515.29 511.05 Td (fluctuations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.05 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 499.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 97.82 499.05 Td (period ) Tj ET Q q 0 0 0 rg BT 125.86 499.05 Td (over ) Tj ET Q q 0 0 0 rg BT 146.13 499.05 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.05 Td (While ) Tj ET Q q 0 0 0 rg BT 75.96 475.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 103.53 475.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.98 475.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 155.88 475.05 Td (would ) Tj ET Q q 0 0 0 rg BT 182.91 475.05 Td (be ) Tj ET Q q 0 0 0 rg BT 194.37 475.05 Td (favorable ) Tj ET Q q 0 0 0 rg BT 234.14 475.05 Td (to ) Tj ET Q q 0 0 0 rg BT 243.95 475.05 Td (our ) Tj ET Q q 0 0 0 rg BT 259.30 475.05 Td (fixed ) Tj ET Q q 0 0 0 rg BT 281.87 475.05 Td (income ) Tj ET Q q 0 0 0 rg BT 313.32 475.05 Td (institutional ) Tj ET Q q 0 0 0 rg BT 363.13 475.05 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 405.12 475.05 Td (business, ) Tj ET Q q 0 0 0 rg BT 443.54 475.05 Td (the ) Tj ET Q q 0 0 0 rg BT 457.78 475.05 Td (move ) Tj ET Q q 0 0 0 rg BT 482.02 475.05 Td (to ) Tj ET Q q 0 0 0 rg BT 491.82 475.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 519.39 475.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 540.29 475.05 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.05 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.35 463.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 120.10 463.05 Td (our ) Tj ET Q q 0 0 0 rg BT 135.96 463.05 Td (public ) Tj ET Q q 0 0 0 rg BT 163.50 463.05 Td (finance ) Tj ET Q q 0 0 0 rg BT 195.45 463.05 Td (business ) Tj ET Q q 0 0 0 rg BT 231.88 463.05 Td (in ) Tj ET Q q 0 0 0 rg BT 242.20 463.05 Td (the ) Tj ET Q q 0 0 0 rg BT 256.95 463.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 301.14 463.05 Td (as ) Tj ET Q q 0 0 0 rg BT 312.00 463.05 Td (the ) Tj ET Q q 0 0 0 rg BT 326.76 463.05 Td (level ) Tj ET Q q 0 0 0 rg BT 348.73 463.05 Td (of ) Tj ET Q q 0 0 0 rg BT 359.59 463.05 Td (refunding ) Tj ET Q q 0 0 0 rg BT 401.00 463.05 Td (activity ) Tj ET Q q 0 0 0 rg BT 433.53 463.05 Td (abates ) Tj ET Q q 0 0 0 rg BT 461.05 463.05 Td (prior ) Tj ET Q q 0 0 0 rg BT 483.03 463.05 Td (to ) Tj ET Q q 0 0 0 rg BT 493.34 463.05 Td (greater ) Tj ET Q q 0 0 0 rg BT 523.63 463.05 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.05 Td (growth ) Tj ET Q q 0 0 0 rg BT 80.14 451.05 Td (increasing ) Tj ET Q q 0 0 0 rg BT 123.55 451.05 Td (new ) Tj ET Q q 0 0 0 rg BT 142.52 451.05 Td (money ) Tj ET Q q 0 0 0 rg BT 172.05 451.05 Td (issuance ) Tj ET Q q 0 0 0 rg BT 208.24 451.05 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 246.77 451.05 Td (W) Tj ET Q q 0 0 0 rg BT 255.41 451.05 Td (e ) Tj ET Q q 0 0 0 rg BT 262.16 451.05 Td (believe ) Tj ET Q q 0 0 0 rg BT 293.34 451.05 Td (that ) Tj ET Q q 0 0 0 rg BT 310.65 451.05 Td (the ) Tj ET Q q 0 0 0 rg BT 325.18 451.05 Td (level ) Tj ET Q q 0 0 0 rg BT 346.92 451.05 Td (of ) Tj ET Q q 0 0 0 rg BT 357.57 451.05 Td (municipal ) Tj ET Q q 0 0 0 rg BT 399.87 451.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 419.40 451.05 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 473.36 451.05 Td (activity ) Tj ET Q q 0 0 0 rg BT 505.67 451.05 Td (will ) Tj ET Q q 0 0 0 rg BT 523.53 451.05 Td (decline ) Tj ET Q q 0 0 0 rg BT 554.72 451.05 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.05 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.63 439.05 Td (after ) Tj ET Q q 0 0 0 rg BT 94.08 439.05 Td (record ) Tj ET Q q 0 0 0 rg BT 122.75 439.05 Td (market ) Tj ET Q q 0 0 0 rg BT 153.64 439.05 Td (issuance ) Tj ET Q q 0 0 0 rg BT 190.65 439.05 Td (volumes ) Tj ET Q q 0 0 0 rg BT 227.67 439.05 Td (in ) Tj ET Q q 0 0 0 rg BT 238.58 439.05 Td (2016. ) Tj ET Q q 0 0 0 rg BT 264.21 439.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 282.89 439.05 Td (geographic ) Tj ET Q q 0 0 0 rg BT 330.45 439.05 Td (range, ) Tj ET Q q 0 0 0 rg BT 358.29 439.05 Td (product ) Tj ET Q q 0 0 0 rg BT 391.96 439.05 Td (capabilities, ) Tj ET Q q 0 0 0 rg BT 443.13 439.05 Td (and ) Tj ET Q q 0 0 0 rg BT 460.70 439.05 Td (industry ) Tj ET Q q 0 0 0 rg BT 496.61 439.05 Td (expertise ) Tj ET Q q 0 0 0 rg BT 535.84 439.05 Td (should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.05 Td (serve ) Tj ET Q q 0 0 0 rg BT 73.10 427.05 Td (to ) Tj ET Q q 0 0 0 rg BT 83.38 427.05 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 118.65 427.05 Td (somewhat ) Tj ET Q q 0 0 0 rg BT 161.69 427.05 Td (the ) Tj ET Q q 0 0 0 rg BT 176.41 427.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 206.12 427.05 Td (of ) Tj ET Q q 0 0 0 rg BT 216.95 427.05 Td (less ) Tj ET Q q 0 0 0 rg BT 234.45 427.05 Td (favorable ) Tj ET Q q 0 0 0 rg BT 274.71 427.05 Td (market ) Tj ET Q q 0 0 0 rg BT 304.97 427.05 Td (conditions ) Tj ET Q q 0 0 0 rg BT 349.13 427.05 Td (on ) Tj ET Q q 0 0 0 rg BT 361.63 427.05 Td (the ) Tj ET Q q 0 0 0 rg BT 376.35 427.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 429.37 427.05 Td (of ) Tj ET Q q 0 0 0 rg BT 440.20 427.05 Td (our ) Tj ET Q q 0 0 0 rg BT 456.03 427.05 Td (public ) Tj ET Q q 0 0 0 rg BT 483.53 427.05 Td (finance ) Tj ET Q q 0 0 0 rg BT 515.45 427.05 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.05 Td (Increased ) Tj ET Q q 0 0 0 rg BT 91.46 403.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 133.99 403.05 Td (growth ) Tj ET Q q 0 0 0 rg BT 165.98 403.05 Td (and ) Tj ET Q q 0 0 0 rg BT 184.07 403.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 213.27 403.05 Td (valuations ) Tj ET Q q 0 0 0 rg BT 258.03 403.05 Td (will ) Tj ET Q q 0 0 0 rg BT 277.25 403.05 Td (benefit ) Tj ET Q q 0 0 0 rg BT 308.67 403.05 Td (our ) Tj ET Q q 0 0 0 rg BT 325.65 403.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 348.75 403.05 Td (management ) Tj ET Q q 0 0 0 rg BT 403.49 403.05 Td (business. ) Tj ET Q q 0 0 0 rg BT 443.28 403.05 Td (W) Tj ET Q q 0 0 0 rg BT 451.91 403.05 Td (e ) Tj ET Q q 0 0 0 rg BT 460.01 403.05 Td (will ) Tj ET Q q 0 0 0 rg BT 479.22 403.05 Td (continue ) Tj ET Q q 0 0 0 rg BT 517.31 403.05 Td (to ) Tj ET Q q 0 0 0 rg BT 528.75 403.05 Td (monitor) Tj ET Q q 0 0 0 rg BT 560.01 403.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.05 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 391.05 Td (, ) Tj ET Q q 0 0 0 rg BT 89.06 391.05 Td (the ) Tj ET Q q 0 0 0 rg BT 104.31 391.05 Td (trend ) Tj ET Q q 0 0 0 rg BT 127.89 391.05 Td (of ) Tj ET Q q 0 0 0 rg BT 139.26 391.05 Td (investors ) Tj ET Q q 0 0 0 rg BT 178.40 391.05 Td (shifting ) Tj ET Q q 0 0 0 rg BT 211.99 391.05 Td (from ) Tj ET Q q 0 0 0 rg BT 234.46 391.05 Td (active ) Tj ET Q q 0 0 0 rg BT 261.37 391.05 Td (to ) Tj ET Q q 0 0 0 rg BT 272.18 391.05 Td (passive ) Tj ET Q q 0 0 0 rg BT 304.65 391.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 351.57 391.05 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 389.86 391.05 Td (Changing ) Tj ET Q q 0 0 0 rg BT 431.78 391.05 Td (market ) Tj ET Q q 0 0 0 rg BT 462.58 391.05 Td (conditions ) Tj ET Q q 0 0 0 rg BT 507.28 391.05 Td (and ) Tj ET Q q 0 0 0 rg BT 524.75 391.05 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.05 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 379.05 Td (ferentiation ) Tj ET Q q 0 0 0 rg BT 109.49 379.05 Td (in ) Tj ET Q q 0 0 0 rg BT 120.25 379.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 173.74 379.05 Td (by ) Tj ET Q q 0 0 0 rg BT 186.72 379.05 Td (individual ) Tj ET Q q 0 0 0 rg BT 230.24 379.05 Td (companies ) Tj ET Q q 0 0 0 rg BT 275.98 379.05 Td (could ) Tj ET Q q 0 0 0 rg BT 301.18 379.05 Td (begin ) Tj ET Q q 0 0 0 rg BT 326.37 379.05 Td (to ) Tj ET Q q 0 0 0 rg BT 337.12 379.05 Td (favor ) Tj ET Q q 0 0 0 rg BT 361.19 379.05 Td (active ) Tj ET Q q 0 0 0 rg BT 388.04 379.05 Td (managers ) Tj ET Q q 0 0 0 rg BT 429.33 379.05 Td (over ) Tj ET Q q 0 0 0 rg BT 450.08 379.05 Td (passive ) Tj ET Q q 0 0 0 rg BT 482.49 379.05 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 518.23 379.05 Td (in ) Tj ET Q q 0 0 0 rg BT 528.98 379.05 Td (terms ) Tj ET Q q 0 0 0 rg BT 554.17 379.05 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.05 Td (capturing ) Tj ET Q q 0 0 0 rg BT 90.23 367.05 Td (market ) Tj ET Q q 0 0 0 rg BT 120.97 367.05 Td (returns. ) Tj ET Q q 0 0 0 rg BT 153.99 367.05 Td (This ) Tj ET Q q 0 0 0 rg BT 174.74 367.05 Td (could ) Tj ET Q q 0 0 0 rg BT 199.93 367.05 Td (lead ) Tj ET Q q 0 0 0 rg BT 219.55 367.05 Td (to ) Tj ET Q q 0 0 0 rg BT 230.30 367.05 Td (the ) Tj ET Q q 0 0 0 rg BT 245.49 367.05 Td (slowing ) Tj ET Q q 0 0 0 rg BT 280.13 367.05 Td (or ) Tj ET Q q 0 0 0 rg BT 291.43 367.05 Td (reversal ) Tj ET Q q 0 0 0 rg BT 326.04 367.05 Td (of ) Tj ET Q q 0 0 0 rg BT 337.34 367.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 362.54 367.05 Td (flowing ) Tj ET Q q 0 0 0 rg BT 396.62 367.05 Td (out ) Tj ET Q q 0 0 0 rg BT 412.36 367.05 Td (of ) Tj ET Q q 0 0 0 rg BT 423.66 367.05 Td (actively ) Tj ET Q q 0 0 0 rg BT 458.28 367.05 Td (managed ) Tj ET Q q 0 0 0 rg BT 497.35 367.05 Td (strategies ) Tj ET Q q 0 0 0 rg BT 538.08 367.05 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.05 Td (would ) Tj ET Q q 0 0 0 rg BT 77.02 355.05 Td (be ) Tj ET Q q 0 0 0 rg BT 88.99 355.05 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 130.93 355.05 Td (for ) Tj ET Q q 0 0 0 rg BT 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 359.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 359.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 359.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 359.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 359.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 359.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 359.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 359.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 359.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 359.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 359.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 359.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 359.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 359.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 359.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 336.75 145.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 336.75 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 336.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 336.75 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 336.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 336.75 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 336.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 336.75 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 336.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 336.75 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 336.75 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 336.75 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 336.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 336.75 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 336.75 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 336.75 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 302.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 302.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 302.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 302.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 302.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 302.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 302.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 302.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 302.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 302.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 278.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 278.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 278.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 278.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 278.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 278.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 278.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 278.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 278.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 278.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 278.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 278.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 278.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 278.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 278.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 278.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 244.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 244.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 244.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 244.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 244.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 244.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 244.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 244.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 244.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 244.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 244.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 244.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 244.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 244.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 244.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 244.75 40.00 -12.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 483.50 220.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 220.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 220.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 196.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 196.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 196.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 196.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 196.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 196.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 196.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 196.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 196.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 196.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 196.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 196.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 196.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 196.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 196.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 196.75 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 162.75 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 162.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 162.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 162.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 162.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 162.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 162.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 162.75 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621.75 m 335.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 621.75 m 339.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 621.75 m 383.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 621.75 m 387.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 621.75 m 431.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 621.75 m 479.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 621.75 m 483.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 621.75 m 523.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 621.75 m 527.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 621.75 m 567.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 597.75 m 235.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 597.75 m 284.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 597.75 m 335.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 597.75 m 383.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 597.75 m 431.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 597.75 m 479.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 597.75 m 523.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 597.75 m 567.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 525.75 m 235.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 525.75 m 284.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 525.75 m 335.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 525.75 m 383.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 525.75 m 431.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 525.75 m 479.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 525.75 m 523.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 525.75 m 567.5 525.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 489.75 m 235.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 489.75 m 284.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 489.75 m 335.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 489.75 m 383.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 489.75 m 431.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 489.75 m 479.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 489.75 m 523.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 489.75 m 567.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 465.75 m 235.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 465.75 m 284.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 465.75 m 335.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 465.75 m 383.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 465.75 m 431.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 465.75 m 479.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 465.75 m 523.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 465.75 m 567.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 290.75 m 235.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 290.75 m 284.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 290.75 m 335.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 290.75 m 383.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 290.75 m 431.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 290.75 m 479.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 290.75 m 523.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 290.75 m 567.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 278.75 m 235.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 278.75 m 284.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 278.75 m 335.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 278.75 m 383.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 278.75 m 431.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 278.75 m 479.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 278.75 m 523.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 278.75 m 567.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 220.75 m 235.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 220.75 m 284.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 220.75 m 335.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 220.75 m 383.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 220.75 m 431.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 220.75 m 479.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 220.75 m 523.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 220.75 m 567.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 162.75 m 235.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 162.75 m 284.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 162.75 m 335.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 162.75 m 383.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 162.75 m 431.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 162.75 m 479.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 162.75 m 523.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 162.75 m 567.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 129.75 m 235.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 127.75 m 235.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 129.75 m 284.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 127.75 m 284.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 129.75 m 335.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 127.75 m 335.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 129.75 m 383.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 127.75 m 383.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 129.75 m 431.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 127.75 m 431.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 129.75 m 479.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 127.75 m 479.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 129.75 m 523.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 127.75 m 523.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 129.75 m 567.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 127.75 m 567.5 127.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.45 649.15 Td (As a Percentage of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.95 637.15 Td (Net Revenues for the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.65 625.15 Td (Year Ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.15 625.15 Td (Year Ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 613.15 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.00 613.15 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 601.79 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.50 601.15 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.50 601.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.50 601.15 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.75 601.15 Td (v2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 601.15 Td (v2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 601.15 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 601.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 601.15 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 589.15 Td (Revenues:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 577.01 Td (Investment banking) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.00 577.15 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 577.15 Td (490,340) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 577.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 577.01 Td (414,118) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 577.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 577.01 Td (369,811) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 577.01 Td (18.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 577.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 577.01 Td (12.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 577.01 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 577.15 Td (65.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 577.15 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 577.01 Td (61.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 577.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 577.01 Td (57.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 577.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 565.01 Td (Institutional brokerage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 565.15 Td (161,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 565.01 Td (154,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 565.01 Td (156,809) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 565.01 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.25 565.01 Td (\(1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 565.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 565.15 Td (21.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 565.01 Td (23.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 565.01 Td (24.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 553.01 Td (Asset management) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 553.15 Td (60,672) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 553.01 Td (75,017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 553.01 Td (85,062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 553.01 Td (\(19.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 553.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 553.01 Td (\(11.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 553.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 553.15 Td (8.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 553.01 Td (11.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 553.01 Td (13.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 541.01 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 541.15 Td (33,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 541.01 Td (41,557) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 541.01 Td (48,716) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 541.01 Td (\(20.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 541.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 541.01 Td (\(14.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 541.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 541.15 Td (4.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 541.01 Td (6.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 541.01 Td (7.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 529.01 Td (Investment income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 529.15 Td (24,602) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 529.01 Td (10,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 529.01 Td (12,813) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 529.01 Td (129.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 529.01 Td (\(16.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 529.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 529.15 Td (3.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 529.01 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 529.01 Td (2.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 60.00 517.01 Td (Total revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 517.15 Td (769,874) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 517.01 Td (696,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 517.01 Td (673,211) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 517.01 Td (10.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 517.01 Td (3.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 517.15 Td (103.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.25 517.01 Td (103.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 517.01 Td (103.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 493.01 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 493.15 Td (22,525) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 493.01 Td (23,399) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 493.01 Td (25,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 493.01 Td (\(3.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 493.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.25 493.01 Td (\(6.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 493.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 493.15 Td (3.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 493.01 Td (3.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 493.01 Td (3.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 60.00 469.01 Td (Net revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 469.15 Td (747,349) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 469.01 Td (672,918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 469.01 Td (648,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 469.01 Td (11.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 469.01 Td (3.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 469.15 Td (100.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.25 469.01 Td (100.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 469.01 Td (100.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 445.15 Td (Non-interest expenses:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 433.01 Td (Compensation and benefits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 433.15 Td (510,612) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 433.01 Td (421,733) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 433.01 Td (394,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 433.01 Td (21.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 433.01 Td (6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 433.15 Td (68.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 433.01 Td (62.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 433.01 Td (60.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 421.01 Td (Outside services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 421.15 Td (39,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 421.01 Td (36,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 421.01 Td (37,055) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 421.01 Td (8.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.25 421.01 Td (\(2.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 421.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 421.15 Td (5.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 421.01 Td (5.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 421.01 Td (5.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 409.01 Td (Occupancy and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 409.15 Td (34,813) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 409.01 Td (28,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 409.01 Td (28,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 409.01 Td (23.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 409.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 409.15 Td (4.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 409.01 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 409.01 Td (4.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 397.01 Td (Communications) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 397.15 Td (29,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 397.01 Td (23,762) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 397.01 Td (22,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 397.01 Td (24.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 397.01 Td (4.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 397.15 Td (4.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 397.01 Td (3.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 397.01 Td (3.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 385.01 Td (Marketing and business) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 376.01 Td (development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 376.20 Td (30,404) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 376.21 Td (29,990) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 376.21 Td (27,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 376.21 Td (1.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 376.21 Td (10.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 376.20 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 376.21 Td (4.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 376.21 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 363.01 Td (Trade execution and clearance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.75 363.15 Td (7,651) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 363.01 Td (7,794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 363.01 Td (7,621) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 363.01 Td (\(1.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 363.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 363.01 Td (2.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 363.15 Td (1.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 363.01 Td (1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 363.01 Td (1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 351.01 Td (Restructuring and integration costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 351.15 Td (10,206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 351.01 Td (10,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.00 351.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 351.01 Td (\(4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 351.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.95 351.01 Td (N/M) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 351.15 Td (1.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 351.01 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 351.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 339.06 Td (Goodwill impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 339.20 Td (82,900) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 339.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.00 339.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 339.06 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.95 339.06 Td (N/M) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.25 339.20 Td (11.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.50 339.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 339.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 328.01 Td (Intangible asset amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 319.01 Td (expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 319.20 Td (21,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 319.21 Td (7,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 319.21 Td (9,272) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 319.21 Td (176.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 319.21 Td (\(17.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 319.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 319.20 Td (2.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 319.21 Td (1.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 319.21 Td (1.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 306.01 Td (Back office conversion costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.50 306.15 Td (561) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 306.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.00 306.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 306.01 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.95 306.01 Td (N/M) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 306.15 Td (0.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.50 306.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 306.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 294.01 Td (Other operating expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 294.15 Td (10,947) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 294.01 Td (20,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 294.01 Td (11,146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 294.01 Td (\(46.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 294.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 294.01 Td (82.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 294.15 Td (1.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 294.01 Td (3.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 294.01 Td (1.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 60.00 282.01 Td (Total non-interest expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 282.15 Td (778,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 282.01 Td (586,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 282.01 Td (537,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 282.01 Td (32.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 282.01 Td (9.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.75 282.15 Td (104.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 282.01 Td (87.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 282.01 Td (83.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 258.15 Td (Income/\(loss\) before income tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 249.15 Td (expense/\(benefit\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.25 249.20 Td (\(30,874) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 249.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 249.21 Td (86,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 249.21 Td (110,311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 249.21 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 249.21 Td (\(21.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 249.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 249.20 Td (\(4.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 249.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 249.21 Td (12.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 249.21 Td (17.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 224.01 Td (Income tax expense/\(benefit\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.25 224.15 Td (\(17,128) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 224.15 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 224.01 Td (27,941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 224.01 Td (35,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 224.01 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 224.01 Td (\(22.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 224.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 224.15 Td (\(2.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 224.15 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 224.01 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 224.01 Td (5.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 200.15 Td (Net income/\(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.25 200.15 Td (\(13,746) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 200.15 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 200.01 Td (58,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 200.01 Td (74,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 200.01 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 200.01 Td (\(21.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 200.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 200.15 Td (\(1.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 200.15 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 200.01 Td (8.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 200.01 Td (11.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 176.01 Td (Net income applicable to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 167.01 Td (noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.75 167.20 Td (8,206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 167.21 Td (6,407) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 167.21 Td (11,153) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 167.21 Td (28.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 167.21 Td (\(42.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 167.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.75 167.20 Td (1.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 167.21 Td (1.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 167.21 Td (1.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 142.15 Td (Net income/\(loss\) applicable to) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 133.15 Td (Piper Jaffray Companies) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.00 133.20 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.25 133.20 Td (\(21,952) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 133.20 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 133.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 133.21 Td (52,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 133.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 133.21 Td (63,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 133.21 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 133.21 Td (\(17.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.50 133.21 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.75 133.20 Td (\(2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 133.20 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 133.21 Td (7.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 133.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 133.21 Td (9.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 133.21 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 116.65 Td (N/M ) Tj ET Q q 0 0 0 rg BT 61.22 116.65 Td ( ) Tj ET Q q 0 0 0 rg BT 70.34 116.65 Td (Not ) Tj ET Q q 0 0 0 rg BT 83.89 116.65 Td (meaningful) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 717.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.40 717.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.12 717.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 95.83 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.22 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.81 717.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.81 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 205.81 717.60 Td (we ) Tj ET Q q 0 0 0 rg BT 219.98 717.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 257.46 717.60 Td (a ) Tj ET Q q 0 0 0 rg BT 264.41 717.60 Td (net ) Tj ET Q q 0 0 0 rg BT 279.13 717.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 297.20 717.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 340.79 717.60 Td (to ) Tj ET Q q 0 0 0 rg BT 351.08 717.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 374.69 717.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 386.17 717.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 404.78 717.60 Td (Companies ) Tj ET Q q 0 0 0 rg BT 452.28 717.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.12 717.60 Td ($22.0 ) Tj ET Q q 0 0 0 rg BT 488.12 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.01 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 522.02 717.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 550.07 717.60 Td (by ) Tj ET Q q 0 0 0 rg BT 562.58 717.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 705.60 Td ($50.9 ) Tj ET Q q 0 0 0 rg BT 70.05 705.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 103.99 705.60 Td (net ) Tj ET Q q 0 0 0 rg BT 118.76 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 129.64 705.60 Td (tax, ) Tj ET Q q 0 0 0 rg BT 146.91 705.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 185.01 705.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 233.66 705.60 Td (char) Tj ET Q q 0 0 0 rg BT 250.69 705.60 Td (ge. ) Tj ET Q q 0 0 0 rg BT 265.18 705.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 282.17 705.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 320.25 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 334.46 705.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.23 705.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.44 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 368.99 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.42 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 454.05 705.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.05 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 476.60 705.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.58 705.60 Td ($747.3 ) Tj ET Q q 0 0 0 rg BT 528.63 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.52 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 562.57 705.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 693.60 Td (1) Tj ET Q q 0 0 0 rg BT 49.63 693.60 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 63.75 693.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.17 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 94.79 693.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 129.16 693.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 170.21 693.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.60 693.60 Td ($672.9 ) Tj ET Q q 0 0 0 rg BT 208.72 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.61 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 239.23 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 248.63 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.46 693.60 Td (year) Tj ET Q q 0 0 0 rg BT 279.47 693.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 298.86 693.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.52 693.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.85 693.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.47 693.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.47 693.60 Td (, ) Tj ET Q q 0 0 0 rg BT 362.59 693.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 408.09 693.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 441.93 693.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 479.08 693.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.45 693.60 Td (18.4 ) Tj ET Q q 0 0 0 rg BT 537.57 693.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 693.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 681.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.83 681.60 Td ($490.3 ) Tj ET Q q 0 0 0 rg BT 86.38 681.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.27 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 120.81 681.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 163.29 681.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.11 681.60 Td ($414.1 ) Tj ET Q q 0 0 0 rg BT 214.66 681.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.55 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 246.60 681.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.43 681.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.43 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 282.98 681.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 311.57 681.60 Td (by ) Tj ET Q q 0 0 0 rg BT 324.62 681.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 352.67 681.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 390.16 681.60 Td (services ) Tj ET Q q 0 0 0 rg BT 425.41 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 442.90 681.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 463.16 681.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 503.98 681.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 542.56 681.60 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 669.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 72.55 669.60 Td (our ) Tj ET Q q 0 0 0 rg BT 87.91 669.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 137.70 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 154.16 669.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 177.84 669.60 Td (to ) Tj ET Q q 0 0 0 rg BT 187.64 669.60 Td (grow ) Tj ET Q q 0 0 0 rg BT 210.21 669.60 Td (these ) Tj ET Q q 0 0 0 rg BT 232.78 669.60 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 279.38 669.60 Td (These ) Tj ET Q q 0 0 0 rg BT 305.28 669.60 Td (increases ) Tj ET Q q 0 0 0 rg BT 343.95 669.60 Td (were ) Tj ET Q q 0 0 0 rg BT 365.40 669.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 400.74 669.60 Td (of) Tj ET Q q 0 0 0 rg BT 408.89 669.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 425.35 669.60 Td (by ) Tj ET Q q 0 0 0 rg BT 437.37 669.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 462.16 669.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 489.18 669.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 528.96 669.60 Td (revenues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 657.60 Td (as ) Tj ET Q q 0 0 0 rg BT 55.44 657.60 Td (our ) Tj ET Q q 0 0 0 rg BT 70.88 657.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 97.99 657.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.75 657.60 Td (raising ) Tj ET Q q 0 0 0 rg BT 156.08 657.60 Td (business ) Tj ET Q q 0 0 0 rg BT 192.08 657.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 242.49 657.60 Td (challenging ) Tj ET Q q 0 0 0 rg BT 291.25 657.60 Td (market ) Tj ET Q q 0 0 0 rg BT 321.13 657.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 364.90 657.60 Td (for ) Tj ET Q q 0 0 0 rg BT 378.67 657.60 Td (most ) Tj ET Q q 0 0 0 rg BT 400.23 657.60 Td (of ) Tj ET Q q 0 0 0 rg BT 410.67 657.60 Td (2016. ) Tj ET Q q 0 0 0 rg BT 435.28 657.60 Td (For ) Tj ET Q q 0 0 0 rg BT 451.29 657.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.61 657.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.82 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 484.93 657.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.92 657.60 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 645.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 70.52 645.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 121.32 645.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 164.31 645.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.87 645.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.31 645.60 Td ($161.2 ) Tj ET Q q 0 0 0 rg BT 255.83 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.73 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 290.24 645.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.26 645.60 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 318.78 645.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.21 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 351.23 645.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 393.67 645.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.47 645.60 Td ($154.9 ) Tj ET Q q 0 0 0 rg BT 444.98 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.88 645.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.90 645.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.67 645.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.69 645.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.69 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 513.21 645.60 Td (due ) Tj ET Q q 0 0 0 rg BT 530.67 645.60 Td (to ) Tj ET Q q 0 0 0 rg BT 541.47 645.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 633.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 72.49 633.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 122.76 633.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 165.23 633.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 205.21 633.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 229.93 633.60 Td (management ) Tj ET Q q 0 0 0 rg BT 283.51 633.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 302.10 633.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.03 633.60 Td ($60.7 ) Tj ET Q q 0 0 0 rg BT 349.02 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.91 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 380.41 633.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.68 633.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.68 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 415.67 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 457.59 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.86 633.60 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 502.86 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 633.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.24 633.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.02 633.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.52 633.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.52 633.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 621.60 Td (due ) Tj ET Q q 0 0 0 rg BT 62.65 621.60 Td (to ) Tj ET Q q 0 0 0 rg BT 73.64 621.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 99.62 621.60 Td (management ) Tj ET Q q 0 0 0 rg BT 153.93 621.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 173.24 621.60 Td (from ) Tj ET Q q 0 0 0 rg BT 195.89 621.60 Td (our ) Tj ET Q q 0 0 0 rg BT 212.43 621.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 240.64 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 258.29 621.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 278.48 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 281.69 621.60 Td (product ) Tj ET Q q 0 0 0 rg BT 315.45 621.60 Td (of) Tj ET Q q 0 0 0 rg BT 323.60 621.60 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 357.08 621.60 Td (For ) Tj ET Q q 0 0 0 rg BT 374.19 621.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.62 621.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.83 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 410.04 621.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.13 621.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 496.43 621.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.43 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 522.14 621.60 Td (net ) Tj ET Q q 0 0 0 rg BT 537.57 621.60 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 609.60 Td (income ) Tj ET Q q 0 0 0 rg BT 77.25 609.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 119.48 609.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.07 609.60 Td ($10.5 ) Tj ET Q q 0 0 0 rg BT 155.39 609.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.28 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 189.59 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 231.83 609.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.42 609.60 Td ($18.2 ) Tj ET Q q 0 0 0 rg BT 277.74 609.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.63 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 309.45 609.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.04 609.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.04 609.60 Td (. ) Tj ET Q q 0 0 0 rg BT 345.15 609.60 Td (The ) Tj ET Q q 0 0 0 rg BT 363.51 609.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 400.74 609.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 440.77 609.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 475.24 609.60 Td (from ) Tj ET Q q 0 0 0 rg BT 497.49 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 512.52 609.60 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 558.67 609.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 61.08 597.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 103.81 597.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 126.56 597.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 147.64 597.60 Td (with ) Tj ET Q q 0 0 0 rg BT 168.16 597.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 199.79 597.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 238.65 597.60 Td (in ) Tj ET Q q 0 0 0 rg BT 249.17 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 264.14 597.60 Td (second ) Tj ET Q q 0 0 0 rg BT 294.65 597.60 Td (half ) Tj ET Q q 0 0 0 rg BT 312.95 597.60 Td (of ) Tj ET Q q 0 0 0 rg BT 324.02 597.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 349.27 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 366.46 597.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 409.19 597.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 441.37 597.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 476.33 597.60 Td (on ) Tj ET Q q 0 0 0 rg BT 489.07 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 505.15 597.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 532.33 597.60 Td (notes. ) Tj ET Q q 0 0 0 rg BT 558.69 597.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 83.77 585.60 Td (we ) Tj ET Q q 0 0 0 rg BT 98.94 585.60 Td (had ) Tj ET Q q 0 0 0 rg BT 116.88 585.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 143.14 585.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 176.08 585.60 Td (income ) Tj ET Q q 0 0 0 rg BT 209.01 585.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 239.16 585.60 Td (on ) Tj ET Q q 0 0 0 rg BT 252.66 585.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 325.57 585.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 366.84 585.60 Td (as ) Tj ET Q q 0 0 0 rg BT 378.67 585.60 Td (a ) Tj ET Q q 0 0 0 rg BT 386.61 585.60 Td (result ) Tj ET Q q 0 0 0 rg BT 412.32 585.60 Td (of ) Tj ET Q q 0 0 0 rg BT 424.16 585.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 450.42 585.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 492.25 585.60 Td (balances. ) Tj ET Q q 0 0 0 rg BT 532.68 585.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.51 585.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.51 585.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 573.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 90.85 573.60 Td (income ) Tj ET Q q 0 0 0 rg BT 122.26 573.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.79 573.60 Td ($24.6 ) Tj ET Q q 0 0 0 rg BT 164.26 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.15 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 197.62 573.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 239.02 573.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.77 573.60 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 283.24 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.13 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 314.11 573.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.86 573.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.86 573.60 Td (. ) Tj ET Q q 0 0 0 rg BT 348.33 573.60 Td (In ) Tj ET Q q 0 0 0 rg BT 358.63 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 372.82 573.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 394.23 573.60 Td (year) Tj ET Q q 0 0 0 rg BT 411.04 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 415.51 573.60 Td (we ) Tj ET Q q 0 0 0 rg BT 429.15 573.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 466.09 573.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 491.96 573.60 Td (on ) Tj ET Q q 0 0 0 rg BT 503.93 573.60 Td (our ) Tj ET Q q 0 0 0 rg BT 519.23 573.60 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 561.60 Td (of ) Tj ET Q q 0 0 0 rg BT 55.47 561.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 74.82 561.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 103.61 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 113.53 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 128.99 561.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 149.18 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 151.32 561.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 193.72 561.60 Td (Non-interest ) Tj ET Q q 0 0 0 rg BT 245.85 561.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 284.08 561.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 561.60 Td ($778.2 ) Tj ET Q q 0 0 0 rg BT 335.29 561.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.18 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 366.32 561.60 Td (for ) Tj ET Q q 0 0 0 rg BT 380.11 561.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.47 561.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.68 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 413.81 561.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.83 561.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.05 561.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 561.60 Td (, ) Tj ET Q q 0 0 0 rg BT 522.69 561.60 Td (an ) Tj ET Q q 0 0 0 rg BT 534.26 561.60 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 549.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.58 549.60 Td (32.7 ) Tj ET Q q 0 0 0 rg BT 75.33 549.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.75 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 107.00 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 148.67 549.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.70 549.60 Td ($586.5 ) Tj ET Q q 0 0 0 rg BT 188.45 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.34 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 219.59 549.60 Td (in ) Tj ET Q q 0 0 0 rg BT 229.61 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 244.08 549.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 265.77 549.60 Td (year) Tj ET Q q 0 0 0 rg BT 282.42 549.60 Td (. ) Tj ET Q q 0 0 0 rg BT 287.01 549.60 Td (The ) Tj ET Q q 0 0 0 rg BT 304.80 549.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 339.81 549.60 Td (was ) Tj ET Q q 0 0 0 rg BT 357.61 549.60 Td (due ) Tj ET Q q 0 0 0 rg BT 374.29 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 384.32 549.60 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.01 549.60 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 420.76 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 451.90 549.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 489.70 549.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 538.05 549.60 Td (char) Tj ET Q q 0 0 0 rg BT 555.07 549.60 Td (ge, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 56.27 537.60 Td (well ) Tj ET Q q 0 0 0 rg BT 76.42 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 87.69 537.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 116.18 537.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 174.66 537.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 209.80 537.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 238.29 537.60 Td (by ) Tj ET Q q 0 0 0 rg BT 251.23 537.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 291.92 537.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 330.40 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 347.77 537.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 376.26 537.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 415.29 537.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 453.23 537.60 Td (from ) Tj ET Q q 0 0 0 rg BT 475.61 537.60 Td (our ) Tj ET Q q 0 0 0 rg BT 491.87 537.60 Td (recent ) Tj ET Q q 0 0 0 rg BT 519.24 537.60 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 61.82 525.60 Td (business ) Tj ET Q q 0 0 0 rg BT 98.09 525.60 Td (expansion. ) Tj ET Q q 0 0 0 rg BT 143.52 525.60 Td (Partially ) Tj ET Q q 0 0 0 rg BT 179.79 525.60 Td (of) Tj ET Q q 0 0 0 rg BT 187.94 525.60 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 220.31 525.60 Td (this ) Tj ET Q q 0 0 0 rg BT 237.14 525.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 272.28 525.60 Td (was ) Tj ET Q q 0 0 0 rg BT 290.21 525.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 315.36 525.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 337.18 525.60 Td (reserves ) Tj ET Q q 0 0 0 rg BT 372.32 525.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 415.79 525.60 Td (with ) Tj ET Q q 0 0 0 rg BT 435.95 525.60 Td (a ) Tj ET Q q 0 0 0 rg BT 442.77 525.60 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 462.66 525.60 Td (million ) Tj ET Q q 0 0 0 rg BT 493.93 525.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 515.75 525.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 559.23 525.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 513.60 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 489.60 Td (For ) Tj ET Q q 0 0 0 rg BT 60.64 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.60 489.60 Td (year ) Tj ET Q q 0 0 0 rg BT 93.56 489.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.18 489.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.01 489.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.01 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 201.26 489.60 Td (we ) Tj ET Q q 0 0 0 rg BT 214.67 489.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 251.39 489.60 Td (net ) Tj ET Q q 0 0 0 rg BT 265.35 489.60 Td (income ) Tj ET Q q 0 0 0 rg BT 296.53 489.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 339.37 489.60 Td (to ) Tj ET Q q 0 0 0 rg BT 348.89 489.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 371.75 489.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 383.23 489.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 401.08 489.60 Td (Companies ) Tj ET Q q 0 0 0 rg BT 447.82 489.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.89 489.60 Td ($52.1 ) Tj ET Q q 0 0 0 rg BT 482.14 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 489.60 Td (. ) Tj ET Q q 0 0 0 rg BT 515.28 489.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.47 489.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.60 Td (for ) Tj ET Q q 0 0 0 rg BT 59.60 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.76 477.60 Td (year ) Tj ET Q q 0 0 0 rg BT 94.91 477.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.72 477.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.75 477.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.75 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 203.69 477.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.06 477.60 Td ($672.9 ) Tj ET Q q 0 0 0 rg BT 256.50 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.39 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 290.83 477.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.21 477.60 Td (3.8 ) Tj ET Q q 0 0 0 rg BT 313.65 477.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.08 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 346.02 477.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 381.71 477.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 424.08 477.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 477.60 Td ($648.1 ) Tj ET Q q 0 0 0 rg BT 465.24 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.13 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 497.07 477.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.79 477.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.79 477.60 Td (. ) Tj ET Q q 0 0 0 rg BT 533.23 477.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.50 477.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.50 477.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 92.09 465.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 127.52 465.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 166.27 465.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 465.60 Td (12.0 ) Tj ET Q q 0 0 0 rg BT 227.95 465.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.37 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 260.58 465.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.58 465.60 Td ($414.1 ) Tj ET Q q 0 0 0 rg BT 302.29 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.18 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 336.89 465.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 379.53 465.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.52 465.60 Td ($369.8 ) Tj ET Q q 0 0 0 rg BT 431.23 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.12 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 463.33 465.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.32 465.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.32 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 500.03 465.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 528.79 465.60 Td (by ) Tj ET Q q 0 0 0 rg BT 542.00 465.60 Td (strong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 453.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 81.08 453.60 Td (services ) Tj ET Q q 0 0 0 rg BT 114.92 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 131.00 453.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 149.86 453.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 189.26 453.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 226.44 453.60 Td (as ) Tj ET Q q 0 0 0 rg BT 236.41 453.60 Td (we ) Tj ET Q q 0 0 0 rg BT 249.71 453.60 Td (were ) Tj ET Q q 0 0 0 rg BT 270.78 453.60 Td (able ) Tj ET Q q 0 0 0 rg BT 289.07 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 298.49 453.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 334.56 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 343.98 453.60 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 383.93 453.60 Td (on ) Tj ET Q q 0 0 0 rg BT 395.57 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 409.42 453.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 458.84 453.60 Td (we ) Tj ET Q q 0 0 0 rg BT 472.14 453.60 Td (have ) Tj ET Q q 0 0 0 rg BT 492.65 453.60 Td (made ) Tj ET Q q 0 0 0 rg BT 515.95 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 525.37 453.60 Td (strengthen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 441.60 Td (these ) Tj ET Q q 0 0 0 rg BT 67.09 441.60 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 113.35 441.60 Td (For ) Tj ET Q q 0 0 0 rg BT 128.78 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 142.54 441.60 Td (year ) Tj ET Q q 0 0 0 rg BT 161.29 441.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.70 441.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 244.33 441.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.33 441.60 Td (, ) Tj ET Q q 0 0 0 rg BT 268.37 441.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 317.69 441.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 359.20 441.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 396.28 441.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.25 441.60 Td ($154.9 ) Tj ET Q q 0 0 0 rg BT 446.29 441.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.18 441.60 Td (, ) Tj ET Q q 0 0 0 rg BT 479.22 441.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 520.19 441.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 441.60 Td ($156.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 75.78 429.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.45 429.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.45 429.60 Td (. ) Tj ET Q q 0 0 0 rg BT 109.42 429.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 133.53 429.60 Td (management ) Tj ET Q q 0 0 0 rg BT 186.51 429.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 204.50 429.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.82 429.60 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 250.21 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.10 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 280.99 429.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.66 429.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.66 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 315.05 429.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 356.36 429.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.03 429.60 Td ($85.1 ) Tj ET Q q 0 0 0 rg BT 400.42 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.31 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 431.20 429.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.87 429.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.87 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 465.26 429.60 Td (due ) Tj ET Q q 0 0 0 rg BT 481.58 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 491.25 429.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 515.91 429.60 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 63.59 417.60 Td (from ) Tj ET Q q 0 0 0 rg BT 85.52 417.60 Td (our ) Tj ET Q q 0 0 0 rg BT 101.35 417.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 128.83 417.60 Td (product ) Tj ET Q q 0 0 0 rg BT 161.87 417.60 Td (of) Tj ET Q q 0 0 0 rg BT 170.02 417.60 Td (ferings ) Tj ET Q q 0 0 0 rg BT 200.28 417.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 237.77 417.60 Td (from ) Tj ET Q q 0 0 0 rg BT 259.70 417.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 301.61 417.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 327.43 417.60 Td (under ) Tj ET Q q 0 0 0 rg BT 352.69 417.60 Td (management. ) Tj ET Q q 0 0 0 rg BT 408.77 417.60 Td (For ) Tj ET Q q 0 0 0 rg BT 425.16 417.60 Td (the ) Tj ET Q q 0 0 0 rg BT 439.87 417.60 Td (year ) Tj ET Q q 0 0 0 rg BT 459.57 417.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.94 417.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.51 417.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.51 417.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 405.60 Td (net ) Tj ET Q q 0 0 0 rg BT 60.00 405.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 92.22 405.60 Td (income ) Tj ET Q q 0 0 0 rg BT 124.44 405.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 166.64 405.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.20 405.60 Td ($18.2 ) Tj ET Q q 0 0 0 rg BT 202.49 405.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.38 405.60 Td (, ) Tj ET Q q 0 0 0 rg BT 236.67 405.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 278.88 405.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.44 405.60 Td ($23.6 ) Tj ET Q q 0 0 0 rg BT 324.73 405.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.62 405.60 Td ( ) Tj ET Q q 0 0 0 rg BT 356.40 405.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.97 405.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.97 405.60 Td (. ) Tj ET Q q 0 0 0 rg BT 392.05 405.60 Td (The ) Tj ET Q q 0 0 0 rg BT 410.38 405.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 447.58 405.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 487.58 405.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 522.02 405.60 Td (from ) Tj ET Q q 0 0 0 rg BT 544.25 405.60 Td (lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 393.60 Td (average ) Tj ET Q q 0 0 0 rg BT 78.95 393.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 120.14 393.60 Td (balances ) Tj ET Q q 0 0 0 rg BT 157.44 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 168.08 393.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 210.94 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 228.25 393.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 263.32 393.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 303.95 393.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 332.37 393.60 Td (by ) Tj ET Q q 0 0 0 rg BT 345.23 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 360.32 393.60 Td (closure ) Tj ET Q q 0 0 0 rg BT 392.06 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 409.37 393.60 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 455.57 393.60 Td (of ) Tj ET Q q 0 0 0 rg BT 466.77 393.60 Td (our ) Tj ET Q q 0 0 0 rg BT 482.96 393.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 525.82 393.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 548.69 393.60 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.60 Td (with ) Tj ET Q q 0 0 0 rg BT 64.75 381.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 95.60 381.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 133.67 381.60 Td (in ) Tj ET Q q 0 0 0 rg BT 143.42 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 157.60 381.60 Td (second ) Tj ET Q q 0 0 0 rg BT 187.34 381.60 Td (half ) Tj ET Q q 0 0 0 rg BT 204.85 381.60 Td (of ) Tj ET Q q 0 0 0 rg BT 215.15 381.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 239.62 381.60 Td (as ) Tj ET Q q 0 0 0 rg BT 249.91 381.60 Td (well ) Tj ET Q q 0 0 0 rg BT 269.10 381.60 Td (as ) Tj ET Q q 0 0 0 rg BT 279.39 381.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 304.13 381.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 335.53 381.60 Td (income ) Tj ET Q q 0 0 0 rg BT 366.93 381.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 414.43 381.60 Td (to ) Tj ET Q q 0 0 0 rg BT 424.18 381.60 Td (a ) Tj ET Q q 0 0 0 rg BT 430.58 381.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 469.75 381.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 503.94 381.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 523.12 381.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 369.60 Td (that ) Tj ET Q q 0 0 0 rg BT 62.30 369.60 Td (was ) Tj ET Q q 0 0 0 rg BT 80.15 369.60 Td (repaid ) Tj ET Q q 0 0 0 rg BT 107.44 369.60 Td (in ) Tj ET Q q 0 0 0 rg BT 117.52 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 132.03 369.60 Td (second ) Tj ET Q q 0 0 0 rg BT 162.10 369.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 192.72 369.60 Td (of ) Tj ET Q q 0 0 0 rg BT 203.35 369.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 227.99 369.60 Td (These ) Tj ET Q q 0 0 0 rg BT 254.16 369.60 Td (decreases ) Tj ET Q q 0 0 0 rg BT 294.77 369.60 Td (were ) Tj ET Q q 0 0 0 rg BT 316.50 369.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 352.12 369.60 Td (of) Tj ET Q q 0 0 0 rg BT 360.27 369.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 377.01 369.60 Td (by ) Tj ET Q q 0 0 0 rg BT 389.31 369.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 429.37 369.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 461.10 369.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 495.61 369.60 Td (at ) Tj ET Q q 0 0 0 rg BT 505.13 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 519.65 369.60 Td (end ) Tj ET Q q 0 0 0 rg BT 536.39 369.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.02 369.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.60 Td (due ) Tj ET Q q 0 0 0 rg BT 61.79 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 71.93 357.60 Td (a ) Tj ET Q q 0 0 0 rg BT 78.72 357.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 106.62 357.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 138.97 357.60 Td (of ) Tj ET Q q 0 0 0 rg BT 149.66 357.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 198.68 357.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 236.57 357.60 Td (on ) Tj ET Q q 0 0 0 rg BT 248.93 357.60 Td (our ) Tj ET Q q 0 0 0 rg BT 264.61 357.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 291.41 357.60 Td (notes. ) Tj ET Q q 0 0 0 rg BT 317.37 357.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.06 357.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.06 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 352.91 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 399.15 357.60 Td (income ) Tj ET Q q 0 0 0 rg BT 430.94 357.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.84 357.60 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 473.70 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.59 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 507.44 357.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 549.22 357.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 345.60 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 69.60 345.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.49 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 100.59 345.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.47 345.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.47 345.60 Td (, ) Tj ET Q q 0 0 0 rg BT 135.07 345.60 Td (as ) Tj ET Q q 0 0 0 rg BT 145.50 345.60 Td (we ) Tj ET Q q 0 0 0 rg BT 159.26 345.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 196.33 345.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 219.54 345.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 262.73 345.60 Td (with ) Tj ET Q q 0 0 0 rg BT 282.61 345.60 Td (our ) Tj ET Q q 0 0 0 rg BT 298.04 345.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 344.02 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 360.56 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 374.88 345.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 435.86 345.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 471.28 345.60 Td (in ) Tj ET Q q 0 0 0 rg BT 481.16 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 495.48 345.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 534.78 345.60 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 333.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 66.08 333.60 Td (that ) Tj ET Q q 0 0 0 rg BT 83.82 333.60 Td (we ) Tj ET Q q 0 0 0 rg BT 98.22 333.60 Td (manage, ) Tj ET Q q 0 0 0 rg BT 134.56 333.60 Td (which ) Tj ET Q q 0 0 0 rg BT 161.75 333.60 Td (were ) Tj ET Q q 0 0 0 rg BT 183.92 333.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 219.99 333.60 Td (of) Tj ET Q q 0 0 0 rg BT 228.14 333.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 245.32 333.60 Td (by ) Tj ET Q q 0 0 0 rg BT 258.06 333.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 284.70 333.60 Td (on ) Tj ET Q q 0 0 0 rg BT 297.45 333.60 Td (our ) Tj ET Q q 0 0 0 rg BT 313.52 333.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.04 333.60 Td (of ) Tj ET Q q 0 0 0 rg BT 375.12 333.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 395.08 333.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 424.48 333.60 Td (in ) Tj ET Q q 0 0 0 rg BT 435.00 333.60 Td (our ) Tj ET Q q 0 0 0 rg BT 451.08 333.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 471.27 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 474.01 333.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 517.02 333.60 Td (Non-interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 321.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 83.11 321.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.55 321.60 Td ($586.5 ) Tj ET Q q 0 0 0 rg BT 134.06 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.95 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 164.97 321.60 Td (for ) Tj ET Q q 0 0 0 rg BT 178.64 321.60 Td (the ) Tj ET Q q 0 0 0 rg BT 192.87 321.60 Td (year ) Tj ET Q q 0 0 0 rg BT 212.08 321.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.97 321.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 296.07 321.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.07 321.60 Td (, ) Tj ET Q q 0 0 0 rg BT 320.58 321.60 Td (an ) Tj ET Q q 0 0 0 rg BT 332.03 321.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 366.80 321.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.14 321.60 Td (9.0 ) Tj ET Q q 0 0 0 rg BT 391.65 321.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.07 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 423.09 321.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 464.52 321.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.31 321.60 Td ($537.8 ) Tj ET Q q 0 0 0 rg BT 503.82 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.71 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 534.73 321.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.52 321.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.52 321.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 309.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 82.78 309.60 Td (from ) Tj ET Q q 0 0 0 rg BT 105.01 309.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 133.35 309.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 191.68 309.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 230.57 309.60 Td (due ) Tj ET Q q 0 0 0 rg BT 247.80 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 258.36 309.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 298.91 309.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 337.23 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 354.46 309.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 397.80 309.60 Td (of ) Tj ET Q q 0 0 0 rg BT 408.92 309.60 Td (our ) Tj ET Q q 0 0 0 rg BT 425.04 309.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.81 309.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 510.05 309.60 Td (group, ) Tj ET Q q 0 0 0 rg BT 538.67 309.60 Td (as ) Tj ET Q q 0 0 0 rg BT 549.79 309.60 Td (well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 297.60 Td (as ) Tj ET Q q 0 0 0 rg BT 55.54 297.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 83.30 297.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 159.38 297.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 197.70 297.60 Td (due ) Tj ET Q q 0 0 0 rg BT 214.35 297.60 Td (to ) Tj ET Q q 0 0 0 rg BT 224.34 297.60 Td (a ) Tj ET Q q 0 0 0 rg BT 230.99 297.60 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 250.70 297.60 Td (million ) Tj ET Q q 0 0 0 rg BT 281.80 297.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 303.45 297.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 346.76 297.60 Td (char) Tj ET Q q 0 0 0 rg BT 363.78 297.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 375.43 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 392.08 297.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 445.39 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 462.04 297.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 507.57 297.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 529.79 297.60 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 285.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 88.59 285.60 Td (with ) Tj ET Q q 0 0 0 rg BT 108.87 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 123.59 285.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 173.86 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 184.69 285.60 Td (River ) Tj ET Q q 0 0 0 rg BT 209.41 285.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 240.79 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 257.72 285.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 283.01 285.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 308.38 285.60 Td (. ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.00 717.75 Td (Consolidated Non-Interest Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 693.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 104.40 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.03 693.75 Td (Benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.24 693.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.86 693.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.86 693.75 Td ( ) Tj ET Q q 0 0 0 rg BT 161.48 693.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 220.88 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 236.94 693.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 270.22 693.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 310.44 693.75 Td (which ) Tj ET Q q 0 0 0 rg BT 336.51 693.75 Td (are ) Tj ET Q q 0 0 0 rg BT 350.34 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.18 693.75 Td (lar) Tj ET Q q 0 0 0 rg BT 374.54 693.75 Td (gest ) Tj ET Q q 0 0 0 rg BT 392.28 693.75 Td (component ) Tj ET Q q 0 0 0 rg BT 438.33 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 448.29 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 463.24 693.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 503.46 693.75 Td (include ) Tj ET Q q 0 0 0 rg BT 534.52 693.75 Td (salaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 681.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 85.02 681.75 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 146.44 681.75 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 183.96 681.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 234.54 681.75 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 295.95 681.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 349.32 681.75 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 375.73 681.75 Td (income ) Tj ET Q q 0 0 0 rg BT 408.54 681.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 453.01 681.75 Td (with ) Tj ET Q q 0 0 0 rg BT 474.16 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 489.74 681.75 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 530.87 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 542.57 681.75 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 669.75 Td (based ) Tj ET Q q 0 0 0 rg BT 69.91 669.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 127.60 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 144.18 669.75 Td (other ) Tj ET Q q 0 0 0 rg BT 166.87 669.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 207.89 669.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 232.06 669.75 Td (A) Tj ET Q q 0 0 0 rg BT 238.73 669.75 Td ( ) Tj ET Q q 0 0 0 rg BT 240.87 669.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 271.90 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.37 669.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 340.06 669.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 374.41 669.75 Td (is ) Tj ET Q q 0 0 0 rg BT 383.22 669.75 Td (comprised ) Tj ET Q q 0 0 0 rg BT 427.02 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 437.50 669.75 Td (variable ) Tj ET Q q 0 0 0 rg BT 471.84 669.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 510.64 669.75 Td (arrangements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 657.75 Td (including ) Tj ET Q q 0 0 0 rg BT 86.52 657.75 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 142.48 657.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 182.88 657.75 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 244.67 657.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.63 657.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 294.38 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.46 657.75 Td (which ) Tj ET Q q 0 0 0 rg BT 334.65 657.75 Td (fluctuates ) Tj ET Q q 0 0 0 rg BT 377.27 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 388.80 657.75 Td (proportion ) Tj ET Q q 0 0 0 rg BT 434.77 657.75 Td (to ) Tj ET Q q 0 0 0 rg BT 446.29 657.75 Td (the ) Tj ET Q q 0 0 0 rg BT 462.26 657.75 Td (level ) Tj ET Q q 0 0 0 rg BT 485.44 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 497.52 657.75 Td (business ) Tj ET Q q 0 0 0 rg BT 535.17 657.75 Td (activity) Tj ET Q q 0 0 0 rg BT 564.51 657.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 645.75 Td (increasing ) Tj ET Q q 0 0 0 rg BT 88.07 645.75 Td (with ) Tj ET Q q 0 0 0 rg BT 107.82 645.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 135.34 645.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 172.86 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 189.27 645.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 229.01 645.75 Td (profits. ) Tj ET Q q 0 0 0 rg BT 259.59 645.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 284.34 645.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 341.85 645.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 366.33 645.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 405.52 645.75 Td (base ) Tj ET Q q 0 0 0 rg BT 425.26 645.75 Td (salaries ) Tj ET Q q 0 0 0 rg BT 457.22 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 473.63 645.75 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 509.76 645.75 Td (are ) Tj ET Q q 0 0 0 rg BT 523.95 645.75 Td (more ) Tj ET Q q 0 0 0 rg BT 546.47 645.75 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 55.97 633.75 Td (nature. ) Tj ET Q q 0 0 0 rg BT 86.41 633.75 Td (The ) Tj ET Q q 0 0 0 rg BT 105.14 633.75 Td (timing ) Tj ET Q q 0 0 0 rg BT 134.44 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 145.96 633.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 185.80 633.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 244.53 633.75 Td (payments, ) Tj ET Q q 0 0 0 rg BT 288.54 633.75 Td (which ) Tj ET Q q 0 0 0 rg BT 316.17 633.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 356.56 633.75 Td (occur ) Tj ET Q q 0 0 0 rg BT 381.95 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 392.92 633.75 Td (February) Tj ET Q q 0 0 0 rg BT 428.37 633.75 Td (, ) Tj ET Q q 0 0 0 rg BT 434.05 633.75 Td (has ) Tj ET Q q 0 0 0 rg BT 450.57 633.75 Td (a ) Tj ET Q q 0 0 0 rg BT 458.20 633.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 489.14 633.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 519.54 633.75 Td (on ) Tj ET Q q 0 0 0 rg BT 532.73 633.75 Td (our ) Tj ET Q q 0 0 0 rg BT 549.24 633.75 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 621.75 Td (position ) Tj ET Q q 0 0 0 rg BT 80.03 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 97.28 621.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 133.97 621.75 Td (than ) Tj ET Q q 0 0 0 rg BT 153.99 621.75 Td (is ) Tj ET Q q 0 0 0 rg BT 163.47 621.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 201.25 621.75 Td (on ) Tj ET Q q 0 0 0 rg BT 214.05 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 230.19 621.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 283.53 621.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 328.55 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 339.69 621.75 Td (operations.W) Tj ET Q q 0 0 0 rg BT 392.48 621.75 Td (e ) Tj ET Q q 0 0 0 rg BT 399.72 621.75 Td (have ) Tj ET Q q 0 0 0 rg BT 421.40 621.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 454.19 621.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 494.20 621.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 518.12 621.75 Td (with ) Tj ET Q q 0 0 0 rg BT 538.70 621.75 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 609.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 88.42 609.75 Td (as ) Tj ET Q q 0 0 0 rg BT 98.51 609.75 Td (a ) Tj ET Q q 0 0 0 rg BT 104.70 609.75 Td (component ) Tj ET Q q 0 0 0 rg BT 150.89 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.97 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 176.06 609.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 221.70 609.75 Td (deal ) Tj ET Q q 0 0 0 rg BT 240.11 609.75 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 298.23 609.75 Td (which ) Tj ET Q q 0 0 0 rg BT 324.43 609.75 Td (is ) Tj ET Q q 0 0 0 rg BT 332.85 609.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 374.59 609.75 Td (to ) Tj ET Q q 0 0 0 rg BT 384.12 609.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 441.42 609.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 475.38 609.75 Td (over ) Tj ET Q q 0 0 0 rg BT 494.91 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.88 609.75 Td (service ) Tj ET Q q 0 0 0 rg BT 538.95 609.75 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.75 Td (For ) Tj ET Q q 0 0 0 rg BT 61.40 585.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.13 585.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.34 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.85 585.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.24 585.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.84 585.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.84 585.75 Td (, ) Tj ET Q q 0 0 0 rg BT 205.85 585.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 263.90 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.85 585.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 315.02 585.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 353.63 585.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 585.75 Td (21.1 ) Tj ET Q q 0 0 0 rg BT 413.91 585.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.33 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 445.85 585.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.14 585.75 Td ($510.6 ) Tj ET Q q 0 0 0 rg BT 486.15 585.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.04 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 517.55 585.75 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 585.75 Td ($421.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 573.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 573.75 Td ( ) Tj ET Q q 0 0 0 rg BT 75.48 573.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.84 573.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.84 573.75 Td (, ) Tj ET Q q 0 0 0 rg BT 108.92 573.75 Td (due ) Tj ET Q q 0 0 0 rg BT 124.94 573.75 Td (to ) Tj ET Q q 0 0 0 rg BT 134.30 573.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 161.43 573.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 198.56 573.75 Td (as ) Tj ET Q q 0 0 0 rg BT 208.47 573.75 Td (well ) Tj ET Q q 0 0 0 rg BT 227.27 573.75 Td (as ) Tj ET Q q 0 0 0 rg BT 237.18 573.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 264.31 573.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 340.31 573.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 397.44 573.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 419.02 573.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 457.81 573.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 494.39 573.75 Td (from ) Tj ET Q q 0 0 0 rg BT 515.42 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 529.22 573.75 Td (Simmons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 561.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 91.53 561.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 135.83 561.75 Td (in ) Tj ET Q q 0 0 0 rg BT 146.26 561.75 Td (February ) Tj ET Q q 0 0 0 rg BT 185.01 561.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 210.17 561.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 270.59 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.68 561.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 321.99 561.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 360.74 561.75 Td (as ) Tj ET Q q 0 0 0 rg BT 371.72 561.75 Td (a ) Tj ET Q q 0 0 0 rg BT 378.81 561.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.76 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 435.74 561.75 Td (net ) Tj ET Q q 0 0 0 rg BT 450.61 561.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 488.80 561.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 561.75 Td (68.3 ) Tj ET Q q 0 0 0 rg BT 527.15 561.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.58 561.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.23 561.75 Td (in) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 549.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 549.75 Td (, ) Tj ET Q q 0 0 0 rg BT 69.82 549.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 111.56 549.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.65 549.75 Td (62.7 ) Tj ET Q q 0 0 0 rg BT 151.47 549.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.89 549.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.21 549.75 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.99 549.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.31 549.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.31 549.75 Td (. ) Tj ET Q q 0 0 0 rg BT 217.96 549.75 Td (The ) Tj ET Q q 0 0 0 rg BT 235.82 549.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 263.68 549.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 321.54 549.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 356.07 549.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 376.71 549.75 Td (was ) Tj ET Q q 0 0 0 rg BT 394.58 549.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 442.43 549.75 Td (to ) Tj ET Q q 0 0 0 rg BT 452.53 549.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 492.60 549.75 Td (acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 537.75 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 105.36 537.75 Td (W) Tj ET Q q 0 0 0 rg BT 114.00 537.75 Td (e ) Tj ET Q q 0 0 0 rg BT 120.94 537.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 149.53 537.75 Td (this ) Tj ET Q q 0 0 0 rg BT 166.48 537.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 187.30 537.75 Td (to ) Tj ET Q q 0 0 0 rg BT 197.58 537.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 234.52 537.75 Td (at ) Tj ET Q q 0 0 0 rg BT 244.23 537.75 Td (an ) Tj ET Q q 0 0 0 rg BT 256.17 537.75 Td (elevated ) Tj ET Q q 0 0 0 rg BT 291.98 537.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 309.47 537.75 Td (in ) Tj ET Q q 0 0 0 rg BT 319.75 537.75 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 513.75 Td (For ) Tj ET Q q 0 0 0 rg BT 61.70 513.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 513.75 Td (year ) Tj ET Q q 0 0 0 rg BT 96.74 513.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.42 513.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.31 513.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.31 513.75 Td (, ) Tj ET Q q 0 0 0 rg BT 207.62 513.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 265.96 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.21 513.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 317.67 513.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 356.58 513.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.14 513.75 Td (6.9 ) Tj ET Q q 0 0 0 rg BT 412.44 513.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.87 513.75 Td ( ) Tj ET Q q 0 0 0 rg BT 444.67 513.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.26 513.75 Td ($421.7 ) Tj ET Q q 0 0 0 rg BT 485.57 513.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.46 513.75 Td ( ) Tj ET Q q 0 0 0 rg BT 517.26 513.75 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 513.75 Td ($394.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 501.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.63 501.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.16 501.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.16 501.75 Td (, ) Tj ET Q q 0 0 0 rg BT 112.40 501.75 Td (due ) Tj ET Q q 0 0 0 rg BT 129.58 501.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 169.54 501.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.06 501.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 221.13 501.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.85 501.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 290.20 501.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 350.72 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.90 501.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 402.30 501.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 441.14 501.75 Td (as ) Tj ET Q q 0 0 0 rg BT 452.21 501.75 Td (a ) Tj ET Q q 0 0 0 rg BT 459.39 501.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 505.44 501.75 Td (of ) Tj ET Q q 0 0 0 rg BT 516.51 501.75 Td (net ) Tj ET Q q 0 0 0 rg BT 531.47 501.75 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 489.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.22 489.75 Td (62.7 ) Tj ET Q q 0 0 0 rg BT 81.39 489.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.82 489.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.49 489.75 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.26 489.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.93 489.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.93 489.75 Td (, ) Tj ET Q q 0 0 0 rg BT 146.10 489.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 187.20 489.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.65 489.75 Td (60.9 ) Tj ET Q q 0 0 0 rg BT 225.82 489.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.24 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 256.91 489.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.36 489.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.36 489.75 Td (. ) Tj ET Q q 0 0 0 rg BT 290.41 489.75 Td (The ) Tj ET Q q 0 0 0 rg BT 307.62 489.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 334.84 489.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 392.05 489.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 425.93 489.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 445.92 489.75 Td (was ) Tj ET Q q 0 0 0 rg BT 463.15 489.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 510.35 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 519.80 489.75 Td (incremental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 103.04 477.75 Td (related ) Tj ET Q q 0 0 0 rg BT 132.74 477.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.02 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.74 477.75 Td (expansion ) Tj ET Q q 0 0 0 rg BT 200.79 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.62 477.75 Td (our ) Tj ET Q q 0 0 0 rg BT 227.45 477.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.93 477.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 311.88 477.75 Td (group ) Tj ET Q q 0 0 0 rg BT 337.71 477.75 Td (as ) Tj ET Q q 0 0 0 rg BT 348.54 477.75 Td (well ) Tj ET Q q 0 0 0 rg BT 368.26 477.75 Td (as ) Tj ET Q q 0 0 0 rg BT 379.09 477.75 Td (a ) Tj ET Q q 0 0 0 rg BT 386.03 477.75 Td (change ) Tj ET Q q 0 0 0 rg BT 416.84 477.75 Td (in ) Tj ET Q q 0 0 0 rg BT 427.12 477.75 Td (our ) Tj ET Q q 0 0 0 rg BT 442.95 477.75 Td (mix ) Tj ET Q q 0 0 0 rg BT 461.01 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 471.84 477.75 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 453.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 78.13 453.75 Td (Services ) Tj ET Q q 0 0 0 rg BT 113.46 453.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.46 453.75 Td ( ) Tj ET Q q 0 0 0 rg BT 120.48 453.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 153.60 453.75 Td (services ) Tj ET Q q 0 0 0 rg BT 187.83 453.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.95 453.75 Td (include ) Tj ET Q q 0 0 0 rg BT 257.40 453.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.18 453.75 Td (processing ) Tj ET Q q 0 0 0 rg BT 341.97 453.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 382.58 453.75 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 428.48 453.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 474.93 453.75 Td (functions, ) Tj ET Q q 0 0 0 rg BT 516.66 453.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 547.57 453.75 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 441.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 65.19 441.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 85.12 441.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 122.81 441.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 165.50 441.75 Td (with ) Tj ET Q q 0 0 0 rg BT 184.87 441.75 Td (our ) Tj ET Q q 0 0 0 rg BT 199.79 441.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 251.93 441.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 295.72 441.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 316.76 441.75 Td (management ) Tj ET Q q 0 0 0 rg BT 369.44 441.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 393.25 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 409.29 441.75 Td (other ) Tj ET Q q 0 0 0 rg BT 431.43 441.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 481.90 441.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 502.09 441.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 534.79 441.75 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 429.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 82.86 429.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.38 429.75 Td (8.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.88 429.75 Td ( ) Tj ET Q q 0 0 0 rg BT 136.65 429.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 167.83 429.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.38 429.75 Td ($39.3 ) Tj ET Q q 0 0 0 rg BT 201.64 429.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.53 429.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.30 429.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.84 429.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.84 429.75 Td (, ) Tj ET Q q 0 0 0 rg BT 266.10 429.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 307.29 429.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.83 429.75 Td ($36.2 ) Tj ET Q q 0 0 0 rg BT 351.10 429.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.99 429.75 Td ( ) Tj ET Q q 0 0 0 rg BT 381.75 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 391.29 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.28 429.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 464.25 429.75 Td (period ) Tj ET Q q 0 0 0 rg BT 491.56 429.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 429.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 429.75 Td (. ) Tj ET Q q 0 0 0 rg BT 525.92 429.75 Td (Excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 59.07 417.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 89.81 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 99.99 417.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 137.94 417.75 Td (from ) Tj ET Q q 0 0 0 rg BT 159.24 417.75 Td (non-controlled ) Tj ET Q q 0 0 0 rg BT 219.96 417.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 246.81 417.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 281.99 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 291.62 417.75 Td (our ) Tj ET Q q 0 0 0 rg BT 306.80 417.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 359.20 417.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 403.25 417.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 424.54 417.75 Td (management ) Tj ET Q q 0 0 0 rg BT 477.48 417.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 504.06 417.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 534.79 417.75 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 405.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 83.21 405.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.08 405.75 Td (9.2 ) Tj ET Q q 0 0 0 rg BT 137.69 405.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.11 405.75 Td ( ) Tj ET Q q 0 0 0 rg BT 169.22 405.75 Td (due ) Tj ET Q q 0 0 0 rg BT 185.77 405.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 225.10 405.75 Td (to ) Tj ET Q q 0 0 0 rg BT 234.99 405.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 262.65 405.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 313.64 405.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 334.35 405.75 Td (as ) Tj ET Q q 0 0 0 rg BT 344.79 405.75 Td (well ) Tj ET Q q 0 0 0 rg BT 364.12 405.75 Td (as ) Tj ET Q q 0 0 0 rg BT 374.56 405.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 423.87 405.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 462.08 405.75 Td (related ) Tj ET Q q 0 0 0 rg BT 491.39 405.75 Td (to ) Tj ET Q q 0 0 0 rg BT 501.28 405.75 Td (our ) Tj ET Q q 0 0 0 rg BT 516.72 405.75 Td (acquisitions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 79.42 381.75 Td (services ) Tj ET Q q 0 0 0 rg BT 114.94 381.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 154.35 381.75 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.08 381.75 Td (2.3 ) Tj ET Q q 0 0 0 rg BT 212.89 381.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.31 381.75 Td ( ) Tj ET Q q 0 0 0 rg BT 245.62 381.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.71 381.75 Td ($36.2 ) Tj ET Q q 0 0 0 rg BT 282.53 381.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.42 381.75 Td ( ) Tj ET Q q 0 0 0 rg BT 314.73 381.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.82 381.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.82 381.75 Td (, ) Tj ET Q q 0 0 0 rg BT 351.63 381.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 394.37 381.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.46 381.75 Td ($37.1 ) Tj ET Q q 0 0 0 rg BT 441.27 381.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.16 381.75 Td ( ) Tj ET Q q 0 0 0 rg BT 473.47 381.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.56 381.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.56 381.75 Td (. ) Tj ET Q q 0 0 0 rg BT 510.38 381.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 554.79 381.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 369.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 76.68 369.75 Td (of ) Tj ET Q q 0 0 0 rg BT 87.80 369.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 126.69 369.75 Td (from ) Tj ET Q q 0 0 0 rg BT 148.92 369.75 Td (non-controlled ) Tj ET Q q 0 0 0 rg BT 210.59 369.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 238.37 369.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 274.49 369.75 Td (in ) Tj ET Q q 0 0 0 rg BT 285.06 369.75 Td (our ) Tj ET Q q 0 0 0 rg BT 301.18 369.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 354.52 369.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 399.51 369.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 421.74 369.75 Td (management ) Tj ET Q q 0 0 0 rg BT 475.62 369.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 503.13 369.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 534.81 369.75 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 83.60 357.75 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.51 357.75 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 140.51 357.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.94 357.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 333.75 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 92.33 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.68 333.75 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 155.35 333.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 333.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.71 333.75 Td (For ) Tj ET Q q 0 0 0 rg BT 178.95 333.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.52 333.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.72 333.75 Td ( ) Tj ET Q q 0 0 0 rg BT 213.07 333.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.30 333.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 297.74 333.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.74 333.75 Td (, ) Tj ET Q q 0 0 0 rg BT 322.59 333.75 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 367.69 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 384.48 333.75 Td (equipment ) Tj ET Q q 0 0 0 rg BT 429.05 333.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 467.50 333.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.60 333.75 Td (23.0 ) Tj ET Q q 0 0 0 rg BT 527.45 333.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.88 333.75 Td ( ) Tj ET Q q 0 0 0 rg BT 559.23 333.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 321.75 Td ($34.8 ) Tj ET Q q 0 0 0 rg BT 69.73 321.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.62 321.75 Td (, ) Tj ET Q q 0 0 0 rg BT 103.34 321.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 145.00 321.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 321.75 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 189.73 321.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.62 321.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.84 321.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.85 321.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.85 321.75 Td (. ) Tj ET Q q 0 0 0 rg BT 255.42 321.75 Td (The ) Tj ET Q q 0 0 0 rg BT 273.19 321.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 308.17 321.75 Td (was ) Tj ET Q q 0 0 0 rg BT 325.95 321.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 365.39 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.83 321.75 Td (result ) Tj ET Q q 0 0 0 rg BT 404.27 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.83 321.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 464.25 321.75 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 509.23 321.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 547.56 321.75 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 309.75 Td (our ) Tj ET Q q 0 0 0 rg BT 60.83 309.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 111.10 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 121.93 309.75 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 164.72 309.75 Td (River ) Tj ET Q q 0 0 0 rg BT 189.44 309.75 Td (Branch ) Tj ET Q q 0 0 0 rg BT 220.82 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.75 309.75 Td (BMO ) Tj ET Q q 0 0 0 rg BT 263.04 309.75 Td (GKST) Tj ET Q q 0 0 0 rg BT 288.41 309.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 285.75 Td (For ) Tj ET Q q 0 0 0 rg BT 60.78 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.89 285.75 Td (year ) Tj ET Q q 0 0 0 rg BT 93.99 285.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.76 285.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.74 285.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.74 285.75 Td (, ) Tj ET Q q 0 0 0 rg BT 202.13 285.75 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 246.77 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 263.11 285.75 Td (equipment ) Tj ET Q q 0 0 0 rg BT 307.21 285.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 345.20 285.75 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.52 285.75 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 390.91 285.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.80 285.75 Td (, ) Tj ET Q q 0 0 0 rg BT 424.20 285.75 Td (essentially ) Tj ET Q q 0 0 0 rg BT 468.30 285.75 Td (flat ) Tj ET Q q 0 0 0 rg BT 483.52 285.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 524.83 285.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.50 285.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.50 285.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 261.75 Td (Communications ) Tj ET Q q 0 0 0 rg BT 115.01 261.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.01 261.75 Td ( ) Tj ET Q q 0 0 0 rg BT 122.25 261.75 Td (Communication ) Tj ET Q q 0 0 0 rg BT 188.92 261.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 227.26 261.75 Td (include ) Tj ET Q q 0 0 0 rg BT 258.93 261.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 281.16 261.75 Td (for ) Tj ET Q q 0 0 0 rg BT 295.06 261.75 Td (telecommunication ) Tj ET Q q 0 0 0 rg BT 373.93 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.61 261.75 Td (data ) Tj ET Q q 0 0 0 rg BT 409.50 261.75 Td (communication, ) Tj ET Q q 0 0 0 rg BT 476.44 261.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 515.89 261.75 Td (consisting ) Tj ET Q q 0 0 0 rg BT 558.68 261.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 249.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 82.42 249.75 Td (for ) Tj ET Q q 0 0 0 rg BT 95.39 249.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 134.48 249.75 Td (third ) Tj ET Q q 0 0 0 rg BT 154.69 249.75 Td (party ) Tj ET Q q 0 0 0 rg BT 176.55 249.75 Td (market ) Tj ET Q q 0 0 0 rg BT 205.63 249.75 Td (data ) Tj ET Q q 0 0 0 rg BT 223.61 249.75 Td (information. ) Tj ET Q q 0 0 0 rg BT 274.64 249.75 Td (For ) Tj ET Q q 0 0 0 rg BT 289.84 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.38 249.75 Td (year ) Tj ET Q q 0 0 0 rg BT 321.90 249.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.10 249.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 404.50 249.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 249.75 Td (, ) Tj ET Q q 0 0 0 rg BT 428.32 249.75 Td (communication ) Tj ET Q q 0 0 0 rg BT 491.84 249.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 529.26 249.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 237.75 Td (24.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 64.42 237.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 95.76 237.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.46 237.75 Td ($29.6 ) Tj ET Q q 0 0 0 rg BT 129.88 237.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.77 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 163.19 237.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 204.53 237.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.23 237.75 Td ($23.8 ) Tj ET Q q 0 0 0 rg BT 248.65 237.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.54 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 279.46 237.75 Td (for ) Tj ET Q q 0 0 0 rg BT 293.04 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.17 237.75 Td (year ) Tj ET Q q 0 0 0 rg BT 326.30 237.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.09 237.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 410.10 237.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.10 237.75 Td (. ) Tj ET Q q 0 0 0 rg BT 434.38 237.75 Td (The ) Tj ET Q q 0 0 0 rg BT 451.84 237.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 486.52 237.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 520.09 237.75 Td (from ) Tj ET Q q 0 0 0 rg BT 541.45 237.75 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 225.75 Td (market ) Tj ET Q q 0 0 0 rg BT 75.64 225.75 Td (data ) Tj ET Q q 0 0 0 rg BT 95.17 225.75 Td (service ) Tj ET Q q 0 0 0 rg BT 126.37 225.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 165.34 225.75 Td (due ) Tj ET Q q 0 0 0 rg BT 182.66 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 193.31 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.41 225.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 251.28 225.75 Td (headcount ) Tj ET Q q 0 0 0 rg BT 295.25 225.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 339.22 225.75 Td (with ) Tj ET Q q 0 0 0 rg BT 359.87 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 376.08 225.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 422.84 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.05 225.75 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 477.21 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 494.53 225.75 Td (also ) Tj ET Q q 0 0 0 rg BT 513.52 225.75 Td (reflects ) Tj ET Q q 0 0 0 rg BT 545.82 225.75 Td (a ) Tj ET Q q 0 0 0 rg BT 553.13 225.75 Td (full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 213.75 Td (year ) Tj ET Q q 0 0 0 rg BT 64.71 213.75 Td (of ) Tj ET Q q 0 0 0 rg BT 75.54 213.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 125.23 213.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 163.83 213.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 207.43 213.75 Td (with ) Tj ET Q q 0 0 0 rg BT 227.71 213.75 Td (our ) Tj ET Q q 0 0 0 rg BT 243.54 213.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 293.81 213.75 Td (of ) Tj ET Q q 0 0 0 rg BT 304.64 213.75 Td (River ) Tj ET Q q 0 0 0 rg BT 329.36 213.75 Td (Branch ) Tj ET Q q 0 0 0 rg BT 360.73 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 377.67 213.75 Td (BMO ) Tj ET Q q 0 0 0 rg BT 402.95 213.75 Td (GKST) Tj ET Q q 0 0 0 rg BT 428.33 213.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 189.75 Td (For ) Tj ET Q q 0 0 0 rg BT 60.54 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 189.75 Td (year ) Tj ET Q q 0 0 0 rg BT 93.25 189.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.77 189.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 176.50 189.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 189.75 Td (, ) Tj ET Q q 0 0 0 rg BT 200.65 189.75 Td (communication ) Tj ET Q q 0 0 0 rg BT 264.50 189.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 302.25 189.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 189.75 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 355.79 189.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.21 189.75 Td ( ) Tj ET Q q 0 0 0 rg BT 386.86 189.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.28 189.75 Td ($23.8 ) Tj ET Q q 0 0 0 rg BT 420.43 189.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.32 189.75 Td (, ) Tj ET Q q 0 0 0 rg BT 453.47 189.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 494.54 189.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.96 189.75 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 538.11 189.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 189.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 177.75 Td (for ) Tj ET Q q 0 0 0 rg BT 58.20 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 71.96 177.75 Td (year ) Tj ET Q q 0 0 0 rg BT 90.71 177.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.12 177.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 173.75 177.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.75 177.75 Td (. ) Tj ET Q q 0 0 0 rg BT 197.68 177.75 Td (The ) Tj ET Q q 0 0 0 rg BT 214.76 177.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 249.06 177.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 282.25 177.75 Td (from ) Tj ET Q q 0 0 0 rg BT 303.23 177.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 330.32 177.75 Td (market ) Tj ET Q q 0 0 0 rg BT 359.63 177.75 Td (data ) Tj ET Q q 0 0 0 rg BT 377.82 177.75 Td (service ) Tj ET Q q 0 0 0 rg BT 407.68 177.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 445.32 177.75 Td (due ) Tj ET Q q 0 0 0 rg BT 461.29 177.75 Td (to ) Tj ET Q q 0 0 0 rg BT 470.61 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 484.37 177.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 525.90 177.75 Td (headcount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 165.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 88.59 165.75 Td (with ) Tj ET Q q 0 0 0 rg BT 108.87 165.75 Td (our ) Tj ET Q q 0 0 0 rg BT 124.70 165.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.18 165.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 209.14 165.75 Td (group ) Tj ET Q q 0 0 0 rg BT 234.97 165.75 Td (expansion ) Tj ET Q q 0 0 0 rg BT 278.01 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 294.95 165.75 Td (our ) Tj ET Q q 0 0 0 rg BT 310.78 165.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 361.05 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.88 165.75 Td (River ) Tj ET Q q 0 0 0 rg BT 396.60 165.75 Td (Branch ) Tj ET Q q 0 0 0 rg BT 427.98 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.92 165.75 Td (BMO ) Tj ET Q q 0 0 0 rg BT 470.20 165.75 Td (GKST) Tj ET Q q 0 0 0 rg BT 495.57 165.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 141.75 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 90.28 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 108.91 141.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 147.53 141.75 Td (Development ) Tj ET Q q 0 0 0 rg BT 203.91 141.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.91 141.75 Td ( ) Tj ET Q q 0 0 0 rg BT 212.54 141.75 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 257.82 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 275.88 141.75 Td (business ) Tj ET Q q 0 0 0 rg BT 313.40 141.75 Td (development ) Tj ET Q q 0 0 0 rg BT 368.67 141.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 408.40 141.75 Td (include ) Tj ET Q q 0 0 0 rg BT 441.46 141.75 Td (travel ) Tj ET Q q 0 0 0 rg BT 467.85 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.91 141.75 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 544.51 141.75 Td (costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 129.75 Td (advertising ) Tj ET Q q 0 0 0 rg BT 92.21 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.42 129.75 Td (third ) Tj ET Q q 0 0 0 rg BT 131.08 129.75 Td (party ) Tj ET Q q 0 0 0 rg BT 154.40 129.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 197.71 129.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 219.08 129.75 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.18 129.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.18 129.75 Td (, ) Tj ET Q q 0 0 0 rg BT 255.46 129.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 298.77 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 315.98 129.75 Td (business ) Tj ET Q q 0 0 0 rg BT 352.65 129.75 Td (development ) Tj ET Q q 0 0 0 rg BT 407.07 129.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 445.94 129.75 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.14 129.75 Td ($30.4 ) Tj ET Q q 0 0 0 rg BT 493.41 129.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 129.75 Td (, ) Tj ET Q q 0 0 0 rg BT 527.58 129.75 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 117.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.27 117.75 Td ($30.0 ) Tj ET Q q 0 0 0 rg BT 88.26 117.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.15 117.75 Td ( ) Tj ET Q q 0 0 0 rg BT 118.64 117.75 Td (for ) Tj ET Q q 0 0 0 rg BT 131.79 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.49 117.75 Td (year ) Tj ET Q q 0 0 0 rg BT 164.19 117.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.56 117.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 247.13 117.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.13 117.75 Td (, ) Tj ET Q q 0 0 0 rg BT 271.12 117.75 Td (as ) Tj ET Q q 0 0 0 rg BT 280.94 117.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 320.18 117.75 Td (travel ) Tj ET Q q 0 0 0 rg BT 344.43 117.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 382.02 117.75 Td (were ) Tj ET Q q 0 0 0 rg BT 402.94 117.75 Td (of) Tj ET Q q 0 0 0 rg BT 411.09 117.75 Td (fset ) Tj ET Q q 0 0 0 rg BT 427.02 117.75 Td (by ) Tj ET Q q 0 0 0 rg BT 438.51 117.75 Td (a ) Tj ET Q q 0 0 0 rg BT 444.43 117.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 474.79 117.75 Td (in ) Tj ET Q q 0 0 0 rg BT 484.06 117.75 Td (third ) Tj ET Q q 0 0 0 rg BT 504.44 117.75 Td (party ) Tj ET Q q 0 0 0 rg BT 526.47 117.75 Td (marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 105.75 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 81.75 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.53 81.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.53 81.75 Td (, ) Tj ET Q q 0 0 0 rg BT 80.23 81.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 122.98 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.62 81.75 Td (business ) Tj ET Q q 0 0 0 rg BT 175.71 81.75 Td (development ) Tj ET Q q 0 0 0 rg BT 229.56 81.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 267.86 81.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.81 81.75 Td (10.0 ) Tj ET Q q 0 0 0 rg BT 327.52 81.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.94 81.75 Td ( ) Tj ET Q q 0 0 0 rg BT 359.14 81.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.12 81.75 Td ($30.0 ) Tj ET Q q 0 0 0 rg BT 393.82 81.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.71 81.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.41 81.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 469.04 81.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.02 81.75 Td ($27.3 ) Tj ET Q q 0 0 0 rg BT 513.72 81.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.61 81.75 Td ( ) Tj ET Q q 0 0 0 rg BT 544.81 81.75 Td (in ) Tj ET Q q 0 0 0 rg BT 554.79 81.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 69.75 Td (year ) Tj ET Q q 0 0 0 rg BT 64.71 69.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.08 69.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 149.67 69.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.67 69.75 Td (, ) Tj ET Q q 0 0 0 rg BT 174.67 69.75 Td (due ) Tj ET Q q 0 0 0 rg BT 191.61 69.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.88 69.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 229.93 69.75 Td (travel ) Tj ET Q q 0 0 0 rg BT 255.20 69.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 293.79 69.75 Td (from ) Tj ET Q q 0 0 0 rg BT 315.73 69.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 355.99 69.75 Td (business ) Tj ET Q q 0 0 0 rg BT 392.38 69.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 424.87 69.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.81 69.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 518.72 69.75 Td (travel.) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (36) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 717.60 Td (T) Tj ET Q q 0 0 0 rg BT 50.01 717.60 Td (rade ) Tj ET Q q 0 0 0 rg BT 70.33 717.60 Td (Execution ) Tj ET Q q 0 0 0 rg BT 112.30 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 129.29 717.60 Td (Clearance ) Tj ET Q q 0 0 0 rg BT 172.93 717.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.93 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 179.92 717.60 Td (For ) Tj ET Q q 0 0 0 rg BT 195.80 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 210.01 717.60 Td (year ) Tj ET Q q 0 0 0 rg BT 229.20 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.07 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 313.14 717.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.14 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 337.63 717.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 359.60 717.60 Td (execution ) Tj ET Q q 0 0 0 rg BT 400.46 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 416.89 717.60 Td (clearance ) Tj ET Q q 0 0 0 rg BT 456.62 717.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 494.71 717.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.12 717.60 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 535.61 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.50 717.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 705.60 Td (down ) Tj ET Q q 0 0 0 rg BT 69.72 705.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 102.23 705.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 144.15 705.60 Td (with ) Tj ET Q q 0 0 0 rg BT 164.43 705.60 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 681.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.64 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.60 681.60 Td (year ) Tj ET Q q 0 0 0 rg BT 96.55 681.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.17 681.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.00 681.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 207.24 681.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 229.97 681.60 Td (execution ) Tj ET Q q 0 0 0 rg BT 271.59 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 288.77 681.60 Td (clearance ) Tj ET Q q 0 0 0 rg BT 329.25 681.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 368.10 681.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.27 681.60 Td ($7.8 ) Tj ET Q q 0 0 0 rg BT 410.51 681.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.40 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 444.65 681.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 486.82 681.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.34 681.60 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 527.58 681.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.47 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 559.22 681.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 669.60 Td (the ) Tj ET Q q 0 0 0 rg BT 59.72 669.60 Td (year ) Tj ET Q q 0 0 0 rg BT 79.42 669.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.80 669.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 164.38 669.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.38 669.60 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 645.60 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 101.26 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 117.52 645.60 Td (Integration ) Tj ET Q q 0 0 0 rg BT 163.78 645.60 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.01 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 187.27 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 193.53 645.60 Td (During ) Tj ET Q q 0 0 0 rg BT 223.13 645.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.60 645.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.81 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 255.07 645.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.21 645.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 337.56 645.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.56 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.32 645.60 Td (we ) Tj ET Q q 0 0 0 rg BT 374.24 645.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 410.48 645.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 462.84 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 478.54 645.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 523.68 645.60 Td (integration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 633.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 67.05 633.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.43 633.60 Td ($10.2 ) Tj ET Q q 0 0 0 rg BT 101.98 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.87 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 132.92 633.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 172.18 633.60 Td (related ) Tj ET Q q 0 0 0 rg BT 201.43 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 211.25 633.60 Td (our ) Tj ET Q q 0 0 0 rg BT 226.63 633.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 272.56 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 282.94 633.60 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 325.13 633.60 Td (The ) Tj ET Q q 0 0 0 rg BT 342.72 633.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 380.87 633.60 Td (consisted ) Tj ET Q q 0 0 0 rg BT 420.14 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 430.51 633.60 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 450.06 633.60 Td (million ) Tj ET Q q 0 0 0 rg BT 481.00 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 491.38 633.60 Td (severance, ) Tj ET Q q 0 0 0 rg BT 535.34 633.60 Td (benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 61.70 621.60 Td (outplacement ) Tj ET Q q 0 0 0 rg BT 117.82 621.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 142.58 621.60 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 162.33 621.60 Td (million ) Tj ET Q q 0 0 0 rg BT 193.48 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 204.07 621.60 Td (vacated ) Tj ET Q q 0 0 0 rg BT 236.86 621.60 Td (redundant ) Tj ET Q q 0 0 0 rg BT 279.10 621.60 Td (leased ) Tj ET Q q 0 0 0 rg BT 306.35 621.60 Td (of) Tj ET Q q 0 0 0 rg BT 314.50 621.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 331.74 621.60 Td (space, ) Tj ET Q q 0 0 0 rg BT 358.70 621.60 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 378.46 621.60 Td (million ) Tj ET Q q 0 0 0 rg BT 409.61 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 420.20 621.60 Td (transaction ) Tj ET Q q 0 0 0 rg BT 466.33 621.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 491.08 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 507.78 621.60 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 527.54 621.60 Td (million ) Tj ET Q q 0 0 0 rg BT 558.69 621.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 609.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 79.70 609.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 128.30 609.60 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.90 585.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.12 585.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.33 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 97.34 585.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.22 585.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 183.31 585.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.31 585.60 Td (, ) Tj ET Q q 0 0 0 rg BT 208.82 585.60 Td (we ) Tj ET Q q 0 0 0 rg BT 223.48 585.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 261.47 585.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 315.57 585.60 Td (and ) Tj ET Q q 0 0 0 rg BT 333.01 585.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 379.34 585.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 402.35 585.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.68 585.60 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 439.19 585.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.08 585.60 Td (, ) Tj ET Q q 0 0 0 rg BT 473.59 585.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 513.81 585.60 Td (related ) Tj ET Q q 0 0 0 rg BT 544.02 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 554.80 585.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 573.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 94.64 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 104.83 573.60 Td (River ) Tj ET Q q 0 0 0 rg BT 128.91 573.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 159.65 573.60 Td (and ) Tj ET Q q 0 0 0 rg BT 175.96 573.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 200.60 573.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 225.98 573.60 Td (. ) Tj ET Q q 0 0 0 rg BT 230.21 573.60 Td (The ) Tj ET Q q 0 0 0 rg BT 247.62 573.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 285.58 573.60 Td (consisted ) Tj ET Q q 0 0 0 rg BT 324.66 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 334.85 573.60 Td ($8.8 ) Tj ET Q q 0 0 0 rg BT 354.22 573.60 Td (million ) Tj ET Q q 0 0 0 rg BT 384.97 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 395.17 573.60 Td (severance, ) Tj ET Q q 0 0 0 rg BT 438.95 573.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 472.47 573.60 Td (and ) Tj ET Q q 0 0 0 rg BT 488.77 573.60 Td (outplacement ) Tj ET Q q 0 0 0 rg BT 544.50 573.60 Td (costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 561.60 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 65.00 561.60 Td (million ) Tj ET Q q 0 0 0 rg BT 96.39 561.60 Td (of ) Tj ET Q q 0 0 0 rg BT 107.22 561.60 Td (transaction ) Tj ET Q q 0 0 0 rg BT 153.59 561.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 178.59 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.53 561.60 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 215.53 561.60 Td (million ) Tj ET Q q 0 0 0 rg BT 246.92 561.60 Td (of ) Tj ET Q q 0 0 0 rg BT 257.75 561.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 292.46 561.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 341.05 561.60 Td (costs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 537.60 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 84.50 537.60 Td (Impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.16 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 133.44 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 140.72 537.60 Td (During ) Tj ET Q q 0 0 0 rg BT 171.33 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 185.82 537.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 212.54 537.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 243.13 537.60 Td (of ) Tj ET Q q 0 0 0 rg BT 253.74 537.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 278.52 537.60 Td (we ) Tj ET Q q 0 0 0 rg BT 292.46 537.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 336.38 537.60 Td (our ) Tj ET Q q 0 0 0 rg BT 351.99 537.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 380.93 537.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 418.76 537.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 467.14 537.60 Td (testing, ) Tj ET Q q 0 0 0 rg BT 498.58 537.60 Td (which ) Tj ET Q q 0 0 0 rg BT 525.30 537.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 559.23 537.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.60 Td (a ) Tj ET Q q 0 0 0 rg BT 51.94 525.60 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 90.54 525.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 128.59 525.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 177.19 525.60 Td (char) Tj ET Q q 0 0 0 rg BT 194.22 525.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 206.16 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 216.99 525.60 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 241.99 525.60 Td (million ) Tj ET Q q 0 0 0 rg BT 273.38 525.60 Td (related ) Tj ET Q q 0 0 0 rg BT 303.08 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 313.36 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 328.08 525.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 350.01 525.60 Td (management ) Tj ET Q q 0 0 0 rg BT 403.60 525.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 442.76 525.60 Td (unit.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 501.60 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 88.00 501.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 111.00 501.60 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 165.26 501.60 Td (Expense ) Tj ET Q q 0 0 0 rg BT 200.62 501.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.62 501.60 Td ( ) Tj ET Q q 0 0 0 rg BT 207.66 501.60 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 250.24 501.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.72 501.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 324.30 501.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.54 501.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 393.91 501.60 Td (the ) Tj ET Q q 0 0 0 rg BT 408.17 501.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 460.74 501.60 Td (of ) Tj ET Q q 0 0 0 rg BT 471.11 501.60 Td (definite-lived ) Tj ET Q q 0 0 0 rg BT 527.02 501.60 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 489.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 72.97 489.60 Td (consisting ) Tj ET Q q 0 0 0 rg BT 118.17 489.60 Td (of ) Tj ET Q q 0 0 0 rg BT 131.14 489.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 172.44 489.60 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 230.68 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 247.54 489.60 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 289.97 489.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 314.59 489.60 Td (name, ) Tj ET Q q 0 0 0 rg BT 343.39 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 362.47 489.60 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 433.21 489.60 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 485.88 489.60 Td (For ) Tj ET Q q 0 0 0 rg BT 504.42 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.27 489.60 Td (year ) Tj ET Q q 0 0 0 rg BT 543.12 489.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.48 477.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.48 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 130.39 477.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 173.78 477.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 196.62 477.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 250.55 477.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 286.16 477.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.11 477.60 Td ($21.2 ) Tj ET Q q 0 0 0 rg BT 331.02 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.91 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 365.81 477.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 408.63 477.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.81 477.60 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 450.71 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.60 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 483.01 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 494.18 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 509.80 477.60 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.60 Td (period ) Tj ET Q q 0 0 0 rg BT 73.17 465.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.12 465.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.12 465.60 Td (. ) Tj ET Q q 0 0 0 rg BT 109.06 465.60 Td (The ) Tj ET Q q 0 0 0 rg BT 127.23 465.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 162.61 465.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 194.65 465.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 244.47 465.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 287.09 465.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 309.15 465.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 362.31 465.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 397.14 465.60 Td (related ) Tj ET Q q 0 0 0 rg BT 426.97 465.60 Td (to ) Tj ET Q q 0 0 0 rg BT 437.37 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 452.21 465.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 498.71 465.60 Td (of ) Tj ET Q q 0 0 0 rg BT 509.67 465.60 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 552.58 465.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 453.60 Td (a ) Tj ET Q q 0 0 0 rg BT 51.94 453.60 Td (full ) Tj ET Q q 0 0 0 rg BT 68.33 453.60 Td (year ) Tj ET Q q 0 0 0 rg BT 88.03 453.60 Td (of ) Tj ET Q q 0 0 0 rg BT 98.86 453.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 141.35 453.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 163.29 453.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 216.33 453.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 251.04 453.60 Td (related ) Tj ET Q q 0 0 0 rg BT 280.74 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 291.02 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 305.73 453.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 328.23 453.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 378.51 453.60 Td (of ) Tj ET Q q 0 0 0 rg BT 389.34 453.60 Td (River ) Tj ET Q q 0 0 0 rg BT 414.05 453.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 445.43 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 462.37 453.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 487.65 453.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 513.02 453.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 429.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.45 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.22 429.60 Td (year ) Tj ET Q q 0 0 0 rg BT 95.99 429.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.42 429.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 181.06 429.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.06 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 206.12 429.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 248.67 429.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 270.67 429.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 323.76 429.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.53 429.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.63 429.60 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 396.69 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.58 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 430.64 429.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 472.62 429.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.96 429.60 Td ($9.3 ) Tj ET Q q 0 0 0 rg BT 513.02 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.91 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 544.47 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 554.80 429.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 104.71 417.60 Td (period ) Tj ET Q q 0 0 0 rg BT 132.75 417.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.58 417.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.58 417.60 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 393.60 Td (Back ) Tj ET Q q 0 0 0 rg BT 67.84 393.60 Td (Office ) Tj ET Q q 0 0 0 rg BT 95.13 393.60 Td (Conversion ) Tj ET Q q 0 0 0 rg BT 144.10 393.60 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.33 393.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.19 393.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.19 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 177.05 393.60 Td (In ) Tj ET Q q 0 0 0 rg BT 188.24 393.60 Td (2017, ) Tj ET Q q 0 0 0 rg BT 213.59 393.60 Td (we ) Tj ET Q q 0 0 0 rg BT 228.11 393.60 Td (will ) Tj ET Q q 0 0 0 rg BT 246.53 393.60 Td (be ) Tj ET Q q 0 0 0 rg BT 258.82 393.60 Td (migrating ) Tj ET Q q 0 0 0 rg BT 300.56 393.60 Td (from ) Tj ET Q q 0 0 0 rg BT 322.86 393.60 Td (a ) Tj ET Q q 0 0 0 rg BT 330.16 393.60 Td (self ) Tj ET Q q 0 0 0 rg BT 347.45 393.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 382.51 393.60 Td (model ) Tj ET Q q 0 0 0 rg BT 410.37 393.60 Td (to ) Tj ET Q q 0 0 0 rg BT 421.00 393.60 Td (a ) Tj ET Q q 0 0 0 rg BT 428.30 393.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 450.04 393.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 490.12 393.60 Td (model. ) Tj ET Q q 0 0 0 rg BT 520.47 393.60 Td (Back ) Tj ET Q q 0 0 0 rg BT 543.88 393.60 Td (of) Tj ET Q q 0 0 0 rg BT 552.02 393.60 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.60 Td (conversion ) Tj ET Q q 0 0 0 rg BT 92.33 381.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 115.78 381.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 152.56 381.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 176.01 381.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 212.78 381.60 Td (to ) Tj ET Q q 0 0 0 rg BT 224.01 381.60 Td (move ) Tj ET Q q 0 0 0 rg BT 249.68 381.60 Td (to ) Tj ET Q q 0 0 0 rg BT 260.91 381.60 Td (a ) Tj ET Q q 0 0 0 rg BT 268.80 381.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 291.14 381.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 331.81 381.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 367.46 381.60 Td (model, ) Tj ET Q q 0 0 0 rg BT 398.41 381.60 Td (such ) Tj ET Q q 0 0 0 rg BT 420.19 381.60 Td (as ) Tj ET Q q 0 0 0 rg BT 431.97 381.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 467.63 381.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 517.18 381.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 539.23 381.60 Td (vendor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 369.60 Td (migration ) Tj ET Q q 0 0 0 rg BT 86.46 369.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 107.63 369.60 Td (other ) Tj ET Q q 0 0 0 rg BT 130.75 369.60 Td (professional ) Tj ET Q q 0 0 0 rg BT 182.21 369.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 203.38 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 220.40 369.60 Td (severance ) Tj ET Q q 0 0 0 rg BT 262.39 369.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 296.62 369.60 Td (for ) Tj ET Q q 0 0 0 rg BT 310.85 369.60 Td (impacted ) Tj ET Q q 0 0 0 rg BT 350.08 369.60 Td (personnel. ) Tj ET Q q 0 0 0 rg BT 394.03 369.60 Td (For ) Tj ET Q q 0 0 0 rg BT 410.50 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 425.29 369.60 Td (year ) Tj ET Q q 0 0 0 rg BT 445.07 369.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 471.53 369.60 Td (December ) Tj ET Q q 0 0 0 rg BT 515.19 369.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 530.26 369.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 555.34 369.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 80.06 357.60 Td (back ) Tj ET Q q 0 0 0 rg BT 100.69 357.60 Td (of) Tj ET Q q 0 0 0 rg BT 108.84 357.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 125.57 357.60 Td (conversion ) Tj ET Q q 0 0 0 rg BT 171.19 357.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 192.94 357.60 Td (of ) Tj ET Q q 0 0 0 rg BT 203.02 357.60 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 222.26 357.60 Td (million. ) Tj ET Q q 0 0 0 rg BT 255.28 357.60 Td (W) Tj ET Q q 0 0 0 rg BT 263.91 357.60 Td (e ) Tj ET Q q 0 0 0 rg BT 270.10 357.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 297.94 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 307.47 357.60 Td (complete ) Tj ET Q q 0 0 0 rg BT 345.86 357.60 Td (this ) Tj ET Q q 0 0 0 rg BT 362.06 357.60 Td (conversion ) Tj ET Q q 0 0 0 rg BT 407.68 357.60 Td (in ) Tj ET Q q 0 0 0 rg BT 417.21 357.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 438.95 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 455.14 357.60 Td (incur ) Tj ET Q q 0 0 0 rg BT 477.43 357.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 499.18 357.60 Td (of ) Tj ET Q q 0 0 0 rg BT 509.26 357.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 345.60 Td ($3.0 ) Tj ET Q q 0 0 0 rg BT 65.74 345.60 Td (million ) Tj ET Q q 0 0 0 rg BT 97.88 345.60 Td (between ) Tj ET Q q 0 0 0 rg BT 134.43 345.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 157.68 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 175.36 345.60 Td (2017. ) Tj ET Q q 0 0 0 rg BT 200.86 345.60 Td (W) Tj ET Q q 0 0 0 rg BT 209.50 345.60 Td (e ) Tj ET Q q 0 0 0 rg BT 217.18 345.60 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 259.29 345.60 Td (a ) Tj ET Q q 0 0 0 rg BT 266.97 345.60 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 315.76 345.60 Td (reduction ) Tj ET Q q 0 0 0 rg BT 356.76 345.60 Td (in ) Tj ET Q q 0 0 0 rg BT 367.78 345.60 Td (our ) Tj ET Q q 0 0 0 rg BT 384.36 345.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 407.58 345.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 443.03 345.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 482.37 345.60 Td (by ) Tj ET Q q 0 0 0 rg BT 495.61 345.60 Td (moving ) Tj ET Q q 0 0 0 rg BT 529.41 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 540.43 345.60 Td (a ) Tj ET Q q 0 0 0 rg BT 548.11 345.60 Td (fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 333.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 84.72 333.60 Td (model.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 309.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 70.55 309.60 Td (Operating ) Tj ET Q q 0 0 0 rg BT 113.88 309.60 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 153.30 309.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 309.60 Td ( ) Tj ET Q q 0 0 0 rg BT 160.52 309.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 185.51 309.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 225.49 309.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 263.81 309.60 Td (include ) Tj ET Q q 0 0 0 rg BT 295.46 309.60 Td (insurance ) Tj ET Q q 0 0 0 rg BT 336.00 309.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 360.72 309.60 Td (license ) Tj ET Q q 0 0 0 rg BT 390.70 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 407.36 309.60 Td (registration ) Tj ET Q q 0 0 0 rg BT 455.12 309.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 475.94 309.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 514.26 309.60 Td (related ) Tj ET Q q 0 0 0 rg BT 543.68 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 553.67 309.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 297.60 Td (charitable ) Tj ET Q q 0 0 0 rg BT 87.15 297.60 Td (giving ) Tj ET Q q 0 0 0 rg BT 115.43 297.60 Td (program ) Tj ET Q q 0 0 0 rg BT 152.04 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 169.21 297.60 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 238.57 297.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 279.90 297.60 Td (which ) Tj ET Q q 0 0 0 rg BT 307.07 297.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 337.58 297.60 Td (of ) Tj ET Q q 0 0 0 rg BT 348.63 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 363.58 297.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 400.19 297.60 Td (we ) Tj ET Q q 0 0 0 rg BT 414.58 297.60 Td (reserve ) Tj ET Q q 0 0 0 rg BT 446.18 297.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 474.45 297.60 Td (pay ) Tj ET Q q 0 0 0 rg BT 491.62 297.60 Td (out ) Tj ET Q q 0 0 0 rg BT 507.13 297.60 Td (related ) Tj ET Q q 0 0 0 rg BT 537.06 297.60 Td (to ) Tj ET Q q 0 0 0 rg BT 547.57 297.60 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 62.07 285.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 105.80 285.60 Td (matters. ) Tj ET Q q 0 0 0 rg BT 140.37 285.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 165.77 285.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 206.17 285.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 244.90 285.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 286.95 285.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.36 285.60 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 322.50 285.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.39 285.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.02 285.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.80 285.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.44 285.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.44 285.60 Td (, ) Tj ET Q q 0 0 0 rg BT 389.57 285.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 431.63 285.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.04 285.60 Td ($20.4 ) Tj ET Q q 0 0 0 rg BT 477.18 285.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.07 285.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.70 285.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.48 285.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.11 285.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.11 285.60 Td (. ) Tj ET Q q 0 0 0 rg BT 544.25 285.60 Td (Legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 273.60 Td (reserves ) Tj ET Q q 0 0 0 rg BT 80.26 273.60 Td (were ) Tj ET Q q 0 0 0 rg BT 102.19 273.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 130.23 273.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.51 273.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.51 273.60 Td ( ) Tj ET Q q 0 0 0 rg BT 163.01 273.60 Td (due ) Tj ET Q q 0 0 0 rg BT 179.95 273.60 Td (to ) Tj ET Q q 0 0 0 rg BT 190.23 273.60 Td (a ) Tj ET Q q 0 0 0 rg BT 197.17 273.60 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 217.17 273.60 Td (million ) Tj ET Q q 0 0 0 rg BT 248.56 273.60 Td (char) Tj ET Q q 0 0 0 rg BT 265.59 273.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 277.52 273.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 315.02 273.60 Td (from ) Tj ET Q q 0 0 0 rg BT 336.96 273.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 380.56 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 391.39 273.60 Td (a ) Tj ET Q q 0 0 0 rg BT 398.33 273.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 420.26 273.60 Td (matter) Tj ET Q q 0 0 0 rg BT 445.25 273.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 249.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 70.78 249.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 111.56 249.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 150.67 249.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 191.44 249.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.23 249.60 Td ($20.4 ) Tj ET Q q 0 0 0 rg BT 227.75 249.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.64 249.60 Td ( ) Tj ET Q q 0 0 0 rg BT 259.65 249.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.45 249.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.45 249.60 Td (, ) Tj ET Q q 0 0 0 rg BT 295.96 249.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 338.40 249.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.19 249.60 Td ($1) Tj ET Q q 0 0 0 rg BT 368.82 249.60 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 384.33 249.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.23 249.60 Td ( ) Tj ET Q q 0 0 0 rg BT 416.24 249.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.03 249.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.03 249.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.55 249.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.88 249.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.89 249.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.89 249.60 Td (, ) Tj ET Q q 0 0 0 rg BT 489.40 249.60 Td (we ) Tj ET Q q 0 0 0 rg BT 504.08 249.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 542.07 249.60 Td (a ) Tj ET Q q 0 0 0 rg BT 549.52 249.60 Td ($9.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 237.60 Td (million ) Tj ET Q q 0 0 0 rg BT 76.39 237.60 Td (char) Tj ET Q q 0 0 0 rg BT 93.42 237.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 105.36 237.60 Td (related ) Tj ET Q q 0 0 0 rg BT 135.06 237.60 Td (to ) Tj ET Q q 0 0 0 rg BT 145.34 237.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 188.94 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 199.77 237.60 Td (a ) Tj ET Q q 0 0 0 rg BT 206.70 237.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 228.64 237.60 Td (matter) Tj ET Q q 0 0 0 rg BT 253.63 237.60 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 213.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.20 213.60 Td (T) Tj ET Q q 0 0 0 rg BT 81.85 213.60 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.62 213.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.39 213.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.39 213.60 Td ( ) Tj ET Q q 0 0 0 rg BT 110.17 213.60 Td (For ) Tj ET Q q 0 0 0 rg BT 126.83 213.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.82 213.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.03 213.60 Td ( ) Tj ET Q q 0 0 0 rg BT 161.81 213.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.46 213.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 247.32 213.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.32 213.60 Td (, ) Tj ET Q q 0 0 0 rg BT 272.59 213.60 Td (our ) Tj ET Q q 0 0 0 rg BT 288.70 213.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 319.23 213.60 Td (from ) Tj ET Q q 0 0 0 rg BT 341.45 213.60 Td (income ) Tj ET Q q 0 0 0 rg BT 373.66 213.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 396.98 213.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.31 213.60 Td ($17.1 ) Tj ET Q q 0 0 0 rg BT 440.58 213.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.47 213.60 Td ( ) Tj ET Q q 0 0 0 rg BT 472.25 213.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 509.46 213.60 Td (to ) Tj ET Q q 0 0 0 rg BT 520.01 213.60 Td (an ) Tj ET Q q 0 0 0 rg BT 532.22 213.60 Td (ef) Tj ET Q q 0 0 0 rg BT 539.81 213.60 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 201.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 60.13 201.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 80.53 201.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 122.88 201.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 184.67 201.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 223.41 201.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.66 201.60 Td (43.8 ) Tj ET Q q 0 0 0 rg BT 255.07 201.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.50 201.60 Td (. ) Tj ET Q q 0 0 0 rg BT 289.70 201.60 Td (The ) Tj ET Q q 0 0 0 rg BT 308.16 201.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 336.62 201.60 Td (ef) Tj ET Q q 0 0 0 rg BT 344.21 201.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 374.32 201.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 389.46 201.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 407.35 201.60 Td (was ) Tj ET Q q 0 0 0 rg BT 425.82 201.60 Td (due ) Tj ET Q q 0 0 0 rg BT 443.17 201.60 Td (to ) Tj ET Q q 0 0 0 rg BT 453.87 201.60 Td (the ) Tj ET Q q 0 0 0 rg BT 469.00 201.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 499.67 201.60 Td (from ) Tj ET Q q 0 0 0 rg BT 522.03 201.60 Td (tax-exempt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 189.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 87.49 189.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 119.42 189.60 Td (income ) Tj ET Q q 0 0 0 rg BT 151.36 189.60 Td (during ) Tj ET Q q 0 0 0 rg BT 179.97 189.60 Td (a ) Tj ET Q q 0 0 0 rg BT 186.90 189.60 Td (period ) Tj ET Q q 0 0 0 rg BT 214.95 189.60 Td (with ) Tj ET Q q 0 0 0 rg BT 235.23 189.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 266.04 189.60 Td (losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 165.60 Td (For ) Tj ET Q q 0 0 0 rg BT 60.81 165.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.95 165.60 Td (year ) Tj ET Q q 0 0 0 rg BT 94.08 165.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.88 165.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.89 165.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.89 165.60 Td (, ) Tj ET Q q 0 0 0 rg BT 202.31 165.60 Td (our ) Tj ET Q q 0 0 0 rg BT 217.57 165.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 257.27 165.60 Td (for ) Tj ET Q q 0 0 0 rg BT 270.85 165.60 Td (income ) Tj ET Q q 0 0 0 rg BT 302.21 165.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 324.68 165.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 165.60 Td ($27.9 ) Tj ET Q q 0 0 0 rg BT 366.57 165.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.47 165.60 Td (, ) Tj ET Q q 0 0 0 rg BT 399.89 165.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 436.25 165.60 Td (to ) Tj ET Q q 0 0 0 rg BT 445.95 165.60 Td (an ) Tj ET Q q 0 0 0 rg BT 457.31 165.60 Td (ef) Tj ET Q q 0 0 0 rg BT 464.90 165.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 494.02 165.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.16 165.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 527.57 165.60 Td (excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 153.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 106.38 153.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 144.71 153.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.54 153.60 Td (34.9 ) Tj ET Q q 0 0 0 rg BT 175.54 153.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.96 153.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 129.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.55 129.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.43 129.60 Td (year ) Tj ET Q q 0 0 0 rg BT 96.29 129.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 122.83 129.60 Td (December ) Tj ET Q q 0 0 0 rg BT 166.57 129.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.73 129.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 206.89 129.60 Td (our ) Tj ET Q q 0 0 0 rg BT 222.88 129.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 263.31 129.60 Td (for ) Tj ET Q q 0 0 0 rg BT 277.63 129.60 Td (income ) Tj ET Q q 0 0 0 rg BT 309.72 129.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 332.93 129.60 Td (was ) Tj ET Q q 0 0 0 rg BT 351.14 129.60 Td ($36.0 ) Tj ET Q q 0 0 0 rg BT 376.30 129.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 410.35 129.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 447.44 129.60 Td (to ) Tj ET Q q 0 0 0 rg BT 457.88 129.60 Td (an ) Tj ET Q q 0 0 0 rg BT 469.98 129.60 Td (ef) Tj ET Q q 0 0 0 rg BT 477.56 129.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 507.42 129.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 527.57 129.60 Td (excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 117.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 106.38 117.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 144.71 117.60 Td (of ) Tj ET Q q 0 0 0 rg BT 155.54 117.60 Td (36.3 ) Tj ET Q q 0 0 0 rg BT 175.54 117.60 Td (percent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 69.60 Td ( ) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (37) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Segment Performance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 693.75 Td (e ) Tj ET Q q 0 0 0 rg BT 64.34 693.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 99.42 693.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.17 693.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 188.46 693.75 Td (by ) Tj ET Q q 0 0 0 rg BT 200.23 693.75 Td (business ) Tj ET Q q 0 0 0 rg BT 235.89 693.75 Td (segment. ) Tj ET Q q 0 0 0 rg BT 273.48 693.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 290.80 693.75 Td (two ) Tj ET Q q 0 0 0 rg BT 307.56 693.75 Td (reportable ) Tj ET Q q 0 0 0 rg BT 349.86 693.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 388.84 693.75 Td (are ) Tj ET Q q 0 0 0 rg BT 402.82 693.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 433.47 693.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 468.00 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.82 693.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.81 693.75 Td (Management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 681.75 Td (e ) Tj ET Q q 0 0 0 rg BT 66.41 681.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 115.22 681.75 Td (these ) Tj ET Q q 0 0 0 rg BT 139.60 681.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 180.64 681.75 Td (based ) Tj ET Q q 0 0 0 rg BT 207.24 681.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 231.08 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 247.12 681.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 275.94 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.10 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 304.15 681.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.96 681.75 Td (products ) Tj ET Q q 0 0 0 rg BT 381.23 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 399.50 681.75 Td (services ) Tj ET Q q 0 0 0 rg BT 435.54 681.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 474.92 681.75 Td (to ) Tj ET Q q 0 0 0 rg BT 486.52 681.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 530.90 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 681.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (management ) Tj ET Q q 0 0 0 rg BT 103.99 669.75 Td (or) Tj ET Q q 0 0 0 rg BT 112.14 669.75 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 159.70 669.75 Td (Segment ) Tj ET Q q 0 0 0 rg BT 198.09 669.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 229.81 669.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 270.98 669.75 Td (income ) Tj ET Q q 0 0 0 rg BT 303.82 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 321.66 669.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 358.39 669.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 390.11 669.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 431.27 669.75 Td (mar) Tj ET Q q 0 0 0 rg BT 446.64 669.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 462.82 669.75 Td (are ) Tj ET Q q 0 0 0 rg BT 478.43 669.75 Td (used ) Tj ET Q q 0 0 0 rg BT 500.16 669.75 Td (to ) Tj ET Q q 0 0 0 rg BT 511.35 669.75 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 548.06 669.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (measure ) Tj ET Q q 0 0 0 rg BT 86.40 657.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 123.31 657.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 177.42 657.75 Td (by ) Tj ET Q q 0 0 0 rg BT 191.00 657.75 Td (our ) Tj ET Q q 0 0 0 rg BT 207.92 657.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 231.49 657.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.84 657.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 309.75 657.75 Td (maker ) Tj ET Q q 0 0 0 rg BT 338.32 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 349.69 657.75 Td (deciding ) Tj ET Q q 0 0 0 rg BT 387.70 657.75 Td (how ) Tj ET Q q 0 0 0 rg BT 408.51 657.75 Td (to ) Tj ET Q q 0 0 0 rg BT 419.88 657.75 Td (allocate ) Tj ET Q q 0 0 0 rg BT 454.55 657.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 495.89 657.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.92 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 525.28 657.75 Td (assessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.25 645.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.26 645.75 Td (relation ) Tj ET Q q 0 0 0 rg BT 145.04 645.75 Td (to ) Tj ET Q q 0 0 0 rg BT 155.05 645.75 Td (our ) Tj ET Q q 0 0 0 rg BT 170.61 645.75 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 222.55 645.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.66 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.33 645.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 318.66 645.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 351.43 645.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 394.76 645.75 Td (with ) Tj ET Q q 0 0 0 rg BT 414.77 645.75 Td (each ) Tj ET Q q 0 0 0 rg BT 435.32 645.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 478.08 645.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 513.64 645.75 Td (are ) Tj ET Q q 0 0 0 rg BT 528.07 645.75 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.55 633.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 112.15 633.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 148.75 633.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 189.79 633.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 221.67 633.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.83 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.54 633.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 320.91 633.75 Td (that ) Tj ET Q q 0 0 0 rg BT 339.18 633.75 Td (are ) Tj ET Q q 0 0 0 rg BT 354.67 633.75 Td (not ) Tj ET Q q 0 0 0 rg BT 370.72 633.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 404.54 633.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 453.35 633.75 Td (to ) Tj ET Q q 0 0 0 rg BT 464.40 633.75 Td (a ) Tj ET Q q 0 0 0 rg BT 472.12 633.75 Td (particular ) Tj ET Q q 0 0 0 rg BT 513.70 633.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 550.30 633.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 88.91 621.75 Td (based ) Tj ET Q q 0 0 0 rg BT 115.01 621.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 138.33 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 154.98 621.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 197.74 621.75 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 262.44 621.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 302.97 621.75 Td (based ) Tj ET Q q 0 0 0 rg BT 329.06 621.75 Td (on ) Tj ET Q q 0 0 0 rg BT 342.39 621.75 Td (each ) Tj ET Q q 0 0 0 rg BT 364.03 621.75 Td (segment) Tj ET Q q 0 0 0 rg BT 400.13 621.75 Td (s ) Tj ET Q q 0 0 0 rg BT 407.35 621.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 451.20 621.75 Td (net ) Tj ET Q q 0 0 0 rg BT 466.74 621.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 508.10 621.75 Td (use ) Tj ET Q q 0 0 0 rg BT 524.76 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 621.75 Td (shared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 92.26 609.75 Td (headcount ) Tj ET Q q 0 0 0 rg BT 135.85 609.75 Td (or ) Tj ET Q q 0 0 0 rg BT 146.68 609.75 Td (other ) Tj ET Q q 0 0 0 rg BT 169.73 609.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 204.43 609.75 Td (measures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 99.56 585.75 Td (this ) Tj ET Q q 0 0 0 rg BT 116.85 585.75 Td (section, ) Tj ET Q q 0 0 0 rg BT 150.51 585.75 Td (we ) Tj ET Q q 0 0 0 rg BT 165.01 585.75 Td (have ) Tj ET Q q 0 0 0 rg BT 186.73 585.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 227.89 585.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 264.05 585.75 Td (results ) Tj ET Q q 0 0 0 rg BT 293.00 585.75 Td (on ) Tj ET Q q 0 0 0 rg BT 305.84 585.75 Td (both ) Tj ET Q q 0 0 0 rg BT 326.46 585.75 Td (a ) Tj ET Q q 0 0 0 rg BT 333.74 585.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 354.37 585.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 381.22 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 384.06 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 401.34 585.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 446.53 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 449.37 585.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 474.71 585.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.75 585.75 Td (believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (that ) Tj ET Q q 0 0 0 rg BT 66.61 573.75 Td (presenting ) Tj ET Q q 0 0 0 rg BT 110.39 573.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 145.83 573.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.27 573.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 211.71 573.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.59 573.75 Td (income ) Tj ET Q q 0 0 0 rg BT 283.14 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 299.70 573.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 335.14 573.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 370.58 573.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 401.02 573.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.90 573.75 Td (mar) Tj ET Q q 0 0 0 rg BT 456.27 573.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 471.16 573.75 Td (in ) Tj ET Q q 0 0 0 rg BT 481.06 573.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 530.39 573.75 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 573.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.27 561.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 97.12 561.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.11 561.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 140.30 561.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 177.72 561.75 Td (a ) Tj ET Q q 0 0 0 rg BT 185.14 561.75 Td (more ) Tj ET Q q 0 0 0 rg BT 208.67 561.75 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 257.20 561.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 280.18 561.75 Td (for ) Tj ET Q q 0 0 0 rg BT 294.82 561.75 Td (comparison ) Tj ET Q q 0 0 0 rg BT 344.46 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 355.77 561.75 Td (its ) Tj ET Q q 0 0 0 rg BT 368.21 561.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.95 561.75 Td (results ) Tj ET Q q 0 0 0 rg BT 438.04 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 455.47 561.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 501.78 561.75 Td (trends ) Tj ET Q q 0 0 0 rg BT 529.20 561.75 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (periods, ) Tj ET Q q 0 0 0 rg BT 83.95 549.75 Td (and ) Tj ET Q q 0 0 0 rg BT 100.89 549.75 Td (enhances ) Tj ET Q q 0 0 0 rg BT 140.04 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.77 549.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 185.04 549.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 244.20 549.75 Td (of ) Tj ET Q q 0 0 0 rg BT 255.04 549.75 Td (our ) Tj ET Q q 0 0 0 rg BT 270.88 549.75 Td (current ) Tj ET Q q 0 0 0 rg BT 301.70 549.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.19 549.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 392.22 549.75 Td (by ) Tj ET Q q 0 0 0 rg BT 404.72 549.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 446.67 549.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 476.38 549.75 Td (items ) Tj ET Q q 0 0 0 rg BT 500.55 549.75 Td (that ) Tj ET Q q 0 0 0 rg BT 518.05 549.75 Td (may ) Tj ET Q q 0 0 0 rg BT 537.77 549.75 Td (not ) Tj ET Q q 0 0 0 rg BT 553.06 549.75 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (indicative ) Tj ET Q q 0 0 0 rg BT 91.78 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 102.97 537.75 Td (our ) Tj ET Q q 0 0 0 rg BT 119.16 537.75 Td (core ) Tj ET Q q 0 0 0 rg BT 139.22 537.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 179.84 537.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 211.09 537.75 Td (The ) Tj ET Q q 0 0 0 rg BT 229.50 537.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 274.68 537.75 Td ( ) Tj ET Q q 0 0 0 rg BT 277.54 537.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 313.72 537.75 Td (results ) Tj ET Q q 0 0 0 rg BT 342.68 537.75 Td (should ) Tj ET Q q 0 0 0 rg BT 372.21 537.75 Td (be ) Tj ET Q q 0 0 0 rg BT 384.50 537.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 430.67 537.75 Td (in ) Tj ET Q q 0 0 0 rg BT 441.31 537.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 476.94 537.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 490.07 537.75 Td (not ) Tj ET Q q 0 0 0 rg BT 505.70 537.75 Td (as ) Tj ET Q q 0 0 0 rg BT 516.89 537.75 Td (a ) Tj ET Q q 0 0 0 rg BT 524.18 537.75 Td (substitute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (for) Tj ET Q q 0 0 0 rg BT 60.76 525.75 Td (, ) Tj ET Q q 0 0 0 rg BT 65.76 525.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.48 525.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 116.30 525.75 Td (results ) Tj ET Q q 0 0 0 rg BT 144.91 525.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 182.39 525.75 Td (in ) Tj ET Q q 0 0 0 rg BT 192.66 525.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 240.13 525.75 Td (with ) Tj ET Q q 0 0 0 rg BT 260.40 525.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 280.69 525.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 306.80 525.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.54 501.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 124.79 501.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 156.03 501.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.72 501.75 Td (income ) Tj ET Q q 0 0 0 rg BT 229.08 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.45 501.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 282.70 501.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 318.95 501.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 350.20 501.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 390.89 501.75 Td (mar) Tj ET Q q 0 0 0 rg BT 406.25 501.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 421.96 501.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 455.98 501.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 470.57 501.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 509.03 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 526.40 501.75 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 78.73 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.53 489.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 149.43 489.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 187.28 489.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 200.97 489.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 253.53 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 263.88 489.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 305.90 489.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.25 489.75 Td (related ) Tj ET Q q 0 0 0 rg BT 360.48 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 370.28 489.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 422.58 489.75 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 436.26 489.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 493.83 489.75 Td (from ) Tj ET Q q 0 0 0 rg BT 515.29 489.75 Td (acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (related ) Tj ET Q q 0 0 0 rg BT 80.32 477.75 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 131.97 477.75 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 147.24 477.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 201.95 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 220.01 477.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 267.50 477.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 314.44 477.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 338.05 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 356.11 477.75 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 371.38 477.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 410.56 477.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 460.27 477.75 Td (char) Tj ET Q q 0 0 0 rg BT 477.30 477.75 Td (ges. ) Tj ET Q q 0 0 0 rg BT 496.74 477.75 Td (For ) Tj ET Q q 0 0 0 rg BT 514.25 477.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 535.65 477.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 562.51 477.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 90.05 465.75 Td (these ) Tj ET Q q 0 0 0 rg BT 113.10 465.75 Td (items ) Tj ET Q q 0 0 0 rg BT 137.26 465.75 Td (are ) Tj ET Q q 0 0 0 rg BT 151.97 465.75 Td (included ) Tj ET Q q 0 0 0 rg BT 188.90 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 199.18 465.75 Td (each ) Tj ET Q q 0 0 0 rg BT 220.00 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 230.83 465.75 Td (their ) Tj ET Q q 0 0 0 rg BT 251.65 465.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 294.69 465.75 Td (line ) Tj ET Q q 0 0 0 rg BT 312.18 465.75 Td (items ) Tj ET Q q 0 0 0 rg BT 336.35 465.75 Td (on ) Tj ET Q q 0 0 0 rg BT 348.85 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 363.56 465.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.60 465.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 461.32 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 472.15 465.75 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.49 441.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 126.69 441.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 158.89 441.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 200.53 441.75 Td (income ) Tj ET Q q 0 0 0 rg BT 233.84 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 252.16 441.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 289.37 441.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 326.57 441.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 358.77 441.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 400.41 441.75 Td (mar) Tj ET Q q 0 0 0 rg BT 415.77 441.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 432.43 441.75 Td (present ) Tj ET Q q 0 0 0 rg BT 465.19 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.28 441.75 Td (segments' ) Tj ET Q q 0 0 0 rg BT 524.18 441.75 Td (results ) Tj ET Q q 0 0 0 rg BT 554.17 441.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.07 429.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 134.42 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.54 429.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 177.67 429.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 214.58 429.75 Td (from ) Tj ET Q q 0 0 0 rg BT 235.93 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.06 429.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 305.85 429.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.10 429.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 376.89 429.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 412.13 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 421.82 429.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 465.93 429.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 487.28 429.75 Td (management ) Tj ET Q q 0 0 0 rg BT 540.29 429.75 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.58 417.75 Td (private ) Tj ET Q q 0 0 0 rg BT 94.99 417.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 121.62 417.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 167.15 417.75 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 204.05 417.75 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 261.81 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.78 417.75 Td (these ) Tj ET Q q 0 0 0 rg BT 293.97 417.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 317.83 417.75 Td (results ) Tj ET Q q 0 0 0 rg BT 345.58 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 355.00 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.86 417.75 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 407.17 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 417.14 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.00 417.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 486.52 417.75 Td (share ) Tj ET Q q 0 0 0 rg BT 509.26 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.23 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.09 417.75 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.96 405.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 79.66 405.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 128.33 405.75 Td (to ) Tj ET Q q 0 0 0 rg BT 139.24 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.59 405.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 182.72 405.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 219.18 405.75 Td (in ) Tj ET Q q 0 0 0 rg BT 230.09 405.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 283.77 405.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 309.12 405.75 Td (that ) Tj ET Q q 0 0 0 rg BT 327.25 405.75 Td (are ) Tj ET Q q 0 0 0 rg BT 342.59 405.75 Td (not ) Tj ET Q q 0 0 0 rg BT 358.51 405.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 409.68 405.75 Td (either ) Tj ET Q q 0 0 0 rg BT 435.57 405.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 469.25 405.75 Td (or ) Tj ET Q q 0 0 0 rg BT 480.71 405.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 518.38 405.75 Td (, ) Tj ET Q q 0 0 0 rg BT 524.02 405.75 Td (to ) Tj ET Q q 0 0 0 rg BT 534.93 405.75 Td (us ) Tj ET Q q 0 0 0 rg BT 546.96 405.75 Td (\(i.e. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 113.08 393.75 Td (interests\). ) Tj ET Q q 0 0 0 rg BT 156.59 393.75 Td (This ) Tj ET Q q 0 0 0 rg BT 179.06 393.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 237.63 393.75 Td (share ) Tj ET Q q 0 0 0 rg BT 263.42 393.75 Td (is ) Tj ET Q q 0 0 0 rg BT 274.78 393.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 314.45 393.75 Td (in ) Tj ET Q q 0 0 0 rg BT 326.92 393.75 Td (net ) Tj ET Q q 0 0 0 rg BT 343.83 393.75 Td (income ) Tj ET Q q 0 0 0 rg BT 377.96 393.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 423.74 393.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.22 393.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 499.79 393.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 537.81 393.75 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 393.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 110.46 381.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.65 381.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 208.51 381.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.49 381.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 266.29 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.38 381.75 Td (has ) Tj ET Q q 0 0 0 rg BT 299.36 381.75 Td (no ) Tj ET Q q 0 0 0 rg BT 312.01 381.75 Td (ef) Tj ET Q q 0 0 0 rg BT 319.60 381.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 337.23 381.75 Td (on ) Tj ET Q q 0 0 0 rg BT 349.88 381.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.75 381.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 395.16 381.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.79 381.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.96 381.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.94 381.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.80 381.75 Td (segments, ) Tj ET Q q 0 0 0 rg BT 554.17 381.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.75 Td (ultimately) Tj ET Q q 0 0 0 rg BT 89.40 369.75 Td (, ) Tj ET Q q 0 0 0 rg BT 94.35 369.75 Td (this ) Tj ET Q q 0 0 0 rg BT 111.25 369.75 Td (income ) Tj ET Q q 0 0 0 rg BT 143.13 369.75 Td (or ) Tj ET Q q 0 0 0 rg BT 153.91 369.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 171.92 369.75 Td (is ) Tj ET Q q 0 0 0 rg BT 181.04 369.75 Td (not ) Tj ET Q q 0 0 0 rg BT 196.27 369.75 Td (income ) Tj ET Q q 0 0 0 rg BT 228.15 369.75 Td (or ) Tj ET Q q 0 0 0 rg BT 238.93 369.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 256.95 369.75 Td (for ) Tj ET Q q 0 0 0 rg BT 271.06 369.75 Td (the ) Tj ET Q q 0 0 0 rg BT 285.72 369.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 325.39 369.75 Td (themselves. ) Tj ET Q q 0 0 0 rg BT 374.77 369.75 Td (Included ) Tj ET Q q 0 0 0 rg BT 412.21 369.75 Td (in ) Tj ET Q q 0 0 0 rg BT 422.44 369.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 458.21 369.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 493.99 369.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 524.75 369.75 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (income ) Tj ET Q q 0 0 0 rg BT 81.24 357.75 Td (and ) Tj ET Q q 0 0 0 rg BT 97.98 357.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 133.62 357.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 169.25 357.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 199.87 357.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.94 357.75 Td (mar) Tj ET Q q 0 0 0 rg BT 255.30 357.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 270.39 357.75 Td (is ) Tj ET Q q 0 0 0 rg BT 279.37 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.89 357.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 320.07 357.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 376.24 357.75 Td (share ) Tj ET Q q 0 0 0 rg BT 399.65 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 410.29 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.81 357.75 Td (income ) Tj ET Q q 0 0 0 rg BT 456.55 357.75 Td (or ) Tj ET Q q 0 0 0 rg BT 467.18 357.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 485.05 357.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 532.90 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 542.98 357.75 Td (us ) Tj ET Q q 0 0 0 rg BT 554.18 357.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 345.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 96.16 345.75 Td (in ) Tj ET Q q 0 0 0 rg BT 106.43 345.75 Td (such ) Tj ET Q q 0 0 0 rg BT 127.26 345.75 Td (funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.39 321.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 122.49 321.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 152.59 321.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 192.13 321.75 Td (income ) Tj ET Q q 0 0 0 rg BT 223.34 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.56 321.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 274.66 321.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 309.77 321.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 339.86 321.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 379.40 321.75 Td (mar) Tj ET Q q 0 0 0 rg BT 394.77 321.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 409.33 321.75 Td (also ) Tj ET Q q 0 0 0 rg BT 427.21 321.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 460.09 321.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 512.40 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 522.51 321.75 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 74.71 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.03 309.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 148.45 309.75 Td (from ) Tj ET Q q 0 0 0 rg BT 169.76 309.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 246.06 309.75 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 295.83 309.75 Td (These ) Tj ET Q q 0 0 0 rg BT 321.59 309.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.35 309.75 Td (are ) Tj ET Q q 0 0 0 rg BT 371.44 309.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 409.41 309.75 Td (on ) Tj ET Q q 0 0 0 rg BT 421.29 309.75 Td (a ) Tj ET Q q 0 0 0 rg BT 427.61 309.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 472.79 309.75 Td ( ) Tj ET Q q 0 0 0 rg BT 474.67 309.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 496.55 309.75 Td (as ) Tj ET Q q 0 0 0 rg BT 506.76 309.75 Td (they ) Tj ET Q q 0 0 0 rg BT 525.86 309.75 Td (represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 87.09 297.75 Td (specifically ) Tj ET Q q 0 0 0 rg BT 134.66 297.75 Td (related ) Tj ET Q q 0 0 0 rg BT 163.35 297.75 Td (to ) Tj ET Q q 0 0 0 rg BT 172.62 297.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 221.88 297.75 Td (that ) Tj ET Q q 0 0 0 rg BT 238.37 297.75 Td (will ) Tj ET Q q 0 0 0 rg BT 255.41 297.75 Td (eventually ) Tj ET Q q 0 0 0 rg BT 298.55 297.75 Td (be ) Tj ET Q q 0 0 0 rg BT 309.48 297.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 329.85 297.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 371.32 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.25 297.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 424.82 297.75 Td (not ) Tj ET Q q 0 0 0 rg BT 439.09 297.75 Td (part ) Tj ET Q q 0 0 0 rg BT 456.12 297.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.94 297.75 Td (our ) Tj ET Q q 0 0 0 rg BT 480.76 297.75 Td (on-going ) Tj ET Q q 0 0 0 rg BT 518.35 297.75 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.81 285.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 121.68 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.88 285.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 184.97 285.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 207.74 285.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 246.60 285.75 Td (from ) Tj ET Q q 0 0 0 rg BT 268.80 285.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 304.90 285.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 340.99 285.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 372.07 285.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 412.60 285.75 Td (income ) Tj ET Q q 0 0 0 rg BT 444.81 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 462.01 285.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 498.10 285.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 534.20 285.75 Td (pre-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.57 273.75 Td (mar) Tj ET Q q 0 0 0 rg BT 105.94 273.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 122.02 273.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 161.98 273.75 Td (char) Tj ET Q q 0 0 0 rg BT 179.00 273.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 195.64 273.75 Td (that ) Tj ET Q q 0 0 0 rg BT 213.94 273.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 248.90 273.75 Td (from ) Tj ET Q q 0 0 0 rg BT 271.65 273.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 314.37 273.75 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 351.83 273.75 Td (vacating ) Tj ET Q q 0 0 0 rg BT 389.01 273.75 Td (redundant ) Tj ET Q q 0 0 0 rg BT 432.30 273.75 Td (leased ) Tj ET Q q 0 0 0 rg BT 460.60 273.75 Td (of) Tj ET Q q 0 0 0 rg BT 468.75 273.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 487.04 273.75 Td (space ) Tj ET Q q 0 0 0 rg BT 512.55 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 530.30 273.75 Td (contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 97.40 261.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 121.70 261.75 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 177.94 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.18 261.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 239.30 261.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 261.10 261.75 Td (are ) Tj ET Q q 0 0 0 rg BT 275.11 261.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 313.01 261.75 Td (from ) Tj ET Q q 0 0 0 rg BT 334.25 261.75 Td (our ) Tj ET Q q 0 0 0 rg BT 349.38 261.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 394.56 261.75 Td ( ) Tj ET Q q 0 0 0 rg BT 396.37 261.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 433.15 261.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 472.16 261.75 Td (as ) Tj ET Q q 0 0 0 rg BT 482.29 261.75 Td (they ) Tj ET Q q 0 0 0 rg BT 501.31 261.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 540.31 261.75 Td (relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.89 249.75 Td (an ) Tj ET Q q 0 0 0 rg BT 71.94 249.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 118.44 249.75 Td (or ) Tj ET Q q 0 0 0 rg BT 129.38 249.75 Td (a ) Tj ET Q q 0 0 0 rg BT 136.44 249.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 170.14 249.75 Td (event ) Tj ET Q q 0 0 0 rg BT 194.41 249.75 Td (and ) Tj ET Q q 0 0 0 rg BT 211.46 249.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 253.51 249.75 Td (these ) Tj ET Q q 0 0 0 rg BT 276.67 249.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 313.17 249.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 350.23 249.75 Td (a ) Tj ET Q q 0 0 0 rg BT 357.28 249.75 Td (better ) Tj ET Q q 0 0 0 rg BT 382.66 249.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 441.92 249.75 Td (of ) Tj ET Q q 0 0 0 rg BT 452.87 249.75 Td (our ) Tj ET Q q 0 0 0 rg BT 468.81 249.75 Td (core ) Tj ET Q q 0 0 0 rg BT 488.63 249.75 Td (non-compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 89.77 237.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 143.65 237.75 Td (believes ) Tj ET Q q 0 0 0 rg BT 178.09 237.75 Td (that ) Tj ET Q q 0 0 0 rg BT 194.76 237.75 Td (presenting ) Tj ET Q q 0 0 0 rg BT 238.10 237.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 273.10 237.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 308.10 237.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 338.09 237.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 377.53 237.75 Td (income ) Tj ET Q q 0 0 0 rg BT 408.64 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 424.76 237.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 459.76 237.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 494.76 237.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 524.75 237.75 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 225.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 80.20 225.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 122.19 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 136.96 225.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 213.93 225.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 250.37 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 267.37 225.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 321.01 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 338.01 225.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 383.88 225.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 406.44 225.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 443.43 225.75 Td (clarity ) Tj ET Q q 0 0 0 rg BT 471.53 225.75 Td (on ) Tj ET Q q 0 0 0 rg BT 484.08 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.86 225.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 536.39 225.75 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 90.32 213.75 Td (by ) Tj ET Q q 0 0 0 rg BT 102.27 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 116.44 213.75 Td (core ) Tj ET Q q 0 0 0 rg BT 135.60 213.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 175.32 213.75 Td (components ) Tj ET Q q 0 0 0 rg BT 225.60 213.75 Td (of ) Tj ET Q q 0 0 0 rg BT 235.89 213.75 Td (our ) Tj ET Q q 0 0 0 rg BT 251.17 213.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 289.38 213.75 Td (The ) Tj ET Q q 0 0 0 rg BT 306.88 213.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 344.93 213.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 382.44 213.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 430.50 213.75 Td (char) Tj ET Q q 0 0 0 rg BT 447.52 213.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 458.92 213.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 504.73 213.75 Td (in ) Tj ET Q q 0 0 0 rg BT 514.46 213.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 536.42 213.75 Td (relates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 201.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 96.43 201.75 Td (management ) Tj ET Q q 0 0 0 rg BT 150.02 201.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 189.18 201.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 207.23 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 224.17 201.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 263.88 201.75 Td (pertains ) Tj ET Q q 0 0 0 rg BT 298.04 201.75 Td (to ) Tj ET Q q 0 0 0 rg BT 308.32 201.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 346.38 201.75 Td (created ) Tj ET Q q 0 0 0 rg BT 377.74 201.75 Td (from ) Tj ET Q q 0 0 0 rg BT 399.68 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.39 201.75 Td (2010 ) Tj ET Q q 0 0 0 rg BT 436.89 201.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 483.27 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 493.55 201.75 Td (ARI. ) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (38) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.00 717.60 Td (Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.98 693.60 Td (following ) Tj ET Q q 0 0 0 rg BT 109.80 693.60 Td (table ) Tj ET Q q 0 0 0 rg BT 132.16 693.60 Td (sets ) Tj ET Q q 0 0 0 rg BT 150.09 693.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 172.46 693.60 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-12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 331.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 331.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 331.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 331.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 331.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 331.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 331.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 331.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 331.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 331.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 307.10 85.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 307.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 307.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 307.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 307.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 307.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 307.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 307.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 307.10 6.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 307.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 307.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 307.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 307.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 307.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 307.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 307.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 275.10 85.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 275.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 275.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 275.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 275.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 275.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 275.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 275.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 275.10 6.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 275.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 275.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 275.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 275.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 275.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 275.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 275.10 46.00 -20.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 659.1 m 179 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179 659.1 m 183 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 659.1 m 241 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 659.1 m 245 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 659.1 m 295 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 659.1 m 299 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 659.1 m 345 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 659.1 m 351 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 659.1 m 396 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 659.1 m 400 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 659.1 m 458 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 659.1 m 462 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 659.1 m 512 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 659.1 m 516 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 659.1 m 562 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 647.1 m 179 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179 647.1 m 183 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 647.1 m 241 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 647.1 m 245 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 647.1 m 295 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 647.1 m 299 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 647.1 m 345 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 647.1 m 396 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 647.1 m 400 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 647.1 m 458 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 647.1 m 462 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 647.1 m 512 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 647.1 m 516 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 647.1 m 562 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 635.1 m 241 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 635.1 m 245 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 635.1 m 295 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 635.1 m 458 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 635.1 m 462 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 635.1 m 512 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 611.1 m 179 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 611.1 m 241 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 611.1 m 295 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 611.1 m 345 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 611.1 m 396 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 611.1 m 458 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 611.1 m 512 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 611.1 m 562 611.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 551.1 m 179 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 551.1 m 241 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 551.1 m 295 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 551.1 m 345 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 551.1 m 396 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 551.1 m 458 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 551.1 m 512 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 551.1 m 562 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 475.1 m 179 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 475.1 m 241 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 475.1 m 295 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 475.1 m 345 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 475.1 m 396 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 475.1 m 458 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 475.1 m 512 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 475.1 m 562 475.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 367.1 m 179 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 367.1 m 241 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 367.1 m 295 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 367.1 m 345 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 367.1 m 396 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 367.1 m 458 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 367.1 m 512 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 367.1 m 562 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 319.1 m 179 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 319.1 m 241 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 319.1 m 295 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 319.1 m 345 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 319.1 m 396 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 319.1 m 458 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 319.1 m 512 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 319.1 m 562 319.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 288.1 m 179 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 286.1 m 179 286.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 288.1 m 241 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 286.1 m 241 286.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 288.1 m 295 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 286.1 m 295 286.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 288.1 m 345 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 286.1 m 345 286.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 288.1 m 396 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 286.1 m 396 286.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 288.1 m 458 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 286.1 m 458 286.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 288.1 m 512 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 286.1 m 512 286.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 288.1 m 562 288.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 286.1 m 562 286.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.20 663.18 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.00 651.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 651.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 211.05 639.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.05 639.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 147.25 627.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.75 627.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.35 627.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.35 627.18 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.25 627.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.75 627.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.35 627.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.35 627.18 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 615.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 140.40 615.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.65 615.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.70 615.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.35 615.18 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 615.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 615.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 615.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.35 615.18 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.05 Td (Investment banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 591.05 Td (Financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 579.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 579.05 Td (71,161) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 579.05 Td (71,161) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 579.05 Td (114,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 579.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 579.05 Td (114,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 567.05 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 567.05 Td (115,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 567.05 Td (115,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 567.05 Td (91,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 567.05 Td (91,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 555.05 Td (Advisory services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 555.05 Td (304,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 555.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 555.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 555.05 Td (304,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 555.05 Td (209,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 555.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 555.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 555.05 Td (209,163) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 543.05 Td (Total investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 535.05 Td (banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 535.35 Td (490,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 535.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 535.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 535.35 Td (490,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 535.35 Td (414,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 535.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 535.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 535.35 Td (414,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 511.05 Td (Institutional sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 503.05 Td (trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 491.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 491.05 Td (87,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 491.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 491.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 491.05 Td (87,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 491.05 Td (78,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 491.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 491.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 491.05 Td (78,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 479.05 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 479.05 Td (90,495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.80 479.05 Td (971) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 479.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 479.05 Td (91,466) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 479.05 Td (93,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 479.05 Td (816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 479.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 479.05 Td (94,305) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 467.05 Td (Total institutional sales) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 459.05 Td (and trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 459.35 Td (178,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.80 459.35 Td (971) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 459.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 459.35 Td (179,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 459.35 Td (172,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 459.35 Td (816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 459.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 459.35 Td (172,889) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 435.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 427.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.75 427.35 Td (6,363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 427.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 427.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.75 427.35 Td (6,363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 427.35 Td (4,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 427.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 427.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 427.35 Td (4,642) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 403.05 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 403.05 Td (14,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 403.05 Td (10,099) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 403.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 403.05 Td (24,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 403.05 Td (15,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 403.05 Td (8,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 403.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 403.05 Td (24,468) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 379.05 Td (Long-term financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 371.05 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.10 371.35 Td (\(9,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 371.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 371.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 371.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.10 371.35 Td (\(9,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 371.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 371.35 Td (\(7,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 371.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 371.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 371.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 371.35 Td (\(7,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 371.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 347.05 Td (Net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 347.05 Td (681,234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 347.05 Td (11,070) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 347.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 347.05 Td (692,304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 347.05 Td (599,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 347.05 Td (9,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 347.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 347.05 Td (609,331) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 323.05 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 323.05 Td (580,974) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 323.05 Td (2,864) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.75 323.05 Td (62,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 323.05 Td (645,863) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 323.05 Td (511,241) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 323.05 Td (3,403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.75 323.05 Td (16,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 323.05 Td (530,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 299.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 291.05 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 291.35 Td (100,260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 291.35 Td (8,206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.10 291.35 Td (\(62,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.80 291.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 291.35 Td (46,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 291.35 Td (88,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 291.35 Td (6,407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.10 291.35 Td (\(16,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 291.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 291.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 291.35 Td (78,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 267.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 259.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.75 259.35 Td (14.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 259.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.75 259.35 Td (6.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 259.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 259.35 Td (14.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 259.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 259.35 Td (12.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 259.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 243.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 243.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 243.00 Td (The ) Tj ET Q q 0 0 0 rg BT 81.94 243.00 Td (following ) Tj ET Q q 0 0 0 rg BT 114.61 243.00 Td (is ) Tj ET Q q 0 0 0 rg BT 122.38 243.00 Td (a ) Tj ET Q q 0 0 0 rg BT 128.82 243.00 Td (summary ) Tj ET Q q 0 0 0 rg BT 160.59 243.00 Td (of ) Tj ET Q q 0 0 0 rg BT 169.25 243.00 Td (the ) Tj ET Q q 0 0 0 rg BT 181.47 243.00 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 222.13 243.00 Td (needed ) Tj ET Q q 0 0 0 rg BT 247.22 243.00 Td (to ) Tj ET Q q 0 0 0 rg BT 255.88 243.00 Td (r) Tj ET Q q 0 0 0 rg BT 258.70 243.00 Td (econcile ) Tj ET Q q 0 0 0 rg BT 287.79 243.00 Td (our ) Tj ET Q q 0 0 0 rg BT 301.34 243.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 344.66 243.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 360.88 243.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 381.17 243.00 Td ( ) Tj ET Q q 0 0 0 rg BT 383.61 243.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 412.27 243.00 Td (pr) Tj ET Q q 0 0 0 rg BT 419.08 243.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 437.51 243.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.06 243.00 Td (income ) Tj ET Q q 0 0 0 rg BT 496.60 243.00 Td (and ) Tj ET Q q 0 0 0 rg BT 511.04 243.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 539.69 243.00 Td (pr) Tj ET Q q 0 0 0 rg BT 546.51 243.00 Td (e-tax ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 233.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 100.61 233.40 Td (mar) Tj ET Q q 0 0 0 rg BT 113.20 233.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 125.43 233.40 Td (to ) Tj ET Q q 0 0 0 rg BT 133.65 233.40 Td (the ) Tj ET Q q 0 0 0 rg BT 145.42 233.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 174.53 233.40 Td (segment ) Tj ET Q q 0 0 0 rg BT 202.75 233.40 Td (pr) Tj ET Q q 0 0 0 rg BT 209.56 233.40 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 227.55 233.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.66 233.40 Td (income ) Tj ET Q q 0 0 0 rg BT 285.76 233.40 Td (and ) Tj ET Q q 0 0 0 rg BT 299.76 233.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 328.87 233.40 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.09 233.40 Td (pr) Tj ET Q q 0 0 0 rg BT 363.90 233.40 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.89 233.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 415.00 233.40 Td (mar) Tj ET Q q 0 0 0 rg BT 427.59 233.40 Td (gin: ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 220.80 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 220.80 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.33 220.80 Td (inter) Tj ET Q q 0 0 0 rg BT 133.14 220.80 Td (ests ) Tj ET Q q 0 0 0 rg BT 147.38 220.80 Td ( ) Tj ET Q q 0 0 0 rg BT 153.61 220.80 Td (The ) Tj ET Q q 0 0 0 rg BT 167.85 220.80 Td (impacts ) Tj ET Q q 0 0 0 rg BT 194.97 220.80 Td (of ) Tj ET Q q 0 0 0 rg BT 203.43 220.80 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 249.22 220.80 Td (noncontr) Tj ET Q q 0 0 0 rg BT 277.81 220.80 Td (olling ) Tj ET Q q 0 0 0 rg BT 298.71 220.80 Td (inter) Tj ET Q q 0 0 0 rg BT 313.52 220.80 Td (ests ) Tj ET Q q 0 0 0 rg BT 327.76 220.80 Td (in ) Tj ET Q q 0 0 0 rg BT 336.22 220.80 Td (our ) Tj ET Q q 0 0 0 rg BT 349.57 220.80 Td (alternative ) Tj ET Q q 0 0 0 rg BT 386.46 220.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 404.69 220.80 Td (management ) Tj ET Q q 0 0 0 rg BT 447.81 220.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 467.38 220.80 Td (and ) Tj ET Q q 0 0 0 rg BT 481.61 220.80 Td (private ) Tj ET Q q 0 0 0 rg BT 506.51 220.80 Td (equity ) Tj ET Q q 0 0 0 rg BT 528.29 220.80 Td (investment ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 211.20 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 95.26 211.20 Td (ar) Tj ET Q q 0 0 0 rg BT 102.08 211.20 Td (e ) Tj ET Q q 0 0 0 rg BT 107.63 211.20 Td (not ) Tj ET Q q 0 0 0 rg BT 119.85 211.20 Td (included ) Tj ET Q q 0 0 0 rg BT 149.40 211.20 Td (in ) Tj ET Q q 0 0 0 rg BT 157.62 211.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 186.73 211.20 Td (segment ) Tj ET Q q 0 0 0 rg BT 214.95 211.20 Td (pr) Tj ET Q q 0 0 0 rg BT 221.76 211.20 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 239.75 211.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.86 211.20 Td (income ) Tj ET Q q 0 0 0 rg BT 297.96 211.20 Td (and ) Tj ET Q q 0 0 0 rg BT 311.96 211.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 341.07 211.20 Td (segment ) Tj ET Q q 0 0 0 rg BT 369.29 211.20 Td (pr) Tj ET Q q 0 0 0 rg BT 376.10 211.20 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 394.09 211.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 427.20 211.20 Td (mar) Tj ET Q q 0 0 0 rg BT 439.79 211.20 Td (gin. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 198.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 198.60 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 198.60 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 198.60 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 198.60 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 198.60 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 198.60 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 198.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 198.60 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 198.60 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 198.60 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 198.60 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 198.60 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 198.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 198.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 198.60 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 198.60 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 198.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 198.60 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 198.60 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 198.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 198.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 198.60 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 198.60 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 198.60 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 189.00 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 189.00 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 189.00 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 189.00 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 189.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 189.00 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 189.00 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 158.50 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 158.50 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 158.50 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 158.50 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 138.50 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 138.50 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 138.50 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 138.50 70.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 168.5 m 482 168.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 168.5 m 493 168.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 168.5 m 563 168.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 158.5 m 482 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 158.5 m 563 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 158.5 m 482 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 158.5 m 563 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 128.5 m 482 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 128.5 m 563 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 128.5 m 482 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 119.5 m 482 119.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 117.5 m 482 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 128.5 m 563 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 119.5 m 563 119.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 117.5 m 563 117.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.30 170.63 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 160.50 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 99.61 160.50 Td (in ) Tj ET Q q 0 0 0 rg BT 107.84 160.50 Td (thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.50 160.63 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 160.63 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 150.50 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 118.72 150.50 Td (fr) Tj ET Q q 0 0 0 rg BT 123.91 150.50 Td (om ) Tj ET Q q 0 0 0 rg BT 135.54 150.50 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 176.72 150.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 198.12 150.50 Td (agr) Tj ET Q q 0 0 0 rg BT 209.09 150.50 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 150.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 150.50 Td (36,241) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 150.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 150.50 Td (4,019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 140.50 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 116.50 140.50 Td (and ) Tj ET Q q 0 0 0 rg BT 130.50 140.50 Td (integration ) Tj ET Q q 0 0 0 rg BT 168.05 140.50 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 140.50 Td (10,197) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.80 140.50 Td (10,652) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 130.50 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 114.28 130.50 Td (of ) Tj ET Q q 0 0 0 rg BT 122.50 130.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 156.95 130.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.06 130.50 Td (r) Tj ET Q q 0 0 0 rg BT 180.88 130.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 202.42 130.50 Td (to ) Tj ET Q q 0 0 0 rg BT 210.64 130.50 Td (acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 130.50 Td (15,587) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 130.50 Td (1,622) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 120.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 120.50 Td (62,025) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 120.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.80 120.50 Td (16,293) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 81.26 95.00 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.90 95.00 Td (net ) Tj ET Q q 0 0 0 rg BT 131.99 95.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 170.40 95.00 Td (on ) Tj ET Q q 0 0 0 rg BT 183.28 95.00 Td (a ) Tj ET Q q 0 0 0 rg BT 190.59 95.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 211.25 95.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 238.11 95.00 Td ( ) Tj ET Q q 0 0 0 rg BT 240.98 95.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 263.86 95.00 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.49 95.00 Td (13.6 ) Tj ET Q q 0 0 0 rg BT 324.86 95.00 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.28 95.00 Td ( ) Tj ET Q q 0 0 0 rg BT 357.16 95.00 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.81 95.00 Td ($692.3 ) Tj ET Q q 0 0 0 rg BT 398.19 95.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.08 95.00 Td ( ) Tj ET Q q 0 0 0 rg BT 429.95 95.00 Td (for ) Tj ET Q q 0 0 0 rg BT 444.49 95.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.58 95.00 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.79 95.00 Td ( ) Tj ET Q q 0 0 0 rg BT 479.66 95.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.42 95.00 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 83.00 Td (, ) Tj ET Q q 0 0 0 rg BT 74.84 83.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 117.11 83.00 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.73 83.00 Td ($609.3 ) Tj ET Q q 0 0 0 rg BT 168.08 83.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.97 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 199.81 83.00 Td (in ) Tj ET Q q 0 0 0 rg BT 210.44 83.00 Td (the ) Tj ET Q q 0 0 0 rg BT 225.50 83.00 Td (prior) Tj ET Q q 0 0 0 rg BT 244.74 83.00 Td (-year ) Tj ET Q q 0 0 0 rg BT 268.12 83.00 Td (period. ) Tj ET Q q 0 0 0 rg BT 299.01 83.00 Td (For ) Tj ET Q q 0 0 0 rg BT 315.75 83.00 Td (the ) Tj ET Q q 0 0 0 rg BT 330.81 83.00 Td (year ) Tj ET Q q 0 0 0 rg BT 350.86 83.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.58 83.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 436.51 83.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.51 83.00 Td (, ) Tj ET Q q 0 0 0 rg BT 461.85 83.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 493.58 83.00 Td (Markets ) Tj ET Q q 0 0 0 rg BT 529.19 83.00 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.00 Td (net ) Tj ET Q q 0 0 0 rg BT 63.74 71.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 101.30 71.00 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 71.00 Td ($681.2 ) Tj ET Q q 0 0 0 rg BT 152.27 71.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.16 71.00 Td ( ) Tj ET Q q 0 0 0 rg BT 183.18 71.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 224.63 71.00 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.43 71.00 Td ($599.5 ) Tj ET Q q 0 0 0 rg BT 273.95 71.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.84 71.00 Td ( ) Tj ET Q q 0 0 0 rg BT 304.86 71.00 Td (for ) Tj ET Q q 0 0 0 rg BT 318.54 71.00 Td (the ) Tj ET Q q 0 0 0 rg BT 332.78 71.00 Td (year ) Tj ET Q q 0 0 0 rg BT 352.01 71.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.91 71.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 436.01 71.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.01 71.00 Td (.The ) Tj ET Q q 0 0 0 rg BT 476.08 71.00 Td (variance ) Tj ET Q q 0 0 0 rg BT 511.97 71.00 Td (explanations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.00 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 59.00 Td (net ) Tj ET Q q 0 0 0 rg BT 78.38 59.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 116.41 59.00 Td (and ) Tj ET Q q 0 0 0 rg BT 133.35 59.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 169.18 59.00 Td (net ) Tj ET Q q 0 0 0 rg BT 183.89 59.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 221.93 59.00 Td (are ) Tj ET Q q 0 0 0 rg BT 236.64 59.00 Td (consistent ) Tj ET Q q 0 0 0 rg BT 279.13 59.00 Td (on ) Tj ET Q q 0 0 0 rg BT 291.63 59.00 Td (both ) Tj ET Q q 0 0 0 rg BT 311.91 59.00 Td (a ) Tj ET Q q 0 0 0 rg BT 318.85 59.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 339.13 59.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 365.99 59.00 Td ( ) Tj ET Q q 0 0 0 rg BT 368.49 59.00 Td (and ) Tj ET Q q 0 0 0 rg BT 385.43 59.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 430.61 59.00 Td ( ) Tj ET Q q 0 0 0 rg BT 433.11 59.00 Td (basis.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.22 717.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 132.73 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 171.55 717.60 Td (comprise ) Tj ET Q q 0 0 0 rg BT 211.50 717.60 Td (all ) Tj ET Q q 0 0 0 rg BT 224.78 717.60 Td (of ) Tj ET Q q 0 0 0 rg BT 236.40 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.90 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 290.73 717.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 332.88 717.60 Td (through ) Tj ET Q q 0 0 0 rg BT 367.28 717.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 395.56 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 413.29 717.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 433.79 717.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 474.85 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 492.57 717.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.30 717.60 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 91.40 705.60 Td (which ) Tj ET Q q 0 0 0 rg BT 119.14 705.60 Td (include ) Tj ET Q q 0 0 0 rg BT 151.87 705.60 Td (mer) Tj ET Q q 0 0 0 rg BT 167.24 705.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 187.20 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 204.94 705.60 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 258.51 705.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 286.81 705.60 Td (private ) Tj ET Q q 0 0 0 rg BT 317.87 705.60 Td (placements, ) Tj ET Q q 0 0 0 rg BT 368.66 705.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 389.17 705.60 Td (advisory) Tj ET Q q 0 0 0 rg BT 422.96 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 428.76 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 446.50 705.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 489.79 705.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 528.07 705.60 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 101.80 693.60 Td (T) Tj ET Q q 0 0 0 rg BT 107.21 693.60 Td (o ) Tj ET Q q 0 0 0 rg BT 114.41 693.60 Td (assess ) Tj ET Q q 0 0 0 rg BT 141.05 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 155.46 693.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 205.42 693.60 Td (of ) Tj ET Q q 0 0 0 rg BT 215.95 693.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 262.03 693.60 Td (banking, ) Tj ET Q q 0 0 0 rg BT 298.94 693.60 Td (we ) Tj ET Q q 0 0 0 rg BT 312.80 693.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 353.86 693.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 399.94 693.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 434.35 693.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 452.64 693.60 Td (with ) Tj ET Q q 0 0 0 rg BT 472.62 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 487.03 693.60 Td (net ) Tj ET Q q 0 0 0 rg BT 501.44 693.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 533.07 693.60 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 681.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 95.04 681.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 138.63 681.60 Td (with ) Tj ET Q q 0 0 0 rg BT 158.91 681.60 Td (these ) Tj ET Q q 0 0 0 rg BT 181.96 681.60 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.83 657.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.65 657.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.65 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 83.97 657.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.67 657.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 163.70 657.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 201.06 657.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.63 657.60 Td (18.3 ) Tj ET Q q 0 0 0 rg BT 259.94 657.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.37 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.19 657.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.78 657.60 Td ($490.8 ) Tj ET Q q 0 0 0 rg BT 330.10 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.99 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 360.81 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 402.05 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 657.60 Td ($414.8 ) Tj ET Q q 0 0 0 rg BT 450.97 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.86 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 481.68 657.60 Td (in ) Tj ET Q q 0 0 0 rg BT 491.27 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 505.31 657.60 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (period ) Tj ET Q q 0 0 0 rg BT 77.80 645.60 Td (of ) Tj ET Q q 0 0 0 rg BT 88.89 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 103.86 645.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 126.06 645.60 Td (year) Tj ET Q q 0 0 0 rg BT 142.86 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 148.12 645.60 Td (as ) Tj ET Q q 0 0 0 rg BT 159.21 645.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 186.96 645.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 224.16 645.60 Td (services ) Tj ET Q q 0 0 0 rg BT 259.12 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 276.32 645.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 296.29 645.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 336.81 645.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 375.10 645.60 Td (were ) Tj ET Q q 0 0 0 rg BT 397.29 645.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 433.36 645.60 Td (of) Tj ET Q q 0 0 0 rg BT 441.51 645.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 458.71 645.60 Td (by ) Tj ET Q q 0 0 0 rg BT 471.47 645.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 496.99 645.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 524.74 645.60 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 89.91 633.60 Td (For ) Tj ET Q q 0 0 0 rg BT 106.17 633.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.75 633.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.96 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 140.33 633.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.57 633.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.02 633.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.02 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 249.89 633.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 286.70 633.60 Td (services ) Tj ET Q q 0 0 0 rg BT 321.27 633.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 359.18 633.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 399.30 633.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.45 633.60 Td ($304.7 ) Tj ET Q q 0 0 0 rg BT 439.31 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.21 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 473.07 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 514.87 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.01 633.60 Td ($209.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 621.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.21 621.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.99 621.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.81 621.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.81 621.60 Td (. ) Tj ET Q q 0 0 0 rg BT 116.92 621.60 Td (The ) Tj ET Q q 0 0 0 rg BT 135.29 621.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 170.86 621.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 203.10 621.60 Td (our ) Tj ET Q q 0 0 0 rg BT 219.25 621.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 261.50 621.60 Td (ef) Tj ET Q q 0 0 0 rg BT 269.09 621.60 Td (fort ) Tj ET Q q 0 0 0 rg BT 286.35 621.60 Td (to ) Tj ET Q q 0 0 0 rg BT 296.95 621.60 Td (grow ) Tj ET Q q 0 0 0 rg BT 320.32 621.60 Td (our ) Tj ET Q q 0 0 0 rg BT 336.47 621.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 373.72 621.60 Td (services ) Tj ET Q q 0 0 0 rg BT 408.75 621.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 447.96 621.60 Td (including ) Tj ET Q q 0 0 0 rg BT 488.55 621.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 531.92 621.60 Td (into ) Tj ET Q q 0 0 0 rg BT 550.29 621.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (ener) Tj ET Q q 0 0 0 rg BT 66.53 609.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 79.38 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 96.67 609.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 134.50 609.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 181.81 609.60 Td (sectors ) Tj ET Q q 0 0 0 rg BT 212.43 609.60 Td (over ) Tj ET Q q 0 0 0 rg BT 233.05 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 248.12 609.60 Td (past ) Tj ET Q q 0 0 0 rg BT 267.08 609.60 Td (year) Tj ET Q q 0 0 0 rg BT 283.74 609.60 Td (. ) Tj ET Q q 0 0 0 rg BT 289.09 609.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 307.50 609.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 345.89 609.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 386.50 609.60 Td (more ) Tj ET Q q 0 0 0 rg BT 409.90 609.60 Td (than ) Tj ET Q q 0 0 0 rg BT 429.96 609.60 Td (45 ) Tj ET Q q 0 0 0 rg BT 442.82 609.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 475.09 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 517.37 609.60 Td (to ) Tj ET Q q 0 0 0 rg BT 528.00 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 609.60 Td (prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (year ) Tj ET Q q 0 0 0 rg BT 68.57 597.60 Td (while ) Tj ET Q q 0 0 0 rg BT 92.65 597.60 Td (mer) Tj ET Q q 0 0 0 rg BT 108.02 597.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 126.54 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 142.84 597.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 192.48 597.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 224.33 597.60 Td (was ) Tj ET Q q 0 0 0 rg BT 241.74 597.60 Td (declining, ) Tj ET Q q 0 0 0 rg BT 283.32 597.60 Td (which ) Tj ET Q q 0 0 0 rg BT 309.62 597.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 340.91 597.60 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 388.31 597.60 Td (market ) Tj ET Q q 0 0 0 rg BT 417.94 597.60 Td (share ) Tj ET Q q 0 0 0 rg BT 440.90 597.60 Td (gains. ) Tj ET Q q 0 0 0 rg BT 466.37 597.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 483.78 597.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 502.86 597.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 539.17 597.60 Td (group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (also ) Tj ET Q q 0 0 0 rg BT 68.03 585.60 Td (contributed ) Tj ET Q q 0 0 0 rg BT 116.00 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 126.20 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 140.84 585.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 168.27 585.60 Td (results. ) Tj ET Q q 0 0 0 rg BT 199.12 585.60 Td (W) Tj ET Q q 0 0 0 rg BT 207.76 585.60 Td (e ) Tj ET Q q 0 0 0 rg BT 214.63 585.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.70 585.60 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.70 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 276.12 585.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 326.31 585.60 Td (with ) Tj ET Q q 0 0 0 rg BT 346.51 585.60 Td (an ) Tj ET Q q 0 0 0 rg BT 358.38 585.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 399.66 585.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 441.51 585.60 Td (value ) Tj ET Q q 0 0 0 rg BT 465.59 585.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.35 585.60 Td ($22.3 ) Tj ET Q q 0 0 0 rg BT 501.27 585.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.38 585.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.81 585.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.59 585.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 585.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 585.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.55 573.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.95 573.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.95 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 124.57 573.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 174.96 573.60 Td (with ) Tj ET Q q 0 0 0 rg BT 195.36 573.60 Td (an ) Tj ET Q q 0 0 0 rg BT 207.42 573.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 248.91 573.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 290.96 573.60 Td (value ) Tj ET Q q 0 0 0 rg BT 315.24 573.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.19 573.60 Td ($23.0 ) Tj ET Q q 0 0 0 rg BT 351.31 573.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.43 573.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.05 573.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.83 573.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.45 573.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.45 573.60 Td (. ) Tj ET Q q 0 0 0 rg BT 415.58 573.60 Td (Debt ) Tj ET Q q 0 0 0 rg BT 437.64 573.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 478.02 573.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 516.19 573.60 Td (for ) Tj ET Q q 0 0 0 rg BT 530.47 573.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.31 573.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.95 561.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.60 561.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.60 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 157.17 561.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.16 561.60 Td ($1) Tj ET Q q 0 0 0 rg BT 188.79 561.60 Td (15.0 ) Tj ET Q q 0 0 0 rg BT 208.86 561.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.75 561.60 Td (, ) Tj ET Q q 0 0 0 rg BT 242.82 561.60 Td (an ) Tj ET Q q 0 0 0 rg BT 254.83 561.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 290.15 561.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.05 561.60 Td (26.1 ) Tj ET Q q 0 0 0 rg BT 321.12 561.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.54 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 353.11 561.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 395.10 561.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.45 561.60 Td ($91.2 ) Tj ET Q q 0 0 0 rg BT 440.52 561.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.41 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 471.98 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 482.32 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 497.11 561.60 Td (year) Tj ET Q q 0 0 0 rg BT 514.11 561.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 534.45 561.60 Td (period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (due ) Tj ET Q q 0 0 0 rg BT 66.79 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 77.42 549.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 105.82 549.60 Td (public ) Tj ET Q q 0 0 0 rg BT 133.66 549.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 165.94 549.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 206.82 549.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 225.23 549.60 Td (public ) Tj ET Q q 0 0 0 rg BT 253.07 549.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 285.35 549.60 Td (business ) Tj ET Q q 0 0 0 rg BT 322.09 549.60 Td (benefited ) Tj ET Q q 0 0 0 rg BT 362.14 549.60 Td (from ) Tj ET Q q 0 0 0 rg BT 384.43 549.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 425.03 549.60 Td (new ) Tj ET Q q 0 0 0 rg BT 444.54 549.60 Td (money ) Tj ET Q q 0 0 0 rg BT 474.61 549.60 Td (issuance ) Tj ET Q q 0 0 0 rg BT 511.34 549.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 548.08 549.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (refunding ) Tj ET Q q 0 0 0 rg BT 90.78 537.60 Td (activity) Tj ET Q q 0 0 0 rg BT 120.12 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 125.02 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 135.75 537.60 Td (well ) Tj ET Q q 0 0 0 rg BT 155.36 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 166.09 537.60 Td (market ) Tj ET Q q 0 0 0 rg BT 196.26 537.60 Td (share ) Tj ET Q q 0 0 0 rg BT 219.76 537.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 243.26 537.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 291.20 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 301.38 537.60 Td (our ) Tj ET Q q 0 0 0 rg BT 317.11 537.60 Td (geographic ) Tj ET Q q 0 0 0 rg BT 363.93 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 380.77 537.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 407.05 537.60 Td (expansion. ) Tj ET Q q 0 0 0 rg BT 452.50 537.60 Td (In ) Tj ET Q q 0 0 0 rg BT 463.23 537.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 488.13 537.60 Td (our ) Tj ET Q q 0 0 0 rg BT 503.86 537.60 Td (par ) Tj ET Q q 0 0 0 rg BT 519.02 537.60 Td (value ) Tj ET Q q 0 0 0 rg BT 543.08 537.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 93.19 525.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 135.22 525.60 Td (issuances ) Tj ET Q q 0 0 0 rg BT 175.02 525.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.82 525.60 Td (17.2 ) Tj ET Q q 0 0 0 rg BT 234.36 525.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.78 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 268.32 525.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 309.78 525.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.60 525.60 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 339.14 525.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.56 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 370.60 525.60 Td (for ) Tj ET Q q 0 0 0 rg BT 384.30 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 398.55 525.60 Td (industry) Tj ET Q q 0 0 0 rg BT 430.68 525.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.22 525.60 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.55 525.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.59 525.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.59 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 490.13 525.60 Td (we ) Tj ET Q q 0 0 0 rg BT 503.83 525.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.52 525.60 Td (718) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 93.31 513.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 135.45 513.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 161.50 513.60 Td (with ) Tj ET Q q 0 0 0 rg BT 181.43 513.60 Td (a ) Tj ET Q q 0 0 0 rg BT 188.03 513.60 Td (total ) Tj ET Q q 0 0 0 rg BT 207.96 513.60 Td (par ) Tj ET Q q 0 0 0 rg BT 222.88 513.60 Td (value ) Tj ET Q q 0 0 0 rg BT 246.69 513.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.18 513.60 Td ($16.7 ) Tj ET Q q 0 0 0 rg BT 281.83 513.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.95 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 312.60 513.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 354.18 513.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.12 513.60 Td (707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.12 513.60 Td ( ) Tj ET Q q 0 0 0 rg BT 391.27 513.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 435.08 513.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 477.22 513.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 503.27 513.60 Td (with ) Tj ET Q q 0 0 0 rg BT 523.21 513.60 Td (a ) Tj ET Q q 0 0 0 rg BT 529.80 513.60 Td (total ) Tj ET Q q 0 0 0 rg BT 549.73 513.60 Td (par ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (value ) Tj ET Q q 0 0 0 rg BT 73.50 501.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.18 501.60 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 109.03 501.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.14 501.60 Td ( ) Tj ET Q q 0 0 0 rg BT 137.49 501.60 Td (during ) Tj ET Q q 0 0 0 rg BT 165.95 501.60 Td (the ) Tj ET Q q 0 0 0 rg BT 180.51 501.60 Td (prior) Tj ET Q q 0 0 0 rg BT 199.75 501.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 222.63 501.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 253.03 501.60 Td (For ) Tj ET Q q 0 0 0 rg BT 269.27 501.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.83 501.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.04 501.60 Td ( ) Tj ET Q q 0 0 0 rg BT 303.39 501.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.61 501.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 388.04 501.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.04 501.60 Td (, ) Tj ET Q q 0 0 0 rg BT 412.89 501.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 440.23 501.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 480.34 501.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 518.23 501.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 501.60 Td ($71.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 83.10 489.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.54 489.60 Td (37.8 ) Tj ET Q q 0 0 0 rg BT 127.25 489.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.68 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 158.89 489.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 200.53 489.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 489.60 Td ($1) Tj ET Q q 0 0 0 rg BT 230.15 489.60 Td (14.5 ) Tj ET Q q 0 0 0 rg BT 249.86 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.75 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 280.97 489.60 Td (in ) Tj ET Q q 0 0 0 rg BT 290.96 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 305.39 489.60 Td (prior) Tj ET Q q 0 0 0 rg BT 324.63 489.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 347.38 489.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 377.64 489.60 Td (due ) Tj ET Q q 0 0 0 rg BT 394.29 489.60 Td (to ) Tj ET Q q 0 0 0 rg BT 404.28 489.60 Td (fewer ) Tj ET Q q 0 0 0 rg BT 429.25 489.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 473.12 489.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 523.09 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 539.75 489.60 Td (lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.71 477.60 Td (per ) Tj ET Q q 0 0 0 rg BT 99.04 477.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 147.79 477.60 Td (The ) Tj ET Q q 0 0 0 rg BT 165.90 477.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 193.46 477.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 222.67 477.60 Td (raising ) Tj ET Q q 0 0 0 rg BT 252.45 477.60 Td (business ) Tj ET Q q 0 0 0 rg BT 288.90 477.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 339.76 477.60 Td (challenging ) Tj ET Q q 0 0 0 rg BT 388.98 477.60 Td (market ) Tj ET Q q 0 0 0 rg BT 419.30 477.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 463.53 477.60 Td (for ) Tj ET Q q 0 0 0 rg BT 477.75 477.60 Td (most ) Tj ET Q q 0 0 0 rg BT 499.76 477.60 Td (of ) Tj ET Q q 0 0 0 rg BT 510.66 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 525.44 477.60 Td (year) Tj ET Q q 0 0 0 rg BT 542.09 477.60 Td (. ) Tj ET Q q 0 0 0 rg BT 546.97 477.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (total ) Tj ET Q q 0 0 0 rg BT 69.07 465.60 Td (available ) Tj ET Q q 0 0 0 rg BT 106.95 465.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 120.95 465.60 Td (pool ) Tj ET Q q 0 0 0 rg BT 140.52 465.60 Td (in ) Tj ET Q q 0 0 0 rg BT 150.09 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 164.09 465.60 Td (sub-$2 ) Tj ET Q q 0 0 0 rg BT 193.11 465.60 Td (billion ) Tj ET Q q 0 0 0 rg BT 221.01 465.60 Td (market ) Tj ET Q q 0 0 0 rg BT 250.57 465.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.78 465.60 Td (33 ) Tj ET Q q 0 0 0 rg BT 303.57 465.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.99 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 334.78 465.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.35 465.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.35 465.60 Td (. ) Tj ET Q q 0 0 0 rg BT 368.65 465.60 Td (Contributions ) Tj ET Q q 0 0 0 rg BT 425.44 465.60 Td (from ) Tj ET Q q 0 0 0 rg BT 446.67 465.60 Td (our ) Tj ET Q q 0 0 0 rg BT 461.79 465.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 504.13 465.60 Td (into ) Tj ET Q q 0 0 0 rg BT 521.48 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 535.49 465.60 Td (ener) Tj ET Q q 0 0 0 rg BT 552.52 465.60 Td (gy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.64 453.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.32 453.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 148.47 453.60 Td (sectors ) Tj ET Q q 0 0 0 rg BT 177.93 453.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 212.95 453.60 Td (of) Tj ET Q q 0 0 0 rg BT 221.10 453.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 237.24 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.15 453.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 280.06 453.60 Td (of ) Tj ET Q q 0 0 0 rg BT 290.09 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 304.01 453.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 347.92 453.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 384.03 453.60 Td (in ) Tj ET Q q 0 0 0 rg BT 393.51 453.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 421.85 453.60 Td (raising. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.27 453.60 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 453.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 453.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.30 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 507.50 453.60 Td (we ) Tj ET Q q 0 0 0 rg BT 520.85 453.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 61.67 441.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 88.83 441.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 135.15 441.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.53 441.60 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 189.19 441.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.31 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 217.47 441.60 Td (for ) Tj ET Q q 0 0 0 rg BT 231.30 441.60 Td (our ) Tj ET Q q 0 0 0 rg BT 246.79 441.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 277.56 441.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 319.15 441.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.10 441.60 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.10 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 351.26 441.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 378.42 441.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 424.74 441.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.13 441.60 Td ($17.4 ) Tj ET Q q 0 0 0 rg BT 478.79 441.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.91 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 507.07 441.60 Td (for ) Tj ET Q q 0 0 0 rg BT 520.90 441.60 Td (our ) Tj ET Q q 0 0 0 rg BT 536.39 441.60 Td (clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 429.60 Td (year) Tj ET Q q 0 0 0 rg BT 91.50 429.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 111.77 429.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 99.21 405.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 120.03 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 135.85 405.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 165.55 405.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.47 405.60 Td (comprise ) Tj ET Q q 0 0 0 rg BT 240.50 405.60 Td (all ) Tj ET Q q 0 0 0 rg BT 251.88 405.60 Td (of ) Tj ET Q q 0 0 0 rg BT 261.58 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 405.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 312.10 405.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 352.34 405.60 Td (through ) Tj ET Q q 0 0 0 rg BT 384.83 405.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 414.53 405.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 454.51 405.60 Td (which ) Tj ET Q q 0 0 0 rg BT 480.33 405.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 509.49 405.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 405.60 Td (facilitating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.09 393.60 Td (trades, ) Tj ET Q q 0 0 0 rg BT 116.39 393.60 Td (executing ) Tj ET Q q 0 0 0 rg BT 157.20 393.60 Td (competitive ) Tj ET Q q 0 0 0 rg BT 206.34 393.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 248.26 393.60 Td (underwritings ) Tj ET Q q 0 0 0 rg BT 305.74 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 322.10 393.60 Td (our ) Tj ET Q q 0 0 0 rg BT 337.37 393.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 373.17 393.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 403.43 393.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 441.46 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.17 393.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 493.09 393.60 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 521.41 393.60 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (backed ) Tj ET Q q 0 0 0 rg BT 81.65 381.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 123.24 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 141.51 381.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.12 381.60 Td (government ) Tj ET Q q 0 0 0 rg BT 214.71 381.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 246.86 381.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 290.68 381.60 Td (T) Tj ET Q q 0 0 0 rg BT 296.09 381.60 Td (o ) Tj ET Q q 0 0 0 rg BT 304.92 381.60 Td (assess ) Tj ET Q q 0 0 0 rg BT 333.19 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 349.24 381.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 400.84 381.60 Td (of ) Tj ET Q q 0 0 0 rg BT 413.00 381.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 464.60 381.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 508.41 381.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 550.84 381.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 89.96 369.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 139.34 369.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 180.92 369.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 218.06 369.60 Td (with ) Tj ET Q q 0 0 0 rg BT 237.44 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.26 369.60 Td (net ) Tj ET Q q 0 0 0 rg BT 265.08 369.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.11 369.60 Td (income ) Tj ET Q q 0 0 0 rg BT 327.15 369.60 Td (or ) Tj ET Q q 0 0 0 rg BT 337.08 369.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 370.89 369.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 413.58 369.60 Td (with ) Tj ET Q q 0 0 0 rg BT 432.96 369.60 Td (financing, ) Tj ET Q q 0 0 0 rg BT 474.83 369.60 Td (economically ) Tj ET Q q 0 0 0 rg BT 530.30 369.60 Td (hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.68 357.60 Td (holding ) Tj ET Q q 0 0 0 rg BT 97.98 357.60 Td (long ) Tj ET Q q 0 0 0 rg BT 117.50 357.60 Td (or ) Tj ET Q q 0 0 0 rg BT 127.57 357.60 Td (short ) Tj ET Q q 0 0 0 rg BT 149.31 357.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 189.37 357.60 Td (positions. ) Tj ET Q q 0 0 0 rg BT 229.73 357.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 247.02 357.60 Td (results ) Tj ET Q q 0 0 0 rg BT 274.87 357.60 Td (may ) Tj ET Q q 0 0 0 rg BT 293.83 357.60 Td (vary ) Tj ET Q q 0 0 0 rg BT 313.34 357.60 Td (from ) Tj ET Q q 0 0 0 rg BT 334.52 357.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 364.58 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 374.09 357.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 404.15 357.60 Td (as ) Tj ET Q q 0 0 0 rg BT 414.22 357.60 Td (a ) Tj ET Q q 0 0 0 rg BT 420.40 357.60 Td (result ) Tj ET Q q 0 0 0 rg BT 444.36 357.60 Td (of ) Tj ET Q q 0 0 0 rg BT 454.43 357.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 488.38 357.60 Td (in ) Tj ET Q q 0 0 0 rg BT 497.90 357.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 527.96 357.60 Td (mar) Tj ET Q q 0 0 0 rg BT 543.33 357.60 Td (gins, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.33 345.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 103.93 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 120.87 345.60 Td (losses, ) Tj ET Q q 0 0 0 rg BT 149.76 345.60 Td (net ) Tj ET Q q 0 0 0 rg BT 164.48 345.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.41 345.60 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 231.40 345.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 262.23 345.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 298.62 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 315.55 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 330.27 345.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 358.88 345.60 Td (of ) Tj ET Q q 0 0 0 rg BT 369.71 345.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 419.98 345.60 Td (based ) Tj ET Q q 0 0 0 rg BT 445.25 345.60 Td (on ) Tj ET Q q 0 0 0 rg BT 457.75 345.60 Td (market ) Tj ET Q q 0 0 0 rg BT 488.01 345.60 Td (opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.92 321.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.66 321.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.86 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 100.39 321.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.79 321.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.40 321.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.40 321.60 Td (, ) Tj ET Q q 0 0 0 rg BT 210.42 321.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 260.73 321.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 303.23 321.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 341.29 321.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.57 321.60 Td (3.8 ) Tj ET Q q 0 0 0 rg BT 396.59 321.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.01 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 428.54 321.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.84 321.60 Td ($179.5 ) Tj ET Q q 0 0 0 rg BT 468.87 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.76 321.60 Td (, ) Tj ET Q q 0 0 0 rg BT 502.78 321.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.73 321.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td ($172.9 ) Tj ET Q q 0 0 0 rg BT 80.41 309.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.30 309.60 Td ( ) Tj ET Q q 0 0 0 rg BT 112.71 309.60 Td (in ) Tj ET Q q 0 0 0 rg BT 123.90 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 139.53 309.60 Td (prior) Tj ET Q q 0 0 0 rg BT 158.77 309.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 182.72 309.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 214.17 309.60 Td (as ) Tj ET Q q 0 0 0 rg BT 225.91 309.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 254.87 309.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 283.28 309.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 334.47 309.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 377.85 309.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 416.80 309.60 Td (were ) Tj ET Q q 0 0 0 rg BT 439.64 309.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 476.37 309.60 Td (of) Tj ET Q q 0 0 0 rg BT 484.52 309.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 502.37 309.60 Td (by ) Tj ET Q q 0 0 0 rg BT 515.78 309.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 541.96 309.60 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (income ) Tj ET Q q 0 0 0 rg BT 82.25 297.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 133.35 297.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 176.65 297.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 218.01 297.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 247.99 297.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 299.09 297.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 342.39 297.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 381.24 297.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.99 297.60 Td ($88.0 ) Tj ET Q q 0 0 0 rg BT 429.81 297.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.70 297.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.02 297.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.80 297.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.12 297.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.12 297.60 Td (, ) Tj ET Q q 0 0 0 rg BT 498.94 297.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.26 297.60 Td (12.0 ) Tj ET Q q 0 0 0 rg BT 533.08 297.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.80 285.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.46 285.60 Td ($78.6 ) Tj ET Q q 0 0 0 rg BT 137.84 285.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.74 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 169.62 285.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.28 285.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.28 285.60 Td (. ) Tj ET Q q 0 0 0 rg BT 205.45 285.60 Td (The ) Tj ET Q q 0 0 0 rg BT 223.88 285.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 259.51 285.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 291.82 285.60 Td (our ) Tj ET Q q 0 0 0 rg BT 308.03 285.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 351.46 285.60 Td (into ) Tj ET Q q 0 0 0 rg BT 369.89 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 384.99 285.60 Td (ener) Tj ET Q q 0 0 0 rg BT 402.02 285.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 414.90 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 432.22 285.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 470.08 285.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 517.41 285.60 Td (sectors ) Tj ET Q q 0 0 0 rg BT 548.06 285.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (expanded ) Tj ET Q q 0 0 0 rg BT 89.97 273.60 Td (research ) Tj ET Q q 0 0 0 rg BT 125.44 273.60 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 175.63 273.60 Td (For ) Tj ET Q q 0 0 0 rg BT 191.68 273.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.06 273.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.26 273.60 Td ( ) Tj ET Q q 0 0 0 rg BT 225.42 273.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.46 273.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 309.70 273.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.70 273.60 Td (, ) Tj ET Q q 0 0 0 rg BT 334.36 273.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 357.06 273.60 Td (income ) Tj ET Q q 0 0 0 rg BT 388.66 273.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 438.59 273.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 480.73 273.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 518.42 273.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 273.60 Td ($91.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 261.60 Td (, ) Tj ET Q q 0 0 0 rg BT 83.05 261.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.42 261.60 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 122.08 261.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 261.60 Td ( ) Tj ET Q q 0 0 0 rg BT 153.66 261.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 195.23 261.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.17 261.60 Td ($94.3 ) Tj ET Q q 0 0 0 rg BT 239.82 261.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.71 261.60 Td ( ) Tj ET Q q 0 0 0 rg BT 270.87 261.60 Td (in ) Tj ET Q q 0 0 0 rg BT 280.80 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 295.17 261.60 Td (prior) Tj ET Q q 0 0 0 rg BT 314.41 261.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 337.10 261.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 367.15 261.60 Td (The ) Tj ET Q q 0 0 0 rg BT 384.85 261.60 Td (addition ) Tj ET Q q 0 0 0 rg BT 419.78 261.60 Td (of ) Tj ET Q q 0 0 0 rg BT 430.26 261.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 455.20 261.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 481.14 261.60 Td ( ) Tj ET Q q 0 0 0 rg BT 483.29 261.60 Td (in ) Tj ET Q q 0 0 0 rg BT 493.22 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 507.59 261.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 534.19 261.60 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.91 249.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 83.99 249.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 118.73 249.60 Td (in ) Tj ET Q q 0 0 0 rg BT 129.59 249.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 153.78 249.60 Td (to ) Tj ET Q q 0 0 0 rg BT 164.64 249.60 Td (our ) Tj ET Q q 0 0 0 rg BT 181.05 249.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 220.78 249.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 242.20 249.60 Td (business ) Tj ET Q q 0 0 0 rg BT 279.17 249.60 Td (in ) Tj ET Q q 0 0 0 rg BT 290.03 249.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 315.61 249.60 Td (which ) Tj ET Q q 0 0 0 rg BT 343.13 249.60 Td (were ) Tj ET Q q 0 0 0 rg BT 365.64 249.60 Td (of) Tj ET Q q 0 0 0 rg BT 373.79 249.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 391.31 249.60 Td (by ) Tj ET Q q 0 0 0 rg BT 404.39 249.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 430.24 249.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 461.64 249.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 485.83 249.60 Td (from ) Tj ET Q q 0 0 0 rg BT 508.35 249.60 Td (fewer ) Tj ET Q q 0 0 0 rg BT 534.19 249.60 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 106.50 237.60 Td (Challenging ) Tj ET Q q 0 0 0 rg BT 157.11 237.60 Td (market ) Tj ET Q q 0 0 0 rg BT 186.60 237.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 229.99 237.60 Td (at ) Tj ET Q q 0 0 0 rg BT 238.93 237.60 Td (various ) Tj ET Q q 0 0 0 rg BT 270.10 237.60 Td (times ) Tj ET Q q 0 0 0 rg BT 293.49 237.60 Td (during ) Tj ET Q q 0 0 0 rg BT 321.32 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 335.26 237.60 Td (year ) Tj ET Q q 0 0 0 rg BT 354.20 237.60 Td (negatively ) Tj ET Q q 0 0 0 rg BT 397.57 237.60 Td (impacted ) Tj ET Q q 0 0 0 rg BT 435.95 237.60 Td (our ) Tj ET Q q 0 0 0 rg BT 451.01 237.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 481.06 237.60 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 538.06 237.60 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 83.62 225.60 Td (our ) Tj ET Q q 0 0 0 rg BT 99.42 225.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 139.93 225.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 167.40 225.60 Td (spreads ) Tj ET Q q 0 0 0 rg BT 199.86 225.60 Td (were ) Tj ET Q q 0 0 0 rg BT 221.76 225.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 254.22 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 264.47 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 279.16 225.60 Td (first ) Tj ET Q q 0 0 0 rg BT 297.74 225.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 325.66 225.60 Td (, ) Tj ET Q q 0 0 0 rg BT 330.63 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 347.54 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 362.23 225.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 404.69 225.60 Td (market, ) Tj ET Q q 0 0 0 rg BT 437.43 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 447.68 225.60 Td (which ) Tj ET Q q 0 0 0 rg BT 474.59 225.60 Td (we ) Tj ET Q q 0 0 0 rg BT 488.72 225.60 Td (have ) Tj ET Q q 0 0 0 rg BT 510.07 225.60 Td (a ) Tj ET Q q 0 0 0 rg BT 516.98 225.60 Td (meaningful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (presence, ) Tj ET Q q 0 0 0 rg BT 89.48 213.60 Td (was ) Tj ET Q q 0 0 0 rg BT 107.53 213.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 140.02 213.60 Td (in ) Tj ET Q q 0 0 0 rg BT 150.30 213.60 Td (the ) Tj ET Q q 0 0 0 rg BT 165.01 213.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 191.95 213.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 219.71 213.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 104.66 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 122.06 189.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 175.54 189.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 194.60 189.60 Td (include ) Tj ET Q q 0 0 0 rg BT 227.00 189.60 Td (the ) Tj ET Q q 0 0 0 rg BT 242.17 189.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 261.23 189.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 303.06 189.60 Td (from ) Tj ET Q q 0 0 0 rg BT 325.46 189.60 Td (our ) Tj ET Q q 0 0 0 rg BT 341.75 189.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 381.91 189.60 Td (banking, ) Tj ET Q q 0 0 0 rg BT 419.59 189.60 Td (ener) Tj ET Q q 0 0 0 rg BT 436.61 189.60 Td (gy) Tj ET Q q 0 0 0 rg BT 445.96 189.60 Td (, ) Tj ET Q q 0 0 0 rg BT 451.42 189.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 478.82 189.60 Td (living ) Tj ET Q q 0 0 0 rg BT 505.12 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 522.52 189.60 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 71.81 177.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 96.34 177.60 Td (with ) Tj ET Q q 0 0 0 rg BT 116.43 177.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 147.63 177.60 Td (investors. ) Tj ET Q q 0 0 0 rg BT 188.54 177.60 Td (For ) Tj ET Q q 0 0 0 rg BT 204.74 177.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.27 177.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.48 177.60 Td ( ) Tj ET Q q 0 0 0 rg BT 238.79 177.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.97 177.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 323.37 177.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.37 177.60 Td (, ) Tj ET Q q 0 0 0 rg BT 348.18 177.60 Td (management ) Tj ET Q q 0 0 0 rg BT 401.58 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 418.32 177.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 471.16 177.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 489.56 177.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 177.60 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 531.11 177.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 177.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.54 165.60 Td (37.1 ) Tj ET Q q 0 0 0 rg BT 83.09 165.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.51 165.60 Td ( ) Tj ET Q q 0 0 0 rg BT 115.55 165.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 158.02 165.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.84 165.60 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 199.39 165.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.28 165.60 Td ( ) Tj ET Q q 0 0 0 rg BT 231.32 165.60 Td (in ) Tj ET Q q 0 0 0 rg BT 242.14 165.60 Td (the ) Tj ET Q q 0 0 0 rg BT 257.40 165.60 Td (prior) Tj ET Q q 0 0 0 rg BT 276.64 165.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 300.22 165.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 331.31 165.60 Td (due ) Tj ET Q q 0 0 0 rg BT 348.79 165.60 Td (to ) Tj ET Q q 0 0 0 rg BT 359.62 165.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 409.86 165.60 Td (management ) Tj ET Q q 0 0 0 rg BT 463.99 165.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 483.13 165.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 525.04 165.60 Td (from ) Tj ET Q q 0 0 0 rg BT 547.52 165.60 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.60 Td (ener) Tj ET Q q 0 0 0 rg BT 66.53 153.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 79.21 153.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 106.62 153.60 Td (which ) Tj ET Q q 0 0 0 rg BT 133.74 153.60 Td (we ) Tj ET Q q 0 0 0 rg BT 148.09 153.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 185.20 153.60 Td (with ) Tj ET Q q 0 0 0 rg BT 205.66 153.60 Td (the ) Tj ET Q q 0 0 0 rg BT 220.56 153.60 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 261.04 153.60 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 310.11 153.60 Td (as ) Tj ET Q q 0 0 0 rg BT 321.12 153.60 Td (well ) Tj ET Q q 0 0 0 rg BT 341.02 153.60 Td (as ) Tj ET Q q 0 0 0 rg BT 352.04 153.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 380.27 153.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 433.48 153.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 452.26 153.60 Td (from ) Tj ET Q q 0 0 0 rg BT 474.39 153.60 Td (our ) Tj ET Q q 0 0 0 rg BT 490.40 153.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 530.29 153.60 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.60 Td (fund. ) Tj ET Q q 0 0 0 rg BT 72.45 141.60 Td (These ) Tj ET Q q 0 0 0 rg BT 98.61 141.60 Td (increases ) Tj ET Q q 0 0 0 rg BT 137.54 141.60 Td (were ) Tj ET Q q 0 0 0 rg BT 159.26 141.60 Td (of) Tj ET Q q 0 0 0 rg BT 167.41 141.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 184.13 141.60 Td (by ) Tj ET Q q 0 0 0 rg BT 196.42 141.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 221.47 141.60 Td (management ) Tj ET Q q 0 0 0 rg BT 274.84 141.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 293.23 141.60 Td (from ) Tj ET Q q 0 0 0 rg BT 314.95 141.60 Td (a ) Tj ET Q q 0 0 0 rg BT 321.67 141.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 363.95 141.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 386.23 141.60 Td (fund, ) Tj ET Q q 0 0 0 rg BT 409.35 141.60 Td (which ) Tj ET Q q 0 0 0 rg BT 436.07 141.60 Td (we ) Tj ET Q q 0 0 0 rg BT 450.02 141.60 Td (closed ) Tj ET Q q 0 0 0 rg BT 477.85 141.60 Td (in ) Tj ET Q q 0 0 0 rg BT 487.91 141.60 Td (the ) Tj ET Q q 0 0 0 rg BT 502.42 141.60 Td (third ) Tj ET Q q 0 0 0 rg BT 523.59 141.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.19 141.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.60 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.18 105.60 Td (income ) Tj ET Q q 0 0 0 rg BT 133.85 105.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 172.42 105.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 209.30 105.60 Td (and ) Tj ET Q q 0 0 0 rg BT 228.98 105.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 275.87 105.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 302.22 105.60 Td (and ) Tj ET Q q 0 0 0 rg BT 321.90 105.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 351.03 105.60 Td (on ) Tj ET Q q 0 0 0 rg BT 366.28 105.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 421.79 105.60 Td (including ) Tj ET Q q 0 0 0 rg BT 464.81 105.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 503.94 105.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 554.72 105.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.80 93.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 149.05 93.60 Td (in ) Tj ET Q q 0 0 0 rg BT 159.25 93.60 Td (our ) Tj ET Q q 0 0 0 rg BT 175.00 93.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 214.62 93.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 249.26 93.60 Td (fund, ) Tj ET Q q 0 0 0 rg BT 272.51 93.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 314.92 93.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 337.34 93.60 Td (fund, ) Tj ET Q q 0 0 0 rg BT 360.59 93.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 387.45 93.60 Td (living ) Tj ET Q q 0 0 0 rg BT 413.21 93.60 Td (fund, ) Tj ET Q q 0 0 0 rg BT 436.46 93.60 Td (and ) Tj ET Q q 0 0 0 rg BT 453.32 93.60 Td (other ) Tj ET Q q 0 0 0 rg BT 476.29 93.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 495.92 93.60 Td (investments. ) Tj ET Q q 0 0 0 rg BT 548.62 93.60 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.67 81.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.87 81.60 Td ( ) Tj ET Q q 0 0 0 rg BT 84.83 81.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.65 81.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 170.69 81.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.69 81.60 Td (, ) Tj ET Q q 0 0 0 rg BT 196.14 81.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 242.97 81.60 Td (income ) Tj ET Q q 0 0 0 rg BT 275.35 81.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.86 81.60 Td ($24.8 ) Tj ET Q q 0 0 0 rg BT 319.31 81.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.20 81.60 Td (, ) Tj ET Q q 0 0 0 rg BT 353.65 81.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 396.02 81.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.75 81.60 Td ($24.5 ) Tj ET Q q 0 0 0 rg BT 432.20 81.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.10 81.60 Td ( ) Tj ET Q q 0 0 0 rg BT 464.05 81.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.78 81.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.78 81.60 Td (. ) Tj ET Q q 0 0 0 rg BT 500.23 81.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.51 81.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.51 81.60 Td (, ) Tj ET Q q 0 0 0 rg BT 536.96 81.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 72.90 69.60 Td (on ) Tj ET Q q 0 0 0 rg BT 85.19 69.60 Td (the ) Tj ET Q q 0 0 0 rg BT 99.70 69.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 126.42 69.60 Td (living ) Tj ET Q q 0 0 0 rg BT 152.05 69.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 172.67 69.60 Td (that ) Tj ET Q q 0 0 0 rg BT 189.95 69.60 Td (we ) Tj ET Q q 0 0 0 rg BT 203.90 69.60 Td (manage, ) Tj ET Q q 0 0 0 rg BT 239.79 69.60 Td (as ) Tj ET Q q 0 0 0 rg BT 250.41 69.60 Td (well ) Tj ET Q q 0 0 0 rg BT 269.92 69.60 Td (as ) Tj ET Q q 0 0 0 rg BT 280.54 69.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 308.37 69.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 331.77 69.60 Td (on ) Tj ET Q q 0 0 0 rg BT 344.06 69.60 Td (our ) Tj ET Q q 0 0 0 rg BT 359.68 69.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 379.19 69.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 431.75 69.60 Td (were ) Tj ET Q q 0 0 0 rg BT 453.47 69.60 Td (of) Tj ET Q q 0 0 0 rg BT 461.62 69.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 478.35 69.60 Td (by ) Tj ET Q q 0 0 0 rg BT 490.64 69.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 515.70 69.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 539.09 69.60 Td (in ) Tj ET Q q 0 0 0 rg BT 549.16 69.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 88.91 57.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 123.34 57.60 Td (fund. ) Tj ET Q q 0 0 0 rg BT 146.37 57.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 189.69 57.60 Td (the ) Tj ET Q q 0 0 0 rg BT 204.11 57.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 233.53 57.60 Td (of ) Tj ET Q q 0 0 0 rg BT 244.07 57.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 305.16 57.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 343.19 57.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 378.73 57.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 424.82 57.60 Td (income ) Tj ET Q q 0 0 0 rg BT 456.46 57.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.22 57.60 Td ($14.7 ) Tj ET Q q 0 0 0 rg BT 498.93 57.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.82 57.60 Td ( ) Tj ET Q q 0 0 0 rg BT 530.03 57.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.02 57.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 57.60 Td (.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 94.48 717.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 134.45 717.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.76 717.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 212.19 717.60 Td (represent ) Tj ET Q q 0 0 0 rg BT 251.04 717.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 282.69 717.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 302.12 717.60 Td (on ) Tj ET Q q 0 0 0 rg BT 314.33 717.60 Td (our ) Tj ET Q q 0 0 0 rg BT 329.87 717.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 356.52 717.60 Td (notes. ) Tj ET Q q 0 0 0 rg BT 382.34 717.60 Td (For ) Tj ET Q q 0 0 0 rg BT 398.45 717.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.87 717.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.08 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 432.29 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.38 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 516.68 717.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.68 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 541.39 717.60 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (term ) Tj ET Q q 0 0 0 rg BT 70.19 705.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 110.33 705.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 148.80 705.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 188.92 705.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.07 705.60 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 218.94 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.83 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 252.70 705.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 294.49 705.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.64 705.60 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 324.51 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.40 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 355.77 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 365.92 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 380.51 705.60 Td (prior) Tj ET Q q 0 0 0 rg BT 399.74 705.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 422.65 705.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 453.07 705.60 Td (as ) Tj ET Q q 0 0 0 rg BT 463.77 705.60 Td (we ) Tj ET Q q 0 0 0 rg BT 477.80 705.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 517.92 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 532.51 705.60 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 693.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 109.50 693.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 147.54 693.60 Td (on ) Tj ET Q q 0 0 0 rg BT 160.04 693.60 Td (our ) Tj ET Q q 0 0 0 rg BT 175.87 693.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 202.81 693.60 Td (notes ) Tj ET Q q 0 0 0 rg BT 226.41 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 236.69 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.41 693.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 278.35 693.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 309.16 693.60 Td (of ) Tj ET Q q 0 0 0 rg BT 319.99 693.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 342.49 693.60 Td (from ) Tj ET Q q 0 0 0 rg BT 364.43 693.60 Td ($125 ) Tj ET Q q 0 0 0 rg BT 386.93 693.60 Td (million ) Tj ET Q q 0 0 0 rg BT 418.32 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 428.60 693.60 Td ($175 ) Tj ET Q q 0 0 0 rg BT 451.10 693.60 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.38 669.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 115.14 669.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 150.47 669.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 180.78 669.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 220.54 669.60 Td (mar) Tj ET Q q 0 0 0 rg BT 235.91 669.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 250.68 669.60 Td (for ) Tj ET Q q 0 0 0 rg BT 264.34 669.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.55 669.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.76 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 297.76 669.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.63 669.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 381.71 669.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.71 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 403.71 669.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 445.12 669.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 669.60 Td (6.7 ) Tj ET Q q 0 0 0 rg BT 469.39 669.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.82 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 503.31 669.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.73 669.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (12.9 ) Tj ET Q q 0 0 0 rg BT 69.50 657.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.92 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 101.42 657.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.58 657.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.58 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 140.58 657.60 Td (due ) Tj ET Q q 0 0 0 rg BT 157.52 657.60 Td (to ) Tj ET Q q 0 0 0 rg BT 167.80 657.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 195.85 657.60 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 272.76 657.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 297.21 657.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 335.82 657.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 371.64 657.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 402.46 657.60 Td (operating ) Tj ET Q q 0 0 0 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.33 645.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.33 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 312.77 645.60 Td (a ) Tj ET Q q 0 0 0 rg BT 319.15 645.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 355.51 645.60 Td (in ) Tj ET Q q 0 0 0 rg BT 365.24 645.60 Td (our ) Tj ET Q q 0 0 0 rg BT 380.51 645.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 456.33 645.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 476.60 645.60 Td (was ) Tj ET Q q 0 0 0 rg BT 494.10 645.60 Td (of) Tj ET Q q 0 0 0 rg BT 502.24 645.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 518.63 645.60 Td (by ) Tj ET Q q 0 0 0 rg BT 530.57 645.60 Td (a ) Tj ET Q q 0 0 0 rg BT 536.96 645.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.54 633.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 128.37 633.60 Td (due ) Tj ET Q q 0 0 0 rg BT 145.31 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 155.58 633.60 Td (our ) Tj ET Q q 0 0 0 rg BT 171.41 633.60 Td (mix ) 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196.65 535.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.70 535.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.35 535.18 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 535.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 535.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 535.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.35 535.18 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 524.05 Td (Investment banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 512.05 Td (Financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 500.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 500.05 Td (114,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 500.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 500.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 500.05 Td (114,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 500.05 Td (109,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 500.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 500.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 500.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 500.05 Td (109,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 488.05 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 488.05 Td (91,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 488.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 488.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 488.05 Td (91,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 488.05 Td (63,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 488.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 488.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 488.05 Td (63,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 476.05 Td (Advisory services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 476.05 Td (209,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 476.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 476.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 476.05 Td (209,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 476.05 Td (197,880) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 476.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 476.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 476.05 Td (197,880) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 464.05 Td (Total investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 456.05 Td (banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 455.35 Td (414,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 455.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 455.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 455.35 Td (414,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 455.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 455.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 455.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 455.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 433.05 Td (Institutional sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 425.05 Td (trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 412.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 412.05 Td (78,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 412.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 412.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 412.05 Td (78,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 412.05 Td (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 412.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 412.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 412.05 Td (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 400.05 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 400.05 Td (93,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.80 400.05 Td (816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 400.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 400.05 Td (94,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 400.05 Td (92,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 400.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 400.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 400.05 Td (92,200) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 388.05 Td (Total institutional sales) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 380.05 Td (and trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 379.35 Td (172,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.80 379.35 Td (816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 379.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 379.35 Td (172,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 379.35 Td (174,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 379.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 379.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 379.35 Td (174,411) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 357.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 349.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.75 348.35 Td (4,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 348.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 348.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.75 348.35 Td (4,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 348.35 Td (5,398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 348.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 348.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 348.35 Td (5,398) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 326.05 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 326.05 Td (15,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 326.05 Td (8,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 326.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 326.05 Td (24,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 326.05 Td (8,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 326.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 326.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 326.05 Td (24,046) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 304.05 Td (Long-term financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 296.05 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.10 295.35 Td (\(7,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 295.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 295.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 295.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.10 295.35 Td (\(7,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 295.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 295.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 295.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 295.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 295.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 295.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 295.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 273.05 Td (Net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 273.05 Td (599,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 273.05 Td (9,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 273.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 273.05 Td (609,331) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 273.05 Td (552,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 273.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 273.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 273.05 Td (567,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 251.05 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 251.05 Td (511,241) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 251.05 Td (3,403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.75 251.05 Td (16,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 251.05 Td (530,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 251.05 Td (467,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 251.05 Td (4,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.75 251.05 Td (6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 251.05 Td (478,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 229.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 221.05 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 220.35 Td (88,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 220.35 Td (6,407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.10 220.35 Td (\(16,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.80 220.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 220.35 Td (78,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 220.35 Td (84,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 220.35 Td (11,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.10 220.35 Td (\(6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 220.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 220.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 220.35 Td (89,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 198.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 190.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.75 189.35 Td (14.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 189.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.75 189.35 Td (12.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 189.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 189.35 Td (15.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 189.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 189.35 Td (15.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 189.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 173.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 173.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 173.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 173.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 173.00 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 173.00 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 173.00 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 173.00 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 173.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 173.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 173.00 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 173.00 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 173.00 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 173.00 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 173.00 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 173.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 173.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 173.00 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 173.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 173.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 173.00 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 173.00 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 173.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 173.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 173.00 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 173.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 173.00 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 163.40 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 163.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 163.40 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 163.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 163.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 163.40 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 163.40 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 129.90 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 129.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 129.90 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 129.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 109.90 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 109.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 109.90 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 109.90 70.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 139.89999999999998 m 482 139.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 139.89999999999998 m 493 139.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 139.89999999999998 m 563 139.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 139.89999999999998 m 482 139.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 129.89999999999998 m 482 129.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 139.89999999999998 m 563 139.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 129.89999999999998 m 563 129.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 129.89999999999998 m 482 129.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 129.89999999999998 m 563 129.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 99.89999999999998 m 482 99.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 99.89999999999998 m 563 99.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 99.89999999999998 m 482 99.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 90.89999999999998 m 482 90.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 88.89999999999998 m 482 88.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 99.89999999999998 m 563 99.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 90.89999999999998 m 563 90.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 88.89999999999998 m 563 88.89999999999998 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.30 142.03 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 131.90 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 99.61 131.90 Td (in ) Tj ET Q q 0 0 0 rg BT 107.84 131.90 Td (thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.50 132.03 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 132.03 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 121.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 118.72 121.90 Td (fr) Tj ET Q q 0 0 0 rg BT 123.91 121.90 Td (om ) Tj ET Q q 0 0 0 rg BT 135.54 121.90 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 176.72 121.90 Td (elated ) Tj ET Q q 0 0 0 rg BT 198.12 121.90 Td (agr) Tj ET Q q 0 0 0 rg BT 209.09 121.90 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 121.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 121.90 Td (4,019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 121.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 121.90 Td (3,945) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 111.90 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 116.50 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 130.50 111.90 Td (integration ) Tj ET Q q 0 0 0 rg BT 168.05 111.90 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 111.90 Td (10,652) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.65 111.90 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 101.90 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 114.28 101.90 Td (of ) Tj ET Q q 0 0 0 rg BT 122.50 101.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 156.95 101.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.06 101.90 Td (r) Tj ET Q q 0 0 0 rg BT 180.88 101.90 Td (elated ) Tj ET Q q 0 0 0 rg BT 202.42 101.90 Td (to ) Tj ET Q q 0 0 0 rg BT 210.64 101.90 Td (acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 101.90 Td (1,622) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 101.90 Td (2,972) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 91.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 91.90 Td (16,293) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 91.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 91.90 Td (6,917) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.91 717.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.20 717.60 Td (net ) Tj ET Q q 0 0 0 rg BT 130.94 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 169.00 717.60 Td (on ) Tj ET Q q 0 0 0 rg BT 181.53 717.60 Td (a ) Tj ET Q q 0 0 0 rg BT 188.49 717.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 208.80 717.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 235.65 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 238.18 717.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 260.70 717.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 717.60 Td ($609.3 ) Tj ET Q q 0 0 0 rg BT 312.68 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.57 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 344.09 717.60 Td (for ) Tj ET Q q 0 0 0 rg BT 358.28 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 373.02 717.60 Td (year ) Tj ET Q q 0 0 0 rg BT 392.75 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 477.76 717.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.76 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 502.79 717.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.73 717.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td ($567.8 ) Tj ET Q q 0 0 0 rg BT 80.54 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.43 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 112.96 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 128.16 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 143.91 705.60 Td (year ) Tj ET Q q 0 0 0 rg BT 164.65 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.06 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 251.68 705.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.68 705.60 Td (. ) Tj ET Q q 0 0 0 rg BT 277.72 705.60 Td (For ) Tj ET Q q 0 0 0 rg BT 295.14 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 310.90 705.60 Td (year ) Tj ET Q q 0 0 0 rg BT 331.64 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.05 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 418.67 705.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.67 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 444.71 705.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 477.12 705.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 513.43 705.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 550.29 705.60 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 88.14 693.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.67 693.60 Td ($599.5 ) Tj ET Q q 0 0 0 rg BT 141.28 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.17 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 173.28 693.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 215.80 693.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.69 693.60 Td ($552.1 ) Tj ET Q q 0 0 0 rg BT 267.29 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.18 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 299.29 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 310.17 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 325.49 693.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 348.03 693.60 Td (year) Tj ET Q q 0 0 0 rg BT 364.69 693.60 Td (. ) Tj ET Q q 0 0 0 rg BT 370.07 693.60 Td (The ) Tj ET Q q 0 0 0 rg BT 388.72 693.60 Td (variance ) Tj ET Q q 0 0 0 rg BT 425.69 693.60 Td (explanations ) Tj ET Q q 0 0 0 rg BT 479.33 693.60 Td (for ) Tj ET Q q 0 0 0 rg BT 494.10 693.60 Td (net ) Tj ET Q q 0 0 0 rg BT 509.42 693.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 548.06 693.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 85.33 681.60 Td (net ) Tj ET Q q 0 0 0 rg BT 100.04 681.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 138.08 681.60 Td (are ) Tj ET Q q 0 0 0 rg BT 152.79 681.60 Td (consistent ) Tj ET Q q 0 0 0 rg BT 195.28 681.60 Td (on ) Tj ET Q q 0 0 0 rg BT 207.78 681.60 Td (both ) Tj ET Q q 0 0 0 rg BT 228.06 681.60 Td (a ) Tj ET Q q 0 0 0 rg BT 235.00 681.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 255.28 681.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 282.14 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 284.64 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 301.58 681.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 346.76 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 349.26 681.60 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.59 657.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.59 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 85.86 657.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.50 657.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 167.48 657.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 205.78 657.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.30 657.60 Td (1) Tj ET Q q 0 0 0 rg BT 250.92 657.60 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 266.19 657.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.61 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 298.37 657.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.92 657.60 Td ($414.8 ) Tj ET Q q 0 0 0 rg BT 339.18 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.07 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 370.83 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 413.02 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.56 657.60 Td ($370.6 ) Tj ET Q q 0 0 0 rg BT 463.82 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.71 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 495.48 657.60 Td (in ) Tj ET Q q 0 0 0 rg BT 506.02 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.00 657.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 543.20 657.60 Td (year) Tj ET Q q 0 0 0 rg BT 560.00 657.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (due ) Tj ET Q q 0 0 0 rg BT 66.64 645.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 106.56 645.60 Td (to ) Tj ET Q q 0 0 0 rg BT 117.04 645.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 144.74 645.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 164.66 645.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 205.13 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 222.27 645.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 259.41 645.60 Td (services ) Tj ET Q q 0 0 0 rg BT 294.32 645.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 335.06 645.60 Td (For ) Tj ET Q q 0 0 0 rg BT 351.65 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 366.57 645.60 Td (year ) Tj ET Q q 0 0 0 rg BT 386.48 645.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.06 645.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 471.85 645.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.85 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 497.05 645.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 524.75 645.60 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.07 633.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.53 633.60 Td ($1) Tj ET Q q 0 0 0 rg BT 118.16 633.60 Td (14.5 ) Tj ET Q q 0 0 0 rg BT 137.70 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.59 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 171.12 633.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.15 633.60 Td (4.3 ) Tj ET Q q 0 0 0 rg BT 197.69 633.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.11 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 229.15 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 270.60 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.42 633.60 Td ($109.7 ) Tj ET Q q 0 0 0 rg BT 319.95 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.84 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 350.87 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 360.69 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 374.94 633.60 Td (prior) Tj ET Q q 0 0 0 rg BT 394.18 633.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 416.75 633.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 446.83 633.60 Td (as ) Tj ET Q q 0 0 0 rg BT 457.19 633.60 Td (a ) Tj ET Q q 0 0 0 rg BT 463.66 633.60 Td (result ) Tj ET Q q 0 0 0 rg BT 487.91 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.28 633.60 Td (more ) Tj ET Q q 0 0 0 rg BT 520.86 633.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.48 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 116.14 621.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 148.37 621.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 176.14 621.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 210.00 621.60 Td (per ) Tj ET Q q 0 0 0 rg BT 224.99 621.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 273.42 621.60 Td (W) Tj ET Q q 0 0 0 rg BT 282.06 621.60 Td (e ) Tj ET Q q 0 0 0 rg BT 288.72 621.60 Td (were ) Tj ET Q q 0 0 0 rg BT 310.37 621.60 Td (bookrunner ) Tj ET Q q 0 0 0 rg BT 358.69 621.60 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.91 621.60 Td (70 ) Tj ET Q q 0 0 0 rg BT 383.13 621.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.56 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 414.78 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 425.33 621.60 Td (our ) Tj ET Q q 0 0 0 rg BT 440.88 621.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 490.86 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 500.86 621.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 523.08 621.60 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.06 609.60 Td (52 ) Tj ET Q q 0 0 0 rg BT 72.84 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.26 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 105.04 609.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.60 609.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.60 609.60 Td (. ) Tj ET Q q 0 0 0 rg BT 140.88 609.60 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.00 609.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 197.28 609.60 Td (we ) Tj ET Q q 0 0 0 rg BT 211.72 609.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.15 609.60 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 268.93 609.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 296.70 609.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 343.64 609.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.64 609.60 Td ($17.4 ) Tj ET Q q 0 0 0 rg BT 398.92 609.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.03 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 427.81 609.60 Td (for ) Tj ET Q q 0 0 0 rg BT 442.25 609.60 Td (our ) Tj ET Q q 0 0 0 rg BT 458.36 609.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 489.75 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 531.95 609.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.51 609.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.43 597.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 124.52 597.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.68 597.60 Td ($20.5 ) Tj ET Q q 0 0 0 rg BT 180.12 597.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.23 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 209.17 597.60 Td (for ) Tj ET Q q 0 0 0 rg BT 223.76 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 240.03 597.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 269.07 597.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.79 597.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.79 597.60 Td (. ) Tj ET Q q 0 0 0 rg BT 305.22 597.60 Td (Debt ) Tj ET Q q 0 0 0 rg BT 327.60 597.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 368.30 597.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 406.77 597.60 Td (for ) Tj ET Q q 0 0 0 rg BT 421.37 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 436.52 597.60 Td (year ) Tj ET Q q 0 0 0 rg BT 456.67 597.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.48 597.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 542.50 597.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.06 585.60 Td ($91.2 ) Tj ET Q q 0 0 0 rg BT 95.70 585.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.59 585.60 Td (, ) Tj ET Q q 0 0 0 rg BT 129.23 585.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 585.60 Td (44.7 ) Tj ET Q q 0 0 0 rg BT 161.00 585.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.43 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 192.56 585.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 234.12 585.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.04 585.60 Td ($63.0 ) Tj ET Q q 0 0 0 rg BT 278.67 585.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.56 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 309.70 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 319.61 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 333.97 585.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 355.54 585.60 Td (year) Tj ET Q q 0 0 0 rg BT 372.35 585.60 Td (, ) Tj ET Q q 0 0 0 rg BT 376.99 585.60 Td (due ) Tj ET Q q 0 0 0 rg BT 393.56 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 403.47 585.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 431.16 585.60 Td (public ) Tj ET Q q 0 0 0 rg BT 458.29 585.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 489.85 585.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 527.52 585.60 Td (resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (from ) Tj ET Q q 0 0 0 rg BT 72.60 573.60 Td (market-wide ) Tj ET Q q 0 0 0 rg BT 126.79 573.60 Td (increases ) Tj ET Q q 0 0 0 rg BT 167.10 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 178.53 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 194.41 573.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 228.06 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 240.05 573.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 283.70 573.60 Td (issuances ) Tj ET Q q 0 0 0 rg BT 325.13 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 336.57 573.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 362.73 573.60 Td (as ) Tj ET Q q 0 0 0 rg BT 374.72 573.60 Td (well ) Tj ET Q q 0 0 0 rg BT 395.60 573.60 Td (as ) Tj ET Q q 0 0 0 rg BT 407.59 573.60 Td (market ) Tj ET Q q 0 0 0 rg BT 439.01 573.60 Td (share ) Tj ET Q q 0 0 0 rg BT 463.77 573.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 488.54 573.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 537.73 573.60 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 573.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (geographic ) Tj ET Q q 0 0 0 rg BT 95.96 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 112.43 561.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 138.34 561.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 180.92 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 197.39 561.60 Td (product ) Tj ET Q q 0 0 0 rg BT 229.97 561.60 Td (diversification. ) Tj ET Q q 0 0 0 rg BT 292.27 561.60 Td (In ) Tj ET Q q 0 0 0 rg BT 302.63 561.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 327.16 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 342.53 561.60 Td (par ) Tj ET Q q 0 0 0 rg BT 357.33 561.60 Td (value ) Tj ET Q q 0 0 0 rg BT 381.02 561.60 Td (from ) Tj ET Q q 0 0 0 rg BT 402.49 561.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 446.17 561.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 465.43 561.60 Td (issuances ) Tj ET Q q 0 0 0 rg BT 505.23 561.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.02 561.60 Td (49.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.92 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 84.11 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 126.22 549.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.68 549.60 Td (18.7 ) Tj ET Q q 0 0 0 rg BT 156.87 549.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.29 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 188.98 549.60 Td (for ) Tj ET Q q 0 0 0 rg BT 203.32 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 218.23 549.60 Td (industry) Tj ET Q q 0 0 0 rg BT 250.35 549.60 Td (. ) Tj ET Q q 0 0 0 rg BT 255.54 549.60 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.56 549.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.56 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 311.74 549.60 Td (we ) Tj ET Q q 0 0 0 rg BT 326.09 549.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.42 549.60 Td (707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.42 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 388.11 549.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 432.44 549.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 475.12 549.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 501.70 549.60 Td (with ) Tj ET Q q 0 0 0 rg BT 522.16 549.60 Td (a ) Tj ET Q q 0 0 0 rg BT 529.29 549.60 Td (total ) Tj ET Q q 0 0 0 rg BT 549.74 549.60 Td (par ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (value ) Tj ET Q q 0 0 0 rg BT 73.68 537.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.54 537.60 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 109.57 537.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.68 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 140.71 537.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 182.66 537.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.97 537.60 Td (485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.97 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 220.50 537.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 264.68 537.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 307.20 537.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 333.62 537.60 Td (with ) Tj ET Q q 0 0 0 rg BT 353.92 537.60 Td (a ) Tj ET Q q 0 0 0 rg BT 360.89 537.60 Td (total ) Tj ET Q q 0 0 0 rg BT 381.19 537.60 Td (par ) Tj ET Q q 0 0 0 rg BT 396.49 537.60 Td (value ) Tj ET Q q 0 0 0 rg BT 420.67 537.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.53 537.60 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 451.56 537.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.67 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 480.20 537.60 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.84 537.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.84 537.60 Td (. ) Tj ET Q q 0 0 0 rg BT 533.87 537.60 Td (For ) Tj ET Q q 0 0 0 rg BT 550.29 537.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (year ) Tj ET Q q 0 0 0 rg BT 69.39 525.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.94 525.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 154.70 525.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.70 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 179.88 525.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 217.00 525.60 Td (services ) Tj ET Q q 0 0 0 rg BT 251.88 525.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 290.10 525.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 330.53 525.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.99 525.60 Td ($209.2 ) Tj ET Q q 0 0 0 rg BT 371.17 525.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.06 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 405.23 525.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 447.34 525.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.79 525.60 Td ($197.9 ) Tj ET Q q 0 0 0 rg BT 497.97 525.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.86 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 529.54 525.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 525.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 525.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (due ) Tj ET Q q 0 0 0 rg BT 66.30 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 76.44 513.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 116.56 513.60 Td (mer) Tj ET Q q 0 0 0 rg BT 131.93 513.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 150.95 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 167.75 513.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 217.89 513.60 Td (services ) Tj ET Q q 0 0 0 rg BT 252.46 513.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 290.36 513.60 Td (from ) Tj ET Q q 0 0 0 rg BT 312.16 513.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 340.07 513.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 374.08 513.60 Td (per ) Tj ET Q q 0 0 0 rg BT 389.21 513.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 437.95 513.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 455.86 513.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 492.10 513.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 516.12 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 526.26 513.60 Td (grow ) Tj ET Q q 0 0 0 rg BT 549.18 513.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (mer) Tj ET Q q 0 0 0 rg BT 64.87 501.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 84.03 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 100.97 501.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 151.24 501.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 191.50 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 201.78 501.60 Td (the ) Tj ET Q q 0 0 0 rg BT 216.50 501.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 246.78 501.60 Td (market ) Tj ET Q q 0 0 0 rg BT 277.04 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 293.98 501.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 335.92 501.60 Td (leadership ) Tj ET Q q 0 0 0 rg BT 379.51 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 389.79 501.60 Td (the ) Tj ET Q q 0 0 0 rg BT 404.51 501.60 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 448.09 501.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 474.47 501.60 Td (has ) Tj ET Q q 0 0 0 rg BT 490.30 501.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 524.46 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 534.74 501.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (share ) Tj ET Q q 0 0 0 rg BT 72.57 489.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 95.65 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 112.06 489.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 151.79 489.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 191.66 489.60 Td (W) Tj ET Q q 0 0 0 rg BT 200.29 489.60 Td (e ) Tj ET Q q 0 0 0 rg BT 206.71 489.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.33 489.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.33 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 262.30 489.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 312.04 489.60 Td (with ) Tj ET Q q 0 0 0 rg BT 331.79 489.60 Td (an ) Tj ET Q q 0 0 0 rg BT 343.20 489.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 384.04 489.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 425.43 489.60 Td (value ) Tj ET Q q 0 0 0 rg BT 449.06 489.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.36 489.60 Td ($23.0 ) Tj ET Q q 0 0 0 rg BT 483.83 489.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.95 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 511.92 489.60 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 489.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 489.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.42 477.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.70 477.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.70 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 124.20 477.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 174.47 477.60 Td (with ) Tj ET Q q 0 0 0 rg BT 194.74 477.60 Td (an ) Tj ET Q q 0 0 0 rg BT 206.68 477.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 248.04 477.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 289.97 477.60 Td (value ) Tj ET Q q 0 0 0 rg BT 314.12 477.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.95 477.60 Td ($14.7 ) Tj ET Q q 0 0 0 rg BT 349.95 477.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.07 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 378.57 477.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.85 477.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.85 477.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.72 453.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 84.10 453.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 133.77 453.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 175.63 453.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 213.05 453.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 254.35 453.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 286.24 453.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.91 453.60 Td ($172.9 ) Tj ET Q q 0 0 0 rg BT 325.29 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.19 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 358.57 453.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 399.88 453.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.55 453.60 Td ($174.4 ) Tj ET Q q 0 0 0 rg BT 448.93 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.82 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 479.71 453.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.38 453.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.38 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 513.76 453.60 Td (due ) Tj ET Q q 0 0 0 rg BT 530.09 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 539.75 453.60 Td (lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 75.96 441.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 125.21 441.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 166.65 441.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 206.16 441.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 240.94 441.60 Td (of) Tj ET Q q 0 0 0 rg BT 249.09 441.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 265.00 441.60 Td (by ) Tj ET Q q 0 0 0 rg BT 276.47 441.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 303.48 441.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 325.49 441.60 Td (income ) Tj ET Q q 0 0 0 rg BT 356.39 441.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 405.64 441.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 447.08 441.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 486.59 441.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 514.72 441.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 91.10 429.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 128.25 429.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.30 429.60 Td ($78.6 ) Tj ET Q q 0 0 0 rg BT 173.42 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.31 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 203.93 429.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.33 429.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.33 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 237.45 429.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.29 429.60 Td (4.4 ) Tj ET Q q 0 0 0 rg BT 275.41 429.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.84 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 306.46 429.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 347.50 429.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.90 429.60 Td ($82.2 ) Tj ET Q q 0 0 0 rg BT 391.02 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.91 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 421.53 429.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.93 429.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.93 429.60 Td (. ) Tj ET Q q 0 0 0 rg BT 454.93 429.60 Td (The ) Tj ET Q q 0 0 0 rg BT 472.10 429.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 508.13 429.60 Td (was ) Tj ET Q q 0 0 0 rg BT 525.31 429.60 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (due ) Tj ET Q q 0 0 0 rg BT 66.60 417.60 Td (to ) Tj ET Q q 0 0 0 rg BT 77.03 417.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 102.46 417.60 Td (client ) Tj ET Q q 0 0 0 rg BT 127.33 417.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 158.32 417.60 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 197.36 417.60 Td (of) Tj ET Q q 0 0 0 rg BT 205.51 417.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 222.61 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 233.04 417.60 Td (part ) Tj ET Q q 0 0 0 rg BT 251.25 417.60 Td (by ) Tj ET Q q 0 0 0 rg BT 263.91 417.60 Td (contributions ) Tj ET Q q 0 0 0 rg BT 319.34 417.60 Td (from ) Tj ET Q q 0 0 0 rg BT 341.44 417.60 Td (our ) Tj ET Q q 0 0 0 rg BT 357.43 417.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.07 417.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 442.18 417.60 Td (group ) Tj ET Q q 0 0 0 rg BT 468.17 417.60 Td (expansion. ) Tj ET Q q 0 0 0 rg BT 513.87 417.60 Td (For ) Tj ET Q q 0 0 0 rg BT 530.42 417.60 Td (the ) Tj ET Q q 0 0 0 rg BT 545.30 417.60 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.33 405.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 135.36 405.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.36 405.60 Td (, ) Tj ET Q q 0 0 0 rg BT 160.81 405.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 184.30 405.60 Td (income ) Tj ET Q q 0 0 0 rg BT 216.69 405.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 267.42 405.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 310.34 405.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 348.83 405.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.20 405.60 Td ($94.3 ) Tj ET Q q 0 0 0 rg BT 396.65 405.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.54 405.60 Td (, ) Tj ET Q q 0 0 0 rg BT 430.99 405.60 Td (up ) Tj ET Q q 0 0 0 rg BT 443.94 405.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 476.90 405.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.27 405.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 405.60 Td ($92.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.49 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 90.37 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.69 393.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 126.23 393.60 Td (year) Tj ET Q q 0 0 0 rg BT 143.04 393.60 Td (, ) Tj ET Q q 0 0 0 rg BT 147.64 393.60 Td (as ) Tj ET Q q 0 0 0 rg BT 158.07 393.60 Td (a ) Tj ET Q q 0 0 0 rg BT 164.61 393.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 195.59 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 205.47 393.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 241.44 393.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 271.87 393.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 309.51 393.60 Td (was ) Tj ET Q q 0 0 0 rg BT 327.16 393.60 Td (more ) Tj ET Q q 0 0 0 rg BT 349.81 393.60 Td (than ) Tj ET Q q 0 0 0 rg BT 369.13 393.60 Td (of) Tj ET Q q 0 0 0 rg BT 377.28 393.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 393.82 393.60 Td (by ) Tj ET Q q 0 0 0 rg BT 405.92 393.60 Td (solid ) Tj ET Q q 0 0 0 rg BT 427.47 393.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 480.10 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 489.98 393.60 Td (our ) Tj ET Q q 0 0 0 rg BT 505.41 393.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 544.17 393.60 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (business ) Tj ET Q q 0 0 0 rg BT 85.89 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 102.83 381.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 152.53 381.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 190.56 381.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 234.16 381.60 Td (with ) Tj ET Q q 0 0 0 rg BT 254.44 381.60 Td (our ) Tj ET Q q 0 0 0 rg BT 270.27 381.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 316.65 381.60 Td (of ) Tj ET Q q 0 0 0 rg BT 327.48 381.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 352.76 381.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 378.13 381.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.77 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.36 357.60 Td (year ) Tj ET Q q 0 0 0 rg BT 99.95 357.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.20 357.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.66 357.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.66 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 209.54 357.60 Td (management ) Tj ET Q q 0 0 0 rg BT 263.00 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 279.82 357.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 332.72 357.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 351.19 357.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 357.60 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 392.88 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.77 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 426.65 357.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.24 357.60 Td (14.0 ) Tj ET Q q 0 0 0 rg BT 471.12 357.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.54 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 502.92 357.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.72 357.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 69.92 345.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.81 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 101.73 345.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.42 345.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.42 345.60 Td (, ) Tj ET Q q 0 0 0 rg BT 137.84 345.60 Td (due ) Tj ET Q q 0 0 0 rg BT 155.20 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 165.89 345.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 208.22 345.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 261.66 345.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 280.68 345.60 Td (from ) Tj ET Q q 0 0 0 rg BT 303.04 345.60 Td (our ) Tj ET Q q 0 0 0 rg BT 319.28 345.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 362.19 345.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 385.11 345.60 Td (fund, ) Tj ET Q q 0 0 0 rg BT 408.86 345.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 445.09 345.60 Td (of) Tj ET Q q 0 0 0 rg BT 453.24 345.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 470.60 345.60 Td (by ) Tj ET Q q 0 0 0 rg BT 483.52 345.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 511.98 345.60 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 67.44 333.60 Td (from ) Tj ET Q q 0 0 0 rg BT 88.72 333.60 Td (our ) Tj ET Q q 0 0 0 rg BT 103.90 333.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 142.94 333.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 177.00 333.60 Td (fund. ) Tj ET Q q 0 0 0 rg BT 199.68 333.60 Td (In ) Tj ET Q q 0 0 0 rg BT 209.85 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 223.91 333.60 Td (third ) Tj ET Q q 0 0 0 rg BT 244.64 333.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 274.80 333.60 Td (of ) Tj ET Q q 0 0 0 rg BT 284.97 333.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 309.31 333.60 Td (we ) Tj ET Q q 0 0 0 rg BT 322.82 333.60 Td (closed ) Tj ET Q q 0 0 0 rg BT 350.21 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 364.27 333.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 406.10 333.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 427.94 333.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 448.12 333.60 Td (and ) Tj ET Q q 0 0 0 rg BT 464.40 333.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 507.89 333.60 Td (its ) Tj ET Q q 0 0 0 rg BT 519.19 333.60 Td (liquidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 321.60 Td (October ) Tj ET Q q 0 0 0 rg BT 94.49 321.60 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.19 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 81.20 297.60 Td (year ) Tj ET Q q 0 0 0 rg BT 101.20 297.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.87 297.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.75 297.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.75 297.60 Td (, ) Tj ET Q q 0 0 0 rg BT 212.05 297.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 258.73 297.60 Td (income ) Tj ET Q q 0 0 0 rg BT 290.96 297.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.30 297.60 Td ($24.5 ) Tj ET Q q 0 0 0 rg BT 334.60 297.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.49 297.60 Td (, ) Tj ET Q q 0 0 0 rg BT 368.78 297.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 411.00 297.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.58 297.60 Td ($24.0 ) Tj ET Q q 0 0 0 rg BT 446.87 297.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.76 297.60 Td ( ) Tj ET Q q 0 0 0 rg BT 478.56 297.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.13 297.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.13 297.60 Td (. ) Tj ET Q q 0 0 0 rg BT 514.43 297.60 Td (In ) Tj ET Q q 0 0 0 rg BT 525.55 297.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 550.85 297.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.71 285.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 116.48 285.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 140.82 285.60 Td (on ) Tj ET Q q 0 0 0 rg BT 154.05 285.60 Td (our ) Tj ET Q q 0 0 0 rg BT 170.61 285.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 211.04 285.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 246.49 285.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 288.32 285.60 Td (which ) Tj ET Q q 0 0 0 rg BT 315.99 285.60 Td (were ) Tj ET Q q 0 0 0 rg BT 338.65 285.60 Td (of) Tj ET Q q 0 0 0 rg BT 346.79 285.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 364.46 285.60 Td (by ) Tj ET Q q 0 0 0 rg BT 377.69 285.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 403.69 285.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 428.03 285.60 Td (on ) Tj ET Q q 0 0 0 rg BT 441.26 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 456.71 285.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 499.93 285.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 523.16 285.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 544.72 285.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 81.97 273.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 121.66 273.60 Td (that ) Tj ET Q q 0 0 0 rg BT 140.23 273.60 Td (we ) Tj ET Q q 0 0 0 rg BT 155.48 273.60 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 199.05 273.60 Td (in ) Tj ET Q q 0 0 0 rg BT 210.41 273.60 Td (the ) Tj ET Q q 0 0 0 rg BT 226.21 273.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 254.23 273.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 286.12 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 298.04 273.60 Td (2015. ) Tj ET Q q 0 0 0 rg BT 324.12 273.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 368.80 273.60 Td (the ) Tj ET Q q 0 0 0 rg BT 384.60 273.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 415.39 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 427.31 273.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 489.77 273.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 529.18 273.60 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.88 261.60 Td (income ) Tj ET Q q 0 0 0 rg BT 127.82 261.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.87 261.60 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 170.87 261.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.76 261.60 Td ( ) Tj ET Q q 0 0 0 rg BT 202.26 261.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.54 261.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.54 261.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.44 237.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.44 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 85.55 237.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 127.59 237.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 167.96 237.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 206.67 237.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 247.03 237.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.42 237.60 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 277.53 237.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.42 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 311.53 237.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 353.56 237.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.95 237.60 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 384.06 237.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.95 237.60 Td ( ) Tj ET Q q 0 0 0 rg BT 415.56 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 425.95 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 440.77 237.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 462.82 237.60 Td (year) Tj ET Q q 0 0 0 rg BT 479.63 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 484.73 237.60 Td (as ) Tj ET Q q 0 0 0 rg BT 495.67 237.60 Td (we ) Tj ET Q q 0 0 0 rg BT 509.94 237.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 550.31 237.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 225.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 141.99 225.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 180.03 225.60 Td (on ) Tj ET Q q 0 0 0 rg BT 192.53 225.60 Td (our ) Tj ET Q q 0 0 0 rg BT 208.36 225.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 235.30 225.60 Td (notes ) Tj ET Q q 0 0 0 rg BT 258.91 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 269.19 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 283.90 225.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 310.84 225.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 341.66 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 352.49 225.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 374.99 225.60 Td (from ) Tj ET Q q 0 0 0 rg BT 396.93 225.60 Td ($125 ) Tj ET Q q 0 0 0 rg BT 419.43 225.60 Td (million ) Tj ET Q q 0 0 0 rg BT 450.82 225.60 Td (to ) Tj ET Q q 0 0 0 rg BT 461.10 225.60 Td ($175 ) Tj ET Q q 0 0 0 rg BT 483.60 225.60 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 81.75 201.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 117.88 201.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 154.58 201.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 186.26 201.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 227.39 201.60 Td (mar) Tj ET Q q 0 0 0 rg BT 242.75 201.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 258.90 201.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.93 201.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.93 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 297.29 201.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 340.07 201.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.22 201.60 Td (12.9 ) Tj ET Q q 0 0 0 rg BT 372.09 201.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.51 201.60 Td (, ) Tj ET Q q 0 0 0 rg BT 407.38 201.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 450.17 201.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.31 201.60 Td (15.7 ) Tj ET Q q 0 0 0 rg BT 492.18 201.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.60 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 524.97 201.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 201.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 201.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.44 189.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 122.60 189.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 152.74 189.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 192.34 189.60 Td (mar) Tj ET Q q 0 0 0 rg BT 207.70 189.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 222.31 189.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.80 189.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.80 189.60 Td ( ) Tj ET Q q 0 0 0 rg BT 257.63 189.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 298.88 189.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.49 189.60 Td (14.7 ) Tj ET Q q 0 0 0 rg BT 327.82 189.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.24 189.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.58 189.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 402.83 189.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.44 189.60 Td (15.4 ) Tj ET Q q 0 0 0 rg BT 441.77 189.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.19 189.60 Td ( ) Tj ET Q q 0 0 0 rg BT 473.03 189.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.52 189.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.52 189.60 Td (. ) Tj ET Q q 0 0 0 rg BT 510.72 189.60 Td (The ) Tj ET Q q 0 0 0 rg BT 528.09 189.60 Td (decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.75 177.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 90.53 177.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 130.77 177.60 Td (mar) Tj ET Q q 0 0 0 rg BT 146.13 177.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 161.38 177.60 Td (was ) Tj ET Q q 0 0 0 rg BT 179.40 177.60 Td (due ) Tj ET Q q 0 0 0 rg BT 196.31 177.60 Td (to ) Tj ET Q q 0 0 0 rg BT 206.56 177.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 234.58 177.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 310.92 177.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 349.49 177.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 386.95 177.60 Td (from ) Tj ET Q q 0 0 0 rg BT 408.86 177.60 Td (a ) Tj ET Q q 0 0 0 rg BT 415.77 177.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 437.67 177.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 481.24 177.60 Td (as ) Tj ET Q q 0 0 0 rg BT 492.04 177.60 Td (well ) Tj ET Q q 0 0 0 rg BT 511.72 177.60 Td (as ) Tj ET Q q 0 0 0 rg BT 522.52 177.60 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.10 165.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 131.69 165.60 Td (with ) Tj ET Q q 0 0 0 rg BT 151.97 165.60 Td (our ) Tj ET Q q 0 0 0 rg BT 167.80 165.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 218.07 165.60 Td (of ) Tj ET Q q 0 0 0 rg BT 228.90 165.60 Td (River ) Tj ET Q q 0 0 0 rg BT 253.62 165.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 285.00 165.60 Td (and ) Tj ET Q q 0 0 0 rg BT 301.94 165.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 327.22 165.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 353.15 165.60 Td ( ) Tj ET Q q 0 0 0 rg BT 355.65 165.60 Td (and ) Tj ET Q q 0 0 0 rg BT 372.59 165.60 Td (our ) Tj ET Q q 0 0 0 rg BT 388.42 165.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.90 165.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 472.85 165.60 Td (group ) Tj ET Q q 0 0 0 rg BT 498.68 165.60 Td (expansion. ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (42) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (Asset Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 693.60 Td (following ) Tj ET Q q 0 0 0 rg BT 110.73 693.60 Td (table ) Tj ET Q q 0 0 0 rg BT 133.57 693.60 Td (sets ) Tj ET Q q 0 0 0 rg BT 151.97 693.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 174.81 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 189.67 693.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 215.29 693.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 270.90 693.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 307.62 693.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.00 693.60 Td (results ) Tj ET Q q 0 0 0 rg BT 375.51 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 393.35 693.60 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 444.52 693.60 Td (necessary ) Tj ET Q q 0 0 0 rg BT 486.79 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 497.97 693.60 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 538.01 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 693.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.54 681.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 122.83 681.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 149.68 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 152.18 681.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 183.00 681.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.26 681.60 Td (income ) Tj ET Q q 0 0 0 rg BT 255.19 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 272.13 681.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 302.95 681.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 343.21 681.60 Td (mar) Tj ET Q q 0 0 0 rg BT 358.58 681.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 373.86 681.60 Td (for ) Tj ET Q q 0 0 0 rg BT 388.02 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 402.73 681.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 434.67 681.60 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 617.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 617.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 617.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 617.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 617.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 617.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 617.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 617.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 617.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 617.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 617.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 617.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 617.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 617.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 617.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 617.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 597.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 597.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 597.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 597.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 597.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 597.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 597.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 597.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 597.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 597.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 597.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 597.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 597.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 597.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 597.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 597.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 576.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 576.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 576.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 576.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 576.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 576.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 576.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 576.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 576.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 576.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 576.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 576.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 576.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 576.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 576.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 576.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 556.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 556.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 556.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 556.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 556.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 556.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 556.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 556.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 556.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 556.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 556.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 556.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 556.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 556.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 556.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 556.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 536.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 536.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 536.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 536.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 536.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 536.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 536.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 536.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 536.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 536.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 536.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 536.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 536.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 536.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 536.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 536.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 516.10 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 516.10 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 516.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 516.10 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 516.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 516.10 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 516.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 516.10 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 516.10 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 516.10 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 516.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 516.10 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 516.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 516.10 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 516.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 516.10 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 487.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 487.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 487.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 487.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 487.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 487.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 487.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 487.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 487.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 487.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 487.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 487.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 487.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 487.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 487.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 487.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 467.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 467.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 467.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 467.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 467.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 467.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 467.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 467.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 467.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 467.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 467.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 467.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 467.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 467.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 467.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 467.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 447.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 447.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 447.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 447.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 447.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 447.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 447.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 447.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 447.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 447.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 447.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 447.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 447.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 447.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 447.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 447.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 427.10 86.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 427.10 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 427.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 427.10 58.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 427.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 427.10 50.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 427.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 427.10 46.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 427.10 5.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 427.10 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 427.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 427.10 58.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 427.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 427.10 50.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 427.10 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 427.10 46.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 389.10 86.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 389.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 389.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 389.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 389.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 389.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 389.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 389.10 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 389.10 5.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 389.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 389.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 389.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 389.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 389.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 389.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 389.10 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 358.10 86.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 358.10 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 358.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 358.10 58.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 358.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 358.10 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 358.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 358.10 46.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 358.10 5.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 358.10 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 358.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 358.10 58.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 358.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 358.10 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 358.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 358.10 46.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 658.1 m 180 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 658.1 m 184 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 658.1 m 242 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 658.1 m 246 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 658.1 m 296 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 658.1 m 300 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 658.1 m 346 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 658.1 m 351 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 658.1 m 396 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 658.1 m 400 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 658.1 m 458 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 658.1 m 462 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 658.1 m 512 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 658.1 m 516 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 658.1 m 562 658.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 648.1 m 180 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 648.1 m 184 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 648.1 m 242 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 648.1 m 246 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 648.1 m 296 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 648.1 m 300 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 648.1 m 346 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 648.1 m 396 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 648.1 m 400 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 648.1 m 458 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 648.1 m 462 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 648.1 m 512 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 648.1 m 516 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 648.1 m 562 648.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 637.1 m 242 637.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 637.1 m 246 637.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 637.1 m 296 637.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 637.1 m 458 637.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 637.1 m 462 637.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 637.1 m 512 637.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 617.1 m 180 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 617.1 m 242 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 617.1 m 296 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 617.1 m 346 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 617.1 m 396 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 617.1 m 458 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 617.1 m 512 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 617.1 m 562 617.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 587.1 m 180 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 587.1 m 242 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 587.1 m 296 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 587.1 m 346 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 587.1 m 396 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 587.1 m 458 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 587.1 m 512 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 587.1 m 562 587.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 536.1 m 180 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 536.1 m 242 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 536.1 m 296 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 536.1 m 346 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 536.1 m 396 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 536.1 m 458 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 536.1 m 512 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 536.1 m 562 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 536.1 m 180 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 536.1 m 242 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 536.1 m 296 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 536.1 m 346 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 536.1 m 396 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 536.1 m 458 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 536.1 m 512 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 536.1 m 562 536.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 477.1 m 180 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 477.1 m 242 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 477.1 m 296 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 477.1 m 346 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 477.1 m 396 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 477.1 m 458 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 477.1 m 512 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 477.1 m 562 477.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 437.1 m 180 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 437.1 m 242 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 437.1 m 296 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 437.1 m 346 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 437.1 m 396 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 437.1 m 458 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 437.1 m 512 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 437.1 m 562 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 400.1 m 180 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 398.1 m 180 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 400.1 m 242 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 398.1 m 242 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 400.1 m 296 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 398.1 m 296 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 400.1 m 346 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 398.1 m 346 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 400.1 m 396 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 398.1 m 396 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 400.1 m 458 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 398.1 m 458 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 400.1 m 512 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 398.1 m 512 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 400.1 m 562 400.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 398.1 m 562 398.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.70 660.23 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.00 650.23 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 650.23 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.05 640.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.05 640.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.25 629.23 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.75 629.23 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.35 629.23 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.35 629.23 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.25 629.23 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.75 629.23 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.35 629.23 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.35 629.23 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 619.10 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.40 619.23 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.65 619.23 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.70 619.23 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.35 619.23 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 619.23 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 619.23 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 619.23 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.35 619.23 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 609.10 Td (Management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 599.10 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 599.10 Td (28,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 599.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 599.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.10 599.10 Td (28,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 599.10 Td (38,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 599.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 599.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 599.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 599.10 Td (38,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 589.10 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 589.10 Td (25,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 589.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 589.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.10 589.10 Td (25,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 589.10 Td (31,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 589.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 589.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 589.10 Td (31,918) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 579.05 Td (Total management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 579.05 Td (53,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.10 579.05 Td (53,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 579.05 Td (70,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 579.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 579.05 Td (70,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 558.10 Td (Performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 548.10 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.75 548.10 Td (584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.15 548.10 Td (584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 548.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 548.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 548.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.75 548.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 538.10 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.80 538.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.15 538.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 538.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 538.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 538.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 538.10 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 528.10 Td (Total performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.75 528.10 Td (584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 528.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 528.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.15 528.10 Td (584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 528.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 528.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 528.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.75 528.10 Td (208) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 508.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 500.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 501.35 Td (54,309) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 501.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 501.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.10 501.35 Td (54,309) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 501.35 Td (70,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 501.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 501.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 501.35 Td (70,375) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 479.10 Td (Investment income/\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.75 479.10 Td (736) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 479.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 479.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.15 479.10 Td (736) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 479.10 Td (\(6,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 479.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 479.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 479.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 479.10 Td (\(6,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 479.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 459.10 Td (Total net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 459.10 Td (55,045) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 459.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 459.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.10 459.10 Td (55,045) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 459.10 Td (63,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 459.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 459.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 459.10 Td (63,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 439.10 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 439.10 Td (43,824) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 439.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.75 439.10 Td (88,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.10 439.10 Td (132,360) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 439.10 Td (49,304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 439.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.75 439.10 Td (6,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 439.10 Td (55,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 419.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 411.05 Td (operating income/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 403.05 Td (\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 403.35 Td (11,221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 403.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.10 403.35 Td (\(88,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.80 403.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.45 403.35 Td (\(77,315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.15 403.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 403.35 Td (14,283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 403.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.10 403.35 Td (\(6,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 403.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 403.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 403.35 Td (8,029) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 381.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 373.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.75 372.35 Td (20.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.80 372.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.45 372.35 Td (\(140.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.15 372.35 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 372.35 Td (22.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 372.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 372.35 Td (12.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 372.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 350.05 Td (Adjusted segment pre-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 342.05 Td (tax operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 334.05 Td (excluding investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 326.05 Td (income/\(loss\) \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.75 326.35 Td (19.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.80 326.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 326.35 Td (29.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 326.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 310.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 310.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 310.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.86 310.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 128.80 310.00 Td ( ) Tj ET Q q 0 0 0 rg BT 134.63 310.00 Td (The ) Tj ET Q q 0 0 0 rg BT 148.47 310.00 Td (following ) Tj ET Q q 0 0 0 rg BT 180.52 310.00 Td (table ) Tj ET Q q 0 0 0 rg BT 198.35 310.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 212.18 310.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 229.57 310.00 Td (the ) Tj ET Q q 0 0 0 rg BT 241.18 310.00 Td (items ) Tj ET Q q 0 0 0 rg BT 259.89 310.00 Td (not ) Tj ET Q q 0 0 0 rg BT 271.95 310.00 Td (included ) Tj ET Q q 0 0 0 rg BT 301.32 310.00 Td (in ) Tj ET Q q 0 0 0 rg BT 309.38 310.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 338.32 310.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 366.36 310.00 Td (pr) Tj ET Q q 0 0 0 rg BT 373.18 310.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 391.00 310.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 423.94 310.00 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 468.87 310.00 Td (and ) Tj ET Q q 0 0 0 rg BT 482.70 310.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 511.65 310.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 539.69 310.00 Td (pr) Tj ET Q q 0 0 0 rg BT 546.51 310.00 Td (e-tax ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 300.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 100.61 300.40 Td (mar) Tj ET Q q 0 0 0 rg BT 113.20 300.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 125.43 300.40 Td (for ) Tj ET Q q 0 0 0 rg BT 136.76 300.40 Td (the ) Tj ET Q q 0 0 0 rg BT 148.54 300.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 174.54 300.40 Td (pr) Tj ET Q q 0 0 0 rg BT 181.35 300.40 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 269.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 269.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 269.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 269.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 249.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 249.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 249.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 249.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 229.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 229.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 229.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 229.90 70.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 279.9 m 485 279.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 279.9 m 493 279.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 279.9 m 563 279.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 269.9 m 485 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 269.9 m 563 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 269.9 m 485 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 269.9 m 563 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 229.89999999999998 m 485 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 229.89999999999998 m 563 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 229.89999999999998 m 485 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 220.89999999999998 m 485 220.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 218.89999999999998 m 485 218.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 229.89999999999998 m 563 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 220.89999999999998 m 563 220.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 218.89999999999998 m 563 218.89999999999998 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.80 282.03 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 271.90 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.50 272.03 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 272.03 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 261.90 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 261.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.65 261.90 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 261.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 261.90 Td (214) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 251.90 Td (Restructuring and integration costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.80 251.90 Td (9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.65 251.90 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 241.90 Td (Goodwill impairment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.80 241.90 Td (82,900) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.65 241.90 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 231.90 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 231.90 Td (5,627) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 231.90 Td (6,040) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 221.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.80 221.90 Td (88,536) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 221.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 221.90 Td (6,254) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 207.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 207.80 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 207.80 Td (Management ) Tj ET Q q 0 0 0 rg BT 111.53 207.80 Td (believes ) Tj ET Q q 0 0 0 rg BT 139.56 207.80 Td (that ) Tj ET Q q 0 0 0 rg BT 154.28 207.80 Td (pr) Tj ET Q q 0 0 0 rg BT 161.09 207.80 Td (esenting ) Tj ET Q q 0 0 0 rg BT 190.02 207.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 219.40 207.80 Td (segment ) Tj ET Q q 0 0 0 rg BT 247.88 207.80 Td (pr) Tj ET Q q 0 0 0 rg BT 254.70 207.80 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 272.96 207.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.34 207.80 Td (mar) Tj ET Q q 0 0 0 rg BT 318.93 207.80 Td (gin ) Tj ET Q q 0 0 0 rg BT 331.42 207.80 Td (excluding ) Tj ET Q q 0 0 0 rg BT 364.79 207.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.27 207.80 Td (income/\(loss\), ) Tj ET Q q 0 0 0 rg BT 448.64 207.80 Td (a ) Tj ET Q q 0 0 0 rg BT 454.91 207.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 489.86 207.80 Td ( ) Tj ET Q q 0 0 0 rg BT 492.13 207.80 Td (measur) Tj ET Q q 0 0 0 rg BT 515.39 207.80 Td (e, ) Tj ET Q q 0 0 0 rg BT 523.21 207.80 Td (pr) Tj ET Q q 0 0 0 rg BT 530.02 207.80 Td (ovides ) Tj ET Q q 0 0 0 rg BT 552.73 207.80 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 198.20 Td (most ) Tj ET Q q 0 0 0 rg BT 84.61 198.20 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 122.61 198.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 141.06 198.20 Td (for ) Tj ET Q q 0 0 0 rg BT 152.39 198.20 Td (comparison ) Tj ET Q q 0 0 0 rg BT 192.17 198.20 Td (of ) Tj ET Q q 0 0 0 rg BT 200.25 198.20 Td (Asset ) Tj ET Q q 0 0 0 rg BT 219.14 198.20 Td (Management ) Tj ET Q q 0 0 0 rg BT 262.90 198.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 296.01 198.20 Td (r) Tj ET Q q 0 0 0 rg BT 298.83 198.20 Td (esults ) Tj ET Q q 0 0 0 rg BT 319.05 198.20 Td (acr) Tj ET Q q 0 0 0 rg BT 329.42 198.20 Td (oss ) Tj ET Q q 0 0 0 rg BT 341.64 198.20 Td (periods. ) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.80 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 120.33 717.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 172.95 717.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 187.25 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 224.88 717.60 Td (comprise ) Tj ET Q q 0 0 0 rg BT 263.63 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 277.94 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 315.57 717.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 356.53 717.60 Td (from ) Tj ET Q q 0 0 0 rg BT 378.06 717.60 Td (management ) Tj ET Q q 0 0 0 rg BT 431.25 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 447.78 717.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 493.76 717.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.29 717.60 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (performed ) Tj ET Q q 0 0 0 rg BT 93.58 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 107.67 705.60 Td (separately ) Tj ET Q q 0 0 0 rg BT 150.64 705.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 189.16 705.60 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 229.08 705.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 270.94 705.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 295.59 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 312.47 705.60 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 366.28 705.60 Td (Client ) Tj ET Q q 0 0 0 rg BT 393.15 705.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 415.02 705.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 447.46 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 464.33 705.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 501.76 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 705.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 101.99 693.60 Td (have ) Tj ET Q q 0 0 0 rg BT 122.83 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 129.24 693.60 Td (direct ) Tj ET Q q 0 0 0 rg BT 153.97 693.60 Td (ef) Tj ET Q q 0 0 0 rg BT 161.56 693.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 178.51 693.60 Td (on ) Tj ET Q q 0 0 0 rg BT 190.48 693.60 Td (management ) Tj ET Q q 0 0 0 rg BT 243.53 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 259.94 693.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 312.43 693.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 326.60 693.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 366.60 693.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 420.77 693.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 438.84 693.60 Td (are ) Tj ET Q q 0 0 0 rg BT 453.01 693.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.18 693.60 Td (based ) Tj ET Q q 0 0 0 rg BT 516.92 693.60 Td (on ) Tj ET Q q 0 0 0 rg BT 528.88 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 693.60 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.23 681.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 85.96 681.60 Td (under ) Tj ET Q q 0 0 0 rg BT 111.13 681.60 Td (management ) Tj ET Q q 0 0 0 rg BT 164.62 681.60 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 205.18 681.60 Td (measured ) Tj ET Q q 0 0 0 rg BT 245.90 681.60 Td (monthly ) Tj ET Q q 0 0 0 rg BT 281.64 681.60 Td (or ) Tj ET Q q 0 0 0 rg BT 292.37 681.60 Td (quarterly) Tj ET Q q 0 0 0 rg BT 327.81 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 332.71 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 349.55 681.60 Td (an ) Tj ET Q q 0 0 0 rg BT 361.39 681.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 396.55 681.60 Td (or ) Tj ET Q q 0 0 0 rg BT 407.28 681.60 Td (reduction ) Tj ET Q q 0 0 0 rg BT 447.45 681.60 Td (in ) Tj ET Q q 0 0 0 rg BT 457.09 681.60 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 485.33 681.60 Td (due ) Tj ET Q q 0 0 0 rg BT 502.17 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 512.35 681.60 Td (market ) Tj ET Q q 0 0 0 rg BT 542.52 681.60 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 99.34 669.60 Td (or ) Tj ET Q q 0 0 0 rg BT 110.30 669.60 Td (net ) Tj ET Q q 0 0 0 rg BT 125.15 669.60 Td (client ) Tj ET Q q 0 0 0 rg BT 149.99 669.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.06 669.60 Td (flows, ) Tj ET Q q 0 0 0 rg BT 199.42 669.60 Td (will ) Tj ET Q q 0 0 0 rg BT 217.60 669.60 Td (result ) Tj ET Q q 0 0 0 rg BT 242.45 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 252.86 669.60 Td (a ) Tj ET Q q 0 0 0 rg BT 259.93 669.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 319.77 669.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 355.15 669.60 Td (or ) Tj ET Q q 0 0 0 rg BT 366.11 669.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 403.16 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 413.57 669.60 Td (management ) Tj ET Q q 0 0 0 rg BT 467.29 669.60 Td (fees. ) Tj ET Q q 0 0 0 rg BT 488.52 669.60 Td (Fees ) Tj ET Q q 0 0 0 rg BT 509.48 669.60 Td (vary ) Tj ET Q q 0 0 0 rg BT 529.88 669.60 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 669.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (type ) Tj ET Q q 0 0 0 rg BT 69.45 657.60 Td (of ) Tj ET Q q 0 0 0 rg BT 80.51 657.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.57 657.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 145.39 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 162.56 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 177.51 657.60 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 209.11 657.60 Td (in ) Tj ET Q q 0 0 0 rg BT 219.62 657.60 Td (which ) Tj ET Q q 0 0 0 rg BT 246.79 657.60 Td (they ) Tj ET Q q 0 0 0 rg BT 266.74 657.60 Td (are ) Tj ET Q q 0 0 0 rg BT 281.68 657.60 Td (managed. ) Tj ET Q q 0 0 0 rg BT 323.00 657.60 Td (Performance ) Tj ET Q q 0 0 0 rg BT 376.82 657.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 395.65 657.60 Td (are ) Tj ET Q q 0 0 0 rg BT 410.59 657.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 439.96 657.60 Td (when ) Tj ET Q q 0 0 0 rg BT 464.35 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 479.30 657.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.91 657.60 Td (return ) Tj ET Q q 0 0 0 rg BT 552.52 657.60 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 77.30 645.60 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 113.41 645.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 145.07 645.60 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 193.96 645.60 Td (tar) Tj ET Q q 0 0 0 rg BT 204.32 645.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 224.89 645.60 Td (or ) Tj ET Q q 0 0 0 rg BT 237.69 645.60 Td (other ) Tj ET Q q 0 0 0 rg BT 262.69 645.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 317.68 645.60 Td (tar) Tj ET Q q 0 0 0 rg BT 328.05 645.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 348.62 645.60 Td (over ) Tj ET Q q 0 0 0 rg BT 370.85 645.60 Td (a ) Tj ET Q q 0 0 0 rg BT 379.75 645.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 420.30 645.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 478.08 645.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 510.26 645.60 Td (The ) Tj ET Q q 0 0 0 rg BT 530.27 645.60 Td (level ) Tj ET Q q 0 0 0 rg BT 554.17 645.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.39 633.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 120.85 633.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 149.86 633.60 Td (can ) Tj ET Q q 0 0 0 rg BT 166.10 633.60 Td (vary ) Tj ET Q q 0 0 0 rg BT 186.23 633.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 238.58 633.60 Td (from ) Tj ET Q q 0 0 0 rg BT 260.38 633.60 Td (period ) Tj ET Q q 0 0 0 rg BT 288.29 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 298.44 633.60 Td (period ) Tj ET Q q 0 0 0 rg BT 326.35 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 343.15 633.60 Td (these ) Tj ET Q q 0 0 0 rg BT 366.06 633.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 384.52 633.60 Td (may ) Tj ET Q q 0 0 0 rg BT 404.10 633.60 Td (not ) Tj ET Q q 0 0 0 rg BT 419.24 633.60 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 466.03 633.60 Td (be ) Tj ET Q q 0 0 0 rg BT 477.83 633.60 Td (correlated ) Tj ET Q q 0 0 0 rg BT 520.16 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 530.31 633.60 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.94 621.60 Td (total ) Tj ET Q q 0 0 0 rg BT 79.79 621.60 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 108.10 621.60 Td (The ) Tj ET Q q 0 0 0 rg BT 126.31 621.60 Td (majority ) Tj ET Q q 0 0 0 rg BT 162.86 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 173.85 621.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 227.04 621.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 248.31 621.60 Td (if ) Tj ET Q q 0 0 0 rg BT 257.08 621.60 Td (earned, ) Tj ET Q q 0 0 0 rg BT 288.89 621.60 Td (are ) Tj ET Q q 0 0 0 rg BT 303.76 621.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 343.63 621.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 381.27 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 391.71 621.60 Td (the ) Tj ET Q q 0 0 0 rg BT 406.59 621.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 433.70 621.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 464.68 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 475.67 621.60 Td (the ) Tj ET Q q 0 0 0 rg BT 490.56 621.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 534.31 621.60 Td (year ) Tj ET Q q 0 0 0 rg BT 554.18 621.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.45 609.60 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 118.39 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 128.67 609.60 Td (client ) Tj ET Q q 0 0 0 rg BT 152.84 609.60 Td (assets. ) Tj ET Q q 0 0 0 rg BT 180.19 609.60 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 609.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 250.18 609.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.18 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 274.64 609.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.35 609.60 Td (five ) Tj ET Q q 0 0 0 rg BT 351.85 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.27 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 383.22 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 393.51 609.60 Td (our ) Tj ET Q q 0 0 0 rg BT 408.36 609.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 433.65 609.60 Td (was ) Tj ET Q q 0 0 0 rg BT 451.15 609.60 Td (eligible ) Tj ET Q q 0 0 0 rg BT 483.10 609.60 Td (to ) Tj ET Q q 0 0 0 rg BT 492.83 609.60 Td (earn ) Tj ET Q q 0 0 0 rg BT 511.99 609.60 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (fees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.19 573.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.21 573.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.42 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 101.22 573.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.89 573.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.78 573.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.78 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 212.08 573.60 Td (management ) Tj ET Q q 0 0 0 rg BT 265.97 573.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 284.87 573.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.10 573.60 Td ($53.7 ) Tj ET Q q 0 0 0 rg BT 332.40 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.29 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 366.59 573.60 Td (a ) Tj ET Q q 0 0 0 rg BT 373.83 573.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 411.04 573.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.17 573.60 Td (23.4 ) Tj ET Q q 0 0 0 rg BT 442.47 573.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 477.20 573.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.42 573.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 573.60 Td ($70.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.42 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 92.22 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 107.47 561.60 Td (prior) Tj ET Q q 0 0 0 rg BT 126.71 561.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 150.27 561.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 181.35 561.60 Td (due ) Tj ET Q q 0 0 0 rg BT 198.81 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 209.62 561.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 252.06 561.60 Td (management ) Tj ET Q q 0 0 0 rg BT 306.17 561.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 325.30 561.60 Td (from ) Tj ET Q q 0 0 0 rg BT 347.77 561.60 Td (both ) Tj ET Q q 0 0 0 rg BT 368.57 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 384.93 561.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 412.95 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 430.42 561.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 450.61 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 453.64 561.60 Td (product ) Tj ET Q q 0 0 0 rg BT 487.21 561.60 Td (of) Tj ET Q q 0 0 0 rg BT 495.36 561.60 Td (ferings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.66 561.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.99 561.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 561.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 561.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (management ) Tj ET Q q 0 0 0 rg BT 102.77 549.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 121.05 549.60 Td (related ) Tj ET Q q 0 0 0 rg BT 150.43 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 160.38 549.60 Td (our ) Tj ET Q q 0 0 0 rg BT 175.89 549.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 203.07 549.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 243.01 549.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.62 549.60 Td ($28.2 ) Tj ET Q q 0 0 0 rg BT 289.30 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.19 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 322.87 549.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.27 549.60 Td (26.4 ) Tj ET Q q 0 0 0 rg BT 366.95 549.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.37 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 398.55 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 440.16 549.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.11 549.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.11 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 474.79 549.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 502.52 549.60 Td (by ) Tj ET Q q 0 0 0 rg BT 514.70 549.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 539.16 549.60 Td (AUM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (from ) Tj ET Q q 0 0 0 rg BT 71.49 537.60 Td (net ) Tj ET Q q 0 0 0 rg BT 86.26 537.60 Td (client ) Tj ET Q q 0 0 0 rg BT 111.03 537.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 148.58 537.60 Td (in ) Tj ET Q q 0 0 0 rg BT 158.91 537.60 Td (our ) Tj ET Q q 0 0 0 rg BT 174.79 537.60 Td (value ) Tj ET Q q 0 0 0 rg BT 199.00 537.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 226.55 537.60 Td (products ) Tj ET Q q 0 0 0 rg BT 263.54 537.60 Td (amid ) Tj ET Q q 0 0 0 rg BT 286.09 537.60 Td (tough ) Tj ET Q q 0 0 0 rg BT 311.42 537.60 Td (market ) Tj ET Q q 0 0 0 rg BT 341.73 537.60 Td (trends ) Tj ET Q q 0 0 0 rg BT 368.73 537.60 Td (for ) Tj ET Q q 0 0 0 rg BT 382.94 537.60 Td (active ) Tj ET Q q 0 0 0 rg BT 409.36 537.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 431.35 537.60 Td (managers ) Tj ET Q q 0 0 0 rg BT 472.22 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 489.21 537.60 Td (underperformance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.61 525.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 89.15 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 99.82 525.60 Td (our ) Tj ET Q q 0 0 0 rg BT 115.48 525.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 158.08 525.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 212.62 525.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 231.05 525.60 Td (from ) Tj ET Q q 0 0 0 rg BT 252.83 525.60 Td (our ) Tj ET Q q 0 0 0 rg BT 268.49 525.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 288.68 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.02 525.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 331.12 525.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.87 525.60 Td (19.9 ) Tj ET Q q 0 0 0 rg BT 392.70 525.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.13 525.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.46 525.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.24 525.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.58 525.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.58 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 456.91 525.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.02 525.60 Td ($25.6 ) Tj ET Q q 0 0 0 rg BT 491.86 525.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.75 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 523.09 525.60 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.66 513.60 Td ($31.9 ) Tj ET Q q 0 0 0 rg BT 96.53 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.43 513.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.80 513.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.58 513.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.96 513.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.96 513.60 Td (. ) Tj ET Q q 0 0 0 rg BT 165.59 513.60 Td (The ) Tj ET Q q 0 0 0 rg BT 184.52 513.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 216.77 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 227.92 513.60 Td (management ) Tj ET Q q 0 0 0 rg BT 282.39 513.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 301.87 513.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 336.90 513.60 Td (from ) Tj ET Q q 0 0 0 rg BT 359.72 513.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 385.86 513.60 Td (average ) Tj ET Q q 0 0 0 rg BT 419.58 513.60 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 448.79 513.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 477.72 513.60 Td (by ) Tj ET Q q 0 0 0 rg BT 491.10 513.60 Td (a ) Tj ET Q q 0 0 0 rg BT 498.91 513.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 531.16 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 542.32 513.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 562.51 513.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (valuations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.22 477.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.26 477.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.47 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 101.29 477.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.00 477.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.91 477.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.91 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 212.23 477.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 265.58 477.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 284.51 477.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.76 477.60 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 327.09 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.98 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.31 477.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 403.56 477.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.16 477.60 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 434.49 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.38 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 466.20 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 491.85 477.60 Td (prior) Tj ET Q q 0 0 0 rg BT 511.09 477.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 534.45 477.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 465.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 119.90 465.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 138.16 465.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 175.31 465.60 Td (in ) Tj ET Q q 0 0 0 rg BT 185.25 465.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 207.42 465.60 Td (and ) Tj ET Q q 0 0 0 rg BT 224.02 465.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 246.18 465.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 280.01 465.60 Td (from ) Tj ET Q q 0 0 0 rg BT 301.61 465.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 330.98 465.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 355.36 465.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 398.06 465.60 Td (their ) Tj ET Q q 0 0 0 rg BT 418.55 465.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 471.24 465.60 Td (tar) Tj ET Q q 0 0 0 rg BT 481.61 465.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 499.88 465.60 Td (over ) Tj ET Q q 0 0 0 rg BT 519.81 465.60 Td (a ) Tj ET Q q 0 0 0 rg BT 526.42 465.60 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 105.31 453.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.98 429.60 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 152.46 429.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 187.83 429.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 210.98 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 227.47 429.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 253.41 429.60 Td (from ) Tj ET Q q 0 0 0 rg BT 274.89 429.60 Td (our ) Tj ET Q q 0 0 0 rg BT 290.27 429.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 340.09 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 349.91 429.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 391.38 429.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 415.65 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 429.60 Td (private ) Tj ET Q q 0 0 0 rg BT 461.94 429.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 486.21 429.60 Td (or ) Tj ET Q q 0 0 0 rg BT 496.58 429.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 547.51 429.60 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (we ) Tj ET Q q 0 0 0 rg BT 64.15 417.60 Td (manage. ) Tj ET Q q 0 0 0 rg BT 100.74 417.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.06 417.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.06 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 137.56 417.60 Td (we ) Tj ET Q q 0 0 0 rg BT 152.21 417.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 190.18 417.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 237.05 417.60 Td (income ) Tj ET Q q 0 0 0 rg BT 269.48 417.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 417.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 301.30 417.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.19 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 335.68 417.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 378.10 417.60 Td (with ) Tj ET Q q 0 0 0 rg BT 398.87 417.60 Td (a ) Tj ET Q q 0 0 0 rg BT 406.30 417.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 424.86 417.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.18 417.60 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 456.67 417.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.56 417.60 Td ( ) Tj ET Q q 0 0 0 rg BT 488.56 417.60 Td (for ) Tj ET Q q 0 0 0 rg BT 503.21 417.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.42 417.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.63 417.60 Td ( ) Tj ET Q q 0 0 0 rg BT 538.62 417.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.08 405.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 405.60 Td (. ) Tj ET Q q 0 0 0 rg BT 132.90 405.60 Td (The ) Tj ET Q q 0 0 0 rg BT 150.95 405.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 197.33 405.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 215.39 405.60 Td (in ) Tj ET Q q 0 0 0 rg BT 225.67 405.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 248.17 405.60 Td (was ) Tj ET Q q 0 0 0 rg BT 266.22 405.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 294.27 405.60 Td (by ) Tj ET Q q 0 0 0 rg BT 306.77 405.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 333.16 405.60 Td (in ) Tj ET Q q 0 0 0 rg BT 343.44 405.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 363.63 405.60 Td ( ) Tj ET Q q 0 0 0 rg BT 366.13 405.60 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (Segment ) Tj ET Q q 0 0 0 rg BT 86.74 381.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 117.29 381.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 157.29 381.60 Td (mar) Tj ET Q q 0 0 0 rg BT 172.66 381.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 187.68 381.60 Td (for ) Tj ET Q q 0 0 0 rg BT 201.58 381.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.04 381.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.24 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 235.48 381.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.60 381.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 319.93 381.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.93 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 342.17 381.60 Td (was ) Tj ET Q q 0 0 0 rg BT 359.96 381.60 Td (a ) Tj ET Q q 0 0 0 rg BT 366.64 381.60 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.75 381.60 Td (140.5 ) Tj ET Q q 0 0 0 rg BT 427.49 381.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.91 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 461.65 381.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 503.32 381.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.34 381.60 Td (12.6 ) Tj ET Q q 0 0 0 rg BT 533.08 381.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (for ) Tj ET Q q 0 0 0 rg BT 63.68 369.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.43 369.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.63 369.60 Td ( ) Tj ET Q q 0 0 0 rg BT 98.16 369.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.56 369.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 183.17 369.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.17 369.60 Td (. ) Tj ET Q q 0 0 0 rg BT 208.01 369.60 Td (The ) Tj ET Q q 0 0 0 rg BT 226.08 369.60 Td (negative ) Tj ET Q q 0 0 0 rg BT 262.48 369.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 293.32 369.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 333.60 369.60 Td (mar) Tj ET Q q 0 0 0 rg BT 348.97 369.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 364.27 369.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.58 369.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.58 369.60 Td ( ) Tj ET Q q 0 0 0 rg BT 397.10 369.60 Td (was ) Tj ET Q q 0 0 0 rg BT 415.18 369.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 443.25 369.60 Td (by ) Tj ET Q q 0 0 0 rg BT 455.77 369.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.51 369.60 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 495.54 369.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.43 369.60 Td ( ) Tj ET Q q 0 0 0 rg BT 526.95 369.60 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 99.22 357.60 Td (char) Tj ET Q q 0 0 0 rg BT 116.25 357.60 Td (ge. ) Tj ET Q q 0 0 0 rg BT 131.81 357.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 176.54 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 224.04 357.60 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 282.10 357.60 Td (on ) Tj ET Q q 0 0 0 rg BT 295.72 357.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 316.56 357.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 346.83 357.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 383.78 357.60 Td (in ) Tj ET Q q 0 0 0 rg BT 395.18 357.60 Td (our ) Tj ET Q q 0 0 0 rg BT 412.14 357.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 456.02 357.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 492.97 357.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 534.36 357.60 Td (mar) Tj ET Q q 0 0 0 rg BT 549.72 357.60 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (declined ) Tj ET Q q 0 0 0 rg BT 85.87 345.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.81 345.60 Td (29.9 ) Tj ET Q q 0 0 0 rg BT 127.81 345.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.23 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 159.73 345.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.01 345.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.01 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 192.51 345.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.79 345.60 Td (19.3 ) Tj ET Q q 0 0 0 rg BT 222.79 345.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.21 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 254.71 345.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.99 345.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.99 345.60 Td (, ) Tj ET Q q 0 0 0 rg BT 289.99 345.60 Td (due ) Tj ET Q q 0 0 0 rg BT 306.93 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 317.21 345.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 342.48 345.60 Td (management ) Tj ET Q q 0 0 0 rg BT 396.07 345.60 Td (fees.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 717.60 Td (following ) Tj ET Q q 0 0 0 rg BT 110.73 717.60 Td (table ) Tj ET Q q 0 0 0 rg BT 133.57 717.60 Td (sets ) Tj ET Q q 0 0 0 rg BT 151.97 717.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 174.81 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 189.67 717.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 215.29 717.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 270.90 717.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 307.62 717.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.00 717.60 Td (results ) Tj ET Q q 0 0 0 rg BT 375.51 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 393.35 717.60 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 444.52 717.60 Td (necessary ) Tj ET Q q 0 0 0 rg BT 486.79 717.60 Td (to ) Tj ET Q q 0 0 0 rg BT 497.97 717.60 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 538.01 717.60 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 717.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.54 705.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 122.83 705.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 149.68 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 152.18 705.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 183.00 705.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.26 705.60 Td (income ) Tj ET Q q 0 0 0 rg BT 255.19 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 272.13 705.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 302.95 705.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 343.21 705.60 Td (mar) Tj ET Q q 0 0 0 rg BT 358.58 705.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 373.86 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 388.02 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 402.73 705.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 434.67 705.60 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 623.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 623.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 623.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 623.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 623.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 623.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 623.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 623.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 623.10 7.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 623.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 623.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 623.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 623.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 623.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 623.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 623.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 601.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 601.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 601.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 601.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 601.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 601.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 601.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 601.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 601.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 601.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 601.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 601.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 601.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 601.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 601.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 601.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 578.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 578.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 578.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 578.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 578.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 578.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 578.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 578.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 578.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 578.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 578.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 578.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 578.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 578.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 578.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 578.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 554.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 554.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 554.10 4.00 -12.00 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 671.1 m 301 671.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 659.1 m 301 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 671.1 m 346 671.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 659.1 m 346 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 671.1 m 353 671.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 671.1 m 398 671.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 659.1 m 398 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 671.1 m 402 671.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 659.1 m 402 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 671.1 m 460 671.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 659.1 m 460 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 671.1 m 464 671.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 659.1 m 464 659.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 671.1 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0 J 0 j 3 M 247 623.1 m 297 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 623.1 m 346 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 623.1 m 398 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 623.1 m 460 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 623.1 m 514 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 623.1 m 563 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 589.1 m 181 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 589.1 m 243 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 589.1 m 297 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 589.1 m 346 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 589.1 m 398 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 589.1 m 460 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 589.1 m 514 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 589.1 m 563 589.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 530.1 m 181 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 530.1 m 243 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 530.1 m 297 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 530.1 m 346 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 530.1 m 398 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 530.1 m 460 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 530.1 m 514 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 530.1 m 563 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 530.1 m 181 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 530.1 m 243 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 530.1 m 297 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 530.1 m 346 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 530.1 m 398 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 530.1 m 460 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 530.1 m 514 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 530.1 m 563 530.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 462.1 m 181 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 462.1 m 243 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 462.1 m 297 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 462.1 m 346 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 462.1 m 398 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 462.1 m 460 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 462.1 m 514 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 462.1 m 563 462.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 414.1 m 181 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 414.1 m 243 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 414.1 m 297 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 414.1 m 346 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 414.1 m 398 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 414.1 m 460 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 414.1 m 514 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 414.1 m 563 414.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 382.1 m 181 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 380.1 m 181 380.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 382.1 m 243 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 380.1 m 243 380.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 382.1 m 297 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 380.1 m 297 380.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 382.1 m 346 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 380.1 m 346 380.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 382.1 m 398 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 380.1 m 398 380.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 382.1 m 460 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 380.1 m 460 380.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 382.1 m 514 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 380.1 m 514 380.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 382.1 m 563 382.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 380.1 m 563 380.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.70 675.18 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.50 663.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 663.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.05 651.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.05 651.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.25 639.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.75 639.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.35 639.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.85 639.18 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.25 639.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.75 639.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.35 639.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.85 639.18 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 627.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.40 627.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.65 627.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.70 627.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.85 627.18 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.40 627.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.65 627.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.70 627.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.85 627.18 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 615.10 Td (Management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 605.05 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 605.05 Td (38,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 605.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 605.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 605.05 Td (38,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 605.05 Td (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 605.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 605.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 605.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 605.05 Td (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 593.05 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 593.05 Td (31,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 593.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 593.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 593.05 Td (31,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 593.05 Td (30,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 593.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 593.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 593.05 Td (30,785) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 581.05 Td (Total management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 581.05 Td (70,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 581.05 Td (70,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 581.05 Td (78,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 581.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 581.05 Td (78,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 558.05 Td (Performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 546.05 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 546.05 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 546.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 546.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 546.05 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 546.05 Td (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 546.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 546.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 546.05 Td (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 534.05 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.80 534.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 534.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 534.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.80 534.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 534.05 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 534.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 534.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 534.05 Td (208) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 522.05 Td (Total performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 522.05 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 522.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 522.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 522.05 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 522.05 Td (892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 522.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 522.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 522.05 Td (892) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 498.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 490.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 490.35 Td (70,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 490.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 490.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 490.35 Td (70,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 490.35 Td (79,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 490.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 490.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 490.35 Td (79,664) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 466.05 Td (Investment income/\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.10 466.05 Td (\(6,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 466.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 466.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 466.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.10 466.05 Td (\(6,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 466.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 466.05 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 466.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 466.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 466.05 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 442.05 Td (Total net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 442.05 Td (63,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 442.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 442.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 442.05 Td (63,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 442.05 Td (80,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 442.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 442.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 442.05 Td (80,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 418.05 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 418.05 Td (49,304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 418.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.75 418.05 Td (6,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 418.05 Td (55,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 418.05 Td (51,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 418.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.75 418.05 Td (7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 418.05 Td (59,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 394.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 386.05 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 385.35 Td (14,283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 385.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.10 385.35 Td (\(6,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 385.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.75 385.35 Td (8,029) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 385.35 Td (28,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 385.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.10 385.35 Td (\(7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.80 385.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 385.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 385.35 Td (21,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 361.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 353.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 352.35 Td (22.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 352.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 352.35 Td (12.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 352.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 352.35 Td (35.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 352.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 352.35 Td (26.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 352.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 330.05 Td (Adjusted segment pre-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 322.05 Td (tax operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 314.05 Td (excluding investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 306.05 Td (income/\(loss\) \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 306.35 Td (29.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 306.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 306.35 Td (35.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 306.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 290.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 290.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 290.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 290.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 290.00 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 290.00 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 290.00 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 290.00 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 290.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 290.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 290.00 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 290.00 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 290.00 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 290.00 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 290.00 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 290.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 290.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 290.00 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 290.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 290.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 290.00 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 290.00 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 290.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 290.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 290.00 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 290.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 290.00 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 280.40 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 280.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 280.40 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 280.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 280.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 280.40 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 280.40 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 249.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 249.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 249.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 249.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 229.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 229.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 229.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 229.90 70.00 -10.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 259.9 m 485 259.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 259.9 m 493 259.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 259.9 m 563 259.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 249.89999999999998 m 485 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 249.89999999999998 m 563 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 249.89999999999998 m 485 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 249.89999999999998 m 563 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 229.89999999999998 m 485 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 229.89999999999998 m 563 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 229.89999999999998 m 485 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 220.89999999999998 m 485 220.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 218.89999999999998 m 485 218.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 229.89999999999998 m 563 229.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 220.89999999999998 m 563 220.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 218.89999999999998 m 563 218.89999999999998 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.80 262.03 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 251.90 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.50 252.03 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 252.03 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 241.90 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 241.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.80 241.90 Td (214) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 241.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 241.90 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 231.90 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 231.90 Td (6,040) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 231.90 Td (6,300) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 221.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 221.90 Td (6,254) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 221.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 221.90 Td (7,584) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 207.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 207.80 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 207.80 Td (Management ) Tj ET Q q 0 0 0 rg BT 111.53 207.80 Td (believes ) Tj ET Q q 0 0 0 rg BT 139.56 207.80 Td (that ) Tj ET Q q 0 0 0 rg BT 154.28 207.80 Td (pr) Tj ET Q q 0 0 0 rg BT 161.09 207.80 Td (esenting ) Tj ET Q q 0 0 0 rg BT 190.02 207.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 219.40 207.80 Td (segment ) Tj ET Q q 0 0 0 rg BT 247.88 207.80 Td (pr) Tj ET Q q 0 0 0 rg BT 254.70 207.80 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 272.96 207.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.34 207.80 Td (mar) Tj ET Q q 0 0 0 rg BT 318.93 207.80 Td (gin ) Tj ET Q q 0 0 0 rg BT 331.42 207.80 Td (excluding ) Tj ET Q q 0 0 0 rg BT 364.79 207.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.27 207.80 Td (income/\(loss\), ) Tj ET Q q 0 0 0 rg BT 448.64 207.80 Td (a ) Tj ET Q q 0 0 0 rg BT 454.91 207.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 489.86 207.80 Td ( ) Tj ET Q q 0 0 0 rg BT 492.13 207.80 Td (measur) Tj ET Q q 0 0 0 rg BT 515.39 207.80 Td (e, ) Tj ET Q q 0 0 0 rg BT 523.21 207.80 Td (pr) Tj ET Q q 0 0 0 rg BT 530.02 207.80 Td (ovides ) Tj ET Q q 0 0 0 rg BT 552.73 207.80 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 198.20 Td (most ) Tj ET Q q 0 0 0 rg BT 84.61 198.20 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 122.61 198.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 141.06 198.20 Td (for ) Tj ET Q q 0 0 0 rg BT 152.39 198.20 Td (comparison ) Tj ET Q q 0 0 0 rg BT 192.17 198.20 Td (of ) Tj ET Q q 0 0 0 rg BT 200.25 198.20 Td (Asset ) Tj ET Q q 0 0 0 rg BT 219.14 198.20 Td (Management ) Tj ET Q q 0 0 0 rg BT 262.90 198.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 296.01 198.20 Td (r) Tj ET Q q 0 0 0 rg BT 298.83 198.20 Td (esults ) Tj ET Q q 0 0 0 rg BT 319.05 198.20 Td (acr) Tj ET Q q 0 0 0 rg BT 329.42 198.20 Td (oss ) Tj ET Q q 0 0 0 rg BT 341.64 198.20 Td (periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.20 Td (For ) Tj ET Q q 0 0 0 rg BT 66.19 174.20 Td (the ) Tj ET Q q 0 0 0 rg BT 81.21 174.20 Td (year ) Tj ET Q q 0 0 0 rg BT 101.22 174.20 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.89 174.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.78 174.20 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.78 174.20 Td (, ) Tj ET Q q 0 0 0 rg BT 212.08 174.20 Td (management ) Tj ET Q q 0 0 0 rg BT 265.97 174.20 Td (fees ) Tj ET Q q 0 0 0 rg BT 284.87 174.20 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.10 174.20 Td ($70.2 ) Tj ET Q q 0 0 0 rg BT 332.40 174.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.29 174.20 Td (, ) Tj ET Q q 0 0 0 rg BT 366.59 174.20 Td (a ) Tj ET Q q 0 0 0 rg BT 373.83 174.20 Td (decrease ) Tj ET Q q 0 0 0 rg BT 411.04 174.20 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.17 174.20 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 442.47 174.20 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 174.20 Td (, ) Tj ET Q q 0 0 0 rg BT 477.20 174.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.42 174.20 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 174.20 Td ($78.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 162.20 Td ( ) Tj ET Q q 0 0 0 rg BT 81.32 162.20 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.03 162.20 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.03 162.20 Td (, ) Tj ET Q q 0 0 0 rg BT 117.46 162.20 Td (due ) Tj ET Q q 0 0 0 rg BT 134.83 162.20 Td (to ) Tj ET Q q 0 0 0 rg BT 145.54 162.20 Td (decreased ) Tj ET Q q 0 0 0 rg BT 187.88 162.20 Td (management ) Tj ET Q q 0 0 0 rg BT 241.90 162.20 Td (fees ) Tj ET Q q 0 0 0 rg BT 260.93 162.20 Td (from ) Tj ET Q q 0 0 0 rg BT 283.29 162.20 Td (our ) Tj ET Q q 0 0 0 rg BT 299.55 162.20 Td (equity ) Tj ET Q q 0 0 0 rg BT 327.48 162.20 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 370.67 162.20 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.93 162.20 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.93 162.20 Td (, ) Tj ET Q q 0 0 0 rg BT 407.36 162.20 Td (management ) Tj ET Q q 0 0 0 rg BT 461.38 162.20 Td (fees ) Tj ET Q q 0 0 0 rg BT 480.41 162.20 Td (related ) Tj ET Q q 0 0 0 rg BT 510.54 162.20 Td (to ) Tj ET Q q 0 0 0 rg BT 521.25 162.20 Td (our ) Tj ET Q q 0 0 0 rg BT 537.51 162.20 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.20 Td (strategies ) Tj ET Q q 0 0 0 rg BT 90.48 150.20 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.12 150.20 Td ($38.2 ) Tj ET Q q 0 0 0 rg BT 138.84 150.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.73 150.20 Td (, ) Tj ET Q q 0 0 0 rg BT 173.44 150.20 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.88 150.20 Td (20.3 ) Tj ET Q q 0 0 0 rg BT 219.59 150.20 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.02 150.20 Td ( ) Tj ET Q q 0 0 0 rg BT 252.23 150.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 294.87 150.20 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.86 150.20 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.86 150.20 Td (, ) Tj ET Q q 0 0 0 rg BT 331.58 150.20 Td (due ) Tj ET Q q 0 0 0 rg BT 349.23 150.20 Td (to ) Tj ET Q q 0 0 0 rg BT 360.22 150.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 386.20 150.20 Td (average ) Tj ET Q q 0 0 0 rg BT 419.79 150.20 Td (AUM ) Tj ET Q q 0 0 0 rg BT 446.34 150.20 Td (from ) Tj ET Q q 0 0 0 rg BT 468.99 150.20 Td (net ) Tj ET Q q 0 0 0 rg BT 484.43 150.20 Td (client ) Tj ET Q q 0 0 0 rg BT 509.85 150.20 Td (outflows ) Tj ET Q q 0 0 0 rg BT 548.07 150.20 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.20 Td (market ) Tj ET Q q 0 0 0 rg BT 79.77 138.20 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 134.20 138.20 Td (as ) Tj ET Q q 0 0 0 rg BT 145.04 138.20 Td (well ) Tj ET Q q 0 0 0 rg BT 164.77 138.20 Td (as ) Tj ET Q q 0 0 0 rg BT 175.61 138.20 Td (a ) Tj ET Q q 0 0 0 rg BT 182.56 138.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 207.83 138.20 Td (average ) Tj ET Q q 0 0 0 rg BT 241.43 138.20 Td (ef) Tj ET Q q 0 0 0 rg BT 249.02 138.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 278.73 138.20 Td (yield. ) Tj ET Q q 0 0 0 rg BT 303.55 138.20 Td (The ) Tj ET Q q 0 0 0 rg BT 321.61 138.20 Td (average ) Tj ET Q q 0 0 0 rg BT 355.20 138.20 Td (ef) Tj ET Q q 0 0 0 rg BT 362.79 138.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 392.50 138.20 Td (revenue ) Tj ET Q q 0 0 0 rg BT 426.66 138.20 Td (yield ) Tj ET Q q 0 0 0 rg BT 449.16 138.20 Td (for ) Tj ET Q q 0 0 0 rg BT 463.33 138.20 Td (our ) Tj ET Q q 0 0 0 rg BT 479.17 138.20 Td (equity ) Tj ET Q q 0 0 0 rg BT 506.68 138.20 Td (strategies ) Tj ET Q q 0 0 0 rg BT 546.95 138.20 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.20 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 126.20 Td ( ) Tj ET Q q 0 0 0 rg BT 61.46 126.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 83.43 126.20 Td (points ) Tj ET Q q 0 0 0 rg BT 109.84 126.20 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.58 126.20 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.58 126.20 Td (, ) Tj ET Q q 0 0 0 rg BT 144.04 126.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 185.43 126.20 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.17 126.20 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.17 126.20 Td ( ) Tj ET Q q 0 0 0 rg BT 207.13 126.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 229.09 126.20 Td (points ) Tj ET Q q 0 0 0 rg BT 255.51 126.20 Td (in ) Tj ET Q q 0 0 0 rg BT 265.25 126.20 Td (the ) Tj ET Q q 0 0 0 rg BT 279.43 126.20 Td (prior ) Tj ET Q q 0 0 0 rg BT 300.83 126.20 Td (year) Tj ET Q q 0 0 0 rg BT 317.48 126.20 Td (. ) Tj ET Q q 0 0 0 rg BT 321.80 126.20 Td (The ) Tj ET Q q 0 0 0 rg BT 339.31 126.20 Td (decline ) Tj ET Q q 0 0 0 rg BT 370.15 126.20 Td (in ) Tj ET Q q 0 0 0 rg BT 379.89 126.20 Td (the ) Tj ET Q q 0 0 0 rg BT 394.07 126.20 Td (average ) Tj ET Q q 0 0 0 rg BT 427.12 126.20 Td (ef) Tj ET Q q 0 0 0 rg BT 434.70 126.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 463.87 126.20 Td (revenue ) Tj ET Q q 0 0 0 rg BT 497.48 126.20 Td (yield ) Tj ET Q q 0 0 0 rg BT 519.44 126.20 Td (was ) Tj ET Q q 0 0 0 rg BT 536.95 126.20 Td (driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.20 Td (by ) Tj ET Q q 0 0 0 rg BT 61.37 114.20 Td (lar) Tj ET Q q 0 0 0 rg BT 71.74 114.20 Td (ge ) Tj ET Q q 0 0 0 rg BT 83.05 114.20 Td (new ) Tj ET Q q 0 0 0 rg BT 101.58 114.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 151.23 114.20 Td (from ) Tj ET Q q 0 0 0 rg BT 172.54 114.20 Td (institutional ) Tj ET Q q 0 0 0 rg BT 222.19 114.20 Td (investors, ) Tj ET Q q 0 0 0 rg BT 262.67 114.20 Td (which ) Tj ET Q q 0 0 0 rg BT 288.98 114.20 Td (have ) Tj ET Q q 0 0 0 rg BT 309.73 114.20 Td (a ) Tj ET Q q 0 0 0 rg BT 316.04 114.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 340.68 114.20 Td (fee ) Tj ET Q q 0 0 0 rg BT 354.76 114.20 Td (structure. ) Tj ET Q q 0 0 0 rg BT 394.12 114.20 Td (Management ) Tj ET Q q 0 0 0 rg BT 448.20 114.20 Td (fees ) Tj ET Q q 0 0 0 rg BT 466.17 114.20 Td (from ) Tj ET Q q 0 0 0 rg BT 487.48 114.20 Td (our ) Tj ET Q q 0 0 0 rg BT 502.68 114.20 Td (MLP) Tj ET Q q 0 0 0 rg BT 522.87 114.20 Td ( ) Tj ET Q q 0 0 0 rg BT 524.74 114.20 Td (strategies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.20 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.40 102.20 Td (3.7 ) Tj ET Q q 0 0 0 rg BT 106.04 102.20 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.46 102.20 Td ( ) Tj ET Q q 0 0 0 rg BT 138.61 102.20 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.53 102.20 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.53 102.20 Td ( ) Tj ET Q q 0 0 0 rg BT 172.67 102.20 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 102.20 Td ($31.9 ) Tj ET Q q 0 0 0 rg BT 209.24 102.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.13 102.20 Td (, ) Tj ET Q q 0 0 0 rg BT 243.77 102.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 286.34 102.20 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.26 102.20 Td ($30.8 ) Tj ET Q q 0 0 0 rg BT 332.91 102.20 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.80 102.20 Td ( ) Tj ET Q q 0 0 0 rg BT 364.94 102.20 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.86 102.20 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.86 102.20 Td (, ) Tj ET Q q 0 0 0 rg BT 401.51 102.20 Td (due ) Tj ET Q q 0 0 0 rg BT 419.09 102.20 Td (to ) Tj ET Q q 0 0 0 rg BT 430.01 102.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 458.70 102.20 Td (average ) Tj ET Q q 0 0 0 rg BT 492.93 102.20 Td (ef) Tj ET Q q 0 0 0 rg BT 500.52 102.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 530.86 102.20 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.20 Td (yields, ) Tj ET Q q 0 0 0 rg BT 78.69 90.20 Td (partially ) Tj ET Q q 0 0 0 rg BT 114.82 90.20 Td (of) Tj ET Q q 0 0 0 rg BT 122.97 90.20 Td (fset ) Tj ET Q q 0 0 0 rg BT 140.22 90.20 Td (by ) Tj ET Q q 0 0 0 rg BT 153.03 90.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 177.98 90.20 Td (AUM, ) Tj ET Q q 0 0 0 rg BT 206.62 90.20 Td (driven ) Tj ET Q q 0 0 0 rg BT 234.98 90.20 Td (by ) Tj ET Q q 0 0 0 rg BT 247.79 90.20 Td (sharp ) Tj ET Q q 0 0 0 rg BT 272.25 90.20 Td (declines ) Tj ET Q q 0 0 0 rg BT 307.83 90.20 Td (in ) Tj ET Q q 0 0 0 rg BT 318.41 90.20 Td (MLP) Tj ET Q q 0 0 0 rg BT 338.60 90.20 Td ( ) Tj ET Q q 0 0 0 rg BT 341.41 90.20 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 387.62 90.20 Td (The ) Tj ET Q q 0 0 0 rg BT 405.97 90.20 Td (average ) Tj ET Q q 0 0 0 rg BT 439.86 90.20 Td (ef) Tj ET Q q 0 0 0 rg BT 447.45 90.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 477.46 90.20 Td (revenue ) Tj ET Q q 0 0 0 rg BT 511.91 90.20 Td (yield ) Tj ET Q q 0 0 0 rg BT 534.72 90.20 Td (for ) Tj ET Q q 0 0 0 rg BT 549.19 90.20 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.20 Td (MLP) Tj ET Q q 0 0 0 rg BT 69.69 78.20 Td ( ) Tj ET Q q 0 0 0 rg BT 72.42 78.20 Td (strategies ) Tj ET Q q 0 0 0 rg BT 112.90 78.20 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.18 78.20 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.18 78.20 Td ( ) Tj ET Q q 0 0 0 rg BT 143.90 78.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 166.63 78.20 Td (points ) Tj ET Q q 0 0 0 rg BT 193.80 78.20 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.30 78.20 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.30 78.20 Td (, ) Tj ET Q q 0 0 0 rg BT 229.53 78.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 271.68 78.20 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.18 78.20 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.18 78.20 Td ( ) Tj ET Q q 0 0 0 rg BT 294.91 78.20 Td (basis ) Tj ET Q q 0 0 0 rg BT 317.63 78.20 Td (points ) Tj ET Q q 0 0 0 rg BT 344.80 78.20 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.31 78.20 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.31 78.20 Td (. ) Tj ET Q q 0 0 0 rg BT 380.33 78.20 Td (The ) Tj ET Q q 0 0 0 rg BT 398.60 78.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 434.08 78.20 Td (in ) Tj ET Q q 0 0 0 rg BT 444.59 78.20 Td (the ) Tj ET Q q 0 0 0 rg BT 459.53 78.20 Td (average ) Tj ET Q q 0 0 0 rg BT 493.34 78.20 Td (ef) Tj ET Q q 0 0 0 rg BT 500.92 78.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 530.85 78.20 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.20 Td (yield ) Tj ET Q q 0 0 0 rg BT 72.00 66.20 Td (was ) Tj ET Q q 0 0 0 rg BT 90.05 66.20 Td (due ) Tj ET Q q 0 0 0 rg BT 106.99 66.20 Td (to ) Tj ET Q q 0 0 0 rg BT 117.26 66.20 Td (more ) Tj ET Q q 0 0 0 rg BT 140.31 66.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.14 66.20 Td (from ) Tj ET Q q 0 0 0 rg BT 188.08 66.20 Td (individual ) Tj ET Q q 0 0 0 rg BT 231.13 66.20 Td (investors ) Tj ET Q q 0 0 0 rg BT 269.74 66.20 Td (in ) Tj ET Q q 0 0 0 rg BT 280.02 66.20 Td (open-ended ) Tj ET Q q 0 0 0 rg BT 329.16 66.20 Td (mutual ) Tj ET Q q 0 0 0 rg BT 359.44 66.20 Td (funds, ) Tj ET Q q 0 0 0 rg BT 386.66 66.20 Td (which ) Tj ET Q q 0 0 0 rg BT 413.60 66.20 Td (earned ) Tj ET Q q 0 0 0 rg BT 442.74 66.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 470.79 66.20 Td (fees. ) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.75 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.33 717.60 Td (year ) Tj ET Q q 0 0 0 rg BT 99.90 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.14 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.59 717.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.59 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 209.45 717.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 262.33 717.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 280.80 717.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.59 717.60 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 322.45 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.34 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 356.20 717.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 397.99 717.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.13 717.60 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 427.99 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.88 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 459.25 717.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.39 717.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.39 717.60 Td (. ) Tj ET Q q 0 0 0 rg BT 494.08 717.60 Td (The ) Tj ET Q q 0 0 0 rg BT 511.99 717.60 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 69.59 705.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 108.55 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 120.32 705.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 144.31 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 162.74 705.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 186.73 705.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 227.93 705.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 263.58 705.60 Td (from ) Tj ET Q q 0 0 0 rg BT 287.00 705.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 318.20 705.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 344.41 705.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 388.93 705.60 Td (their ) Tj ET Q q 0 0 0 rg BT 411.24 705.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 465.76 705.60 Td (tar) Tj ET Q q 0 0 0 rg BT 476.12 705.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 496.22 705.60 Td (over ) Tj ET Q q 0 0 0 rg BT 517.98 705.60 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 705.60 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 105.31 693.60 Td (period ) Tj ET Q q 0 0 0 rg BT 133.36 693.60 Td (or ) Tj ET Q q 0 0 0 rg BT 144.19 693.60 Td (at ) Tj ET Q q 0 0 0 rg BT 153.90 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 168.62 693.60 Td (time ) Tj ET Q q 0 0 0 rg BT 188.89 693.60 Td (of ) Tj ET Q q 0 0 0 rg BT 199.72 693.60 Td (client ) Tj ET Q q 0 0 0 rg BT 224.44 693.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 246.38 693.60 Td (withdrawals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.92 669.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.92 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 86.51 669.60 Td (we ) Tj ET Q q 0 0 0 rg BT 101.26 669.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 139.33 669.60 Td (an ) Tj ET Q q 0 0 0 rg BT 151.85 669.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.83 669.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 217.48 669.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.90 669.60 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 249.49 669.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.38 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 281.47 669.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 310.10 669.60 Td (by ) Tj ET Q q 0 0 0 rg BT 323.19 669.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 350.18 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 361.04 669.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 381.23 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 384.32 669.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 437.69 669.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 480.20 669.60 Td (with ) Tj ET Q q 0 0 0 rg BT 501.07 669.60 Td (income ) Tj ET Q q 0 0 0 rg BT 533.59 669.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 669.60 Td ($0.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 657.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.17 657.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.17 657.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (Segment ) Tj ET Q q 0 0 0 rg BT 86.95 633.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 117.71 633.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 157.93 633.60 Td (mar) Tj ET Q q 0 0 0 rg BT 173.29 633.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 188.52 633.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.63 633.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.63 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 225.09 633.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.09 633.60 Td (12.6 ) Tj ET Q q 0 0 0 rg BT 263.04 633.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.46 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 297.42 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 339.29 633.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.52 633.60 Td (26.4 ) Tj ET Q q 0 0 0 rg BT 369.47 633.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.89 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 401.35 633.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.46 633.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.46 633.60 Td (. ) Tj ET Q q 0 0 0 rg BT 440.41 633.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 483.96 633.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 530.30 633.60 Td (income/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 73.96 621.60 Td (on ) Tj ET Q q 0 0 0 rg BT 86.20 621.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 105.65 621.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 134.54 621.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 170.11 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 180.13 621.60 Td (our ) Tj ET Q q 0 0 0 rg BT 195.69 621.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 238.20 621.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 273.76 621.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 309.32 621.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 339.88 621.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 379.88 621.60 Td (mar) Tj ET Q q 0 0 0 rg BT 395.25 621.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 410.26 621.60 Td (for ) Tj ET Q q 0 0 0 rg BT 424.16 621.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.62 621.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.83 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 458.06 621.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.18 621.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 542.50 621.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 609.60 Td (29.9 ) Tj ET Q q 0 0 0 rg BT 87.55 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.98 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 121.98 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 163.90 609.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.18 609.60 Td (35.3 ) Tj ET Q q 0 0 0 rg BT 194.18 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.60 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 226.10 609.60 Td (for ) Tj ET Q q 0 0 0 rg BT 240.26 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 254.98 609.60 Td (year ) Tj ET Q q 0 0 0 rg BT 274.69 609.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.06 609.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 359.65 609.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 384.65 609.60 Td (due ) Tj ET Q q 0 0 0 rg BT 401.58 609.60 Td (to ) Tj ET Q q 0 0 0 rg BT 411.86 609.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 437.13 609.60 Td (management ) Tj ET Q q 0 0 0 rg BT 490.72 609.60 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 585.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 585.60 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 585.60 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 585.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 585.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.11 585.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 281.95 585.60 Td (for ) Tj ET Q q 0 0 0 rg BT 296.11 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 310.82 585.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 342.76 585.60 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 527.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 527.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 527.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 527.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 527.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 527.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 503.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 503.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 503.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 503.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 503.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 503.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 479.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 479.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 479.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 479.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 479.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 479.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 455.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 455.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 455.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 455.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 455.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 455.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 431.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 431.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 431.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 431.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 431.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 431.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 407.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 407.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 407.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 407.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 407.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 407.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 383.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 383.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 383.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 383.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 383.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 383.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 359.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 359.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 359.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 359.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 359.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 359.10 80.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 551.1 m 386 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 551.1 m 394 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 551.1 m 474 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 551.1 m 482 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 551.1 m 562 551.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 539.1 m 386 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 539.1 m 474 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 539.1 m 562 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 491.1 m 386 491.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 491.1 m 474 491.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 491.1 m 562 491.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 480.1 m 386 480.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 478.1 m 386 478.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 480.1 m 474 480.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 478.1 m 474 478.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 491.1 m 562 491.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 480.1 m 562 480.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 478.1 m 562 478.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 419.1 m 562 419.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 419.1 m 386 419.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 408.1 m 386 408.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 406.1 m 386 406.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 419.1 m 474 419.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 408.1 m 474 408.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 406.1 m 474 406.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 419.1 m 562 419.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 408.1 m 562 408.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 406.1 m 562 406.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 347.1 m 562 347.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 347.1 m 386 347.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 336.1 m 386 336.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 334.1 m 386 334.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 347.1 m 474 347.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 336.1 m 474 336.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 334.1 m 474 334.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 347.1 m 562 347.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 336.1 m 562 336.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 334.1 m 562 334.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 565.83 Td (Twelve Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.40 553.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 543.05 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 541.83 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.50 541.83 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.50 541.83 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 529.83 Td (Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 517.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 517.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 517.83 Td (4,954) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 517.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 517.83 Td (5,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 517.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 517.83 Td (6,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 505.72 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 505.72 Td (\(1,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 505.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 505.72 Td (\(572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 505.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 505.72 Td (\(979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 505.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 493.72 Td (Net market appreciation/\(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 493.72 Td (492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 493.72 Td (\(232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 493.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 493.72 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 481.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 481.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 481.83 Td (4,115) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 481.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 481.83 Td (4,954) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 481.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 481.83 Td (5,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 457.83 Td (MLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 445.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 445.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 445.83 Td (3,924) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 445.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 445.83 Td (5,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 445.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 445.83 Td (4,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 433.72 Td (Net inflows/\(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 433.72 Td (\(286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 433.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 433.72 Td (434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 433.72 Td (719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 421.72 Td (Net market appreciation/\(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 421.72 Td (978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 421.72 Td (\(2,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 421.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 421.72 Td (443) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 409.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 409.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 409.83 Td (4,616) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 409.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 409.83 Td (3,924) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 409.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 409.83 Td (5,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 385.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 373.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 373.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 373.83 Td (8,878) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 373.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 373.83 Td (11,469) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 373.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 373.83 Td (11,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 361.72 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 361.72 Td (\(1,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 361.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 361.72 Td (\(138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 361.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 361.72 Td (\(260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 361.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 349.72 Td (Net market appreciation/\(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 349.72 Td (1,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 349.72 Td (\(2,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 349.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 349.72 Td (497) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 337.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 337.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 337.83 Td (8,731) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 337.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 337.83 Td (8,878) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 337.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 337.83 Td (11,469) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.60 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.43 311.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 119.45 311.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.45 311.60 Td (, ) Tj ET Q q 0 0 0 rg BT 143.88 311.60 Td (total ) Tj ET Q q 0 0 0 rg BT 163.16 311.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 188.43 311.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.91 311.60 Td ($8.7 ) Tj ET Q q 0 0 0 rg BT 225.35 311.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.46 311.60 Td (. ) Tj ET Q q 0 0 0 rg BT 255.89 311.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 284.06 311.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 309.33 311.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.81 311.60 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 346.25 311.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.36 311.60 Td ( ) Tj ET Q q 0 0 0 rg BT 374.29 311.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.44 311.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 441.46 311.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.46 311.60 Td (, ) Tj ET Q q 0 0 0 rg BT 465.89 311.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 507.25 311.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.96 311.60 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 536.39 311.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.37 299.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 118.10 299.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.10 299.60 Td (, ) Tj ET Q q 0 0 0 rg BT 143.25 299.60 Td (as ) Tj ET Q q 0 0 0 rg BT 154.23 299.60 Td (net ) Tj ET Q q 0 0 0 rg BT 169.09 299.60 Td (client ) Tj ET Q q 0 0 0 rg BT 193.95 299.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 231.60 299.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.58 299.60 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 262.73 299.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.84 299.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.49 299.60 Td (were ) Tj ET Q q 0 0 0 rg BT 313.57 299.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 349.54 299.60 Td (of) Tj ET Q q 0 0 0 rg BT 357.69 299.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 374.78 299.60 Td (by ) Tj ET Q q 0 0 0 rg BT 387.42 299.60 Td (net ) Tj ET Q q 0 0 0 rg BT 402.29 299.60 Td (market ) Tj ET Q q 0 0 0 rg BT 432.70 299.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 484.77 299.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 299.60 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 515.90 299.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.01 299.60 Td (. ) Tj ET Q q 0 0 0 rg BT 546.97 299.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.89 287.60 Td (management ) Tj ET Q q 0 0 0 rg BT 127.93 287.60 Td (industry ) Tj ET Q q 0 0 0 rg BT 164.66 287.60 Td (has ) Tj ET Q q 0 0 0 rg BT 181.94 287.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 234.19 287.60 Td (an ) Tj ET Q q 0 0 0 rg BT 247.58 287.60 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 284.31 287.60 Td (trend ) Tj ET Q q 0 0 0 rg BT 308.81 287.60 Td (of ) Tj ET Q q 0 0 0 rg BT 321.09 287.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 361.15 287.60 Td (favoring ) Tj ET Q q 0 0 0 rg BT 398.97 287.60 Td (passive ) Tj ET Q q 0 0 0 rg BT 432.36 287.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 480.19 287.60 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 516.91 287.60 Td (over ) Tj ET Q q 0 0 0 rg BT 538.63 287.60 Td (active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.60 Td (management. ) Tj ET Q q 0 0 0 rg BT 104.80 275.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 121.69 275.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 146.74 275.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 183.45 275.60 Td (in ) Tj ET Q q 0 0 0 rg BT 192.94 275.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 214.65 275.60 Td (reflected ) Tj ET Q q 0 0 0 rg BT 251.34 275.60 Td (the ) Tj ET Q q 0 0 0 rg BT 265.27 275.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 294.19 275.60 Td (of ) Tj ET Q q 0 0 0 rg BT 304.23 275.60 Td (this ) Tj ET Q q 0 0 0 rg BT 320.40 275.60 Td (trend, ) Tj ET Q q 0 0 0 rg BT 345.15 275.60 Td (including ) Tj ET Q q 0 0 0 rg BT 384.64 275.60 Td (a ) Tj ET Q q 0 0 0 rg BT 390.79 275.60 Td (lar) Tj ET Q q 0 0 0 rg BT 401.16 275.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 412.31 275.60 Td (investor ) Tj ET Q q 0 0 0 rg BT 446.24 275.60 Td (in ) Tj ET Q q 0 0 0 rg BT 455.73 275.60 Td (our ) Tj ET Q q 0 0 0 rg BT 470.77 275.60 Td (all-cap ) Tj ET Q q 0 0 0 rg BT 499.69 275.60 Td (product ) Tj ET Q q 0 0 0 rg BT 531.95 275.60 Td (shifting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.60 Td (to ) Tj ET Q q 0 0 0 rg BT 60.99 263.60 Td (a ) Tj ET Q q 0 0 0 rg BT 69.15 263.60 Td (passive ) Tj ET Q q 0 0 0 rg BT 102.30 263.60 Td (investment. ) Tj ET Q q 0 0 0 rg BT 152.40 263.60 Td (In ) Tj ET Q q 0 0 0 rg BT 164.45 263.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 203.44 263.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 257.67 263.60 Td (in ) Tj ET Q q 0 0 0 rg BT 269.17 263.60 Td (our ) Tj ET Q q 0 0 0 rg BT 286.21 263.60 Td (small/mid-cap ) Tj ET Q q 0 0 0 rg BT 347.14 263.60 Td (and ) Tj ET Q q 0 0 0 rg BT 365.29 263.60 Td (all-cap ) Tj ET Q q 0 0 0 rg BT 396.21 263.60 Td (value ) Tj ET Q q 0 0 0 rg BT 421.58 263.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 463.06 263.60 Td (has ) Tj ET Q q 0 0 0 rg BT 480.11 263.60 Td (lagged ) Tj ET Q q 0 0 0 rg BT 510.48 263.60 Td (their ) Tj ET Q q 0 0 0 rg BT 532.52 263.60 Td (relative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.60 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 99.91 251.60 Td (which ) Tj ET Q q 0 0 0 rg BT 126.44 251.60 Td (has ) Tj ET Q q 0 0 0 rg BT 141.86 251.60 Td (contributed ) Tj ET Q q 0 0 0 rg BT 189.49 251.60 Td (to ) Tj ET Q q 0 0 0 rg BT 199.36 251.60 Td (client ) Tj ET Q q 0 0 0 rg BT 223.66 251.60 Td (outflows. ) Tj ET Q q 0 0 0 rg BT 263.10 251.60 Td (These ) Tj ET Q q 0 0 0 rg BT 289.07 251.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 326.16 251.60 Td (were ) Tj ET Q q 0 0 0 rg BT 347.68 251.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 383.10 251.60 Td (of) Tj ET Q q 0 0 0 rg BT 391.24 251.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 407.77 251.60 Td (by ) Tj ET Q q 0 0 0 rg BT 419.87 251.60 Td (client ) Tj ET Q q 0 0 0 rg BT 444.17 251.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 476.26 251.60 Td (related ) Tj ET Q q 0 0 0 rg BT 505.55 251.60 Td (to ) Tj ET Q q 0 0 0 rg BT 515.42 251.60 Td (the ) Tj ET Q q 0 0 0 rg BT 529.73 251.60 Td (addition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.35 239.60 Td (an ) Tj ET Q q 0 0 0 rg BT 72.31 239.60 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 117.04 239.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 147.89 239.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 175.41 239.60 Td (team ) Tj ET Q q 0 0 0 rg BT 197.36 239.60 Td (in ) Tj ET Q q 0 0 0 rg BT 207.66 239.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.40 239.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 249.36 239.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 280.19 239.60 Td (of ) Tj ET Q q 0 0 0 rg BT 291.04 239.60 Td (2016. ) Tj ET Q q 0 0 0 rg BT 316.07 239.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 336.26 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 338.22 239.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 364.08 239.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 404.35 239.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 239.60 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 434.67 239.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.78 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 463.31 239.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.04 239.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 531.65 239.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.17 239.60 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.60 Td (net ) Tj ET Q q 0 0 0 rg BT 64.22 227.60 Td (market ) Tj ET Q q 0 0 0 rg BT 94.48 227.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 146.40 227.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.23 227.60 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 177.23 227.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.34 227.60 Td ( ) Tj ET Q q 0 0 0 rg BT 205.84 227.60 Td (more ) Tj ET Q q 0 0 0 rg BT 228.89 227.60 Td (than ) Tj ET Q q 0 0 0 rg BT 248.61 227.60 Td (of) Tj ET Q q 0 0 0 rg BT 256.76 227.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 273.69 227.60 Td (net ) Tj ET Q q 0 0 0 rg BT 288.41 227.60 Td (client ) Tj ET Q q 0 0 0 rg BT 313.12 227.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 350.62 227.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.45 227.60 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 381.45 227.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.57 227.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.60 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 203.60 Td (otal ) Tj ET Q q 0 0 0 rg BT 71.89 203.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 97.78 203.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 139.75 203.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.08 203.60 Td ($8.9 ) Tj ET Q q 0 0 0 rg BT 170.13 203.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.25 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 198.80 203.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.13 203.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.13 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 231.68 203.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 259.78 203.60 Td (by ) Tj ET Q q 0 0 0 rg BT 272.33 203.60 Td (net ) Tj ET Q q 0 0 0 rg BT 287.10 203.60 Td (market ) Tj ET Q q 0 0 0 rg BT 317.42 203.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 369.39 203.60 Td (in ) Tj ET Q q 0 0 0 rg BT 379.72 203.60 Td (our ) Tj ET Q q 0 0 0 rg BT 395.61 203.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 415.80 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 418.35 203.60 Td (product ) Tj ET Q q 0 0 0 rg BT 451.45 203.60 Td (of) Tj ET Q q 0 0 0 rg BT 459.60 203.60 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 492.42 203.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 521.07 203.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 546.96 203.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.60 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 70.34 191.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.45 191.60 Td ( ) Tj ET Q q 0 0 0 rg BT 99.79 191.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.34 191.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 169.76 191.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.76 191.60 Td (, ) Tj ET Q q 0 0 0 rg BT 195.60 191.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 238.36 191.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.48 191.60 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 270.32 191.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.43 191.60 Td ( ) Tj ET Q q 0 0 0 rg BT 299.77 191.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.32 191.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 369.74 191.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.74 191.60 Td ( ) Tj ET Q q 0 0 0 rg BT 393.08 191.60 Td (due ) Tj ET Q q 0 0 0 rg BT 410.85 191.60 Td (to ) Tj ET Q q 0 0 0 rg BT 421.97 191.60 Td (net ) Tj ET Q q 0 0 0 rg BT 437.52 191.60 Td (client ) Tj ET Q q 0 0 0 rg BT 463.07 191.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 501.41 191.60 Td (and ) Tj ET Q q 0 0 0 rg BT 519.19 191.60 Td (net ) Tj ET Q q 0 0 0 rg BT 534.74 191.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 100.89 179.60 Td (during ) Tj ET Q q 0 0 0 rg BT 128.96 179.60 Td (the ) Tj ET Q q 0 0 0 rg BT 143.15 179.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 173.16 179.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.46 179.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.46 179.60 Td (, ) Tj ET Q q 0 0 0 rg BT 207.93 179.60 Td (our ) Tj ET Q q 0 0 0 rg BT 223.23 179.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 275.72 179.60 Td (in ) Tj ET Q q 0 0 0 rg BT 285.46 179.60 Td (our ) Tj ET Q q 0 0 0 rg BT 300.76 179.60 Td (small/mid-cap ) Tj ET Q q 0 0 0 rg BT 359.93 179.60 Td (value ) Tj ET Q q 0 0 0 rg BT 383.56 179.60 Td (strategy ) Tj ET Q q 0 0 0 rg BT 417.18 179.60 Td (lagged ) Tj ET Q q 0 0 0 rg BT 445.80 179.60 Td (its ) Tj ET Q q 0 0 0 rg BT 457.22 179.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 489.17 179.60 Td (benchmark, ) Tj ET Q q 0 0 0 rg BT 538.06 179.60 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.60 Td (contributed ) Tj ET Q q 0 0 0 rg BT 97.03 167.60 Td (to ) Tj ET Q q 0 0 0 rg BT 106.80 167.60 Td (client ) Tj ET Q q 0 0 0 rg BT 131.01 167.60 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 170.50 167.60 Td (as ) Tj ET Q q 0 0 0 rg BT 180.82 167.60 Td (did ) Tj ET Q q 0 0 0 rg BT 195.59 167.60 Td (the ) Tj ET Q q 0 0 0 rg BT 209.80 167.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 251.22 167.60 Td (movement ) Tj ET Q q 0 0 0 rg BT 295.42 167.60 Td (to ) Tj ET Q q 0 0 0 rg BT 305.19 167.60 Td (passive ) Tj ET Q q 0 0 0 rg BT 336.62 167.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 360.84 167.60 Td (over ) Tj ET Q q 0 0 0 rg BT 380.60 167.60 Td (actively-managed ) Tj ET Q q 0 0 0 rg BT 453.66 167.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 480.23 167.60 Td (These ) Tj ET Q q 0 0 0 rg BT 506.10 167.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 543.09 167.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.60 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 155.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.41 155.60 Td (by ) Tj ET Q q 0 0 0 rg BT 88.74 155.60 Td (client ) Tj ET Q q 0 0 0 rg BT 114.28 155.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 147.61 155.60 Td (related ) Tj ET Q q 0 0 0 rg BT 178.14 155.60 Td (to ) Tj ET Q q 0 0 0 rg BT 189.24 155.60 Td (our ) Tj ET Q q 0 0 0 rg BT 205.90 155.60 Td (international ) Tj ET Q q 0 0 0 rg BT 259.76 155.60 Td (and ) Tj ET Q q 0 0 0 rg BT 277.53 155.60 Td (ener) Tj ET Q q 0 0 0 rg BT 294.55 155.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 307.88 155.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 351.47 155.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 371.66 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 374.25 155.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 400.91 155.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 155.60 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 464.48 155.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.59 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 493.92 155.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.03 155.60 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 525.85 155.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.97 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 555.29 155.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.08 143.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 143.60 Td ( ) Tj ET Q q 0 0 0 rg BT 130.58 143.60 Td (as ) Tj ET Q q 0 0 0 rg BT 141.41 143.60 Td (net ) Tj ET Q q 0 0 0 rg BT 156.13 143.60 Td (market ) Tj ET Q q 0 0 0 rg BT 186.39 143.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 238.31 143.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.14 143.60 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 269.14 143.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.26 143.60 Td ( ) Tj ET Q q 0 0 0 rg BT 297.76 143.60 Td (was ) Tj ET Q q 0 0 0 rg BT 315.81 143.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 351.63 143.60 Td (of) Tj ET Q q 0 0 0 rg BT 359.78 143.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 376.72 143.60 Td (by ) Tj ET Q q 0 0 0 rg BT 389.22 143.60 Td (net ) Tj ET Q q 0 0 0 rg BT 403.93 143.60 Td (client ) Tj ET Q q 0 0 0 rg BT 428.65 143.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 461.15 143.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.98 143.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 491.98 143.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.09 143.60 Td (. ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 740.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 740.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 132.77 740.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 143.13 740.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 80.33 716.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 126.77 716.25 Td (pronouncements ) Tj ET Q q 0 0 0 rg BT 195.43 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 210.20 716.25 Td (set ) Tj ET Q q 0 0 0 rg BT 223.87 716.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 245.88 716.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.22 716.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 278.23 716.25 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.23 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.79 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.14 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.03 716.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 365.14 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 402.69 716.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 447.47 716.25 Td (included ) Tj ET Q q 0 0 0 rg BT 484.47 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 494.81 716.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 513.48 716.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 525.21 716.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 546.10 716.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 553.67 716.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.95 704.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 91.12 704.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 116.67 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.61 704.25 Td (are ) Tj ET Q q 0 0 0 rg BT 148.32 704.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 201.35 704.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 228.83 704.25 Td (by ) Tj ET Q q 0 0 0 rg BT 241.33 704.25 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.21 680.25 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.05 656.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 112.93 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.37 656.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 168.03 656.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 201.13 656.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 233.13 656.25 Td (with ) Tj ET Q q 0 0 0 rg BT 252.91 656.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 279.76 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 281.77 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.21 656.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 334.08 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.87 656.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 381.40 656.25 Td (within ) Tj ET Q q 0 0 0 rg BT 408.96 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.18 656.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 462.94 656.25 Td (industry) Tj ET Q q 0 0 0 rg BT 495.07 656.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.43 656.25 Td (The ) Tj ET Q q 0 0 0 rg BT 516.98 656.25 Td (preparation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 644.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 96.97 644.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 141.26 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.11 644.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 199.28 644.25 Td (with ) Tj ET Q q 0 0 0 rg BT 219.13 644.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 245.99 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.07 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.58 644.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 299.44 644.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 337.05 644.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 371.33 644.25 Td (us ) Tj ET Q q 0 0 0 rg BT 382.30 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.16 644.25 Td (make ) Tj ET Q q 0 0 0 rg BT 415.89 644.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 455.18 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.70 644.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 523.22 644.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.30 644.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 92.24 632.25 Td (af) Tj ET Q q 0 0 0 rg BT 99.83 632.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 117.02 632.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 153.12 632.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 188.64 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.63 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.16 632.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.91 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.10 632.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 351.02 632.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 383.22 632.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 429.29 632.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 462.61 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.02 632.25 Td (those ) Tj ET Q q 0 0 0 rg BT 500.33 632.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 533.65 632.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 632.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 81.07 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.54 620.25 Td (be ) Tj ET Q q 0 0 0 rg BT 103.67 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.58 620.25 Td (most ) Tj ET Q q 0 0 0 rg BT 140.73 620.25 Td (important ) Tj ET Q q 0 0 0 rg BT 182.30 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.77 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.69 620.25 Td (portrayal ) Tj ET Q q 0 0 0 rg BT 246.47 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.50 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 273.52 620.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.20 620.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 351.67 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.80 620.25 Td (results ) Tj ET Q q 0 0 0 rg BT 397.60 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.63 620.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 452.97 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.11 620.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.80 620.25 Td (require ) Tj ET Q q 0 0 0 rg BT 518.81 620.25 Td (us ) Tj ET Q q 0 0 0 rg BT 530.39 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.87 620.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.86 608.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.00 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.36 608.25 Td (dif) Tj ET Q q 0 0 0 rg BT 134.29 608.25 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 161.04 608.25 Td (subjective ) Tj ET Q q 0 0 0 rg BT 204.73 608.25 Td (or ) Tj ET Q q 0 0 0 rg BT 216.21 608.25 Td (complex. ) Tj ET Q q 0 0 0 rg BT 256.29 608.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 280.00 608.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 327.02 608.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 361.27 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.63 608.25 Td (not ) Tj ET Q q 0 0 0 rg BT 392.55 608.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 439.02 608.25 Td (by ) Tj ET Q q 0 0 0 rg BT 452.17 608.25 Td (us ) Tj ET Q q 0 0 0 rg BT 464.21 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.13 608.25 Td (be ) Tj ET Q q 0 0 0 rg BT 487.72 608.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 518.63 608.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 86.40 596.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 119.68 596.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 150.18 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 165.68 596.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 212.29 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.37 596.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 274.98 596.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 310.48 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.11 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 338.18 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 345.92 596.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 374.21 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.17 596.25 Td (critical, ) Tj ET Q q 0 0 0 rg BT 417.72 596.25 Td (including ) Tj ET Q q 0 0 0 rg BT 458.79 596.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 494.29 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.81 596.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 550.31 596.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.07 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.20 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.77 584.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.66 584.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.00 584.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 253.56 584.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 277.57 584.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.25 584.25 Td (a ) Tj ET Q q 0 0 0 rg BT 295.05 584.25 Td (whole, ) Tj ET Q q 0 0 0 rg BT 324.34 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.91 584.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 366.25 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.93 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.50 584.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 433.57 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.14 584.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 476.04 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.17 584.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 516.29 584.25 Td (validate ) Tj ET Q q 0 0 0 rg BT 550.30 584.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.06 572.25 Td (with ) Tj ET Q q 0 0 0 rg BT 109.19 572.25 Td (other ) Tj ET Q q 0 0 0 rg BT 132.09 572.25 Td (information ) Tj ET Q q 0 0 0 rg BT 181.65 572.25 Td (\(e.g. ) Tj ET Q q 0 0 0 rg BT 201.77 572.25 Td (third ) Tj ET Q q 0 0 0 rg BT 223.00 572.25 Td (party ) Tj ET Q q 0 0 0 rg BT 245.90 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 256.58 572.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 307.80 572.25 Td (sources\), ) Tj ET Q q 0 0 0 rg BT 345.97 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.54 572.25 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 404.00 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.69 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.25 572.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 468.81 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.94 572.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 513.50 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.63 572.25 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.67 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.60 560.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 145.31 560.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 190.01 560.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 236.38 560.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 272.77 560.25 Td (may ) Tj ET Q q 0 0 0 rg BT 292.48 560.25 Td (be ) Tj ET Q q 0 0 0 rg BT 304.42 560.25 Td (used ) Tj ET Q q 0 0 0 rg BT 325.25 560.25 Td (under ) Tj ET Q q 0 0 0 rg BT 350.52 560.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 376.64 560.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (For ) Tj ET Q q 0 0 0 rg BT 66.06 536.25 Td (a ) Tj ET Q q 0 0 0 rg BT 73.16 536.25 Td (full ) Tj ET Q q 0 0 0 rg BT 89.71 536.25 Td (description ) Tj ET Q q 0 0 0 rg BT 136.81 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.81 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 163.80 536.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 208.68 536.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 255.21 536.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 291.48 536.25 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.92 536.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 329.02 536.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.02 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.69 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.13 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 363.12 536.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.33 536.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 453.98 536.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 498.85 536.25 Td (included ) Tj ET Q q 0 0 0 rg BT 535.95 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 546.40 536.25 Td (Part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 62.00 524.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 83.66 524.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 91.99 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.66 524.25 Td (this ) Tj ET Q q 0 0 0 rg BT 121.44 524.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 146.44 524.25 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 172.59 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 181.23 524.25 Td (e ) Tj ET Q q 0 0 0 rg BT 189.00 524.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 221.21 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 239.54 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.20 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.87 524.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 313.41 524.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 360.62 524.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 397.56 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.11 524.25 Td (following ) Tj ET Q q 0 0 0 rg BT 455.33 524.25 Td (are ) Tj ET Q q 0 0 0 rg BT 470.88 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 487.54 524.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 518.63 524.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (policies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.06 488.25 Td (aluation of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.37 464.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.69 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.79 464.25 Td (other ) Tj ET Q q 0 0 0 rg BT 178.99 464.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 219.98 464.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 258.75 464.25 Td (owned, ) Tj ET Q q 0 0 0 rg BT 290.57 464.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.21 464.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 377.53 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.63 464.25 Td (other ) Tj ET Q q 0 0 0 rg BT 417.83 464.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 458.81 464.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 497.59 464.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 519.42 464.25 Td (but ) Tj ET Q q 0 0 0 rg BT 534.85 464.25 Td (not ) Tj ET Q q 0 0 0 rg BT 550.29 464.25 Td (yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 95.25 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.40 452.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 142.32 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.36 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 169.41 452.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 219.89 452.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 257.58 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.08 452.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 318.56 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 331.28 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 347.32 452.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 400.58 452.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 445.50 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 456.55 452.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 494.24 452.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 534.73 452.25 Td (consist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.56 440.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 100.26 440.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 150.66 440.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 189.36 440.25 Td (at ) Tj ET Q q 0 0 0 rg BT 200.30 440.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 217.91 440.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 245.79 440.25 Td (either ) Tj ET Q q 0 0 0 rg BT 272.28 440.25 Td (as ) Tj ET Q q 0 0 0 rg BT 284.34 440.25 Td (required ) Tj ET Q q 0 0 0 rg BT 321.38 440.25 Td (by ) Tj ET Q q 0 0 0 rg BT 335.11 440.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 382.71 440.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 422.53 440.25 Td (or ) Tj ET Q q 0 0 0 rg BT 434.58 440.25 Td (through ) Tj ET Q q 0 0 0 rg BT 469.42 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.36 440.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 502.97 440.25 Td (value ) Tj ET Q q 0 0 0 rg BT 528.35 440.25 Td (election. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 95.86 428.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 119.47 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.41 428.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 162.80 428.25 Td (related ) Tj ET Q q 0 0 0 rg BT 192.50 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.78 428.25 Td (these ) Tj ET Q q 0 0 0 rg BT 225.83 428.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.31 428.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 312.47 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 327.18 428.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 364.65 428.25 Td (on ) Tj ET Q q 0 0 0 rg BT 377.15 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 392.98 428.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 446.02 428.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 490.74 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.57 428.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.87 404.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 82.56 404.25 Td (value ) Tj ET Q q 0 0 0 rg BT 106.04 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.18 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 122.44 404.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.24 404.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 203.83 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 212.32 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.36 404.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 258.17 404.25 Td (at ) Tj ET Q q 0 0 0 rg BT 267.21 404.25 Td (which ) Tj ET Q q 0 0 0 rg BT 293.46 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.50 404.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 352.09 404.25 Td (could ) Tj ET Q q 0 0 0 rg BT 376.13 404.25 Td (be ) Tj ET Q q 0 0 0 rg BT 387.39 404.25 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 431.96 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.56 404.25 Td (an ) Tj ET Q q 0 0 0 rg BT 452.81 404.25 Td (orderly ) Tj ET Q q 0 0 0 rg BT 483.51 404.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 529.20 404.25 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (market ) Tj ET Q q 0 0 0 rg BT 79.74 392.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 128.87 392.25 Td (at ) Tj ET Q q 0 0 0 rg BT 138.56 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.26 392.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 209.04 392.25 Td (date ) Tj ET Q q 0 0 0 rg BT 228.18 392.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 246.20 392.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 263.67 392.25 Td (price\). ) Tj ET Q q 0 0 0 rg BT 291.96 392.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 318.88 392.25 Td (on ) Tj ET Q q 0 0 0 rg BT 331.36 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.05 392.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 373.51 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.32 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.13 392.25 Td (business ) Tj ET Q q 0 0 0 rg BT 436.50 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.41 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.22 392.25 Td (role ) Tj ET Q q 0 0 0 rg BT 487.24 392.25 Td (as ) Tj ET Q q 0 0 0 rg BT 498.05 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 504.97 392.25 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 540.03 392.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 392.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 88.79 380.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 123.10 380.25 Td (or ) Tj ET Q q 0 0 0 rg BT 132.96 380.25 Td (as ) Tj ET Q q 0 0 0 rg BT 142.82 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 148.78 380.25 Td (manager ) Tj ET Q q 0 0 0 rg BT 184.73 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.59 380.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 238.32 380.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 259.29 380.25 Td (management ) Tj ET Q q 0 0 0 rg BT 311.90 380.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 338.15 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.90 380.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 367.30 380.25 Td (values ) Tj ET Q q 0 0 0 rg BT 394.38 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.24 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 419.09 380.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.60 380.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 503.80 380.25 Td (are ) Tj ET Q q 0 0 0 rg BT 517.53 380.25 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (internally) Tj ET Q q 0 0 0 rg BT 87.17 368.25 Td (. ) Tj ET Q q 0 0 0 rg BT 91.24 368.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.24 368.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 128.24 368.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.24 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 134.81 368.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.81 368.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 171.81 368.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.81 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.38 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.72 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 202.62 368.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 254.72 368.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 291.27 368.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 335.05 368.25 Td (for ) Tj ET Q q 0 0 0 rg BT 348.27 368.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 389.83 368.25 Td (information ) Tj ET Q q 0 0 0 rg BT 438.60 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 450.17 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.95 368.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 502.73 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.62 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.52 368.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.52 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.31 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.99 356.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 147.22 356.25 Td (value ) Tj ET Q q 0 0 0 rg BT 171.23 356.25 Td (processes, ) Tj ET Q q 0 0 0 rg BT 214.40 356.25 Td (including ) Tj ET Q q 0 0 0 rg BT 254.53 356.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 287.97 356.25 Td (control ) Tj ET Q q 0 0 0 rg BT 318.65 356.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 359.32 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.46 356.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 411.79 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.36 356.25 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 488.69 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.37 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.94 356.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 530.17 356.25 Td (value ) Tj ET Q q 0 0 0 rg BT 554.17 356.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 344.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.81 344.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.85 320.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 140.54 320.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 184.00 320.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 212.47 320.25 Td (\("F) Tj ET Q q 0 0 0 rg BT 224.70 320.25 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 254.71 320.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 305.39 320.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 348.86 320.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 402.59 320.25 Td (T) Tj ET Q q 0 0 0 rg BT 408.00 320.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 429.24 320.25 Td (820, ) Tj ET Q q 0 0 0 rg BT 450.77 320.25 Td ("Fair ) Tj ET Q q 0 0 0 rg BT 474.70 320.25 Td (V) Tj ET Q q 0 0 0 rg BT 480.81 320.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 501.50 320.25 Td (Measurement," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 94.95 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 101.50 308.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 117.50 308.25 Td (value ) Tj ET Q q 0 0 0 rg BT 141.28 308.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 181.15 308.25 Td (that ) Tj ET Q q 0 0 0 rg BT 198.27 308.25 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 240.93 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.27 308.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 281.84 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 291.74 308.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 331.07 308.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 375.95 308.25 Td (used ) Tj ET Q q 0 0 0 rg BT 396.40 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.30 308.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 441.74 308.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 457.74 308.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 483.86 308.25 Td (The ) Tj ET Q q 0 0 0 rg BT 501.53 308.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 541.40 308.25 Td (gives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.08 296.25 Td (highest ) Tj ET Q q 0 0 0 rg BT 95.32 296.25 Td (priority ) Tj ET Q q 0 0 0 rg BT 127.68 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 137.82 296.25 Td (unadjusted ) Tj ET Q q 0 0 0 rg BT 183.50 296.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 213.08 296.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 239.31 296.25 Td (in ) Tj ET Q q 0 0 0 rg BT 249.45 296.25 Td (active ) Tj ET Q q 0 0 0 rg BT 275.69 296.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 309.70 296.25 Td (for ) Tj ET Q q 0 0 0 rg BT 323.72 296.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 360.51 296.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 386.20 296.25 Td (or ) Tj ET Q q 0 0 0 rg BT 396.89 296.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 436.47 296.25 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 464.92 296.25 Td (I ) Tj ET Q q 0 0 0 rg BT 470.61 296.25 Td (measurements\) ) Tj ET Q q 0 0 0 rg BT 533.50 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 296.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 77.57 284.25 Td (priority ) Tj ET Q q 0 0 0 rg BT 109.52 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 119.25 284.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 145.66 284.25 Td (with ) Tj ET Q q 0 0 0 rg BT 165.39 284.25 Td (little ) Tj ET Q q 0 0 0 rg BT 185.68 284.25 Td (or ) Tj ET Q q 0 0 0 rg BT 195.97 284.25 Td (no ) Tj ET Q q 0 0 0 rg BT 207.92 284.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 238.21 284.25 Td (observability ) Tj ET Q q 0 0 0 rg BT 292.38 284.25 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 320.43 284.25 Td (III ) Tj ET Q q 0 0 0 rg BT 332.37 284.25 Td (measurements\). ) Tj ET Q q 0 0 0 rg BT 396.93 284.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 425.00 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.40 284.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 480.57 284.25 Td (are ) Tj ET Q q 0 0 0 rg BT 494.73 284.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 534.46 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 544.19 284.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (entirety ) Tj ET Q q 0 0 0 rg BT 81.97 272.25 Td (based ) Tj ET Q q 0 0 0 rg BT 106.66 272.25 Td (on ) Tj ET Q q 0 0 0 rg BT 118.58 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.72 272.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 160.75 272.25 Td (level ) Tj ET Q q 0 0 0 rg BT 182.11 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.37 272.25 Td (input ) Tj ET Q q 0 0 0 rg BT 214.85 272.25 Td (that ) Tj ET Q q 0 0 0 rg BT 231.77 272.25 Td (is ) Tj ET Q q 0 0 0 rg BT 240.36 272.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 284.50 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.20 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.34 272.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.14 272.25 Td (value ) Tj ET Q q 0 0 0 rg BT 347.72 272.25 Td (measurement. ) Tj ET Q q 0 0 0 rg BT 405.45 272.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.81 272.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 443.18 272.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.18 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.10 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.80 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 475.06 272.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.52 272.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 260.25 Td (for ) Tj ET Q q 0 0 0 rg BT 108.37 260.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.86 260.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 195.03 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.86 260.25 Td (our ) Tj ET Q q 0 0 0 rg BT 221.69 260.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.52 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.46 260.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 304.18 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 314.46 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 329.17 260.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 345.55 260.25 Td (value ) Tj ET Q q 0 0 0 rg BT 369.71 260.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 406.81 260.25 Td (.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (47) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 152.21 740.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 716.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.91 716.25 Td (record ) Tj ET Q q 0 0 0 rg BT 92.78 716.25 Td (all ) Tj ET Q q 0 0 0 rg BT 105.11 716.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 130.77 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.55 716.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 187.10 716.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 223.86 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.97 716.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 271.84 716.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 324.45 716.25 Td (including ) Tj ET Q q 0 0 0 rg BT 364.55 716.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 402.44 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.22 716.25 Td (other ) Tj ET Q q 0 0 0 rg BT 442.10 716.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 484.42 716.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 512.59 716.25 Td (at ) Tj ET Q q 0 0 0 rg BT 522.14 716.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.35 716.25 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (Determining ) Tj ET Q q 0 0 0 rg BT 102.99 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.16 704.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 134.98 704.25 Td (value ) Tj ET Q q 0 0 0 rg BT 159.58 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.86 704.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.14 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.53 704.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 254.69 704.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 292.06 704.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 327.22 704.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 357.37 704.25 Td (management ) Tj ET Q q 0 0 0 rg BT 411.41 704.25 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 453.42 704.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.36 704.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.40 704.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.85 704.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (had ) Tj ET Q q 0 0 0 rg BT 66.53 692.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 104.68 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.60 692.25 Td ($196.2 ) Tj ET Q q 0 0 0 rg BT 145.69 692.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.58 692.25 Td (. ) Tj ET Q q 0 0 0 rg BT 179.48 692.25 Td (The ) Tj ET Q q 0 0 0 rg BT 197.62 692.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 235.77 692.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 268.89 692.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 303.15 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.07 692.25 Td ($81.9 ) Tj ET Q q 0 0 0 rg BT 339.16 692.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.05 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 370.64 692.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 408.21 692.25 Td (within ) Tj ET Q q 0 0 0 rg BT 436.35 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.27 692.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 481.52 692.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 515.76 692.25 Td (segment, ) Tj ET Q q 0 0 0 rg BT 554.18 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.99 680.25 Td ($60.7 ) Tj ET Q q 0 0 0 rg BT 104.54 680.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.43 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.48 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 148.20 680.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 197.79 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 209.61 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 226.99 680.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 251.04 680.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 298.98 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.36 680.25 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 355.40 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 375.00 680.25 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.59 680.25 Td ($1) Tj ET Q q 0 0 0 rg BT 429.22 680.25 Td (14.4 ) Tj ET Q q 0 0 0 rg BT 450.77 680.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.66 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 483.71 680.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 513.85 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 525.68 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 543.06 680.25 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.65 668.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 141.87 668.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.93 668.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 214.08 668.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.08 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 239.65 668.25 Td (we ) Tj ET Q q 0 0 0 rg BT 254.37 668.25 Td (had ) Tj ET Q q 0 0 0 rg BT 271.88 668.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 314.93 668.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.33 668.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.72 668.25 Td ($37.2 ) Tj ET Q q 0 0 0 rg BT 378.29 668.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.18 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.75 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.14 668.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 668.25 Td ($19.3 ) Tj ET Q q 0 0 0 rg BT 477.21 668.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.10 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 509.17 668.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 538.33 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 668.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.65 656.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 112.81 656.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 148.63 656.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.57 656.25 Td ($17.9 ) Tj ET Q q 0 0 0 rg BT 190.57 656.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.46 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.96 656.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 250.55 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.83 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 276.66 656.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.60 656.25 Td (management ) Tj ET Q q 0 0 0 rg BT 352.19 656.25 Td (segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 632.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.86 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 79.35 632.25 Td (required ) Tj ET Q q 0 0 0 rg BT 114.95 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.01 632.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 159.50 632.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 207.89 632.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 227.95 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.56 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 254.18 632.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 292.02 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.74 632.25 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 366.00 632.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 408.28 632.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 433.89 632.25 Td (annually ) Tj ET Q q 0 0 0 rg BT 470.61 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.33 632.25 Td (on ) Tj ET Q q 0 0 0 rg BT 499.62 632.25 Td (an ) Tj ET Q q 0 0 0 rg BT 511.34 632.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 542.50 632.25 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (when ) Tj ET Q q 0 0 0 rg BT 73.72 620.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 132.92 620.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 154.37 620.25 Td (that ) Tj ET Q q 0 0 0 rg BT 171.92 620.25 Td (could ) Tj ET Q q 0 0 0 rg BT 196.70 620.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 230.91 620.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 266.25 620.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 317.22 620.25 Td (W) Tj ET Q q 0 0 0 rg BT 325.86 620.25 Td (e ) Tj ET Q q 0 0 0 rg BT 332.86 620.25 Td (have ) Tj ET Q q 0 0 0 rg BT 354.30 620.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 385.17 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.50 620.25 Td (test ) Tj ET Q q 0 0 0 rg BT 411.95 620.25 Td (for ) Tj ET Q q 0 0 0 rg BT 426.17 620.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 464.29 620.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 512.95 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.29 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.06 620.25 Td (fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.19 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.89 608.25 Td (each ) Tj ET Q q 0 0 0 rg BT 111.58 608.25 Td (calendar ) Tj ET Q q 0 0 0 rg BT 147.82 608.25 Td (year) Tj ET Q q 0 0 0 rg BT 164.48 608.25 Td (. ) Tj ET Q q 0 0 0 rg BT 169.18 608.25 Td (W) Tj ET Q q 0 0 0 rg BT 177.82 608.25 Td (e ) Tj ET Q q 0 0 0 rg BT 184.63 608.25 Td (have ) Tj ET Q q 0 0 0 rg BT 205.88 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.47 608.25 Td (option ) Tj ET Q q 0 0 0 rg BT 248.40 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.56 608.25 Td (first ) Tj ET Q q 0 0 0 rg BT 277.04 608.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 303.86 608.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 348.44 608.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 378.02 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.17 608.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 430.53 608.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 465.11 608.25 Td (it ) Tj ET Q q 0 0 0 rg BT 473.04 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 482.09 608.25 Td (more ) Tj ET Q q 0 0 0 rg BT 505.01 608.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 530.15 608.25 Td (than ) Tj ET Q q 0 0 0 rg BT 549.75 608.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.00 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.72 596.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.10 596.25 Td (value ) Tj ET Q q 0 0 0 rg BT 122.26 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.09 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 140.04 596.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 179.20 596.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 197.26 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 206.43 596.25 Td (less ) Tj ET Q q 0 0 0 rg BT 223.93 596.25 Td (than ) Tj ET Q q 0 0 0 rg BT 243.65 596.25 Td (its ) Tj ET Q q 0 0 0 rg BT 255.61 596.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 291.43 596.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 326.42 596.25 Td (If, ) Tj ET Q q 0 0 0 rg BT 338.09 596.25 Td (after ) Tj ET Q q 0 0 0 rg BT 358.91 596.25 Td (making ) Tj ET Q q 0 0 0 rg BT 391.41 596.25 Td (an ) Tj ET Q q 0 0 0 rg BT 403.35 596.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 452.79 596.25 Td (we ) Tj ET Q q 0 0 0 rg BT 466.96 596.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 509.44 596.25 Td (it ) Tj ET Q q 0 0 0 rg BT 517.50 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 526.67 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 541.96 596.25 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 74.52 584.25 Td (than ) Tj ET Q q 0 0 0 rg BT 93.99 584.25 Td (not ) Tj ET Q q 0 0 0 rg BT 109.02 584.25 Td (that ) Tj ET Q q 0 0 0 rg BT 126.27 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.74 584.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 156.86 584.25 Td (value ) Tj ET Q q 0 0 0 rg BT 180.77 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.35 584.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.04 584.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 236.95 584.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 254.75 584.25 Td (is ) Tj ET Q q 0 0 0 rg BT 263.67 584.25 Td (less ) Tj ET Q q 0 0 0 rg BT 280.93 584.25 Td (than ) Tj ET Q q 0 0 0 rg BT 300.39 584.25 Td (its ) Tj ET Q q 0 0 0 rg BT 312.09 584.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 347.66 584.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 382.41 584.25 Td (then ) Tj ET Q q 0 0 0 rg BT 401.87 584.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 449.11 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.58 584.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 500.27 584.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 548.62 584.25 Td (test ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.47 572.25 Td (unnecessary) Tj ET Q q 0 0 0 rg BT 106.69 572.25 Td (. ) Tj ET Q q 0 0 0 rg BT 111.50 572.25 Td (However) Tj ET Q q 0 0 0 rg BT 147.75 572.25 Td (, ) Tj ET Q q 0 0 0 rg BT 152.55 572.25 Td (if ) Tj ET Q q 0 0 0 rg BT 160.96 572.25 Td (we ) Tj ET Q q 0 0 0 rg BT 174.92 572.25 Td (conclude ) Tj ET Q q 0 0 0 rg BT 213.32 572.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 257.00 572.25 Td (then ) Tj ET Q q 0 0 0 rg BT 276.52 572.25 Td (we ) Tj ET Q q 0 0 0 rg BT 290.49 572.25 Td (are ) Tj ET Q q 0 0 0 rg BT 305.00 572.25 Td (required ) Tj ET Q q 0 0 0 rg BT 340.62 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.70 572.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 385.21 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.73 572.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 436.47 572.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 484.88 572.25 Td (test, ) Tj ET Q q 0 0 0 rg BT 503.57 572.25 Td (which ) Tj ET Q q 0 0 0 rg BT 530.31 572.25 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (management ) Tj ET Q q 0 0 0 rg BT 104.08 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.35 560.25 Td (make ) Tj ET Q q 0 0 0 rg BT 140.50 560.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 185.65 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.92 560.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 248.73 560.25 Td (what ) Tj ET Q q 0 0 0 rg BT 271.66 560.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 324.60 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.87 560.25 Td (use ) Tj ET Q q 0 0 0 rg BT 352.69 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 363.96 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.67 560.25 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 429.53 560.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.46 560.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 470.39 560.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.39 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 483.88 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.15 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.97 560.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 548.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.69 548.25 Td (for ) Tj ET Q q 0 0 0 rg BT 145.85 548.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 188.34 548.25 Td (information ) Tj ET Q q 0 0 0 rg BT 238.05 548.25 Td (on ) Tj ET Q q 0 0 0 rg BT 250.55 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 266.38 548.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 304.44 548.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 353.04 548.25 Td (testing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.77 524.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 95.83 524.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 145.10 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.15 524.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 196.43 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.60 524.25 Td (other ) Tj ET Q q 0 0 0 rg BT 238.87 524.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 282.59 524.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 309.64 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.81 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.75 524.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 391.91 524.25 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 442.84 524.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 492.67 524.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 528.61 524.25 Td (involves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.37 512.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 134.81 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 145.25 512.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 196.23 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.11 512.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 250.98 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.97 512.25 Td (future ) Tj ET Q q 0 0 0 rg BT 288.51 512.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 308.94 512.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 336.32 512.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 372.87 512.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 396.91 512.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 438.44 512.25 Td (forecast ) Tj ET Q q 0 0 0 rg BT 472.75 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.85 512.25 Td (other ) Tj ET Q q 0 0 0 rg BT 513.05 512.25 Td (assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.33 500.25 Td (are ) Tj ET Q q 0 0 0 rg BT 90.93 500.25 Td (then ) Tj ET Q q 0 0 0 rg BT 110.54 500.25 Td (used ) Tj ET Q q 0 0 0 rg BT 131.27 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 141.44 500.25 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 186.02 500.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 225.63 500.25 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 273.29 500.25 Td (such ) Tj ET Q q 0 0 0 rg BT 294.01 500.25 Td (as ) Tj ET Q q 0 0 0 rg BT 304.73 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.35 500.25 Td (market ) Tj ET Q q 0 0 0 rg BT 349.50 500.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 388.54 500.25 Td (\(earnings ) Tj ET Q q 0 0 0 rg BT 428.14 500.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 456.08 500.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 502.35 500.25 Td (multiples\) ) Tj ET Q q 0 0 0 rg BT 545.30 500.25 Td (and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (or ) Tj ET Q q 0 0 0 rg BT 61.14 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.66 488.25 Td (income ) Tj ET Q q 0 0 0 rg BT 109.40 488.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 149.35 488.25 Td (\(discounted ) Tj ET Q q 0 0 0 rg BT 199.31 488.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 220.38 488.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 242.02 488.25 Td (method\). ) Tj ET Q q 0 0 0 rg BT 281.15 488.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 318.89 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 329.98 488.25 Td (these ) Tj ET Q q 0 0 0 rg BT 353.83 488.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 394.35 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.09 488.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 464.85 488.25 Td (could ) Tj ET Q q 0 0 0 rg BT 490.37 488.25 Td (have ) Tj ET Q q 0 0 0 rg BT 512.55 488.25 Td (a ) Tj ET Q q 0 0 0 rg BT 520.30 488.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 80.09 476.25 Td (on ) Tj ET Q q 0 0 0 rg BT 93.46 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.06 476.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.31 476.25 Td (value ) Tj ET Q q 0 0 0 rg BT 151.34 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.15 476.25 Td (any ) Tj ET Q q 0 0 0 rg BT 186.97 476.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 225.34 476.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 274.81 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.52 476.25 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 327.95 476.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 346.88 476.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 388.57 476.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 409.72 476.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 437.81 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 451.19 476.25 Td (their ) Tj ET Q q 0 0 0 rg BT 472.89 476.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 503.75 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.33 476.25 Td (dif) Tj ET Q q 0 0 0 rg BT 530.26 476.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 554.74 476.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 92.70 464.25 Td (over ) Tj ET Q q 0 0 0 rg BT 113.69 464.25 Td (an ) Tj ET Q q 0 0 0 rg BT 126.35 464.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 165.66 464.25 Td (time ) Tj ET Q q 0 0 0 rg BT 186.66 464.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 217.92 464.25 Td (Events ) Tj ET Q q 0 0 0 rg BT 248.36 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.02 464.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 296.45 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 314.66 464.25 Td (may ) Tj ET Q q 0 0 0 rg BT 335.10 464.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 388.31 464.25 Td (af) Tj ET Q q 0 0 0 rg BT 395.90 464.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 414.10 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.54 464.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 469.97 464.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 505.13 464.25 Td (among ) Tj ET Q q 0 0 0 rg BT 535.56 464.25 Td (others, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 100.65 452.25 Td (forces ) Tj ET Q q 0 0 0 rg BT 129.02 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.41 452.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.56 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 195.28 452.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 230.87 452.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 263.14 452.25 Td (trends, ) Tj ET Q q 0 0 0 rg BT 294.02 452.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 314.08 452.25 Td (structures, ) Tj ET Q q 0 0 0 rg BT 359.40 452.25 Td (technology) Tj ET Q q 0 0 0 rg BT 403.18 452.25 Td (, ) Tj ET Q q 0 0 0 rg BT 409.63 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.01 452.25 Td (market ) Tj ET Q q 0 0 0 rg BT 459.72 452.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 507.54 452.25 Td (T) Tj ET Q q 0 0 0 rg BT 512.95 452.25 Td (o ) Tj ET Q q 0 0 0 rg BT 521.89 452.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 550.28 452.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 112.39 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.64 440.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 144.32 440.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 165.56 440.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 205.69 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.04 440.25 Td (validate ) Tj ET Q q 0 0 0 rg BT 257.61 440.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 309.97 440.25 Td (used ) Tj ET Q q 0 0 0 rg BT 331.22 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 341.91 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 358.16 440.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 400.78 440.25 Td (we ) Tj ET Q q 0 0 0 rg BT 415.36 440.25 Td (review ) Tj ET Q q 0 0 0 rg BT 445.48 440.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 485.61 440.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 539.05 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 440.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 95.51 428.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.52 428.25 Td (or ) Tj ET Q q 0 0 0 rg BT 132.54 428.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 163.00 428.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 191.51 428.25 Td (In ) Tj ET Q q 0 0 0 rg BT 202.53 428.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 242.43 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.33 428.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 273.90 428.25 Td (value ) Tj ET Q q 0 0 0 rg BT 298.24 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.25 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 325.26 428.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 364.60 428.25 Td (units, ) Tj ET Q q 0 0 0 rg BT 389.24 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.14 428.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 436.81 428.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 464.48 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.50 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.40 428.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 530.85 428.25 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.63 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 82.65 416.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 118.13 416.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 153.03 416.25 Td (us ) Tj ET Q q 0 0 0 rg BT 164.61 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.08 416.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 211.65 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.56 416.25 Td (business ) Tj ET Q q 0 0 0 rg BT 263.15 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.28 416.25 Td (market ) Tj ET Q q 0 0 0 rg BT 310.73 416.25 Td (cycle ) Tj ET Q q 0 0 0 rg BT 334.52 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.65 416.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 378.79 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.70 416.25 Td (stage ) Tj ET Q q 0 0 0 rg BT 416.94 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.96 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.87 416.25 Td (cycle ) Tj ET Q q 0 0 0 rg BT 466.66 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 477.13 416.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 521.48 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.39 416.25 Td (timing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.27 404.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 91.04 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.71 404.25 Td (future ) Tj ET Q q 0 0 0 rg BT 125.92 404.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 145.02 404.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 171.08 404.25 Td (In ) Tj ET Q q 0 0 0 rg BT 180.75 404.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 214.86 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.97 404.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 268.63 404.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 287.73 404.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 313.79 404.25 Td (we ) Tj ET Q q 0 0 0 rg BT 326.79 404.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 362.00 404.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 397.21 404.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 435.77 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.44 404.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 493.41 404.25 Td (public ) Tj ET Q q 0 0 0 rg BT 519.74 404.25 Td (companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 392.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 106.16 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.99 392.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 143.91 392.25 Td (mer) Tj ET Q q 0 0 0 rg BT 159.28 392.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 178.44 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.38 392.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 245.65 392.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 295.92 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.75 392.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 337.02 392.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 381.74 392.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.02 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 407.85 392.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 454.79 392.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 503.39 392.25 Td (analysis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 368.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.88 368.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 108.84 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 124.47 368.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 153.44 368.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 191.30 368.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 239.71 368.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 274.23 368.25 Td (based ) Tj ET Q q 0 0 0 rg BT 299.30 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 311.61 368.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.90 368.25 Td (information ) Tj ET Q q 0 0 0 rg BT 398.42 368.25 Td (as ) Tj ET Q q 0 0 0 rg BT 409.06 368.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.69 368.25 Td (October31, ) Tj ET Q q 0 0 0 rg BT 469.21 368.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.21 368.25 Td (, ) Tj ET Q q 0 0 0 rg BT 494.01 368.25 Td (which ) Tj ET Q q 0 0 0 rg BT 520.76 368.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 554.72 368.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.15 356.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 94.46 356.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 132.23 356.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 180.54 356.25 Td (char) Tj ET Q q 0 0 0 rg BT 197.56 356.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 209.21 356.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.75 356.25 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 244.46 356.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.36 356.25 Td (. ) Tj ET Q q 0 0 0 rg BT 277.91 356.25 Td (The ) Tj ET Q q 0 0 0 rg BT 295.66 356.25 Td (char) Tj ET Q q 0 0 0 rg BT 312.69 356.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 324.34 356.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 352.64 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 362.63 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.06 356.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 398.71 356.25 Td (management ) Tj ET Q q 0 0 0 rg BT 452.01 356.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 490.88 356.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 508.64 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 356.25 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (pertains ) Tj ET Q q 0 0 0 rg BT 83.19 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.01 344.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 130.60 344.25 Td (created ) Tj ET Q q 0 0 0 rg BT 161.50 344.25 Td (from ) Tj ET Q q 0 0 0 rg BT 182.98 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.23 344.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 219.27 344.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 265.19 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.11 344.25 Td (ARI. ) Tj ET Q q 0 0 0 rg BT 296.72 344.25 Td (The ) Tj ET Q q 0 0 0 rg BT 314.30 344.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 362.44 344.25 Td (char) Tj ET Q q 0 0 0 rg BT 379.47 344.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 390.94 344.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 424.64 344.25 Td (from ) Tj ET Q q 0 0 0 rg BT 446.11 344.25 Td (net ) Tj ET Q q 0 0 0 rg BT 460.37 344.25 Td (outflows ) Tj ET Q q 0 0 0 rg BT 497.40 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.32 344.25 Td (AUM ) Tj ET Q q 0 0 0 rg BT 532.69 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 542.51 344.25 Td (2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.00 332.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.60 332.25 Td (result ) Tj ET Q q 0 0 0 rg BT 90.99 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.49 332.25 Td (an ) Tj ET Q q 0 0 0 rg BT 113.09 332.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 151.36 332.25 Td (cycle ) Tj ET Q q 0 0 0 rg BT 174.62 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.12 332.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 223.39 332.25 Td (favoring ) Tj ET Q q 0 0 0 rg BT 259.44 332.25 Td (passive ) Tj ET Q q 0 0 0 rg BT 291.04 332.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 337.09 332.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 372.02 332.25 Td (over ) Tj ET Q q 0 0 0 rg BT 391.96 332.25 Td (active ) Tj ET Q q 0 0 0 rg BT 418.00 332.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 473.76 332.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 515.36 332.25 Td (with ) Tj ET Q q 0 0 0 rg BT 535.31 332.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.34 320.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 137.06 320.25 Td (having ) Tj ET Q q 0 0 0 rg BT 167.24 320.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 220.72 320.25 Td (below ) Tj ET Q q 0 0 0 rg BT 248.12 320.25 Td (their ) Tj ET Q q 0 0 0 rg BT 269.40 320.25 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 323.18 320.25 Td (which ) Tj ET Q q 0 0 0 rg BT 350.57 320.25 Td (led ) Tj ET Q q 0 0 0 rg BT 365.75 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 376.49 320.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 411.09 320.25 Td (management ) Tj ET Q q 0 0 0 rg BT 465.14 320.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 484.20 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.59 320.25 Td (profitability) Tj ET Q q 0 0 0 rg BT 548.71 320.25 Td (. ) Tj ET Q q 0 0 0 rg BT 554.17 320.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.29 308.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 112.57 308.25 Td (average ) Tj ET Q q 0 0 0 rg BT 145.62 308.25 Td (AUM ) Tj ET Q q 0 0 0 rg BT 171.47 308.25 Td (for ) Tj ET Q q 0 0 0 rg BT 185.65 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.49 308.25 Td (MLP) Tj ET Q q 0 0 0 rg BT 221.68 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 224.20 308.25 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 266.98 308.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 295.04 308.25 Td (by ) Tj ET Q q 0 0 0 rg BT 307.56 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.51 308.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 345.90 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 356.19 308.25 Td (MLP) Tj ET Q q 0 0 0 rg BT 376.39 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.90 308.25 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 425.02 308.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 459.19 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.49 308.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 511.42 308.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 67.59 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 84.03 296.25 Td (profitability) Tj ET Q q 0 0 0 rg BT 131.15 296.25 Td (. ) Tj ET Q q 0 0 0 rg BT 135.50 296.25 Td (The ) Tj ET Q q 0 0 0 rg BT 153.04 296.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.92 296.25 Td (value ) Tj ET Q q 0 0 0 rg BT 192.57 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.89 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.11 296.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 238.54 296.25 Td (management ) Tj ET Q q 0 0 0 rg BT 291.63 296.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 330.28 296.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 347.83 296.25 Td (was ) Tj ET Q q 0 0 0 rg BT 365.38 296.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 407.90 296.25 Td (using ) Tj ET Q q 0 0 0 rg BT 431.57 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.78 296.25 Td (income ) Tj ET Q q 0 0 0 rg BT 477.21 296.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 515.85 296.25 Td (\(discounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 71.01 284.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 93.08 284.25 Td (method ) Tj ET Q q 0 0 0 rg BT 126.81 284.25 Td (based ) Tj ET Q q 0 0 0 rg BT 153.32 284.25 Td (on ) Tj ET Q q 0 0 0 rg BT 167.06 284.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 202.45 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.63 284.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 256.74 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.48 284.25 Td (forecasts\) ) Tj ET Q q 0 0 0 rg BT 303.08 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.26 284.25 Td (market ) Tj ET Q q 0 0 0 rg BT 352.77 284.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 393.15 284.25 Td (\(earnings ) Tj ET Q q 0 0 0 rg BT 434.10 284.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 475.06 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.13 284.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 537.51 284.25 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (companies\), ) Tj ET Q q 0 0 0 rg BT 100.01 272.25 Td (which ) Tj ET Q q 0 0 0 rg BT 126.36 272.25 Td (are ) Tj ET Q q 0 0 0 rg BT 140.48 272.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 179.60 272.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 224.28 272.25 Td (we ) Tj ET Q q 0 0 0 rg BT 237.85 272.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 268.64 272.25 Td (market ) Tj ET Q q 0 0 0 rg BT 298.32 272.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 346.88 272.25 Td (would ) Tj ET Q q 0 0 0 rg BT 373.79 272.25 Td (use ) Tj ET Q q 0 0 0 rg BT 389.04 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 402.61 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.74 272.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 455.31 272.25 Td (unit. ) Tj ET Q q 0 0 0 rg BT 475.14 272.25 Td (The ) Tj ET Q q 0 0 0 rg BT 492.60 272.25 Td (implied ) Tj ET Q q 0 0 0 rg BT 525.06 272.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 272.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.33 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.05 260.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 111.21 260.25 Td (unit) Tj ET Q q 0 0 0 rg BT 129.55 260.25 Td (s ) Tj ET Q q 0 0 0 rg BT 134.94 260.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 172.00 260.25 Td (was ) Tj ET Q q 0 0 0 rg BT 189.06 260.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 235.54 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.83 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.55 260.25 Td (same ) Tj ET Q q 0 0 0 rg BT 280.60 260.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 312.09 260.25 Td (as ) Tj ET Q q 0 0 0 rg BT 321.92 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.64 260.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 367.14 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.98 260.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 414.04 260.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 459.40 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 468.68 260.25 Td (a ) Tj ET Q q 0 0 0 rg BT 474.63 260.25 Td (business ) Tj ET Q q 0 0 0 rg BT 510.02 260.25 Td (combination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 248.25 Td (implied ) Tj ET Q q 0 0 0 rg BT 100.25 248.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.45 248.25 Td (value ) Tj ET Q q 0 0 0 rg BT 140.42 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.08 248.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 188.96 248.25 Td (is ) Tj ET Q q 0 0 0 rg BT 197.95 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.49 248.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 240.91 248.25 Td (value ) Tj ET Q q 0 0 0 rg BT 264.89 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.54 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.08 248.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 329.06 248.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 346.94 248.25 Td (over ) Tj ET Q q 0 0 0 rg BT 367.03 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.57 248.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.77 248.25 Td (value ) Tj ET Q q 0 0 0 rg BT 421.75 248.25 Td (assigned ) Tj ET Q q 0 0 0 rg BT 458.51 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 468.62 248.25 Td (its ) Tj ET Q q 0 0 0 rg BT 480.39 248.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 506.04 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.80 248.25 Td (liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 224.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.94 224.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 97.62 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.76 224.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 144.33 224.25 Td (a ) Tj ET Q q 0 0 0 rg BT 152.13 224.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 197.70 224.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 245.51 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.65 224.25 Td (test ) Tj ET Q q 0 0 0 rg BT 273.90 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 289.48 224.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 328.40 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 339.54 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 356.24 224.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 386.25 224.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 421.27 224.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 461.29 224.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 480.21 224.25 Td (for ) Tj ET Q q 0 0 0 rg BT 495.24 224.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 546.96 224.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (following ) Tj ET Q q 0 0 0 rg BT 90.92 212.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 125.66 212.25 Td (events ) Tj ET Q q 0 0 0 rg BT 153.74 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.71 212.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 229.89 212.25 Td (were ) Tj ET Q q 0 0 0 rg BT 251.85 212.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 292.69 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.01 212.25 Td (concluding ) Tj ET Q q 0 0 0 rg BT 349.97 212.25 Td (that ) Tj ET Q q 0 0 0 rg BT 367.50 212.25 Td (it ) Tj ET Q q 0 0 0 rg BT 375.59 212.25 Td (was ) Tj ET Q q 0 0 0 rg BT 393.68 212.25 Td (not ) Tj ET Q q 0 0 0 rg BT 408.99 212.25 Td (more ) Tj ET Q q 0 0 0 rg BT 432.07 212.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 457.38 212.25 Td (than ) Tj ET Q q 0 0 0 rg BT 477.13 212.25 Td (not ) Tj ET Q q 0 0 0 rg BT 492.44 212.25 Td (that ) Tj ET Q q 0 0 0 rg BT 509.97 212.25 Td (this ) Tj ET Q q 0 0 0 rg BT 526.96 212.25 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (was ) Tj ET Q q 0 0 0 rg BT 66.97 200.25 Td (impaired: ) Tj ET Q q 0 0 0 rg BT 107.21 200.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 172.98 200.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 219.06 200.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 253.76 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 270.11 200.25 Td (market ) Tj ET Q q 0 0 0 rg BT 299.79 200.25 Td (considerations, ) Tj ET Q q 0 0 0 rg BT 361.97 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.33 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.46 200.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 422.14 200.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 459.04 200.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 511.48 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.72 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.85 200.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 84.35 188.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 124.21 188.25 Td (unit. ) Tj ET Q q 0 0 0 rg BT 145.47 188.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 164.22 188.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 194.07 188.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 232.83 188.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 282.13 188.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 311.99 188.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 346.85 188.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.83 188.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.83 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 371.02 188.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 420.32 188.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 464.62 188.25 Td (with ) Tj ET Q q 0 0 0 rg BT 485.59 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.01 188.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 530.86 188.25 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 88.66 176.25 Td (unit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 152.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 152.25 Td (also ) Tj ET Q q 0 0 0 rg BT 83.68 152.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 124.50 152.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 166.99 152.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 192.82 152.25 Td (\(indefinite ) Tj ET Q q 0 0 0 rg BT 236.97 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.90 152.25 Td (definite-lived\) ) Tj ET Q q 0 0 0 rg BT 313.60 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.54 152.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 374.13 152.25 Td (there ) Tj ET Q q 0 0 0 rg BT 396.62 152.25 Td (was ) Tj ET Q q 0 0 0 rg BT 414.67 152.25 Td (no ) Tj ET Q q 0 0 0 rg BT 427.17 152.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 475.77 152.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.05 152.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.05 152.25 Td (.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (48) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Compensation Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.35 692.25 Td (part ) Tj ET Q q 0 0 0 rg BT 79.63 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.70 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 104.77 692.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 162.05 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.56 692.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 216.07 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.24 692.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 271.46 692.25 Td (we ) Tj ET Q q 0 0 0 rg BT 284.86 692.25 Td (use ) Tj ET Q q 0 0 0 rg BT 299.93 692.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 348.87 692.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 408.65 692.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 450.95 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.01 692.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 499.95 692.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 525.30 692.25 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.15 680.25 Td (units ) Tj ET Q q 0 0 0 rg BT 95.14 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.12 680.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.78 680.25 Td (options. ) Tj ET Q q 0 0 0 rg BT 170.08 680.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.72 680.25 Td (e ) Tj ET Q q 0 0 0 rg BT 185.70 680.25 Td (account ) Tj ET Q q 0 0 0 rg BT 219.34 680.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.54 680.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 261.08 680.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 291.94 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.26 680.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 349.77 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 370.09 680.25 Td (F) Tj ET Q q 0 0 0 rg BT 374.91 680.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 396.34 680.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 445.54 680.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 487.52 680.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 539.87 680.25 Td (T) Tj ET Q q 0 0 0 rg BT 545.28 680.25 Td (opic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (718, ) Tj ET Q q 0 0 0 rg BT 68.72 668.25 Td ("CompensationStock ) Tj ET Q q 0 0 0 rg BT 160.07 668.25 Td (Compensation," ) Tj ET Q q 0 0 0 rg BT 226.14 668.25 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 254.73 668.25 Td (718"\), ) Tj ET Q q 0 0 0 rg BT 281.36 668.25 Td (which ) Tj ET Q q 0 0 0 rg BT 307.51 668.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 341.44 668.25 Td (all ) Tj ET Q q 0 0 0 rg BT 353.15 668.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 402.06 668.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 442.11 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 668.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 498.58 668.25 Td (including ) Tj ET Q q 0 0 0 rg BT 538.08 668.25 Td (grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.41 656.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 101.87 656.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 125.56 656.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 160.09 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 170.45 656.25 Td (be ) Tj ET Q q 0 0 0 rg BT 182.47 656.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 228.92 656.25 Td (on ) Tj ET Q q 0 0 0 rg BT 241.50 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.30 656.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 309.43 656.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 354.22 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.13 656.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 409.37 656.25 Td (at ) Tj ET Q q 0 0 0 rg BT 419.17 656.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 442.30 656.25 Td (date ) Tj ET Q q 0 0 0 rg BT 461.54 656.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 478.00 656.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 504.74 656.25 Td (Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.93 644.25 Td (related ) Tj ET Q q 0 0 0 rg BT 115.36 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 126.37 644.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 176.79 644.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 208.34 644.25 Td (which ) Tj ET Q q 0 0 0 rg BT 236.00 644.25 Td (require ) Tj ET Q q 0 0 0 rg BT 267.54 644.25 Td (future ) Tj ET Q q 0 0 0 rg BT 294.65 644.25 Td (service ) Tj ET Q q 0 0 0 rg BT 326.19 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 341.62 644.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 384.83 644.25 Td (over ) Tj ET Q q 0 0 0 rg BT 405.83 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.27 644.25 Td (service ) Tj ET Q q 0 0 0 rg BT 452.81 644.25 Td (period ) Tj ET Q q 0 0 0 rg BT 481.58 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.14 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.58 644.25 Td (award, ) Tj ET Q q 0 0 0 rg BT 538.74 644.25 Td (net ) Tj ET Q q 0 0 0 rg BT 554.18 644.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.81 632.25 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 137.95 632.25 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 189.81 632.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 221.12 632.25 Td (that ) Tj ET Q q 0 0 0 rg BT 239.11 632.25 Td (do ) Tj ET Q q 0 0 0 rg BT 252.10 632.25 Td (not ) Tj ET Q q 0 0 0 rg BT 267.87 632.25 Td (require ) Tj ET Q q 0 0 0 rg BT 299.18 632.25 Td (future ) Tj ET Q q 0 0 0 rg BT 326.05 632.25 Td (service ) Tj ET Q q 0 0 0 rg BT 357.36 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 372.56 632.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 419.41 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 430.18 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.39 632.25 Td (year ) Tj ET Q q 0 0 0 rg BT 465.59 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.36 632.25 Td (which ) Tj ET Q q 0 0 0 rg BT 503.79 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 519.00 632.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 550.31 632.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 83.09 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.37 620.25 Td (be ) Tj ET Q q 0 0 0 rg BT 105.31 620.25 Td (earned. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 596.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.38 596.25 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.38 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.88 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.16 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 126.99 596.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 180.03 596.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 217.51 596.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 262.22 596.25 Td (for ) Tj ET Q q 0 0 0 rg BT 276.38 596.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 318.87 596.25 Td (information ) Tj ET Q q 0 0 0 rg BT 368.58 596.25 Td (about ) Tj ET Q q 0 0 0 rg BT 393.30 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 409.13 596.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 458.84 596.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 516.88 596.25 Td (plans.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 88.30 572.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 548.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.60 548.25 Td (file ) Tj ET Q q 0 0 0 rg BT 81.96 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 89.42 548.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 142.99 548.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.80 548.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 194.58 548.25 Td (income ) Tj ET Q q 0 0 0 rg BT 227.04 548.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 242.29 548.25 Td (return, ) Tj ET Q q 0 0 0 rg BT 271.69 548.25 Td (which ) Tj ET Q q 0 0 0 rg BT 299.16 548.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 335.51 548.25 Td (all ) Tj ET Q q 0 0 0 rg BT 348.53 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 359.89 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.25 548.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 420.38 548.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 472.90 548.25 Td (W) Tj ET Q q 0 0 0 rg BT 481.54 548.25 Td (e ) Tj ET Q q 0 0 0 rg BT 489.01 548.25 Td (also ) Tj ET Q q 0 0 0 rg BT 508.14 548.25 Td (are ) Tj ET Q q 0 0 0 rg BT 523.38 548.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.73 548.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.06 536.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 95.41 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.32 536.25 Td (various ) Tj ET Q q 0 0 0 rg BT 136.88 536.25 Td (states ) Tj ET Q q 0 0 0 rg BT 161.23 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.80 536.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 236.58 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.15 536.25 Td (those ) Tj ET Q q 0 0 0 rg BT 276.38 536.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 307.39 536.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 358.96 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 368.87 536.25 Td (which ) Tj ET Q q 0 0 0 rg BT 395.44 536.25 Td (we ) Tj ET Q q 0 0 0 rg BT 409.23 536.25 Td (operate. ) Tj ET Q q 0 0 0 rg BT 442.81 536.25 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 481.61 536.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 519.28 536.25 Td (for ) Tj ET Q q 0 0 0 rg BT 533.07 536.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 72.54 524.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.24 524.25 Td (based ) Tj ET Q q 0 0 0 rg BT 112.50 524.25 Td (on ) Tj ET Q q 0 0 0 rg BT 124.99 524.25 Td (income ) Tj ET Q q 0 0 0 rg BT 156.91 524.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 192.72 524.25 Td (for ) Tj ET Q q 0 0 0 rg BT 206.87 524.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.35 524.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 285.16 524.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 323.20 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.13 524.25 Td (do ) Tj ET Q q 0 0 0 rg BT 352.62 524.25 Td (not ) Tj ET Q q 0 0 0 rg BT 367.89 524.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 414.81 524.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 453.95 524.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 490.32 524.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 528.91 524.25 Td (payable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 87.84 512.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 102.88 512.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.03 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.28 512.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 186.32 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 201.34 512.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 248.02 512.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.50 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.53 512.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 315.88 512.25 Td (future ) Tj ET Q q 0 0 0 rg BT 342.58 512.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.61 512.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 415.40 512.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 463.76 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 474.35 512.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 518.26 512.25 Td (dif) Tj ET Q q 0 0 0 rg BT 529.19 512.25 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (between ) Tj ET Q q 0 0 0 rg BT 85.50 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.39 500.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.05 500.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 179.06 500.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 215.05 500.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 251.62 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.63 500.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 296.98 500.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 322.99 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.11 500.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 380.00 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.12 500.25 Td (their ) Tj ET Q q 0 0 0 rg BT 418.13 500.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 461.34 500.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 476.24 500.25 Td (bases ) Tj ET Q q 0 0 0 rg BT 500.58 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.70 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.04 500.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 546.94 500.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (carry-forwards. ) Tj ET Q q 0 0 0 rg BT 113.67 488.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 151.46 488.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 165.93 488.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 191.52 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.22 488.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 247.70 488.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.16 488.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 302.74 488.25 Td (using ) Tj ET Q q 0 0 0 rg BT 326.67 488.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 359.46 488.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.94 488.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 395.07 488.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 432.87 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.90 488.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 467.38 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 477.42 488.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 508.55 488.25 Td (income ) Tj ET Q q 0 0 0 rg BT 540.24 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 488.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (years ) Tj ET Q q 0 0 0 rg BT 72.77 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.73 476.25 Td (which ) Tj ET Q q 0 0 0 rg BT 109.34 476.25 Td (those ) Tj ET Q q 0 0 0 rg BT 132.62 476.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 175.89 476.25 Td (dif) Tj ET Q q 0 0 0 rg BT 186.82 476.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 222.30 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.68 476.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 274.38 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 284.34 476.25 Td (be ) Tj ET Q q 0 0 0 rg BT 295.95 476.25 Td (recovered ) Tj ET Q q 0 0 0 rg BT 337.54 476.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.04 476.25 Td (settled. ) Tj ET Q q 0 0 0 rg BT 378.66 476.25 Td (The ) Tj ET Q q 0 0 0 rg BT 396.38 476.25 Td (ef) Tj ET Q q 0 0 0 rg BT 403.97 476.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 421.13 476.25 Td (on ) Tj ET Q q 0 0 0 rg BT 433.31 476.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 468.79 476.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 483.18 476.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 508.68 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 476.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 464.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.43 464.25 Td (change ) Tj ET Q q 0 0 0 rg BT 96.82 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.68 464.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.97 464.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 141.93 464.25 Td (is ) Tj ET Q q 0 0 0 rg BT 150.68 464.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 196.62 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.48 464.25 Td (income ) Tj ET Q q 0 0 0 rg BT 237.99 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 247.85 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.14 464.25 Td (period ) Tj ET Q q 0 0 0 rg BT 289.77 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 306.84 464.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 342.25 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.54 464.25 Td (enactment ) Tj ET Q q 0 0 0 rg BT 399.71 464.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 420.95 464.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 458.55 464.25 Td (income ) Tj ET Q q 0 0 0 rg BT 490.07 464.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 512.69 464.25 Td (are ) Tj ET Q q 0 0 0 rg BT 526.98 464.25 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (for ) Tj ET Q q 0 0 0 rg BT 62.83 452.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 105.59 452.25 Td (dif) Tj ET Q q 0 0 0 rg BT 116.52 452.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 151.49 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.94 452.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 199.27 452.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 228.14 452.25 Td (items, ) Tj ET Q q 0 0 0 rg BT 253.97 452.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 298.96 452.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 337.83 452.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 395.04 452.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 414.76 452.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 453.63 452.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 478.91 452.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 517.78 452.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 540.55 452.25 Td (units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 82.87 440.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 121.49 440.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 150.68 440.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 170.43 440.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 196.84 440.25 Td (\(MFRS ) Tj ET Q q 0 0 0 rg BT 228.27 440.25 Td (awards\), ) Tj ET Q q 0 0 0 rg BT 263.84 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.70 440.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 314.42 440.25 Td (compensation\). ) Tj ET Q q 0 0 0 rg BT 377.11 440.25 Td (The ) Tj ET Q q 0 0 0 rg BT 394.07 440.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 437.69 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.44 440.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 482.16 440.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 495.80 440.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 520.54 440.25 Td (is ) Tj ET Q q 0 0 0 rg BT 528.63 440.25 Td (assessed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.50 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 73.50 428.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 113.28 428.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 156.37 428.25 Td (is ) Tj ET Q q 0 0 0 rg BT 165.60 428.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 212.03 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.37 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.15 428.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 264.14 428.25 Td (that ) Tj ET Q q 0 0 0 rg BT 281.70 428.25 Td (it ) Tj ET Q q 0 0 0 rg BT 289.82 428.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.05 428.25 Td (more ) Tj ET Q q 0 0 0 rg BT 322.16 428.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 347.50 428.25 Td (than ) Tj ET Q q 0 0 0 rg BT 367.28 428.25 Td (not ) Tj ET Q q 0 0 0 rg BT 382.62 428.25 Td (that ) Tj ET Q q 0 0 0 rg BT 400.18 428.25 Td (any ) Tj ET Q q 0 0 0 rg BT 417.18 428.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 448.63 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.52 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.30 428.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 510.17 428.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 524.95 428.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 546.95 428.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (not ) Tj ET Q q 0 0 0 rg BT 64.71 416.25 Td (be ) Tj ET Q q 0 0 0 rg BT 76.59 416.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 112.99 416.25 Td (W) Tj ET Q q 0 0 0 rg BT 121.63 416.25 Td (e ) Tj ET Q q 0 0 0 rg BT 128.50 416.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 159.81 416.25 Td (that ) Tj ET Q q 0 0 0 rg BT 177.24 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 193.00 416.25 Td (future ) Tj ET Q q 0 0 0 rg BT 219.32 416.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 250.62 416.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 279.17 416.25 Td (will ) Tj ET Q q 0 0 0 rg BT 297.16 416.25 Td (be ) Tj ET Q q 0 0 0 rg BT 309.03 416.25 Td (suf) Tj ET Q q 0 0 0 rg BT 321.07 416.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 349.05 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.27 416.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 400.56 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 416.33 416.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 436.55 416.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 472.29 416.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 486.94 416.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 515.21 416.25 Td (However) Tj ET Q q 0 0 0 rg BT 551.46 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 556.39 416.25 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.90 404.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 111.41 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.81 404.25 Td (future ) Tj ET Q q 0 0 0 rg BT 147.76 404.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 178.71 404.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 206.89 404.25 Td (do ) Tj ET Q q 0 0 0 rg BT 218.96 404.25 Td (not ) Tj ET Q q 0 0 0 rg BT 233.81 404.25 Td (materialize, ) Tj ET Q q 0 0 0 rg BT 282.80 404.25 Td (we ) Tj ET Q q 0 0 0 rg BT 296.53 404.25 Td (may ) Tj ET Q q 0 0 0 rg BT 315.82 404.25 Td (conclude ) Tj ET Q q 0 0 0 rg BT 353.99 404.25 Td (that ) Tj ET Q q 0 0 0 rg BT 371.06 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 377.57 404.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 416.85 404.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 459.46 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 468.20 404.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 506.42 404.25 Td (, ) Tj ET Q q 0 0 0 rg BT 510.99 404.25 Td (which ) Tj ET Q q 0 0 0 rg BT 537.50 404.25 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 78.47 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 93.57 392.25 Td (results ) Tj ET Q q 0 0 0 rg BT 121.44 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.53 392.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 174.95 392.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.49 392.25 Td (that ) Tj ET Q q 0 0 0 rg BT 201.25 392.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 230.67 392.25 Td (As ) Tj ET Q q 0 0 0 rg BT 243.54 392.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.64 392.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 311.48 392.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.48 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 335.75 392.25 Td (we ) Tj ET Q q 0 0 0 rg BT 349.17 392.25 Td (have ) Tj ET Q q 0 0 0 rg BT 369.81 392.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 406.55 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 412.75 392.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 447.82 392.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 461.80 392.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 483.00 392.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 521.97 392.25 Td (allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.04 380.25 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 79.75 380.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 113.36 380.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 164.99 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.42 380.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 204.40 380.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 239.92 380.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 254.34 380.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 275.99 380.25 Td (related ) Tj ET Q q 0 0 0 rg BT 305.41 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.40 380.25 Td (net ) Tj ET Q q 0 0 0 rg BT 329.83 380.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.80 380.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 387.58 380.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 445.87 380.25 Td (within ) Tj ET Q q 0 0 0 rg BT 473.64 380.25 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 513.64 380.25 Td (& ) Tj ET Q q 0 0 0 rg BT 523.63 380.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (International ) Tj ET Q q 0 0 0 rg BT 103.09 368.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 137.25 368.25 Td (\("SCIL"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 344.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.28 344.25 Td (record ) Tj ET Q q 0 0 0 rg BT 93.52 344.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 129.53 344.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 144.45 344.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 178.80 344.25 Td (for ) Tj ET Q q 0 0 0 rg BT 193.17 344.25 Td (future ) Tj ET Q q 0 0 0 rg BT 219.75 344.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.67 344.25 Td (deductions ) Tj ET Q q 0 0 0 rg BT 280.69 344.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 318.93 344.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 341.63 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.55 344.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 388.14 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.17 344.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 449.08 344.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 509.83 344.25 Td (If ) Tj ET Q q 0 0 0 rg BT 519.19 344.25 Td (deductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.60 332.25 Td (on ) Tj ET Q q 0 0 0 rg BT 98.38 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 114.50 332.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.50 332.25 Td (return ) Tj ET Q q 0 0 0 rg BT 156.16 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.60 332.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 220.59 332.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 278.91 332.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 299.74 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.74 332.25 Td (value ) Tj ET Q q 0 0 0 rg BT 339.18 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.30 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.30 332.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 415.29 332.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 473.61 332.25 Td (at ) Tj ET Q q 0 0 0 rg BT 483.61 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.61 332.25 Td (time ) Tj ET Q q 0 0 0 rg BT 519.17 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.28 332.25 Td (vesting\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 78.84 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.64 320.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 138.66 320.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 156.36 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.27 320.25 Td (those ) Tj ET Q q 0 0 0 rg BT 188.97 320.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 237.22 320.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 282.67 320.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.92 320.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.48 320.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 370.73 320.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 390.36 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.16 320.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 426.30 320.25 Td (date ) Tj ET Q q 0 0 0 rg BT 444.54 320.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.00 320.25 Td (value ) Tj ET Q q 0 0 0 rg BT 483.25 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.16 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.97 320.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 91.44 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.73 308.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 149.21 308.25 Td (with ) Tj ET Q q 0 0 0 rg BT 168.94 308.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 190.91 308.25 Td (718\), ) Tj ET Q q 0 0 0 rg BT 214.25 308.25 Td (we ) Tj ET Q q 0 0 0 rg BT 228.42 308.25 Td (record ) Tj ET Q q 0 0 0 rg BT 256.47 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.20 308.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 299.81 308.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 314.53 308.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 344.81 308.25 Td (as ) Tj ET Q q 0 0 0 rg BT 355.65 308.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 398.15 308.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 428.99 308.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 460.65 308.25 Td (Conversely) Tj ET Q q 0 0 0 rg BT 505.55 308.25 Td (, ) Tj ET Q q 0 0 0 rg BT 510.56 308.25 Td (if ) Tj ET Q q 0 0 0 rg BT 519.18 308.25 Td (deductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.99 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.16 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.66 296.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 131.04 296.25 Td (return ) Tj ET Q q 0 0 0 rg BT 158.09 296.25 Td (for ) Tj ET Q q 0 0 0 rg BT 172.92 296.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 223.30 296.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 282.01 296.25 Td (are ) Tj ET Q q 0 0 0 rg BT 297.39 296.25 Td (less ) Tj ET Q q 0 0 0 rg BT 315.56 296.25 Td (than ) Tj ET Q q 0 0 0 rg BT 335.95 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.33 296.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 398.93 296.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 418.21 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.71 296.25 Td (those ) Tj ET Q q 0 0 0 rg BT 453.99 296.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 503.83 296.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 550.86 296.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.11 284.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 128.90 284.25 Td (we ) Tj ET Q q 0 0 0 rg BT 143.20 284.25 Td (of) Tj ET Q q 0 0 0 rg BT 151.35 284.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 168.42 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.27 284.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 227.54 284.25 Td (first ) Tj ET Q q 0 0 0 rg BT 246.28 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.69 284.25 Td (any ) Tj ET Q q 0 0 0 rg BT 273.77 284.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 318.62 284.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 365.11 284.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 393.84 284.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.69 284.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 442.98 284.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 480.59 284.25 Td (as ) Tj ET Q q 0 0 0 rg BT 491.55 284.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 534.18 284.25 Td (paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.38 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 97.05 272.25 Td (any ) Tj ET Q q 0 0 0 rg BT 114.72 272.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 158.50 272.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 203.37 272.25 Td (is ) Tj ET Q q 0 0 0 rg BT 213.27 272.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 251.48 272.25 Td (as ) Tj ET Q q 0 0 0 rg BT 263.04 272.25 Td (income ) Tj ET Q q 0 0 0 rg BT 295.70 272.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 311.15 272.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 348.38 272.25 Td (As ) Tj ET Q q 0 0 0 rg BT 362.72 272.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 404.28 272.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.29 272.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 437.96 272.25 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.96 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.19 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 457.20 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.76 272.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.54 272.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 96.97 260.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 139.73 260.25 Td (January ) Tj ET Q q 0 0 0 rg BT 173.59 260.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 183.86 260.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 209.12 260.25 Td (new ) Tj ET Q q 0 0 0 rg BT 228.54 260.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 275.18 260.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 314.03 260.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 349.00 260.25 Td (us ) Tj ET Q q 0 0 0 rg BT 360.66 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.20 260.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 412.82 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.80 260.25 Td (income ) Tj ET Q q 0 0 0 rg BT 460.00 260.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 474.98 260.25 Td (ef) Tj ET Q q 0 0 0 rg BT 482.57 260.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 504.21 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.30 260.25 Td (stock-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.22 248.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 137.72 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.68 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.07 248.25 Td (income ) Tj ET Q q 0 0 0 rg BT 193.69 248.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 234.19 248.25 Td (when ) Tj ET Q q 0 0 0 rg BT 258.03 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.42 248.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 302.92 248.25 Td (vest, ) Tj ET Q q 0 0 0 rg BT 323.71 248.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 349.20 248.25 Td (than ) Tj ET Q q 0 0 0 rg BT 368.60 248.25 Td (as ) Tj ET Q q 0 0 0 rg BT 379.11 248.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 421.28 248.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 451.78 248.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 482.63 248.25 Td (As ) Tj ET Q q 0 0 0 rg BT 495.92 248.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.43 248.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 236.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.90 236.25 Td (we ) Tj ET Q q 0 0 0 rg BT 89.46 236.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.80 236.25 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 127.20 236.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.09 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.99 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.22 236.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 199.21 236.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 214.33 236.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 248.89 236.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 286.76 236.25 Td (as ) Tj ET Q q 0 0 0 rg BT 297.99 236.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 340.88 236.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 372.10 236.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 404.15 236.25 Td (which ) Tj ET Q q 0 0 0 rg BT 431.49 236.25 Td (will ) Tj ET Q q 0 0 0 rg BT 449.95 236.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 480.61 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.29 236.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 534.18 236.25 Td (paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 81.50 224.25 Td (In ) Tj ET Q q 0 0 0 rg BT 92.67 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.74 224.25 Td (first ) Tj ET Q q 0 0 0 rg BT 126.69 224.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 157.85 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.03 224.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 194.38 224.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.98 224.25 Td (4,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.48 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 280.33 224.25 Td (options ) Tj ET Q q 0 0 0 rg BT 312.63 224.25 Td (expired ) Tj ET Q q 0 0 0 rg BT 345.46 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.74 224.25 Td (61) Tj ET Q q 0 0 0 rg BT 372.37 224.25 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.87 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 397.72 224.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 425.55 224.25 Td (vested ) Tj ET Q q 0 0 0 rg BT 453.95 224.25 Td (at ) Tj ET Q q 0 0 0 rg BT 464.01 224.25 Td (share ) Tj ET Q q 0 0 0 rg BT 487.96 224.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 514.68 224.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 545.28 224.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.90 212.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 86.62 212.25 Td (date ) Tj ET Q q 0 0 0 rg BT 105.46 212.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 121.51 212.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 147.85 212.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 185.02 212.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.98 212.25 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 214.66 212.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.55 212.25 Td ( ) Tj ET Q q 0 0 0 rg BT 245.73 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.24 212.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 284.52 212.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 298.91 212.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 332.75 212.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 369.90 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 380.41 212.25 Td (income ) Tj ET Q q 0 0 0 rg BT 412.02 212.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 426.42 212.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 456.36 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.32 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.72 212.25 Td (first ) Tj ET Q q 0 0 0 rg BT 499.00 212.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 529.50 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 540.01 212.25 Td (2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 188.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.78 188.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 101.97 188.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 136.93 188.25 Td (for ) Tj ET Q q 0 0 0 rg BT 150.79 188.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 190.19 188.25 Td (income ) Tj ET Q q 0 0 0 rg BT 221.82 188.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 236.24 188.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 274.56 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 284.54 188.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 331.70 188.25 Td (with ) Tj ET Q q 0 0 0 rg BT 351.68 188.25 Td (F) Tj ET Q q 0 0 0 rg BT 356.49 188.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 377.66 188.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 426.52 188.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 468.16 188.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 520.19 188.25 Td (T) Tj ET Q q 0 0 0 rg BT 525.60 188.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 545.01 188.25 Td (740, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td ("Income ) Tj ET Q q 0 0 0 rg BT 86.10 176.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.51 176.25 Td (axes," ) Tj ET Q q 0 0 0 rg BT 118.59 176.25 Td (when ) Tj ET Q q 0 0 0 rg BT 142.98 176.25 Td (it ) Tj ET Q q 0 0 0 rg BT 151.26 176.25 Td (is ) Tj ET Q q 0 0 0 rg BT 160.66 176.25 Td (not ) Tj ET Q q 0 0 0 rg BT 176.17 176.25 Td (more ) Tj ET Q q 0 0 0 rg BT 199.44 176.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 224.94 176.25 Td (than ) Tj ET Q q 0 0 0 rg BT 244.89 176.25 Td (not ) Tj ET Q q 0 0 0 rg BT 260.40 176.25 Td (that ) Tj ET Q q 0 0 0 rg BT 278.12 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.29 176.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 315.22 176.25 Td (position ) Tj ET Q q 0 0 0 rg BT 350.17 176.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.23 176.25 Td (component ) Tj ET Q q 0 0 0 rg BT 408.39 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.45 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 426.62 176.25 Td (position ) Tj ET Q q 0 0 0 rg BT 461.57 176.25 Td (will ) Tj ET Q q 0 0 0 rg BT 479.86 176.25 Td (be ) Tj ET Q q 0 0 0 rg BT 492.03 176.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 535.30 176.25 Td (upheld ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.43 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.57 164.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 112.71 164.25 Td (taxing ) Tj ET Q q 0 0 0 rg BT 140.63 164.25 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 188.27 164.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 235.08 164.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 275.78 164.25 Td (is ) Tj ET Q q 0 0 0 rg BT 285.38 164.25 Td (required ) Tj ET Q q 0 0 0 rg BT 321.63 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.33 164.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 376.91 164.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 417.04 164.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.19 164.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 473.73 164.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 492.21 164.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.36 164.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 548.07 164.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (related ) Tj ET Q q 0 0 0 rg BT 80.68 152.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 117.40 152.25 Td (include ) Tj ET Q q 0 0 0 rg BT 150.81 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.00 152.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 198.19 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.49 152.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 251.68 152.25 Td (for ) Tj ET Q q 0 0 0 rg BT 267.31 152.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 308.49 152.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.68 152.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 364.77 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.18 152.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 419.36 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.11 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.30 152.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 484.04 152.25 Td (that ) Tj ET Q q 0 0 0 rg BT 503.00 152.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.18 152.25 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 99.70 140.25 Td (T) Tj ET Q q 0 0 0 rg BT 105.11 140.25 Td (o ) Tj ET Q q 0 0 0 rg BT 112.46 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.01 140.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 153.79 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.35 140.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 205.67 140.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 220.23 140.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 257.01 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.68 140.25 Td (these ) Tj ET Q q 0 0 0 rg BT 290.57 140.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 322.34 140.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 359.39 140.25 Td (such ) Tj ET Q q 0 0 0 rg BT 380.06 140.25 Td (change ) Tj ET Q q 0 0 0 rg BT 410.72 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.84 140.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 456.50 140.25 Td (will ) Tj ET Q q 0 0 0 rg BT 474.40 140.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 503.95 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.51 140.25 Td (income ) Tj ET Q q 0 0 0 rg BT 550.28 140.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 89.78 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.06 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.77 128.25 Td (period ) Tj ET Q q 0 0 0 rg BT 142.82 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.65 128.25 Td (change ) Tj ET Q q 0 0 0 rg BT 184.47 128.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 203.90 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.18 128.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 235.29 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.12 128.25 Td (results ) Tj ET Q q 0 0 0 rg BT 279.73 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.56 128.25 Td (operations. ) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 88.97 740.25 Td (, Funding and Capital Resour) Tj ET Q q 0 0 0 rg BT 215.76 740.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 88.53 716.25 Td (is ) Tj ET Q q 0 0 0 rg BT 97.00 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.14 716.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 136.70 716.25 Td (importance ) Tj ET Q q 0 0 0 rg BT 183.49 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.07 716.25 Td (us ) Tj ET Q q 0 0 0 rg BT 203.77 716.25 Td (given ) Tj ET Q q 0 0 0 rg BT 227.79 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.82 716.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 268.61 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.74 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.88 716.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 332.08 716.25 Td (Insuf) Tj ET Q q 0 0 0 rg BT 352.45 716.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 379.79 716.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 415.49 716.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.29 716.25 Td (from ) Tj ET Q q 0 0 0 rg BT 473.54 716.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 505.88 716.25 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (contributes ) Tj ET Q q 0 0 0 rg BT 96.33 704.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 109.01 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.85 704.25 Td (may ) Tj ET Q q 0 0 0 rg BT 145.47 704.25 Td (be ) Tj ET Q q 0 0 0 rg BT 157.31 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.92 704.25 Td (cause ) Tj 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.65 656.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 106.13 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.05 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.98 656.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 170.79 656.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.72 656.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 229.10 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.03 656.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 267.96 656.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 299.32 656.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 347.90 656.25 Td (into ) Tj ET Q q 0 0 0 rg BT 367.05 656.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 390.92 656.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 431.73 656.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 482.00 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.03 656.25 Td (other ) Tj ET Q q 0 0 0 rg BT 524.18 656.25 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 87.79 644.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 116.61 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.99 644.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 156.48 644.25 Td (at ) Tj ET Q q 0 0 0 rg BT 165.87 644.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.91 644.25 Td (value ) Tj ET Q q 0 0 0 rg BT 205.74 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.34 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.72 644.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 276.09 644.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 306.02 644.25 Td (marketable ) Tj ET Q q 0 0 0 rg BT 352.61 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.55 644.25 Td (most ) Tj ET Q q 0 0 0 rg BT 384.17 644.25 Td (market ) Tj ET Q q 0 0 0 rg BT 414.10 644.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 460.43 644.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 510.91 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 644.25 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.87 632.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 104.96 632.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 135.87 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.90 632.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 187.70 632.25 Td (or) Tj ET Q q 0 0 0 rg BT 195.85 632.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 243.98 632.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 275.46 632.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 299.16 632.25 Td (within ) Tj ET Q q 0 0 0 rg BT 327.31 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 334.34 632.25 Td (few ) Tj ET Q q 0 0 0 rg BT 351.93 632.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 374.78 632.25 Td (As ) Tj ET Q q 0 0 0 rg BT 388.49 632.25 Td (part ) Tj ET Q q 0 0 0 rg BT 406.63 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.55 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.48 632.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 469.96 632.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 500.97 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.06 632.25 Td (we ) Tj ET Q q 0 0 0 rg BT 520.32 632.25 Td (emphasize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (diversification ) Tj ET Q q 0 0 0 rg BT 110.39 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.86 620.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 156.10 620.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 189.22 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.13 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 620.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 243.05 620.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 278.96 620.25 Td (while ) Tj ET Q q 0 0 0 rg BT 304.32 620.25 Td (considering ) Tj ET Q q 0 0 0 rg BT 354.10 620.25 Td (tenor ) Tj ET Q q 0 0 0 rg BT 377.79 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.36 620.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 417.10 620.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.79 620.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.25 620.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.59 620.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 515.15 620.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.28 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 544.75 620.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 74.19 608.25 Td (from ) Tj ET Q q 0 0 0 rg BT 96.09 608.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 142.72 608.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.18 608.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 201.80 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.70 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.50 608.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 268.08 608.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 326.73 608.25 Td (The ) Tj ET Q q 0 0 0 rg BT 344.74 608.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 394.42 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.67 608.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 424.90 608.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 449.59 608.25 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 608.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 511.73 608.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 550.29 608.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 82.46 596.25 Td (related ) Tj ET Q q 0 0 0 rg BT 112.08 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.28 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Td (size ) Tj ET Q q 0 0 0 rg BT 177.80 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.54 584.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 246.29 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.92 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.55 584.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.39 584.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 330.57 584.25 Td (While ) Tj ET Q q 0 0 0 rg BT 357.31 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.94 584.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.68 584.25 Td (base ) Tj ET Q q 0 0 0 rg BT 414.75 584.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.26 584.25 Td (due ) Tj ET Q q 0 0 0 rg BT 466.00 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.08 584.25 Td (client ) Tj ET Q q 0 0 0 rg BT 500.60 584.25 Td (activity) Tj ET Q q 0 0 0 rg BT 529.94 584.25 Td (, ) Tj ET Q q 0 0 0 rg BT 534.74 584.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 98.83 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.39 572.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.40 572.25 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 208.80 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.14 572.25 Td (size ) Tj ET Q q 0 0 0 rg BT 240.80 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.36 572.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 308.93 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.38 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.83 572.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 367.48 572.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 390.15 572.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 417.80 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.25 572.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 463.14 572.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 480.26 572.25 Td (tolerance, ) Tj ET Q q 0 0 0 rg BT 521.52 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 572.25 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 560.25 Td (access ) Tj ET Q q 0 0 0 rg BT 87.82 560.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 113.64 560.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 147.25 560.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 179.74 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.68 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.39 560.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 243.89 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.72 560.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.21 560.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.37 560.25 Td (we ) Tj ET Q q 0 0 0 rg BT 325.53 560.25 Td (hold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.60 536.25 Td (market ) Tj ET Q q 0 0 0 rg BT 112.03 536.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 156.36 536.25 Td (can ) Tj ET Q q 0 0 0 rg BT 172.91 536.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.79 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.67 536.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 254.23 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.23 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 281.23 536.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 322.22 536.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 363.51 536.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 402.83 536.25 Td (us ) Tj ET Q q 0 0 0 rg BT 414.39 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.83 536.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 445.28 536.25 Td (lar) Tj ET Q q 0 0 0 rg BT 455.65 536.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 471.08 536.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 512.07 536.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.86 536.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.55 524.25 Td (than ) Tj ET Q q 0 0 0 rg BT 97.26 524.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 135.30 524.25 Td (or ) Tj ET Q q 0 0 0 rg BT 146.13 524.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 185.28 524.25 Td (us ) Tj ET Q q 0 0 0 rg BT 196.67 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.95 524.25 Td (take ) Tj ET Q q 0 0 0 rg BT 226.11 524.25 Td (other ) Tj ET Q q 0 0 0 rg BT 249.15 524.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 279.98 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 297.47 524.25 Td (may ) Tj ET Q q 0 0 0 rg BT 317.19 524.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 358.01 524.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 387.72 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 403.55 524.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.80 500.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 103.65 500.25 Td (component ) Tj ET Q q 0 0 0 rg BT 150.72 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.68 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.64 500.25 Td (employees) Tj ET Q q 0 0 0 rg BT 222.99 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.63 500.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.80 500.25 Td (is ) Tj ET Q q 0 0 0 rg BT 293.11 500.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 312.96 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.37 500.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 352.66 500.25 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 407.49 500.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 446.77 500.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 507.26 500.25 Td (The ) Tj ET Q q 0 0 0 rg BT 525.44 500.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.19 500.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.45 488.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 111.50 488.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 169.45 488.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 212.68 488.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.52 488.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 279.13 488.25 Td (are ) Tj ET Q q 0 0 0 rg BT 293.74 488.25 Td (made ) Tj ET Q q 0 0 0 rg BT 317.80 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.98 488.25 Td (February) Tj ET Q q 0 0 0 rg BT 363.43 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 368.33 488.25 Td (has ) Tj ET Q q 0 0 0 rg BT 384.07 488.25 Td (a ) Tj ET Q q 0 0 0 rg BT 390.91 488.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 435.52 488.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.14 488.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.54 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.28 488.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.45 488.25 Td (position ) Tj ET Q q 0 0 0 rg BT 548.08 488.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 476.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 452.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.48 452.25 Td (have ) Tj ET Q q 0 0 0 rg BT 85.27 452.25 Td (not ) Tj ET Q q 0 0 0 rg BT 99.95 452.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 146.85 452.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 165.97 452.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 185.65 452.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 226.44 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 238.35 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 253.58 452.25 Td (common ) Tj ET Q q 0 0 0 rg BT 290.49 452.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 316.00 452.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 359.57 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.26 452.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 393.67 452.25 Td (we ) Tj ET Q q 0 0 0 rg BT 407.23 452.25 Td (are ) Tj ET Q q 0 0 0 rg BT 421.35 452.25 Td (initiating ) Tj ET Q q 0 0 0 rg BT 459.36 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.48 452.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 509.82 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.06 452.25 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 452.25 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.68 440.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 107.08 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.26 440.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 149.11 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.85 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 175.58 440.25 Td (common ) Tj ET Q q 0 0 0 rg BT 212.99 440.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 239.00 440.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 256.96 440.25 Td (board ) Tj ET Q q 0 0 0 rg BT 282.14 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.87 440.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 330.27 440.25 Td (has ) Tj ET Q q 0 0 0 rg BT 346.00 440.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 382.27 440.25 Td (a ) Tj ET Q q 0 0 0 rg BT 389.12 440.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 426.52 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.26 440.25 Td ($0.3125 ) Tj ET Q q 0 0 0 rg BT 472.17 440.25 Td (per ) Tj ET Q q 0 0 0 rg BT 487.34 440.25 Td (share ) Tj ET Q q 0 0 0 rg BT 510.85 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.03 440.25 Td (be ) Tj ET Q q 0 0 0 rg BT 532.88 440.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 552.50 440.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (March ) Tj ET Q q 0 0 0 rg BT 77.66 428.25 Td (13, ) Tj ET Q q 0 0 0 rg BT 92.23 428.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 114.29 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.13 428.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 176.74 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.13 428.25 Td (record ) Tj ET Q q 0 0 0 rg BT 214.73 428.25 Td (as ) Tj ET Q q 0 0 0 rg BT 225.13 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.52 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.80 428.25 Td (close ) Tj ET Q q 0 0 0 rg BT 272.41 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.81 428.25 Td (business ) Tj ET Q q 0 0 0 rg BT 318.76 428.25 Td (on ) Tj ET Q q 0 0 0 rg BT 330.83 428.25 Td (February ) Tj ET Q q 0 0 0 rg BT 368.99 428.25 Td (20, ) Tj ET Q q 0 0 0 rg BT 383.56 428.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 408.12 428.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 425.74 428.25 Td (board ) Tj ET Q q 0 0 0 rg BT 450.57 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.96 428.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 498.01 428.25 Td (is ) Tj ET Q q 0 0 0 rg BT 506.75 428.25 Td (free ) Tj ET Q q 0 0 0 rg BT 524.35 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.19 428.25 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 416.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 102.83 416.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 130.32 416.25 Td (at ) Tj ET Q q 0 0 0 rg BT 140.04 416.25 Td (any ) Tj ET Q q 0 0 0 rg BT 156.98 416.25 Td (time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 392.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.21 392.25 Td (August ) Tj ET Q q 0 0 0 rg BT 119.98 392.25 Td (14, ) Tj ET Q q 0 0 0 rg BT 135.37 392.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 160.75 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 176.96 392.25 Td (board ) Tj ET Q q 0 0 0 rg BT 202.61 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 213.83 392.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 251.70 392.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 296.78 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.88 392.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 358.07 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.28 392.25 Td (up ) Tj ET Q q 0 0 0 rg BT 382.17 392.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.83 392.25 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 423.21 392.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 454.99 392.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.65 392.25 Td (common ) Tj ET Q q 0 0 0 rg BT 503.53 392.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 531.40 392.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 110.05 380.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.05 380.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.33 380.25 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.66 380.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.44 380.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.44 380.25 Td (, ) Tj ET Q q 0 0 0 rg BT 191.73 380.25 Td (we ) Tj ET Q q 0 0 0 rg BT 206.17 380.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.26 380.25 Td (1,536,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.26 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 300.04 380.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 327.82 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 343.93 380.25 Td (common ) Tj ET Q q 0 0 0 rg BT 381.71 380.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 405.60 380.25 Td (at ) Tj ET Q q 0 0 0 rg BT 415.60 380.25 Td (an ) Tj ET Q q 0 0 0 rg BT 427.82 380.25 Td (average ) Tj ET Q q 0 0 0 rg BT 461.69 380.25 Td (price ) Tj ET Q q 0 0 0 rg BT 484.46 380.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.57 380.25 Td ($38.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.07 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.85 380.25 Td (per ) Tj ET Q q 0 0 0 rg BT 541.40 380.25 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (for ) Tj ET Q q 0 0 0 rg BT 65.18 368.25 Td (an ) Tj ET Q q 0 0 0 rg BT 78.63 368.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 121.51 368.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 161.06 368.25 Td (price ) Tj ET Q q 0 0 0 rg BT 185.06 368.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.41 368.25 Td ($59.7 ) Tj ET Q q 0 0 0 rg BT 223.93 368.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.82 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.83 368.25 Td (related ) Tj ET Q q 0 0 0 rg BT 288.05 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 299.85 368.25 Td (this ) Tj ET Q q 0 0 0 rg BT 318.31 368.25 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 377.30 368.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.93 368.25 Td (e ) Tj ET Q q 0 0 0 rg BT 394.39 368.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.28 368.25 Td ($71.8 ) Tj ET Q q 0 0 0 rg BT 443.80 368.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.69 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 476.71 368.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 521.26 368.25 Td (under ) Tj ET Q q 0 0 0 rg BT 548.05 368.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (authorization.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 332.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 332.25 Td (also ) Tj ET Q q 0 0 0 rg BT 83.55 332.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 121.52 332.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 148.94 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.70 332.25 Td (common ) Tj ET Q q 0 0 0 rg BT 197.13 332.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 220.67 332.25 Td (from ) Tj ET Q q 0 0 0 rg BT 242.54 332.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 282.17 332.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 305.71 332.25 Td (award ) Tj ET Q q 0 0 0 rg BT 332.57 332.25 Td (recipients ) Tj ET Q q 0 0 0 rg BT 373.88 332.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 396.31 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.96 332.25 Td (award ) Tj ET Q q 0 0 0 rg BT 437.82 332.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 469.13 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 479.90 332.25 Td (recipients ) Tj ET Q q 0 0 0 rg BT 521.20 332.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 537.52 332.25 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.65 320.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 81.46 320.25 Td (their ) Tj ET Q q 0 0 0 rg BT 102.16 320.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 154.53 320.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 169.12 320.25 Td (obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.44 320.25 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.77 320.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 320.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 320.25 Td (, ) Tj ET Q q 0 0 0 rg BT 274.02 320.25 Td (we ) Tj ET Q q 0 0 0 rg BT 288.06 320.25 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.97 320.25 Td (261,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.47 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.85 320.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 393.21 320.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.92 320.25 Td ($1) Tj ET Q q 0 0 0 rg BT 413.55 320.25 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 428.42 320.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.31 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 459.69 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.39 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 486.10 320.25 Td (common ) Tj ET Q q 0 0 0 rg BT 523.47 320.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 550.84 320.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.45 308.25 Td (purpose. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (Cash Flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.86 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.65 260.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.77 260.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 160.67 260.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.25 260.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 230.69 260.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.69 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 254.04 260.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.83 260.25 Td ($41.4 ) Tj ET Q q 0 0 0 rg BT 302.68 260.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.57 260.25 Td (, ) Tj ET Q q 0 0 0 rg BT 337.43 260.25 Td (a ) Tj ET Q q 0 0 0 rg BT 345.22 260.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 382.99 260.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.68 260.25 Td ($148.6 ) Tj ET Q q 0 0 0 rg BT 425.54 260.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.43 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 457.78 260.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.58 260.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.02 260.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 260.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 92.14 248.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 130.88 248.25 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.08 248.25 Td ($48.8 ) Tj ET Q q 0 0 0 rg BT 194.23 248.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.12 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.77 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 236.75 248.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 259.67 248.25 Td (as ) Tj ET Q q 0 0 0 rg BT 270.65 248.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 309.40 248.25 Td (char) Tj ET Q q 0 0 0 rg BT 326.43 248.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 342.41 248.25 Td (were ) Tj ET Q q 0 0 0 rg BT 364.49 248.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 400.46 248.25 Td (of) Tj ET Q q 0 0 0 rg BT 408.61 248.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 425.70 248.25 Td (by ) Tj ET Q q 0 0 0 rg BT 438.35 248.25 Td (an ) Tj ET Q q 0 0 0 rg BT 450.44 248.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 485.84 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.27 248.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 536.68 248.25 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 236.25 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 92.54 236.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.44 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.93 236.25 Td (net ) Tj ET Q q 0 0 0 rg BT 138.65 236.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 156.70 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.98 236.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 189.48 236.25 Td (included ) Tj ET Q q 0 0 0 rg BT 226.41 236.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 265.00 236.25 Td (char) Tj ET Q q 0 0 0 rg BT 282.03 236.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 297.85 236.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.68 236.25 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 333.68 236.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.57 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.07 236.25 Td (related ) Tj ET Q q 0 0 0 rg BT 394.76 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.04 236.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 443.09 236.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 491.69 236.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 236.25 Td ($21.2 ) Tj ET Q q 0 0 0 rg BT 533.62 236.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.63 224.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 103.42 224.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 125.66 224.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 178.99 224.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 216.30 224.25 Td (The ) Tj ET Q q 0 0 0 rg BT 234.64 224.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 270.20 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 280.77 224.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 323.56 224.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 345.80 224.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 399.14 224.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 434.14 224.25 Td (was ) Tj ET Q q 0 0 0 rg BT 452.50 224.25 Td (due ) Tj ET Q q 0 0 0 rg BT 469.73 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 480.31 224.25 Td (incremental ) Tj ET Q q 0 0 0 rg BT 530.31 224.25 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (related ) Tj ET Q q 0 0 0 rg BT 79.27 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 89.63 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 105.53 212.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 132.52 212.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 182.87 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.77 212.25 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 236.63 212.25 Td (River ) Tj ET Q q 0 0 0 rg BT 261.42 212.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 292.87 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.88 212.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 335.24 212.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 360.61 212.25 Td (. ) Tj ET Q q 0 0 0 rg BT 365.49 212.25 Td (The ) Tj ET Q q 0 0 0 rg BT 383.61 212.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 418.94 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.29 212.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 469.63 212.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 495.53 212.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 535.31 212.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.52 200.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.21 200.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 109.53 200.25 Td (for ) Tj ET Q q 0 0 0 rg BT 123.44 200.25 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 161.79 200.25 Td (trades, ) Tj ET Q q 0 0 0 rg BT 190.41 200.25 Td (reverse ) Tj ET Q q 0 0 0 rg BT 221.53 200.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 267.08 200.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 317.36 200.25 Td (which ) Tj ET Q q 0 0 0 rg BT 344.04 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 358.49 200.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 404.06 200.25 Td (used ) Tj ET Q q 0 0 0 rg BT 424.64 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.66 200.25 Td (make ) Tj ET Q q 0 0 0 rg BT 458.56 200.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 493.57 200.25 Td (on ) Tj ET Q q 0 0 0 rg BT 505.82 200.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 545.83 200.25 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (short, ) Tj ET Q q 0 0 0 rg BT 74.07 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.58 188.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 132.64 188.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 182.48 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.33 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 207.73 188.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 234.24 188.25 Td (living ) Tj ET Q q 0 0 0 rg BT 259.65 188.25 Td (fund. ) Tj ET Q q 0 0 0 rg BT 282.55 188.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.95 188.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.95 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 317.52 188.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 356.25 188.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 394.42 188.25 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.82 188.25 Td ($83.7 ) Tj ET Q q 0 0 0 rg BT 439.39 188.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.28 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.35 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.75 188.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 503.09 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 513.49 188.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 188.25 Td ($72.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.63 176.25 Td (related ) Tj ET Q q 0 0 0 rg BT 110.07 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 120.09 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.54 176.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 180.66 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.23 176.25 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 233.75 176.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.43 176.25 Td ($1) Tj ET Q q 0 0 0 rg BT 260.06 176.25 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 274.80 176.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.69 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 305.93 176.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.82 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.28 176.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 372.05 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.62 176.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 405.41 176.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 433.47 176.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 455.71 176.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.28 176.25 Td ($1) Tj ET Q q 0 0 0 rg BT 475.91 176.25 Td (1) Tj ET Q q 0 0 0 rg BT 480.54 176.25 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 495.27 176.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.17 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 526.40 176.25 Td (was ) Tj ET Q q 0 0 0 rg BT 544.19 176.25 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.27 164.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 101.02 164.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 140.11 164.25 Td (as ) Tj ET Q q 0 0 0 rg BT 151.43 164.25 Td (we ) Tj ET Q q 0 0 0 rg BT 166.08 164.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.38 164.25 Td ($70.9 ) Tj ET Q q 0 0 0 rg BT 242.86 164.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.76 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 274.75 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.07 164.25 Td (common ) Tj ET Q q 0 0 0 rg BT 324.05 164.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 350.65 164.25 Td (In ) Tj ET Q q 0 0 0 rg BT 361.97 164.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 400.23 164.25 Td (we ) Tj ET Q q 0 0 0 rg BT 414.88 164.25 Td (used ) Tj ET Q q 0 0 0 rg BT 436.20 164.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 465.29 164.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 486.05 164.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.37 164.25 Td ($27.4 ) Tj ET Q q 0 0 0 rg BT 522.86 164.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.75 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.74 164.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 79.18 152.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 116.11 152.25 Td (due ) Tj ET Q q 0 0 0 rg BT 133.58 152.25 Td (under ) Tj ET Q q 0 0 0 rg BT 159.39 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 175.75 152.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 220.45 152.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 263.75 152.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 304.00 152.25 Td (related ) Tj ET Q q 0 0 0 rg BT 334.24 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.05 152.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 395.29 152.25 Td (paper) Tj ET Q q 0 0 0 rg BT 417.09 152.25 Td (, ) Tj ET Q q 0 0 0 rg BT 422.63 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 440.11 152.25 Td (also ) Tj ET Q q 0 0 0 rg BT 459.25 152.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 501.70 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 518.07 152.25 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 140.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 135.29 140.25 Td (agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.73 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.39 116.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 108.39 116.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 156.16 116.25 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.14 116.25 Td ($174.0 ) Tj ET Q q 0 0 0 rg BT 225.86 116.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.75 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.98 116.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.99 116.25 Td ($189.9 ) Tj ET Q q 0 0 0 rg BT 296.71 116.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.60 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 327.83 116.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.27 116.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 395.58 116.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.58 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 417.81 116.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.48 116.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.79 116.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.79 116.25 Td (. ) Tj ET Q q 0 0 0 rg BT 522.51 116.25 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.70 104.25 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.35 104.25 Td ($379.5 ) Tj ET Q q 0 0 0 rg BT 154.95 104.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.84 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.95 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.38 104.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 216.25 104.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 255.56 104.25 Td (due ) Tj ET Q q 0 0 0 rg BT 272.10 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.98 104.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.85 104.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 342.82 104.25 Td (from ) Tj ET Q q 0 0 0 rg BT 364.36 104.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 400.34 104.25 Td (as ) Tj ET Q q 0 0 0 rg BT 410.77 104.25 Td (well ) Tj ET Q q 0 0 0 rg BT 430.09 104.25 Td (as ) Tj ET Q q 0 0 0 rg BT 440.52 104.25 Td (a ) Tj ET Q q 0 0 0 rg BT 447.06 104.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 486.93 104.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.81 104.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 536.67 104.25 Td (assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 98.95 92.25 Td (related ) Tj ET Q q 0 0 0 rg BT 129.51 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.65 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.23 92.25 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 202.92 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.61 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 231.30 92.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 274.65 92.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 298.01 92.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 319.71 92.25 Td (with ) Tj ET Q q 0 0 0 rg BT 340.84 92.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 373.09 92.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 415.06 92.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 463.40 92.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 504.53 92.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 542.20 92.25 Td (, ) Tj ET Q q 0 0 0 rg BT 548.06 92.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (reverse ) Tj ET Q q 0 0 0 rg BT 80.97 80.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 126.88 80.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 177.52 80.25 Td (which ) Tj ET Q q 0 0 0 rg BT 204.56 80.25 Td (are ) Tj ET Q q 0 0 0 rg BT 219.38 80.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 265.30 80.25 Td (used ) Tj ET Q q 0 0 0 rg BT 286.24 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.62 80.25 Td (make ) Tj ET Q q 0 0 0 rg BT 320.88 80.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 356.25 80.25 Td (on ) Tj ET Q q 0 0 0 rg BT 368.85 80.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 409.22 80.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 428.50 80.25 Td (short. ) Tj ET Q q 0 0 0 rg BT 453.60 80.25 Td (Investing ) Tj ET Q q 0 0 0 rg BT 493.42 80.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 532.13 80.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 80.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.91 68.25 Td ($16.2 ) Tj ET Q q 0 0 0 rg BT 94.48 68.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.37 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.45 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 135.85 68.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 155.70 68.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 194.98 68.25 Td (related ) Tj ET Q q 0 0 0 rg BT 224.26 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.11 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.41 68.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 298.25 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.66 68.25 Td (River ) Tj ET Q q 0 0 0 rg BT 332.95 68.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 363.90 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.42 68.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 405.28 68.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 430.65 68.25 Td (, ) Tj ET Q q 0 0 0 rg BT 435.22 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.74 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.03 68.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 503.64 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.05 68.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 536.67 68.25 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.39 56.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.39 56.25 Td (, ) Tj ET Q q 0 0 0 rg BT 85.46 56.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 125.78 56.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 164.44 56.25 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.33 56.25 Td ($189.0 ) Tj ET Q q 0 0 0 rg BT 215.40 56.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.29 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 246.85 56.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.74 56.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.08 56.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.97 56.25 Td (we ) Tj ET Q q 0 0 0 rg BT 303.19 56.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.06 56.25 Td ($132.9 ) Tj ET Q q 0 0 0 rg BT 384.12 56.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.01 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.58 56.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.47 56.25 Td (common ) Tj ET Q q 0 0 0 rg BT 464.03 56.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 490.20 56.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.20 56.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 558.06 56.25 Td (a ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td ($106.8 ) Tj ET Q q 0 0 0 rg BT 78.59 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.48 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.07 740.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 145.07 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.43 740.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 214.90 740.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 249.81 740.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 286.39 740.10 Td (from ) Tj ET Q q 0 0 0 rg BT 307.42 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.22 740.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 366.14 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.06 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.97 740.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 432.55 740.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 454.14 740.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 474.06 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 493.42 740.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 523.89 740.10 Td (investors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.53 728.10 Td (October ) Tj ET Q q 0 0 0 rg BT 95.43 728.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 120.62 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 134.98 728.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 167.10 728.10 Td (into ) Tj ET Q q 0 0 0 rg BT 185.35 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.48 728.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 224.02 728.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 265.59 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.73 728.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 319.86 728.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 341.99 728.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 380.19 728.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 427.31 728.10 Td (under ) Tj ET Q q 0 0 0 rg BT 452.77 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 479.91 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 494.26 728.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 521.96 728.10 Td (unsecured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 72.67 716.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 90.28 716.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 117.34 716.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 141.07 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.68 716.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.85 716.10 Td ($125.0 ) Tj ET Q q 0 0 0 rg BT 226.98 716.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.87 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.49 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.89 716.10 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.78 716.10 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 336.90 716.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.79 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.41 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.36 716.10 Td (which ) Tj ET Q q 0 0 0 rg BT 406.42 716.10 Td (was ) Tj ET Q q 0 0 0 rg BT 424.60 716.10 Td (used ) Tj ET Q q 0 0 0 rg BT 445.55 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.95 716.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 480.78 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.73 716.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 521.02 716.10 Td (B ) Tj ET Q q 0 0 0 rg BT 530.32 716.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.99 704.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 93.92 704.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 117.53 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 135.03 704.10 Td (were ) Tj ET Q q 0 0 0 rg BT 156.96 704.10 Td (due ) Tj ET Q q 0 0 0 rg BT 173.89 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.17 704.10 Td (November ) Tj ET Q q 0 0 0 rg BT 228.88 704.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.94 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.82 680.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.02 680.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 157.00 680.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.86 680.10 Td ($107.8 ) Tj ET Q q 0 0 0 rg BT 228.80 680.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.69 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.13 680.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.34 680.10 Td ($15.9 ) Tj ET Q q 0 0 0 rg BT 295.28 680.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.18 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.61 680.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.27 680.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.79 680.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.79 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.23 680.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.11 680.10 Td (December ) Tj ET Q q 0 0 0 rg BT 482.63 680.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.57 680.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.57 680.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.51 680.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.81 668.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.34 668.10 Td ($50.1 ) Tj ET Q q 0 0 0 rg BT 136.05 668.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.94 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.15 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.69 668.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.66 668.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 241.08 668.10 Td (due ) Tj ET Q q 0 0 0 rg BT 258.73 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.71 668.10 Td (an ) Tj ET Q q 0 0 0 rg BT 282.36 668.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 318.32 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.30 668.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 370.27 668.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 399.31 668.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 448.61 668.10 Td (related ) Tj ET Q q 0 0 0 rg BT 479.02 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.00 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.54 668.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 548.07 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 81.67 656.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 128.27 656.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 179.60 656.10 Td (which ) Tj ET Q q 0 0 0 rg BT 207.34 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.85 656.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 269.47 656.10 Td (used ) Tj ET Q q 0 0 0 rg BT 291.10 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.18 656.10 Td (make ) Tj ET Q q 0 0 0 rg BT 327.13 656.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 363.20 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.50 656.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 417.56 656.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 437.53 656.10 Td (short. ) Tj ET Q q 0 0 0 rg BT 463.33 656.10 Td (Partially ) Tj ET Q q 0 0 0 rg BT 500.51 656.10 Td (of) Tj ET Q q 0 0 0 rg BT 508.66 656.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 541.96 656.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 88.79 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.21 644.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 139.61 644.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.58 644.10 Td (were ) Tj ET Q q 0 0 0 rg BT 187.65 644.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 208.06 644.10 Td (received ) Tj ET Q q 0 0 0 rg BT 244.56 644.10 Td (from ) Tj ET Q q 0 0 0 rg BT 266.64 644.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 303.16 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.24 644.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 360.63 644.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 418.81 644.10 Td (related ) Tj ET Q q 0 0 0 rg BT 448.66 644.10 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 486.55 644.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 526.41 644.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.03 632.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.03 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.79 632.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.87 632.10 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 124.13 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.02 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.78 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.86 632.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.39 632.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 227.35 632.10 Td (related ) Tj ET Q q 0 0 0 rg BT 257.31 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.84 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.82 632.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 321.11 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.19 632.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 355.50 632.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 384.08 632.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 406.84 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.92 632.10 Td ($52.0 ) Tj ET Q q 0 0 0 rg BT 443.18 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.07 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.83 632.10 Td (was ) Tj ET Q q 0 0 0 rg BT 493.13 632.10 Td (used ) Tj ET Q q 0 0 0 rg BT 514.22 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.75 632.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.12 620.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.97 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 110.15 620.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 143.32 620.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 178.73 620.10 Td (due ) Tj ET Q q 0 0 0 rg BT 194.69 620.10 Td (under ) Tj ET Q q 0 0 0 rg BT 218.98 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.83 620.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 277.00 620.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 316.29 620.10 Td (related ) Tj ET Q q 0 0 0 rg BT 345.01 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.31 620.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 403.03 620.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 426.76 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.72 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.57 620.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 482.41 620.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 510.03 620.10 Td (arrangement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 608.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 73.50 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.70 608.10 Td (part ) Tj ET Q q 0 0 0 rg BT 99.66 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 111.07 608.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 149.13 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.33 608.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 203.05 608.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 252.18 608.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 302.08 608.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.00 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.08 608.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 368.79 608.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.64 608.10 Td ($9.0 ) Tj ET Q q 0 0 0 rg BT 393.56 608.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.45 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.87 608.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 459.70 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.89 608.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 529.19 608.10 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.22 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 76.28 596.10 Td (net ) Tj ET Q q 0 0 0 rg BT 90.78 596.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 111.39 596.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 140.32 596.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 191.48 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.20 596.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.81 596.10 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 253.60 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.49 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.77 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.38 596.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.43 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.49 596.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 371.08 596.10 Td (common ) Tj ET Q q 0 0 0 rg BT 408.35 596.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 431.75 596.10 Td (from ) Tj ET Q q 0 0 0 rg BT 453.47 596.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 498.51 596.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 527.46 596.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.73 596.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 71.43 584.10 Td (their ) Tj ET Q q 0 0 0 rg BT 92.26 584.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.98 584.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 153.92 584.10 Td (related ) Tj ET Q q 0 0 0 rg BT 183.62 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.90 584.10 Td (award ) Tj ET Q q 0 0 0 rg BT 220.83 584.10 Td (vestings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 536.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.55 536.10 Td (table ) Tj ET Q q 0 0 0 rg BT 133.30 536.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.37 536.10 Td (total ) Tj ET Q q 0 0 0 rg BT 190.46 536.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 219.60 536.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 256.23 536.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 285.37 536.10 Td (total ) Tj ET Q q 0 0 0 rg BT 306.45 536.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 359.58 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.89 536.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.19 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.94 536.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.46 536.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 497.59 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.90 536.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 529.20 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 536.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.00 524.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 123.36 524.10 Td (ratios ) Tj ET Q q 0 0 0 rg BT 148.07 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 158.90 524.10 Td (of:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 477.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 477.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 477.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 477.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 453.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 453.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 453.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 453.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 429.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 429.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 429.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 429.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 405.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 405.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 405.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 405.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 381.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 381.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 381.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 381.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 357.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 357.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 357.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 357.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 489.6 m 479 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 489.6 m 562 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 453.6 m 479 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 453.6 m 562 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 442.6 m 479 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 440.6 m 479 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 442.6 m 562 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 440.6 m 562 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 393.6 m 479 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 393.6 m 562 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 382.6 m 479 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 380.6 m 479 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 382.6 m 562 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 380.6 m 562 380.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 504.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 504.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 493.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 492.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 492.33 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 480.22 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 480.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 480.33 Td (2,125,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 480.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 480.22 Td (2,138,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 468.22 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 468.38 Td (\(233,452) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 468.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 468.22 Td (\(248,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 468.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 456.22 Td (Deduct: Assets from noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 456.38 Td (\(109,179) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 456.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 456.22 Td (\(88,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 456.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 444.22 Td (Adjusted assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 444.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 444.33 Td (1,782,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 444.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 444.22 Td (1,801,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 420.22 Td (Total shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 420.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 420.33 Td (816,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 420.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 420.22 Td (832,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 408.22 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 408.38 Td (\(233,452) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 408.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 408.22 Td (\(248,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 408.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 396.22 Td (Deduct: Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 396.38 Td (\(57,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 396.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 396.22 Td (\(49,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 396.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 384.22 Td (Tangible common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 384.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 384.33 Td (525,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 384.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 384.22 Td (535,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 360.22 Td (Leverage ratio \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 360.33 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 360.22 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 336.22 Td (Adjusted leverage ratio \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 336.33 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 336.22 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 321.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 321.50 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 99.27 321.50 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.82 321.50 Td (equals ) Tj ET Q q 0 0 0 rg BT 139.71 321.50 Td (total ) Tj ET Q q 0 0 0 rg BT 156.38 321.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.49 321.50 Td (divided ) Tj ET Q q 0 0 0 rg BT 203.04 321.50 Td (by ) Tj ET Q q 0 0 0 rg BT 212.59 321.50 Td (total ) Tj ET Q q 0 0 0 rg BT 229.26 321.50 Td (shar) Tj ET Q q 0 0 0 rg BT 243.19 321.50 Td (eholders) Tj ET Q q 0 0 0 rg BT 272.52 321.50 Td ( ) Tj ET Q q 0 0 0 rg BT 274.52 321.50 Td (equity) Tj ET Q q 0 0 0 rg BT 293.62 321.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 308.90 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 308.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.50 308.90 Td (leverage ) Tj ET Q q 0 0 0 rg BT 127.04 308.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 144.59 308.90 Td (equals ) Tj ET Q q 0 0 0 rg BT 167.48 308.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 196.59 308.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.70 308.90 Td (divided ) Tj ET Q q 0 0 0 rg BT 243.25 308.90 Td (by ) Tj ET Q q 0 0 0 rg BT 252.80 308.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 281.02 308.90 Td (common ) Tj ET Q q 0 0 0 rg BT 310.13 308.90 Td (shar) Tj ET Q q 0 0 0 rg BT 324.05 308.90 Td (eholders) Tj ET Q q 0 0 0 rg BT 353.38 308.90 Td ( ) Tj ET Q q 0 0 0 rg BT 355.38 308.90 Td (equity) Tj ET Q q 0 0 0 rg BT 374.49 308.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.90 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.87 284.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.47 284.90 Td (and ) Tj ET Q q 0 0 0 rg BT 130.17 284.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 164.65 284.90 Td (common ) Tj ET Q q 0 0 0 rg BT 201.91 284.90 Td (shareholders) Tj ET Q q 0 0 0 rg BT 255.04 284.90 Td ( ) Tj ET Q q 0 0 0 rg BT 257.30 284.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.56 284.90 Td (are ) Tj ET Q q 0 0 0 rg BT 299.04 284.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 344.22 284.90 Td ( ) Tj ET Q q 0 0 0 rg BT 346.49 284.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.73 284.90 Td (measures. ) Tj ET Q q 0 0 0 rg BT 425.71 284.90 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 465.75 284.90 Td (and ) Tj ET Q q 0 0 0 rg BT 482.45 284.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 524.71 284.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 550.31 284.90 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.90 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 92.26 272.90 Td (from ) Tj ET Q q 0 0 0 rg BT 113.37 272.90 Td (total ) Tj ET Q q 0 0 0 rg BT 132.81 272.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.80 272.90 Td (and ) Tj ET Q q 0 0 0 rg BT 173.91 272.90 Td (total ) Tj ET Q q 0 0 0 rg BT 193.35 272.90 Td (shareholders) Tj ET Q q 0 0 0 rg BT 246.47 272.90 Td ( ) Tj ET Q q 0 0 0 rg BT 248.14 272.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 274.80 272.90 Td (in ) Tj ET Q q 0 0 0 rg BT 284.24 272.90 Td (determining ) Tj ET Q q 0 0 0 rg BT 334.23 272.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 369.22 272.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.22 272.90 Td (and ) Tj ET Q q 0 0 0 rg BT 410.32 272.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.20 272.90 Td (common ) Tj ET Q q 0 0 0 rg BT 480.86 272.90 Td (shareholders) Tj ET Q q 0 0 0 rg BT 533.99 272.90 Td ( ) Tj ET Q q 0 0 0 rg BT 535.66 272.90 Td (equity) Tj ET Q q 0 0 0 rg BT 560.00 272.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 260.90 Td (, ) Tj ET Q q 0 0 0 rg BT 101.81 260.90 Td (as ) Tj ET Q q 0 0 0 rg BT 112.29 260.90 Td (we ) Tj ET Q q 0 0 0 rg BT 126.10 260.90 Td (believe ) Tj ET Q q 0 0 0 rg BT 157.12 260.90 Td (that ) Tj ET Q q 0 0 0 rg BT 174.26 260.90 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 211.97 260.90 Td (and ) Tj ET Q q 0 0 0 rg BT 228.55 260.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 270.69 260.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.17 260.90 Td (do ) Tj ET Q q 0 0 0 rg BT 308.32 260.90 Td (not ) Tj ET Q q 0 0 0 rg BT 323.25 260.90 Td (constitute ) Tj ET Q q 0 0 0 rg BT 364.28 260.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.19 260.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 429.67 260.90 Td (which ) Tj ET Q q 0 0 0 rg BT 456.25 260.90 Td (can ) Tj ET Q q 0 0 0 rg BT 472.28 260.90 Td (be ) Tj ET Q q 0 0 0 rg BT 483.87 260.90 Td (deployed ) Tj ET Q q 0 0 0 rg BT 522.67 260.90 Td (in ) Tj ET Q q 0 0 0 rg BT 532.60 260.90 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 260.90 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.90 Td (manner) Tj ET Q q 0 0 0 rg BT 78.93 248.90 Td (. ) Tj ET Q q 0 0 0 rg BT 82.75 248.90 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 121.10 248.90 Td (attributed ) Tj ET Q q 0 0 0 rg BT 161.11 248.90 Td (to ) Tj ET Q q 0 0 0 rg BT 170.57 248.90 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 231.14 248.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 266.15 248.90 Td (are ) Tj ET Q q 0 0 0 rg BT 280.05 248.90 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 322.83 248.90 Td (from ) Tj ET Q q 0 0 0 rg BT 343.95 248.90 Td (total ) Tj ET Q q 0 0 0 rg BT 363.41 248.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 388.43 248.90 Td (and ) Tj ET Q q 0 0 0 rg BT 404.55 248.90 Td (total ) Tj ET Q q 0 0 0 rg BT 424.01 248.90 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 478.04 248.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.72 248.90 Td (in ) Tj ET Q q 0 0 0 rg BT 514.18 248.90 Td (determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 84.57 236.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.65 236.90 Td (and ) Tj ET Q q 0 0 0 rg BT 125.84 236.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 159.80 236.90 Td (common ) Tj ET Q q 0 0 0 rg BT 196.54 236.90 Td (shareholders) Tj ET Q q 0 0 0 rg BT 249.67 236.90 Td ( ) Tj ET Q q 0 0 0 rg BT 251.41 236.90 Td (equity) Tj ET Q q 0 0 0 rg BT 275.76 236.90 Td (, ) Tj ET Q q 0 0 0 rg BT 280.01 236.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 327.67 236.90 Td (, ) Tj ET Q q 0 0 0 rg BT 331.92 236.90 Td (as ) Tj ET Q q 0 0 0 rg BT 342.00 236.90 Td (they ) Tj ET Q q 0 0 0 rg BT 360.96 236.90 Td (represent ) Tj ET Q q 0 0 0 rg BT 399.35 236.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 424.43 236.90 Td (and ) Tj ET Q q 0 0 0 rg BT 440.62 236.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.36 236.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.43 236.90 Td (in ) Tj ET Q q 0 0 0 rg BT 511.96 236.90 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.27 224.90 Td (that ) Tj ET Q q 0 0 0 rg BT 97.14 224.90 Td (are ) Tj ET Q q 0 0 0 rg BT 111.24 224.90 Td (not ) Tj ET Q q 0 0 0 rg BT 125.90 224.90 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 175.82 224.90 Td (either ) Tj ET Q q 0 0 0 rg BT 200.47 224.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 232.89 224.90 Td (or ) Tj ET Q q 0 0 0 rg BT 243.11 224.90 Td (indirectly) Tj ET Q q 0 0 0 rg BT 280.78 224.90 Td (, ) Tj ET Q q 0 0 0 rg BT 285.16 224.90 Td (to ) Tj ET Q q 0 0 0 rg BT 294.82 224.90 Td (Piper ) Tj ET Q q 0 0 0 rg BT 317.81 224.90 Td (Jaf) Tj ET Q q 0 0 0 rg BT 329.29 224.90 Td (fray ) Tj ET Q q 0 0 0 rg BT 347.28 224.90 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 396.52 224.90 Td (W) Tj ET Q q 0 0 0 rg BT 405.16 224.90 Td (e ) Tj ET Q q 0 0 0 rg BT 411.48 224.90 Td (view ) Tj ET Q q 0 0 0 rg BT 432.80 224.90 Td (the ) Tj ET Q q 0 0 0 rg BT 446.90 224.90 Td (resulting ) Tj ET Q q 0 0 0 rg BT 483.78 224.90 Td (measure ) Tj ET Q q 0 0 0 rg BT 518.98 224.90 Td (of ) Tj ET Q q 0 0 0 rg BT 529.19 224.90 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.90 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 88.88 212.90 Td (also ) Tj ET Q q 0 0 0 rg BT 108.01 212.90 Td (a ) Tj ET Q q 0 0 0 rg BT 115.47 212.90 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 160.66 212.90 Td ( ) Tj ET Q q 0 0 0 rg BT 163.68 212.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.68 212.90 Td (measure, ) Tj ET Q q 0 0 0 rg BT 240.52 212.90 Td (as ) Tj ET Q q 0 0 0 rg BT 251.87 212.90 Td (a ) Tj ET Q q 0 0 0 rg BT 259.33 212.90 Td (more ) Tj ET Q q 0 0 0 rg BT 282.90 212.90 Td (relevant ) Tj ET Q q 0 0 0 rg BT 318.12 212.90 Td (measure ) Tj ET Q q 0 0 0 rg BT 354.46 212.90 Td (of ) Tj ET Q q 0 0 0 rg BT 365.81 212.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.81 212.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.83 212.90 Td (when ) Tj ET Q q 0 0 0 rg BT 446.52 212.90 Td (comparing ) Tj ET Q q 0 0 0 rg BT 492.30 212.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.30 212.90 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.90 Td (companies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 176.90 Td (Funding and Capital Resources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.72 152.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 102.06 152.90 Td (goal ) Tj ET Q q 0 0 0 rg BT 121.95 152.90 Td (of ) Tj ET Q q 0 0 0 rg BT 132.96 152.90 Td (our ) Tj ET Q q 0 0 0 rg BT 148.97 152.90 Td (funding ) Tj ET Q q 0 0 0 rg BT 182.75 152.90 Td (activities ) Tj ET Q q 0 0 0 rg BT 221.53 152.90 Td (is ) Tj ET Q q 0 0 0 rg BT 230.87 152.90 Td (to ) Tj ET Q q 0 0 0 rg BT 241.33 152.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 270.11 152.90 Td (adequate ) Tj ET Q q 0 0 0 rg BT 308.31 152.90 Td (funding ) Tj ET Q q 0 0 0 rg BT 342.10 152.90 Td (over ) Tj ET Q q 0 0 0 rg BT 362.55 152.90 Td (a ) Tj ET Q q 0 0 0 rg BT 369.66 152.90 Td (wide ) Tj ET Q q 0 0 0 rg BT 391.78 152.90 Td (range ) Tj ET Q q 0 0 0 rg BT 416.66 152.90 Td (of ) Tj ET Q q 0 0 0 rg BT 427.67 152.90 Td (market ) Tj ET Q q 0 0 0 rg BT 458.11 152.90 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 504.95 152.90 Td (Given ) Tj ET Q q 0 0 0 rg BT 532.07 152.90 Td (the ) Tj ET Q q 0 0 0 rg BT 546.96 152.90 Td (mix ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.74 140.90 Td (our ) Tj ET Q q 0 0 0 rg BT 76.97 140.90 Td (business ) Tj ET Q q 0 0 0 rg BT 113.77 140.90 Td (activities, ) Tj ET Q q 0 0 0 rg BT 155.27 140.90 Td (funding ) Tj ET Q q 0 0 0 rg BT 189.29 140.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 244.39 140.90 Td (are ) Tj ET Q q 0 0 0 rg BT 259.50 140.90 Td (fulfilled ) Tj ET Q q 0 0 0 rg BT 294.62 140.90 Td (through ) Tj ET Q q 0 0 0 rg BT 328.64 140.90 Td (a ) Tj ET Q q 0 0 0 rg BT 335.98 140.90 Td (diversified ) Tj ET Q q 0 0 0 rg BT 381.65 140.90 Td (range ) Tj ET Q q 0 0 0 rg BT 406.76 140.90 Td (of ) Tj ET Q q 0 0 0 rg BT 418.00 140.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 462.56 140.90 Td (and ) Tj ET Q q 0 0 0 rg BT 479.90 140.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 522.24 140.90 Td (financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 128.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.07 128.90 Td (attempt ) Tj ET Q q 0 0 0 rg BT 97.55 128.90 Td (to ) Tj ET Q q 0 0 0 rg BT 107.82 128.90 Td (ensure ) Tj ET Q q 0 0 0 rg BT 136.40 128.90 Td (that ) Tj ET Q q 0 0 0 rg BT 153.89 128.90 Td (the ) Tj ET Q q 0 0 0 rg BT 168.60 128.90 Td (tenor ) Tj ET Q q 0 0 0 rg BT 191.63 128.90 Td (of ) Tj ET Q q 0 0 0 rg BT 202.45 128.90 Td (our ) Tj ET Q q 0 0 0 rg BT 218.27 128.90 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 262.42 128.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 302.13 128.90 Td (equals ) Tj ET Q q 0 0 0 rg BT 330.17 128.90 Td (or ) Tj ET Q q 0 0 0 rg BT 340.99 128.90 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 375.13 128.90 Td (the ) Tj ET Q q 0 0 0 rg BT 389.83 128.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 427.85 128.90 Td (holding ) Tj ET Q q 0 0 0 rg BT 460.90 128.90 Td (period ) Tj ET Q q 0 0 0 rg BT 488.94 128.90 Td (of ) Tj ET Q q 0 0 0 rg BT 499.76 128.90 Td (the ) Tj ET Q q 0 0 0 rg BT 514.47 128.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 540.29 128.90 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.90 Td (financed. ) Tj ET Q q 0 0 0 rg BT 88.54 116.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.21 116.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 133.87 116.90 Td (to ) Tj ET Q q 0 0 0 rg BT 143.77 116.90 Td (support ) Tj ET Q q 0 0 0 rg BT 175.88 116.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 214.65 116.90 Td (in ) Tj ET Q q 0 0 0 rg BT 224.54 116.90 Td (total ) Tj ET Q q 0 0 0 rg BT 244.43 116.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.87 116.90 Td (is ) Tj ET Q q 0 0 0 rg BT 278.66 116.90 Td (lar) Tj ET Q q 0 0 0 rg BT 289.03 116.90 Td (gely ) Tj ET Q q 0 0 0 rg BT 308.36 116.90 Td (a ) Tj ET Q q 0 0 0 rg BT 314.91 116.90 Td (function ) Tj ET Q q 0 0 0 rg BT 350.35 116.90 Td (of ) Tj ET Q q 0 0 0 rg BT 360.80 116.90 Td (our ) Tj ET Q q 0 0 0 rg BT 376.25 116.90 Td (ability ) Tj ET Q q 0 0 0 rg BT 403.91 116.90 Td (to ) Tj ET Q q 0 0 0 rg BT 413.81 116.90 Td (obtain ) Tj ET Q q 0 0 0 rg BT 440.92 116.90 Td (funding ) Tj ET Q q 0 0 0 rg BT 474.14 116.90 Td (from ) Tj ET Q q 0 0 0 rg BT 495.70 116.90 Td (external ) Tj ET Q q 0 0 0 rg BT 530.01 116.90 Td (sources. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.90 Td (Access ) Tj ET Q q 0 0 0 rg BT 79.28 104.90 Td (to ) Tj ET Q q 0 0 0 rg BT 88.53 104.90 Td (these ) Tj ET Q q 0 0 0 rg BT 110.54 104.90 Td (external ) Tj ET Q q 0 0 0 rg BT 144.20 104.90 Td (sources, ) Tj ET Q q 0 0 0 rg BT 178.16 104.90 Td (as ) Tj ET Q q 0 0 0 rg BT 187.95 104.90 Td (well ) Tj ET Q q 0 0 0 rg BT 206.63 104.90 Td (as ) Tj ET Q q 0 0 0 rg BT 216.43 104.90 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 104.90 Td (cost ) Tj ET Q q 0 0 0 rg BT 247.68 104.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.47 104.90 Td (that ) Tj ET Q q 0 0 0 rg BT 273.93 104.90 Td (financing, ) Tj ET Q q 0 0 0 rg BT 315.66 104.90 Td (is ) Tj ET Q q 0 0 0 rg BT 323.79 104.90 Td (dependent ) Tj ET Q q 0 0 0 rg BT 366.35 104.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 387.81 104.90 Td (various ) Tj ET Q q 0 0 0 rg BT 418.72 104.90 Td (factors, ) Tj ET Q q 0 0 0 rg BT 449.89 104.90 Td (including ) Tj ET Q q 0 0 0 rg BT 489.13 104.90 Td (market ) Tj ET Q q 0 0 0 rg BT 518.35 104.90 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.90 Td (the ) Tj ET Q q 0 0 0 rg BT 64.91 92.90 Td (general ) Tj ET Q q 0 0 0 rg BT 97.53 92.90 Td (availability ) Tj ET Q q 0 0 0 rg BT 145.71 92.90 Td (of ) Tj ET Q q 0 0 0 rg BT 157.23 92.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 183.19 92.90 Td (and ) Tj ET Q q 0 0 0 rg BT 200.82 92.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 226.78 92.90 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 259.45 92.90 Td (W) Tj ET Q q 0 0 0 rg BT 268.09 92.90 Td (e ) Tj ET Q q 0 0 0 rg BT 275.72 92.90 Td (currently ) Tj ET Q q 0 0 0 rg BT 315.01 92.90 Td (do ) Tj ET Q q 0 0 0 rg BT 328.20 92.90 Td (not ) Tj ET Q q 0 0 0 rg BT 344.18 92.90 Td (have ) Tj ET Q q 0 0 0 rg BT 366.25 92.90 Td (a ) Tj ET Q q 0 0 0 rg BT 373.88 92.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 399.84 92.90 Td (rating, ) Tj ET Q q 0 0 0 rg BT 428.85 92.90 Td (which ) Tj ET Q q 0 0 0 rg BT 456.49 92.90 Td (could ) Tj ET Q q 0 0 0 rg BT 481.90 92.90 Td (adversely ) Tj ET Q q 0 0 0 rg BT 523.40 92.90 Td (af) Tj ET Q q 0 0 0 rg BT 530.99 92.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.17 92.90 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 85.54 80.90 Td (and ) Tj ET Q q 0 0 0 rg BT 102.14 80.90 Td (competitive ) Tj ET Q q 0 0 0 rg BT 151.50 80.90 Td (position ) Tj ET Q q 0 0 0 rg BT 185.88 80.90 Td (by ) Tj ET Q q 0 0 0 rg BT 198.03 80.90 Td (increasing ) Tj ET Q q 0 0 0 rg BT 241.28 80.90 Td (our ) Tj ET Q q 0 0 0 rg BT 256.76 80.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 296.68 80.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 318.83 80.90 Td (and ) Tj ET Q q 0 0 0 rg BT 335.42 80.90 Td (limiting ) Tj ET Q q 0 0 0 rg BT 369.25 80.90 Td (access ) Tj ET Q q 0 0 0 rg BT 396.94 80.90 Td (to ) Tj ET Q q 0 0 0 rg BT 406.87 80.90 Td (sources ) Tj ET Q q 0 0 0 rg BT 439.01 80.90 Td (of ) Tj ET Q q 0 0 0 rg BT 449.50 80.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 485.54 80.90 Td (that ) Tj ET Q q 0 0 0 rg BT 502.69 80.90 Td (require ) Tj ET Q q 0 0 0 rg BT 533.16 80.90 Td (a ) Tj ET Q q 0 0 0 rg BT 539.75 80.90 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.90 Td (rating ) Tj ET Q q 0 0 0 rg BT 75.33 68.90 Td (as ) Tj ET Q q 0 0 0 rg BT 86.16 68.90 Td (a ) Tj ET Q q 0 0 0 rg BT 93.09 68.90 Td (condition ) Tj ET Q q 0 0 0 rg BT 133.37 68.90 Td (to ) Tj ET Q q 0 0 0 rg BT 143.65 68.90 Td (providing ) Tj ET Q q 0 0 0 rg BT 185.03 68.90 Td (the ) Tj ET Q q 0 0 0 rg BT 199.75 68.90 Td (funds.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Short-term financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.19 716.10 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 112.65 716.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 145.90 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.48 716.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 198.52 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 207.33 716.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 243.91 716.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 283.26 716.10 Td (through ) Tj ET Q q 0 0 0 rg BT 316.51 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.87 716.10 Td (use ) Tj ET Q q 0 0 0 rg BT 346.34 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.82 716.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 406.16 716.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 430.51 716.10 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 469.03 716.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 716.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 565.01 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 74.67 704.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 102.61 704.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 152.48 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.76 704.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 190.04 704.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 210.76 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.94 704.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 248.04 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.32 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 272.83 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 309.66 704.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 365.35 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.20 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.37 704.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 431.97 704.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 469.65 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 473.85 704.10 Td (These ) Tj ET Q q 0 0 0 rg BT 499.57 704.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 532.52 704.10 Td (sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.99 692.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 96.04 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.10 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.71 692.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 152.55 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 692.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 196.32 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.05 692.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 235.11 692.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 272.79 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 278.57 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 306.30 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 316.25 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.97 692.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 366.13 692.10 Td (part ) Tj ET Q q 0 0 0 rg BT 384.96 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.57 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 413.19 692.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 464.25 692.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 507.51 692.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 546.95 692.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 85.20 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.35 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.50 680.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 150.64 680.10 Td (is ) Tj ET Q q 0 0 0 rg BT 159.13 680.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 184.28 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.54 680.10 Td (is ) Tj ET Q q 0 0 0 rg BT 209.02 680.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 246.93 680.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 276.51 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.33 680.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 328.47 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.62 680.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 382.09 680.10 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 420.84 680.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 452.09 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.24 680.10 Td (these ) Tj ET Q q 0 0 0 rg BT 484.60 680.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 528.08 680.10 Td (facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 70.10 668.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 115.42 668.10 Td (line ) Tj ET Q q 0 0 0 rg BT 132.96 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.95 668.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 199.70 668.10 Td (paper\) ) Tj ET Q q 0 0 0 rg BT 227.79 668.10 Td (have ) Tj ET Q q 0 0 0 rg BT 249.21 668.10 Td (been ) Tj ET Q q 0 0 0 rg BT 270.64 668.10 Td (established ) Tj ET Q q 0 0 0 rg BT 317.62 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.95 668.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 363.27 668.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 398.03 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.36 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.12 668.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 459.57 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.45 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.33 668.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 527.20 668.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.52 668.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 89.62 656.10 Td (market ) Tj ET Q q 0 0 0 rg BT 120.85 656.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 168.47 656.10 Td (In ) Tj ET Q q 0 0 0 rg BT 180.27 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.95 656.10 Td (case ) Tj ET Q q 0 0 0 rg BT 216.62 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.41 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.21 656.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 291.44 656.10 Td (line, ) Tj ET Q q 0 0 0 rg BT 312.40 656.10 Td (it ) Tj ET Q q 0 0 0 rg BT 321.42 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 331.55 656.10 Td (available ) Tj ET Q q 0 0 0 rg BT 371.10 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.34 656.10 Td (us ) Tj ET Q q 0 0 0 rg BT 394.70 656.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 438.70 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.49 656.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 486.16 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.40 656.10 Td (market ) Tj ET Q q 0 0 0 rg BT 528.63 656.10 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 92.56 644.10 Td (through ) Tj ET Q q 0 0 0 rg BT 125.06 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.67 644.10 Td (end ) Tj ET Q q 0 0 0 rg BT 154.50 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.22 644.10 Td (its ) Tj ET Q q 0 0 0 rg BT 175.07 644.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 197.28 644.10 Td (although ) Tj ET Q q 0 0 0 rg BT 233.67 644.10 Td (there ) Tj ET Q q 0 0 0 rg BT 255.05 644.10 Td (may ) Tj ET Q q 0 0 0 rg BT 273.66 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 284.49 644.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 328.66 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.06 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.67 644.10 Td (type ) Tj ET Q q 0 0 0 rg BT 372.28 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.00 644.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 421.16 644.10 Td (available ) Tj ET Q q 0 0 0 rg BT 458.64 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.81 644.10 Td (pledge. ) Tj ET Q q 0 0 0 rg BT 498.36 644.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 515.30 644.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 73.73 632.10 Td (program ) Tj ET Q q 0 0 0 rg BT 109.63 632.10 Td (helps ) Tj ET Q q 0 0 0 rg BT 132.77 632.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 167.56 632.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 201.79 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.60 632.10 Td (market ) Tj ET Q q 0 0 0 rg BT 241.39 632.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 277.30 632.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 321.00 632.10 Td (given ) Tj ET Q q 0 0 0 rg BT 345.24 632.10 Td (it ) Tj ET Q q 0 0 0 rg BT 352.82 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 361.51 632.10 Td (not ) Tj ET Q q 0 0 0 rg BT 376.32 632.10 Td (an ) Tj ET Q q 0 0 0 rg BT 387.78 632.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 428.13 632.10 Td (facility) Tj ET Q q 0 0 0 rg BT 455.80 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 460.33 632.10 Td (but ) Tj ET Q q 0 0 0 rg BT 475.13 632.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 511.60 632.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 544.73 632.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.50 620.10 Td (term ) Tj ET Q q 0 0 0 rg BT 77.39 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.29 620.10 Td (27 ) Tj ET Q q 0 0 0 rg BT 100.85 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.20 620.10 Td (270 ) Tj ET Q q 0 0 0 rg BT 128.76 620.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 152.16 620.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 170.27 620.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 203.95 620.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 236.50 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 251.27 620.10 Td (also ) Tj ET Q q 0 0 0 rg BT 269.95 620.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 313.61 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 326.17 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.95 620.10 Td (types ) Tj ET Q q 0 0 0 rg BT 364.63 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.52 620.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 416.41 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 433.97 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.87 620.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 509.07 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 523.84 620.10 Td (willing ) Tj ET Q q 0 0 0 rg BT 554.74 620.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 77.06 608.10 Td (as ) Tj ET Q q 0 0 0 rg BT 87.41 608.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 126.64 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.10 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.34 608.10 Td (number ) Tj ET Q q 0 0 0 rg BT 189.91 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.27 608.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 258.94 608.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 299.55 608.10 Td (Funding ) Tj ET Q q 0 0 0 rg BT 334.92 608.10 Td (is ) Tj ET Q q 0 0 0 rg BT 343.61 608.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 382.84 608.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 419.30 608.10 Td (at ) Tj ET Q q 0 0 0 rg BT 428.54 608.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 449.44 608.10 Td (based ) Tj ET Q q 0 0 0 rg BT 474.24 608.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 496.26 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.50 608.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 540.28 608.10 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.99 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 77.82 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.53 596.10 Td (London ) Tj ET Q q 0 0 0 rg BT 126.14 596.10 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 166.96 596.10 Td (Of) Tj ET Q q 0 0 0 rg BT 177.33 596.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 190.93 596.10 Td (Rate.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 570.7669921875 m 161.0849609375 570.7669921875 l s q 0 0 0 rg BT 49.50 572.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 101.40 572.10 Td (Paper ) Tj ET Q q 0 0 0 rg BT 126.65 572.10 Td (Program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.08 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.56 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.03 572.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 189.06 572.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.32 572.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 237.89 572.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 264.79 572.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 305.25 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 310.22 572.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 333.81 572.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.29 572.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 374.14 572.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 393.28 572.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 419.65 572.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 452.66 572.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 502.33 572.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 527.01 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.27 572.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 558.07 572.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 80.52 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.98 560.10 Td (its ) Tj ET Q q 0 0 0 rg BT 102.56 560.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 142.46 560.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 180.14 560.10 Td (. ) Tj ET Q q 0 0 0 rg BT 184.61 560.10 Td (This ) Tj ET Q q 0 0 0 rg BT 204.53 560.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 253.86 560.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 278.20 560.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.00 560.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 314.13 560.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.03 560.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.02 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.15 560.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 396.04 560.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 438.44 560.10 Td (CP) Tj ET Q q 0 0 0 rg BT 450.30 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.43 560.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 478.53 560.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 490.39 560.10 Td (CP) Tj ET Q q 0 0 0 rg BT 502.25 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.38 560.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 530.95 560.10 Td (II ) Tj ET Q q 0 0 0 rg BT 539.27 560.10 Td (A) Tj ET Q q 0 0 0 rg BT 545.94 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 560.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (CP) Tj ET Q q 0 0 0 rg BT 61.36 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.46 548.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 89.99 548.10 Td (III ) Tj ET Q q 0 0 0 rg BT 101.62 548.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 113.44 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.97 548.10 Td (is ) Tj ET Q q 0 0 0 rg BT 138.74 548.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 171.37 548.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.47 548.10 Td (dif) Tj ET Q q 0 0 0 rg BT 194.40 548.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 219.81 548.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 260.23 548.10 Td (classes, ) Tj ET Q q 0 0 0 rg BT 292.60 548.10 Td (which ) Tj ET Q q 0 0 0 rg BT 319.13 548.10 Td (is ) Tj ET Q q 0 0 0 rg BT 327.90 548.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 364.97 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.85 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.16 548.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.69 548.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 437.77 548.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 457.09 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 469.18 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.50 548.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 526.13 548.10 Td (program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 536.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 108.21 536.10 Td (can ) Tj ET Q q 0 0 0 rg BT 124.79 536.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 147.48 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 167.96 536.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 210.65 536.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.68 536.10 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.68 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.37 536.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.85 536.10 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.85 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.55 536.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 286.07 536.10 Td (CP) Tj ET Q q 0 0 0 rg BT 297.94 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.63 536.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 327.77 536.10 Td (III ) Tj ET Q q 0 0 0 rg BT 339.86 536.10 Td (A) Tj ET Q q 0 0 0 rg BT 346.53 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.23 536.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 385.25 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.39 536.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 431.18 536.10 Td (that ) Tj ET Q q 0 0 0 rg BT 448.87 536.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 483.78 536.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 507.58 536.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 519.06 536.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 537.86 536.10 Td (& ) Tj ET Q q 0 0 0 rg BT 548.34 536.10 Td (Co. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.51 524.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 96.74 524.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 125.08 524.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.53 524.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 168.42 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.98 524.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 201.22 524.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 234.69 524.10 Td (The ) Tj ET Q q 0 0 0 rg BT 252.47 524.10 Td (following ) Tj ET Q q 0 0 0 rg BT 293.59 524.10 Td (table ) Tj ET Q q 0 0 0 rg BT 315.26 524.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 351.94 524.10 Td (information ) Tj ET Q q 0 0 0 rg BT 401.38 524.10 Td (about ) Tj ET Q q 0 0 0 rg BT 425.84 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.40 524.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 490.84 524.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 515.28 524.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 555.29 524.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.08 512.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 512.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 489.60 229.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 489.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 489.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 489.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 489.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 489.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 489.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 465.60 229.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 465.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 465.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 465.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 465.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 465.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 465.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 441.60 229.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 441.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 441.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 441.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 441.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 441.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 441.60 87.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 489.6 m 373 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 489.6 m 467 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 489.6 m 562 489.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 493.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.25 492.33 Td (CP Series A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 492.33 Td (CP Series II A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 492.33 Td (CP Series III A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 480.22 Td (Maximum amount that may be issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 480.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 480.22 Td (300.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.50 480.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 480.22 Td (150.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 480.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 480.22 Td (125.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 468.22 Td (Amount outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 468.22 Td (67.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 468.22 Td (20.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 468.22 Td (59.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 444.22 Td (Weighted average maturity, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 444.22 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 444.22 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 444.22 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 432.22 Td (Weighted average maturity at issuance, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 432.22 Td (142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 432.22 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 432.22 Td (42) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 404.7669921875 m 161.830078125 404.7669921875 l s q 0 0 0 rg BT 49.50 406.10 Td (Prime ) Tj ET Q q 0 0 0 rg BT 75.65 406.10 Td (Broker ) Tj ET Q q 0 0 0 rg BT 105.18 406.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.83 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.09 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.20 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.83 406.10 Td (e ) Tj ET Q q 0 0 0 rg BT 186.54 406.10 Td (have ) Tj ET Q q 0 0 0 rg BT 207.68 406.10 Td (established ) Tj ET Q q 0 0 0 rg BT 254.38 406.10 Td (an ) Tj ET Q q 0 0 0 rg BT 266.08 406.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 318.31 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.36 406.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 355.62 406.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 396.21 406.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 436.24 406.10 Td (by ) Tj ET Q q 0 0 0 rg BT 448.50 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 455.20 406.10 Td (single ) Tj ET Q q 0 0 0 rg BT 481.35 406.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 506.94 406.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 535.31 406.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.13 394.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 88.19 394.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 123.92 394.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 154.10 394.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 192.05 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.68 394.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 243.53 394.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 283.14 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.44 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.51 394.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 357.56 394.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.85 394.10 Td (management ) Tj ET Q q 0 0 0 rg BT 431.80 394.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 451.98 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 468.83 394.10 Td (we ) Tj ET Q q 0 0 0 rg BT 482.35 394.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 526.42 394.10 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.24 382.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 102.09 382.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 143.01 382.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 192.91 382.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.38 382.10 Td (we ) Tj ET Q q 0 0 0 rg BT 213.00 382.10 Td (have ) Tj ET Q q 0 0 0 rg BT 234.84 382.10 Td (established ) Tj ET Q q 0 0 0 rg BT 282.24 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 289.64 382.10 Td (second ) Tj ET Q q 0 0 0 rg BT 320.37 382.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 361.66 382.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 402.39 382.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 455.33 382.10 Td (with ) Tj ET Q q 0 0 0 rg BT 476.07 382.10 Td (another ) Tj ET Q q 0 0 0 rg BT 509.02 382.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 538.08 382.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (related ) Tj ET Q q 0 0 0 rg BT 78.05 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.17 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.85 370.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 148.17 370.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 187.28 370.10 Td (inventories. ) Tj ET Q q 0 0 0 rg BT 235.56 370.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 276.90 370.10 Td (under ) Tj ET Q q 0 0 0 rg BT 301.01 370.10 Td (these ) Tj ET Q q 0 0 0 rg BT 322.91 370.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 378.11 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 386.13 370.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 418.01 370.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 456.57 370.10 Td (by ) Tj ET Q q 0 0 0 rg BT 467.91 370.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 509.52 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.31 370.10 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 95.59 358.10 Td (could ) Tj ET Q q 0 0 0 rg BT 121.11 358.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 151.06 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.59 358.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 199.89 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.53 358.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 245.94 358.10 Td (available ) Tj ET Q q 0 0 0 rg BT 285.34 358.10 Td (under ) Tj ET Q q 0 0 0 rg BT 311.41 358.10 Td (these ) Tj ET Q q 0 0 0 rg BT 335.27 358.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 394.94 358.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 413.79 358.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 440.43 358.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 469.83 358.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 510.90 358.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 550.31 358.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.66 346.10 Td (net ) Tj ET Q q 0 0 0 rg BT 101.07 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.58 346.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 158.74 346.10 Td (from ) Tj ET Q q 0 0 0 rg BT 180.37 346.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 210.88 346.10 Td (activity) Tj ET Q q 0 0 0 rg BT 240.22 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 244.75 346.10 Td (The ) Tj ET Q q 0 0 0 rg BT 262.49 346.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 295.78 346.10 Td (is ) Tj ET Q q 0 0 0 rg BT 304.64 346.10 Td (at ) Tj ET Q q 0 0 0 rg BT 314.04 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.45 346.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 370.07 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.59 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.99 346.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 420.50 346.10 Td (brokers ) Tj ET Q q 0 0 0 rg BT 452.68 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.31 346.10 Td (could ) Tj ET Q q 0 0 0 rg BT 493.71 346.10 Td (be ) Tj ET Q q 0 0 0 rg BT 505.34 346.10 Td (denied ) Tj ET Q q 0 0 0 rg BT 534.18 346.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.27 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 65.70 334.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 92.12 334.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 121.72 334.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.71 334.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 191.78 334.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.78 334.10 Td (, ) Tj ET Q q 0 0 0 rg BT 216.27 334.10 Td (we ) Tj ET Q q 0 0 0 rg BT 229.92 334.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.35 334.10 Td ($271.8 ) Tj ET Q q 0 0 0 rg BT 275.84 334.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.73 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.72 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.04 334.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 356.79 334.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 405.45 334.10 Td (under ) Tj ET Q q 0 0 0 rg BT 430.21 334.10 Td (these ) Tj ET Q q 0 0 0 rg BT 452.74 334.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 478.06 334.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 506.15 334.10 Td (arrangements.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 308.7669921875 m 119.5087890625 308.7669921875 l s q 0 0 0 rg BT 49.50 310.10 Td (Committed ) Tj ET Q q 0 0 0 rg BT 97.29 310.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.51 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.30 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.89 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 138.53 310.10 Td (e ) Tj ET Q q 0 0 0 rg BT 145.76 310.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 176.86 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.43 310.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 224.64 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.76 310.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 286.32 310.10 Td (line ) Tj ET Q q 0 0 0 rg BT 304.11 310.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.34 310.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 349.13 310.10 Td (million ) Tj ET Q q 0 0 0 rg BT 380.81 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.38 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.61 310.10 Td (one-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.38 310.10 Td ($200 ) Tj ET Q q 0 0 0 rg BT 459.17 310.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.07 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.86 310.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 531.97 310.10 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.79 298.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 105.63 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.93 298.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 140.77 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.41 298.10 Td (e ) Tj ET Q q 0 0 0 rg BT 156.37 298.10 Td (use ) Tj ET Q q 0 0 0 rg BT 172.22 298.10 Td (this ) Tj ET Q q 0 0 0 rg BT 189.19 298.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 214.47 298.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 245.32 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.62 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.36 298.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 306.75 298.10 Td (course ) Tj ET Q q 0 0 0 rg BT 335.38 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.23 298.10 Td (business ) Tj ET Q q 0 0 0 rg BT 382.64 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.94 298.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 413.79 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 420.75 298.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 452.16 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.01 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 478.87 298.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 501.38 298.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 548.06 298.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.63 286.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 95.54 286.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 135.78 286.10 Td (under ) Tj ET Q q 0 0 0 rg BT 160.47 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.60 286.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 204.84 286.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 230.63 286.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 252.54 286.10 Td (based ) Tj ET Q q 0 0 0 rg BT 277.23 286.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.14 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.39 286.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 337.42 286.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 364.18 286.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 405.52 286.10 Td (under ) Tj ET Q q 0 0 0 rg BT 430.21 286.10 Td (this ) Tj ET Q q 0 0 0 rg BT 446.57 286.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 476.81 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 490.93 286.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 523.39 286.10 Td (by ) Tj ET Q q 0 0 0 rg BT 535.30 286.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 96.23 274.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 138.63 274.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.49 274.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 187.12 274.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 222.76 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.50 274.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 267.91 274.10 Td (that ) Tj ET Q q 0 0 0 rg BT 285.21 274.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 319.73 274.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 343.15 274.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 354.63 274.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 383.31 274.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 399.79 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.88 274.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 447.18 274.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 488.38 274.10 Td (net ) Tj ET Q q 0 0 0 rg BT 502.91 274.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 531.87 274.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 274.10 Td ($120 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 262.10 Td (, ) Tj ET Q q 0 0 0 rg BT 83.25 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.05 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.63 262.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 144.21 262.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 182.11 262.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 214.47 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.16 262.10 Td (all ) Tj ET Q q 0 0 0 rg BT 237.51 262.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 276.52 262.10 Td (under ) Tj ET Q q 0 0 0 rg BT 301.65 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.23 262.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 346.91 262.10 Td (will ) Tj ET Q q 0 0 0 rg BT 364.82 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 376.62 262.10 Td (due ) Tj ET Q q 0 0 0 rg BT 393.42 262.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.78 262.10 Td (December16, ) Tj ET Q q 0 0 0 rg BT 464.23 262.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.23 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.92 262.10 Td (This ) Tj ET Q q 0 0 0 rg BT 509.06 262.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 534.18 262.10 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (has ) Tj ET Q q 0 0 0 rg BT 64.95 250.10 Td (been ) Tj ET Q q 0 0 0 rg BT 85.96 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.86 250.10 Td (place ) Tj ET Q q 0 0 0 rg BT 119.08 250.10 Td (since ) Tj ET Q q 0 0 0 rg BT 141.75 250.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 163.87 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.43 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 194.22 250.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 230.21 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.55 250.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 274.99 250.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.78 250.10 Td (another ) Tj ET Q q 0 0 0 rg BT 320.89 250.10 Td (one-year ) Tj ET Q q 0 0 0 rg BT 357.99 250.10 Td (term ) Tj ET Q q 0 0 0 rg BT 378.44 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.34 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.68 250.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 429.24 250.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 459.68 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.13 250.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 494.29 250.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.41 250.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 238.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.66 238.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.60 238.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.60 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.10 238.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 157.24 238.10 Td (against ) Tj ET Q q 0 0 0 rg BT 188.07 238.10 Td (this ) Tj ET Q q 0 0 0 rg BT 205.02 238.10 Td (line ) Tj ET Q q 0 0 0 rg BT 222.51 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.34 238.10 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 212.76699218750002 m 129.1376953125 212.76699218750002 l s q 0 0 0 rg BT 49.50 214.10 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 106.92 214.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.14 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.57 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.82 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.46 214.10 Td (e ) Tj ET Q q 0 0 0 rg BT 154.33 214.10 Td (use ) Tj ET Q q 0 0 0 rg BT 170.09 214.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 225.29 214.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 246.61 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.82 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.46 214.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 307.77 214.10 Td (course ) Tj ET Q q 0 0 0 rg BT 336.30 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.06 214.10 Td (business ) Tj ET Q q 0 0 0 rg BT 383.38 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.59 214.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 414.35 214.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.22 214.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 452.54 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.30 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.06 214.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 501.49 214.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 548.07 214.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.10 202.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 96.47 202.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 137.17 202.10 Td (under ) Tj ET Q q 0 0 0 rg BT 162.32 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.03 202.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 233.18 202.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 254.45 202.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 280.71 202.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 303.08 202.10 Td (based ) Tj ET Q q 0 0 0 rg BT 328.23 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.61 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.32 202.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 389.81 202.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 417.46 202.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.39 202.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 490.54 202.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 523.46 202.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 544.72 202.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 71.89 190.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.78 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.17 190.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.34 190.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.34 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.73 190.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 166.45 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.27 190.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.87 190.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 241.35 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.74 190.10 Td (having ) Tj ET Q q 0 0 0 rg BT 283.35 190.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 331.27 190.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 373.36 190.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.07 190.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 431.44 190.10 Td (by ) Tj ET Q q 0 0 0 rg BT 443.83 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.44 190.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 480.27 190.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 526.80 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.96 190.10 Td (secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.32 178.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 96.46 178.10 Td (under ) Tj ET Q q 0 0 0 rg BT 121.61 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.21 178.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 156.09 178.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 197.90 178.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 243.06 178.10 Td (could ) Tj ET Q q 0 0 0 rg BT 267.66 178.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 296.69 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.29 178.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 343.67 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.38 178.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 387.87 178.10 Td (available ) Tj ET Q q 0 0 0 rg BT 426.34 178.10 Td (under ) Tj ET Q q 0 0 0 rg BT 451.49 178.10 Td (these ) Tj ET Q q 0 0 0 rg BT 474.42 178.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 507.34 178.10 Td (lines. ) Tj ET Q q 0 0 0 rg BT 530.94 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.58 178.10 Td (e ) Tj ET Q q 0 0 0 rg BT 546.40 178.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.14 166.10 Td (an ) Tj ET Q q 0 0 0 rg BT 83.33 166.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 138.86 166.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 182.16 166.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 213.24 166.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.77 166.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.97 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.06 166.10 Td (these ) Tj ET Q q 0 0 0 rg BT 285.36 166.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 313.34 166.10 Td (All ) Tj ET Q q 0 0 0 rg BT 328.88 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.97 166.10 Td (these ) Tj ET Q q 0 0 0 rg BT 363.28 166.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 418.80 166.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 440.45 166.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.41 166.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 510.38 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.57 166.10 Td (are ) Tj ET Q q 0 0 0 rg BT 542.54 166.10 Td (not ) Tj ET Q q 0 0 0 rg BT 558.08 166.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 101.61 154.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.17 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.94 154.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 147.94 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.28 154.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 189.38 154.10 Td (an ) Tj ET Q q 0 0 0 rg BT 200.38 154.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 234.69 154.10 Td (under ) Tj ET Q q 0 0 0 rg BT 259.02 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 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0 i [] 0 d 0 J 0 j 3 M 404 599.6 m 479 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 599.6 m 487 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 599.6 m 562 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 587.6 m 313 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 587.6 m 396 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 587.6 m 479 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 587.6 m 562 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 527.6 m 313 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 527.6 m 396 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 527.6 m 479 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 527.6 m 562 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 516.6 m 313 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 514.6 m 313 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 516.6 m 396 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 514.6 m 396 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 516.6 m 479 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 514.6 m 479 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 516.6 m 562 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 514.6 m 562 514.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.80 602.33 Td (Average Balance for the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 591.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.95 590.33 Td (Dec. 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.55 590.33 Td (Sept. 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.95 590.33 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 590.33 Td (Mar. 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 578.33 Td (Funding source:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 566.22 Td (Repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 566.22 Td (25.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 566.22 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 566.22 Td (76.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 566.22 Td (66.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 554.22 Td (Commercial paper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 554.22 Td (277.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 554.22 Td (276.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 554.22 Td (256.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 554.22 Td (245.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 542.22 Td (Prime broker arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 542.22 Td (109.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 542.22 Td (139.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 542.22 Td (242.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 542.22 Td (167.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 530.22 Td (Short-term bank loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 530.22 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 530.22 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 530.22 Td (11.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 530.22 Td (28.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 518.22 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 518.22 Td (412.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 518.22 Td (448.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 518.22 Td (587.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 518.22 Td (507.0) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.06 492.10 Td (average ) Tj ET Q q 0 0 0 rg BT 102.16 492.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 136.28 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.08 492.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.31 492.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 189.76 492.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.08 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.09 492.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.44 492.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.44 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.45 492.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 297.88 492.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.68 492.10 Td ($400.2 ) Tj ET Q q 0 0 0 rg BT 339.19 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.08 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 373.60 492.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 416.04 492.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.83 492.10 Td ($451.2 ) Tj ET Q q 0 0 0 rg BT 467.35 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.24 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.25 492.10 Td (during ) Tj ET Q q 0 0 0 rg BT 528.38 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.61 492.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.32 480.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.15 480.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.15 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 116.15 480.10 Td (as ) Tj ET Q q 0 0 0 rg BT 126.98 480.10 Td (we ) Tj ET Q q 0 0 0 rg BT 141.14 480.10 Td (used ) Tj ET Q q 0 0 0 rg BT 161.97 480.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 190.56 480.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 210.83 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.11 480.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 250.26 480.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 299.95 480.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 324.66 480.10 Td (funding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 456.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 456.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 456.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.85 456.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 223.90 456.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 246.40 456.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 280.01 456.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 312.50 456.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.00 456.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 355.82 456.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.98 456.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.98 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.48 456.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.42 456.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.42 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.42 456.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 482.08 456.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 433.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 433.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 433.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 433.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 433.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 409.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 409.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 409.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 409.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 409.60 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 433.6 m 485 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 433.6 m 563 433.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 437.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 436.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 436.33 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.22 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 424.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 424.22 Td (576.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 424.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 424.22 Td (949.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.22 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 412.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 412.22 Td (669.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 412.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 412.22 Td (876.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.22 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 400.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 400.22 Td (525.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 400.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 400.22 Td (666.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.22 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 388.22 Td (274.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 388.22 Td (531.7) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 338.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.28 338.10 Td (have ) Tj ET Q q 0 0 0 rg BT 84.86 338.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 115.99 338.10 Td (into ) Tj ET Q q 0 0 0 rg BT 133.25 338.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 167.15 338.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.29 338.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 205.54 338.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 222.23 338.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 248.37 338.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 271.18 338.10 Td (with ) Tj ET Q q 0 0 0 rg BT 290.67 338.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 319.57 338.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 350.16 338.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 382.41 338.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.11 338.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 423.58 338.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.71 338.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 523.62 338.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (\("PIMCO"\). ) Tj ET Q q 0 0 0 rg BT 100.82 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 118.87 326.10 Td (following ) Tj ET Q q 0 0 0 rg BT 160.25 326.10 Td (table ) Tj ET Q q 0 0 0 rg BT 182.19 326.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 217.45 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.17 326.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 281.34 326.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 314.37 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 326.87 326.10 Td (note ) Tj ET Q q 0 0 0 rg BT 346.58 326.10 Td (class:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 279.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 279.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 279.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 279.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 255.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 255.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 255.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 255.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 303.6 m 480 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 303.6 m 488 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 303.6 m 563 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 279.6 m 480 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 279.6 m 563 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 279.6 m 480 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 279.6 m 563 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 255.60000000000002 m 480 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 255.60000000000002 m 563 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 255.60000000000002 m 480 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 244.60000000000002 m 480 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 242.60000000000002 m 480 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 255.60000000000002 m 563 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 244.60000000000002 m 563 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 242.60000000000002 m 563 242.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.60 306.33 Td (Outstanding Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.90 294.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.90 294.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 283.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 282.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 282.33 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 270.22 Td (Class A Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 270.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 270.33 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 270.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 270.22 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 258.22 Td (Class C Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 258.33 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 258.22 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 246.22 Td (Total senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 246.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 246.33 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 246.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 246.22 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 220.10 Td (October8, ) Tj ET Q q 0 0 0 rg BT 109.49 220.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.49 220.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.76 220.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.20 220.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 181.40 220.10 Td (into ) Tj ET Q q 0 0 0 rg BT 199.74 220.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.96 220.10 Td (second ) Tj ET Q q 0 0 0 rg BT 237.50 220.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 276.38 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.59 220.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 327.46 220.10 Td (note ) Tj ET Q q 0 0 0 rg BT 347.46 220.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 385.77 220.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 430.19 220.10 Td (\("Second ) Tj ET Q q 0 0 0 rg BT 469.21 220.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 510.86 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.08 220.10 Td (Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.54 208.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 109.66 208.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 164.09 208.10 Td (under ) Tj ET Q q 0 0 0 rg BT 189.46 208.10 Td (which ) Tj ET Q q 0 0 0 rg BT 216.49 208.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.75 208.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.34 208.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 280.94 208.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.83 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.43 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.36 208.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 346.50 208.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 364.08 208.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 388.35 208.10 Td (C ) Tj ET Q q 0 0 0 rg BT 397.61 208.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 425.85 208.10 Td (The ) Tj ET Q q 0 0 0 rg BT 444.00 208.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 468.26 208.10 Td (C ) Tj ET Q q 0 0 0 rg BT 477.53 208.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 503.46 208.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 523.26 208.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 555.29 208.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.06 196.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 89.84 196.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 112.52 196.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 129.63 196.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.08 196.10 Td (5.06 ) Tj ET Q q 0 0 0 rg BT 159.71 196.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.13 196.10 Td (, ) Tj ET Q q 0 0 0 rg BT 193.76 196.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 226.98 196.10 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 285.75 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.32 196.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 332.21 196.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.33 196.10 Td (October9, ) Tj ET Q q 0 0 0 rg BT 388.66 196.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.66 196.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.14 196.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.81 196.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 447.93 196.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.83 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.95 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.41 196.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 523.73 196.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 540.85 196.10 Td (Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.70 184.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 84.56 184.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 112.10 184.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.41 184.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.41 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.94 184.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 164.68 184.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.64 184.10 Td (at ) Tj ET Q q 0 0 0 rg BT 206.39 184.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.36 184.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 230.88 184.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 255.06 184.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.37 184.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.36 184.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 316.78 184.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 349.31 184.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.51 184.10 Td (3.00 ) Tj ET Q q 0 0 0 rg BT 388.54 184.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.97 184.10 Td (, ) Tj ET Q q 0 0 0 rg BT 423.00 184.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 458.86 184.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.83 184.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 509.45 184.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 548.08 184.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 80.19 172.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.11 172.10 Td (May31, ) Tj ET Q q 0 0 0 rg BT 129.37 172.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.37 172.10 Td (. ) Tj ET Q q 0 0 0 rg BT 154.58 172.10 Td (The ) Tj ET Q q 0 0 0 rg BT 173.05 172.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 203.19 172.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 241.66 172.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 278.47 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.73 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.87 172.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 332.23 172.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 356.27 172.10 Td (are ) Tj ET Q q 0 0 0 rg BT 371.40 172.10 Td (due ) Tj ET Q q 0 0 0 rg BT 388.76 172.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.46 172.10 Td (full ) Tj ET Q q 0 0 0 rg BT 416.28 172.10 Td (on ) Tj ET Q q 0 0 0 rg BT 429.20 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.34 172.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 487.80 172.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 524.61 172.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 548.08 172.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 160.10 Td (not ) Tj ET Q q 0 0 0 rg BT 84.50 160.10 Td (be ) Tj ET Q q 0 0 0 rg BT 96.43 160.10 Td (prepaid.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.91 136.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 99.58 136.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 141.32 136.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.62 136.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 195.92 136.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 218.22 136.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 256.55 136.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 303.84 136.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 340.03 136.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 384.55 136.10 Td (events ) Tj ET Q q 0 0 0 rg BT 412.96 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.15 136.10 Td (default ) Tj ET Q q 0 0 0 rg BT 454.78 136.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.08 136.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 514.93 136.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 535.29 136.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.15 124.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 103.21 124.10 Td (require ) Tj ET Q q 0 0 0 rg BT 134.63 124.10 Td (us ) Tj ET Q q 0 0 0 rg BT 146.62 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.51 124.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 195.60 124.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.15 124.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 245.14 124.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 298.79 124.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 334.11 124.10 Td (net ) Tj ET Q q 0 0 0 rg BT 349.43 124.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 375.87 124.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.41 124.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 435.41 124.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 479.61 124.10 Td (net ) Tj ET Q q 0 0 0 rg BT 494.93 124.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 527.19 124.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.18 124.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 86.23 112.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 107.43 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.74 112.10 Td (require ) Tj ET Q q 0 0 0 rg BT 155.93 112.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 209.33 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.53 112.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.85 112.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 269.61 112.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 290.81 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.01 112.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 342.65 112.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 363.29 112.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 384.49 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.14 112.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 418.56 112.10 Td (char) Tj ET Q q 0 0 0 rg BT 435.59 112.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 453.65 112.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.53 112.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.48 112.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.48 112.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.86 112.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (were ) Tj ET Q q 0 0 0 rg BT 71.43 100.10 Td (in ) Tj ET Q q 0 0 0 rg BT 81.71 100.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 130.30 100.10 Td (with ) Tj ET Q q 0 0 0 rg BT 150.57 100.10 Td (all ) Tj ET Q q 0 0 0 rg BT 163.07 100.10 Td (covenants.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (53) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Contractual Obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.44 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.26 716.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 103.19 716.25 Td (course ) Tj ET Q q 0 0 0 rg BT 130.89 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.83 716.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 178.83 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 192.09 716.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 213.68 716.25 Td (into ) Tj ET Q q 0 0 0 rg BT 230.84 716.25 Td (various ) Tj ET Q q 0 0 0 rg BT 261.89 716.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 307.91 716.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 353.96 716.25 Td (that ) Tj ET Q q 0 0 0 rg BT 370.56 716.25 Td (may ) Tj ET Q q 0 0 0 rg BT 389.38 716.25 Td (require ) Tj ET Q q 0 0 0 rg BT 419.30 716.25 Td (future ) Tj ET Q q 0 0 0 rg BT 444.79 716.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 464.16 716.25 Td (payments. ) Tj ET Q q 0 0 0 rg BT 506.48 716.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 716.25 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (table ) Tj ET Q q 0 0 0 rg BT 71.28 704.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 121.38 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.94 704.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 182.70 704.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 218.93 704.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.49 704.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 286.92 704.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.92 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 311.76 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.88 704.25 Td (total ) Tj ET Q q 0 0 0 rg BT 342.00 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.78 704.25 Td (by ) Tj ET Q q 0 0 0 rg BT 371.12 704.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 414.01 704.25 Td (maturity) Tj ET Q q 0 0 0 rg BT 447.24 704.25 Td (. ) Tj ET Q q 0 0 0 rg BT 452.08 704.25 Td (Excluded ) Tj ET Q q 0 0 0 rg BT 492.19 704.25 Td (from ) Tj ET Q q 0 0 0 rg BT 513.97 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.53 704.25 Td (table ) Tj ET Q q 0 0 0 rg BT 550.31 704.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (a ) Tj ET Q q 0 0 0 rg BT 57.05 692.25 Td (number ) Tj ET Q q 0 0 0 rg BT 90.71 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.15 692.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 149.71 692.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 187.79 692.25 Td (on ) Tj ET Q q 0 0 0 rg BT 200.91 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.23 692.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 269.89 692.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 315.21 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.65 692.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 364.75 692.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 405.63 692.25 Td (that ) Tj ET Q q 0 0 0 rg BT 423.74 692.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 464.05 692.25 Td (are ) Tj ET Q q 0 0 0 rg BT 479.37 692.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 524.14 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 535.03 692.25 Td (nature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.47 680.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 122.21 680.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 162.18 680.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 214.64 680.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 245.17 680.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 287.09 680.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 330.94 680.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 378.70 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 680.25 Td (other ) Tj ET Q q 0 0 0 rg BT 418.08 680.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 455.27 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.91 680.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 505.20 680.25 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 546.95 680.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.86 668.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 126.66 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 136.91 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.61 668.25 Td (table ) Tj ET Q q 0 0 0 rg BT 173.52 668.25 Td (below ) Tj ET Q q 0 0 0 rg BT 200.43 668.25 Td (may ) Tj ET Q q 0 0 0 rg BT 220.13 668.25 Td (not ) Tj ET Q q 0 0 0 rg BT 235.38 668.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 282.28 668.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 310.29 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 326.10 668.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 352.45 668.25 Td (future ) Tj ET Q q 0 0 0 rg BT 378.80 668.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 399.05 668.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 432.63 668.25 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 489.81 668.25 Td (because ) Tj ET Q q 0 0 0 rg BT 523.93 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.63 668.25 Td (actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 78.11 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.94 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.66 656.25 Td (future ) Tj ET Q q 0 0 0 rg BT 130.04 656.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 170.86 656.25 Td (made ) Tj ET Q q 0 0 0 rg BT 195.02 656.25 Td (may ) Tj ET Q q 0 0 0 rg BT 214.73 656.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 235.00 656.25 Td (from ) Tj ET Q q 0 0 0 rg BT 256.94 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.66 656.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 297.48 656.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 344.40 656.25 Td (obligation. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.75 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 608.75 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 608.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 608.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 608.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 608.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 608.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 608.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 608.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 608.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 584.75 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 584.75 71.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 584.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 584.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 584.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 584.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 584.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 584.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 584.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 584.75 61.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 608.75 m 280 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 608.75 m 349 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 608.75 m 418 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 608.75 m 486 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 608.75 m 555 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 608.75 m 280 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 608.75 m 349 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 608.75 m 418 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 608.75 m 486 608.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 631.27 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.00 631.27 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 624.50 Td (2022 and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 613.00 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.00 619.27 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.80 619.27 Td ( - 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.80 619.27 Td ( - 2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 612.50 Td (ther) Tj ET Q q 0 0 0 rg BT 451.89 612.50 Td (eafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 619.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 599.37 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.50 599.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.65 599.37 Td (14.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 599.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 599.37 Td (25.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 599.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 599.37 Td (18.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 599.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 599.37 Td (20.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 599.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 599.37 Td (78.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 587.37 Td (Purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.65 587.37 Td (17.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 587.37 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 587.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 587.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 587.37 Td (24.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 575.37 Td (Investment commitments \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 575.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 575.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 575.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 575.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 575.37 Td (22.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 563.37 Td (Senior notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.65 563.37 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 563.37 Td (125.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 563.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 563.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 563.37 Td (175.0) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 547.45 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 547.45 Td (The investment commitments have no specified call dates. The timing of capital calls is based on market conditions and investment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 536.65 Td (opportunities. Investment commitments consist of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.48 536.65 Td ($15.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.48 536.65 Td ( to an affiliated mer) Tj ET Q q 0 0 0 rg BT 366.64 536.65 Td (chant banking fund, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.38 536.65 Td ($3.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.88 536.65 Td ( to an affiliated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 525.85 Td (fund, which pr) Tj ET Q q 0 0 0 rg BT 119.42 525.85 Td (ovides financing to senior living facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.85 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 87.68 501.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 144.20 501.85 Td (include ) Tj ET Q q 0 0 0 rg BT 175.72 501.85 Td (agreements ) Tj ET Q q 0 0 0 rg BT 223.33 501.85 Td (to ) Tj ET Q q 0 0 0 rg BT 233.19 501.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 270.81 501.85 Td (goods ) Tj ET Q q 0 0 0 rg BT 296.79 501.85 Td (or ) Tj ET Q q 0 0 0 rg BT 307.20 501.85 Td (services ) Tj ET Q q 0 0 0 rg BT 341.49 501.85 Td (that ) Tj ET Q q 0 0 0 rg BT 358.57 501.85 Td (are ) Tj ET Q q 0 0 0 rg BT 372.86 501.85 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 421.57 501.85 Td (and ) Tj ET Q q 0 0 0 rg BT 438.09 501.85 Td (legally ) Tj ET Q q 0 0 0 rg BT 467.39 501.85 Td (binding ) Tj ET Q q 0 0 0 rg BT 500.02 501.85 Td (and ) Tj ET Q q 0 0 0 rg BT 516.55 501.85 Td (that ) Tj ET Q q 0 0 0 rg BT 533.62 501.85 Td (specify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.85 Td (all ) Tj ET Q q 0 0 0 rg BT 61.61 489.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 105.94 489.85 Td (terms, ) Tj ET Q q 0 0 0 rg BT 132.78 489.85 Td (including ) Tj ET Q q 0 0 0 rg BT 172.67 489.85 Td (fixed ) Tj ET Q q 0 0 0 rg BT 195.33 489.85 Td (or ) Tj ET Q q 0 0 0 rg BT 205.78 489.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 246.79 489.85 Td (quantities ) Tj ET Q q 0 0 0 rg BT 287.79 489.85 Td (to ) Tj ET Q q 0 0 0 rg BT 297.69 489.85 Td (be ) Tj ET Q q 0 0 0 rg BT 309.25 489.85 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 354.40 489.85 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 379.57 489.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 420.58 489.85 Td (or ) Tj ET Q q 0 0 0 rg BT 431.02 489.85 Td (variable ) Tj ET Q q 0 0 0 rg BT 465.34 489.85 Td (price ) Tj ET Q q 0 0 0 rg BT 487.45 489.85 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 533.74 489.85 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 489.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.85 Td (approximate ) Tj ET Q q 0 0 0 rg BT 101.87 477.85 Td (timing ) Tj ET Q q 0 0 0 rg BT 130.37 477.85 Td (of ) Tj ET Q q 0 0 0 rg BT 141.09 477.85 Td (the ) Tj ET Q q 0 0 0 rg BT 155.70 477.85 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 204.46 477.85 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 242.95 477.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 299.78 477.85 Td (with ) Tj ET Q q 0 0 0 rg BT 319.95 477.85 Td (variable ) Tj ET Q q 0 0 0 rg BT 354.54 477.85 Td (pricing ) Tj ET Q q 0 0 0 rg BT 385.26 477.85 Td (provisions ) Tj ET Q q 0 0 0 rg BT 429.32 477.85 Td (are ) Tj ET Q q 0 0 0 rg BT 443.91 477.85 Td (included ) Tj ET Q q 0 0 0 rg BT 480.74 477.85 Td (in ) Tj ET Q q 0 0 0 rg BT 490.91 477.85 Td (the ) Tj ET Q q 0 0 0 rg BT 505.51 477.85 Td (table ) Tj ET Q q 0 0 0 rg BT 527.34 477.85 Td (based ) Tj ET Q q 0 0 0 rg BT 552.50 477.85 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.85 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 465.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 106.01 465.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 153.13 465.85 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 192.21 465.85 Td (Certain ) Tj ET Q q 0 0 0 rg BT 224.34 465.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 262.58 465.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 319.72 465.85 Td (contain ) Tj ET Q q 0 0 0 rg BT 351.85 465.85 Td (termination ) Tj ET Q q 0 0 0 rg BT 400.65 465.85 Td (or ) Tj ET Q q 0 0 0 rg BT 411.68 465.85 Td (renewal ) Tj ET Q q 0 0 0 rg BT 446.02 465.85 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 492.70 465.85 Td (The ) Tj ET Q q 0 0 0 rg BT 510.94 465.85 Td (table ) Tj ET Q q 0 0 0 rg BT 533.08 465.85 Td (reflects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.85 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 453.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 105.61 453.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 152.53 453.85 Td (amounts ) Tj ET Q q 0 0 0 rg BT 188.91 453.85 Td (likely ) Tj ET Q q 0 0 0 rg BT 214.19 453.85 Td (to ) Tj ET Q q 0 0 0 rg BT 224.47 453.85 Td (be ) Tj ET Q q 0 0 0 rg BT 236.40 453.85 Td (paid ) Tj ET Q q 0 0 0 rg BT 256.12 453.85 Td (under ) Tj ET Q q 0 0 0 rg BT 281.39 453.85 Td (these ) Tj ET Q q 0 0 0 rg BT 304.44 453.85 Td (agreements ) Tj ET Q q 0 0 0 rg BT 352.47 453.85 Td (assuming ) Tj ET Q q 0 0 0 rg BT 392.75 453.85 Td (the ) Tj ET Q q 0 0 0 rg BT 407.46 453.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.06 453.85 Td (are ) Tj ET Q q 0 0 0 rg BT 460.76 453.85 Td (not ) Tj ET Q q 0 0 0 rg BT 476.04 453.85 Td (terminated.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 429.85 Td (Capital Requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.85 Td (As ) Tj ET Q q 0 0 0 rg BT 63.30 405.85 Td (a ) Tj ET Q q 0 0 0 rg BT 70.43 405.85 Td (registered ) Tj ET Q q 0 0 0 rg BT 112.54 405.85 Td (broker ) Tj ET Q q 0 0 0 rg BT 141.32 405.85 Td (dealer ) Tj ET Q q 0 0 0 rg BT 168.43 405.85 Td (and ) Tj ET Q q 0 0 0 rg BT 185.56 405.85 Td (member ) Tj ET Q q 0 0 0 rg BT 221.01 405.85 Td (firm ) Tj ET Q q 0 0 0 rg BT 240.91 405.85 Td (of ) Tj ET Q q 0 0 0 rg BT 251.93 405.85 Td (the ) Tj ET Q q 0 0 0 rg BT 266.83 405.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 306.73 405.85 Td (Industry ) Tj ET Q q 0 0 0 rg BT 342.75 405.85 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 389.28 405.85 Td (Authority) Tj ET Q q 0 0 0 rg BT 427.51 405.85 Td (, ) Tj ET Q q 0 0 0 rg BT 432.70 405.85 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 450.66 405.85 Td (\("FINRA"\), ) Tj ET Q q 0 0 0 rg BT 500.67 405.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.47 405.85 Td (Jaf) Tj ET Q q 0 0 0 rg BT 535.95 405.85 Td (fray ) Tj ET Q q 0 0 0 rg BT 554.73 405.85 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.85 Td (Co., ) Tj ET Q q 0 0 0 rg BT 68.52 393.85 Td (our ) Tj ET Q q 0 0 0 rg BT 84.20 393.85 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 104.34 393.85 Td (broker ) Tj ET Q q 0 0 0 rg BT 132.79 393.85 Td (dealer ) Tj ET Q q 0 0 0 rg BT 159.56 393.85 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 200.02 393.85 Td (, ) Tj ET Q q 0 0 0 rg BT 204.87 393.85 Td (is ) Tj ET Q q 0 0 0 rg BT 213.89 393.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 244.57 393.85 Td (to ) Tj ET Q q 0 0 0 rg BT 254.70 393.85 Td (the ) Tj ET Q q 0 0 0 rg BT 269.27 393.85 Td (uniform ) Tj ET Q q 0 0 0 rg BT 303.83 393.85 Td (net ) Tj ET Q q 0 0 0 rg BT 318.40 393.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 347.40 393.85 Td (rule ) Tj ET Q q 0 0 0 rg BT 365.30 393.85 Td (of ) Tj ET Q q 0 0 0 rg BT 375.98 393.85 Td (the ) Tj ET Q q 0 0 0 rg BT 390.55 393.85 Td (SEC ) Tj ET Q q 0 0 0 rg BT 411.24 393.85 Td (and ) Tj ET Q q 0 0 0 rg BT 428.03 393.85 Td (the ) Tj ET Q q 0 0 0 rg BT 442.60 393.85 Td (net ) Tj ET Q q 0 0 0 rg BT 457.17 393.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 486.17 393.85 Td (rule ) Tj ET Q q 0 0 0 rg BT 504.07 393.85 Td (of ) Tj ET Q q 0 0 0 rg BT 514.75 393.85 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 549.43 393.85 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 393.85 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.85 Td (have ) Tj ET Q q 0 0 0 rg BT 71.19 381.85 Td (elected ) Tj ET Q q 0 0 0 rg BT 102.32 381.85 Td (to ) Tj ET Q q 0 0 0 rg BT 112.91 381.85 Td (use ) Tj ET Q q 0 0 0 rg BT 129.05 381.85 Td (the ) Tj ET Q q 0 0 0 rg BT 144.08 381.85 Td (alternative ) Tj ET Q q 0 0 0 rg BT 189.09 381.85 Td (method ) Tj ET Q q 0 0 0 rg BT 221.90 381.85 Td (permitted ) Tj ET Q q 0 0 0 rg BT 263.04 381.85 Td (by ) Tj ET Q q 0 0 0 rg BT 275.85 381.85 Td (the ) Tj ET Q q 0 0 0 rg BT 290.88 381.85 Td (uniform ) Tj ET Q q 0 0 0 rg BT 325.91 381.85 Td (net ) Tj ET Q q 0 0 0 rg BT 340.94 381.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 370.41 381.85 Td (rule, ) Tj ET Q q 0 0 0 rg BT 391.27 381.85 Td (which ) Tj ET Q q 0 0 0 rg BT 418.52 381.85 Td (requires ) Tj ET Q q 0 0 0 rg BT 453.54 381.85 Td (that ) Tj ET Q q 0 0 0 rg BT 471.35 381.85 Td (we ) Tj ET Q q 0 0 0 rg BT 485.83 381.85 Td (maintain ) Tj ET Q q 0 0 0 rg BT 523.63 381.85 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.85 Td (net ) Tj ET Q q 0 0 0 rg BT 64.75 369.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 94.44 369.85 Td (of ) Tj ET Q q 0 0 0 rg BT 105.80 369.85 Td (the ) Tj ET Q q 0 0 0 rg BT 121.05 369.85 Td (greater ) Tj ET Q q 0 0 0 rg BT 151.84 369.85 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.21 369.85 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 183.74 369.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.63 369.85 Td ( ) Tj ET Q q 0 0 0 rg BT 215.67 369.85 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.03 369.85 Td (2 ) Tj ET Q q 0 0 0 rg BT 235.07 369.85 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.49 369.85 Td ( ) Tj ET Q q 0 0 0 rg BT 267.52 369.85 Td (of ) Tj ET Q q 0 0 0 rg BT 278.89 369.85 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 320.79 369.85 Td (debit ) Tj ET Q q 0 0 0 rg BT 343.82 369.85 Td (balances ) Tj ET Q q 0 0 0 rg BT 381.27 369.85 Td (arising ) Tj ET Q q 0 0 0 rg BT 411.53 369.85 Td (from ) Tj ET Q q 0 0 0 rg BT 434.00 369.85 Td (customer ) Tj ET Q q 0 0 0 rg BT 473.69 369.85 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 526.99 369.85 Td (as ) Tj ET Q q 0 0 0 rg BT 538.35 369.85 Td (this ) Tj ET Q q 0 0 0 rg BT 555.84 369.85 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.85 Td (defined ) Tj ET Q q 0 0 0 rg BT 82.16 357.85 Td (in ) Tj ET Q q 0 0 0 rg BT 92.60 357.85 Td (the ) Tj ET Q q 0 0 0 rg BT 107.49 357.85 Td (rule. ) Tj ET Q q 0 0 0 rg BT 128.21 357.85 Td (FINRA) Tj ET Q q 0 0 0 rg BT 157.66 357.85 Td ( ) Tj ET Q q 0 0 0 rg BT 160.33 357.85 Td (may ) Tj ET Q q 0 0 0 rg BT 180.22 357.85 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 214.55 357.85 Td (a ) Tj ET Q q 0 0 0 rg BT 221.66 357.85 Td (member ) Tj ET Q q 0 0 0 rg BT 257.09 357.85 Td (firm ) Tj ET Q q 0 0 0 rg BT 276.98 357.85 Td (from ) Tj ET Q q 0 0 0 rg BT 299.09 357.85 Td (expanding ) Tj ET Q q 0 0 0 rg BT 343.41 357.85 Td (its ) Tj ET Q q 0 0 0 rg BT 355.53 357.85 Td (business ) Tj ET Q q 0 0 0 rg BT 392.09 357.85 Td (or ) Tj ET Q q 0 0 0 rg BT 403.09 357.85 Td (paying ) Tj ET Q q 0 0 0 rg BT 432.98 357.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 474.54 357.85 Td (if ) Tj ET Q q 0 0 0 rg BT 483.32 357.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 520.98 357.85 Td (net ) Tj ET Q q 0 0 0 rg BT 535.87 357.85 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.85 Td (would ) Tj ET Q q 0 0 0 rg BT 77.27 345.85 Td (be ) Tj ET Q q 0 0 0 rg BT 89.47 345.85 Td (less ) Tj ET Q q 0 0 0 rg BT 107.24 345.85 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.22 345.85 Td (5 ) Tj ET Q q 0 0 0 rg BT 134.99 345.85 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.41 345.85 Td ( ) Tj ET Q q 0 0 0 rg BT 167.18 345.85 Td (of ) Tj ET Q q 0 0 0 rg BT 178.27 345.85 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 219.90 345.85 Td (debit ) Tj ET Q q 0 0 0 rg BT 242.66 345.85 Td (balances. ) Tj ET Q q 0 0 0 rg BT 281.74 345.85 Td (Advances ) Tj ET Q q 0 0 0 rg BT 323.94 345.85 Td (to ) Tj ET Q q 0 0 0 rg BT 334.48 345.85 Td (af) Tj ET Q q 0 0 0 rg BT 342.07 345.85 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 374.55 345.85 Td (repayment ) Tj ET Q q 0 0 0 rg BT 419.51 345.85 Td (of ) Tj ET Q q 0 0 0 rg BT 430.61 345.85 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 485.03 345.85 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 527.52 345.85 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.85 Td (payments ) Tj ET Q q 0 0 0 rg BT 89.53 333.85 Td (and ) Tj ET Q q 0 0 0 rg BT 105.67 333.85 Td (other ) Tj ET Q q 0 0 0 rg BT 127.92 333.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 154.62 333.85 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 205.20 333.85 Td (are ) Tj ET Q q 0 0 0 rg BT 219.11 333.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 249.14 333.85 Td (to ) Tj ET Q q 0 0 0 rg BT 258.62 333.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 287.52 333.85 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 330.60 333.85 Td (notifications ) Tj ET Q q 0 0 0 rg BT 382.30 333.85 Td (and ) Tj ET Q q 0 0 0 rg BT 398.44 333.85 Td (other ) Tj ET Q q 0 0 0 rg BT 420.69 333.85 Td (provisions ) Tj ET Q q 0 0 0 rg BT 464.06 333.85 Td (of ) Tj ET Q q 0 0 0 rg BT 474.09 333.85 Td (the ) Tj ET Q q 0 0 0 rg BT 488.01 333.85 Td (uniform ) Tj ET Q q 0 0 0 rg BT 521.93 333.85 Td (net ) Tj ET Q q 0 0 0 rg BT 535.85 333.85 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.85 Td (rules. ) Tj ET Q q 0 0 0 rg BT 73.96 321.85 Td (W) Tj ET Q q 0 0 0 rg BT 82.60 321.85 Td (e ) Tj ET Q q 0 0 0 rg BT 89.76 321.85 Td (expect ) Tj ET Q q 0 0 0 rg BT 118.57 321.85 Td (that ) Tj ET Q q 0 0 0 rg BT 136.29 321.85 Td (these ) Tj ET Q q 0 0 0 rg BT 159.55 321.85 Td (provisions ) Tj ET Q q 0 0 0 rg BT 203.94 321.85 Td (will ) Tj ET Q q 0 0 0 rg BT 222.22 321.85 Td (not ) Tj ET Q q 0 0 0 rg BT 237.72 321.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 267.65 321.85 Td (our ) Tj ET Q q 0 0 0 rg BT 283.70 321.85 Td (ability ) Tj ET Q q 0 0 0 rg BT 311.97 321.85 Td (to ) Tj ET Q q 0 0 0 rg BT 322.47 321.85 Td (meet ) Tj ET Q q 0 0 0 rg BT 344.62 321.85 Td (current ) Tj ET Q q 0 0 0 rg BT 375.66 321.85 Td (and ) Tj ET Q q 0 0 0 rg BT 392.81 321.85 Td (future ) Tj ET Q q 0 0 0 rg BT 419.41 321.85 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 468.47 321.85 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.19 321.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.00 321.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 321.85 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.85 Td (our ) Tj ET Q q 0 0 0 rg BT 64.93 309.85 Td (net ) Tj ET Q q 0 0 0 rg BT 79.25 309.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 108.00 309.85 Td (under ) Tj ET Q q 0 0 0 rg BT 132.87 309.85 Td (the ) Tj ET Q q 0 0 0 rg BT 147.19 309.85 Td (SEC) Tj ET Q q 0 0 0 rg BT 168.31 309.85 Td (s ) Tj ET Q q 0 0 0 rg BT 174.30 309.85 Td (uniform ) Tj ET Q q 0 0 0 rg BT 208.62 309.85 Td (net ) Tj ET Q q 0 0 0 rg BT 222.94 309.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 251.69 309.85 Td (rule ) Tj ET Q q 0 0 0 rg BT 269.34 309.85 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 309.85 Td ($191.1 ) Tj ET Q q 0 0 0 rg BT 316.60 309.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.49 309.85 Td (, ) Tj ET Q q 0 0 0 rg BT 350.09 309.85 Td (and ) Tj ET Q q 0 0 0 rg BT 366.63 309.85 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 405.93 309.85 Td (the ) Tj ET Q q 0 0 0 rg BT 420.25 309.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 461.24 309.85 Td (net ) Tj ET Q q 0 0 0 rg BT 475.56 309.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 504.31 309.85 Td (required ) Tj ET Q q 0 0 0 rg BT 539.73 309.85 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.85 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 297.85 Td (SEC ) Tj ET Q q 0 0 0 rg BT 85.06 297.85 Td (rule ) Tj ET Q q 0 0 0 rg BT 103.10 297.85 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.60 297.85 Td ($190.1 ) Tj ET Q q 0 0 0 rg BT 145.60 297.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 297.85 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.85 Td (Although ) Tj ET Q q 0 0 0 rg BT 89.75 273.85 Td (we ) Tj ET Q q 0 0 0 rg BT 103.89 273.85 Td (operate ) Tj ET Q q 0 0 0 rg BT 135.79 273.85 Td (with ) Tj ET Q q 0 0 0 rg BT 156.04 273.85 Td (a ) Tj ET Q q 0 0 0 rg BT 162.95 273.85 Td (level ) Tj ET Q q 0 0 0 rg BT 184.86 273.85 Td (of ) Tj ET Q q 0 0 0 rg BT 195.67 273.85 Td (net ) Tj ET Q q 0 0 0 rg BT 210.36 273.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.48 273.85 Td (substantially ) Tj ET Q q 0 0 0 rg BT 292.51 273.85 Td (greater ) Tj ET Q q 0 0 0 rg BT 322.74 273.85 Td (than ) Tj ET Q q 0 0 0 rg BT 342.43 273.85 Td (the ) Tj ET Q q 0 0 0 rg BT 357.12 273.85 Td (minimum ) Tj ET Q q 0 0 0 rg BT 398.49 273.85 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 442.07 273.85 Td (established ) Tj ET Q q 0 0 0 rg BT 488.98 273.85 Td (by ) Tj ET Q q 0 0 0 rg BT 501.45 273.85 Td (FINRA) Tj ET Q q 0 0 0 rg BT 530.90 273.85 Td ( ) Tj ET Q q 0 0 0 rg BT 533.38 273.85 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 273.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.85 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 72.84 261.85 Td (a ) Tj ET Q q 0 0 0 rg BT 79.78 261.85 Td (substantial ) Tj ET Q q 0 0 0 rg BT 125.05 261.85 Td (reduction ) Tj ET Q q 0 0 0 rg BT 165.32 261.85 Td (of ) Tj ET Q q 0 0 0 rg BT 176.15 261.85 Td (our ) Tj ET Q q 0 0 0 rg BT 191.98 261.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 221.13 261.85 Td (would ) Tj ET Q q 0 0 0 rg BT 248.63 261.85 Td (curtail ) Tj ET Q q 0 0 0 rg BT 276.67 261.85 Td (many ) Tj ET Q q 0 0 0 rg BT 301.38 261.85 Td (of ) Tj ET Q q 0 0 0 rg BT 312.21 261.85 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 261.85 Td (Capital ) Tj ET Q q 0 0 0 rg BT 359.43 261.85 Td (Markets ) Tj ET Q q 0 0 0 rg BT 394.70 261.85 Td (revenue ) Tj ET Q q 0 0 0 rg BT 428.84 261.85 Td (producing ) Tj ET Q q 0 0 0 rg BT 471.89 261.85 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.10 237.85 Td (committed ) Tj ET Q q 0 0 0 rg BT 111.92 237.85 Td (short-term ) Tj ET Q q 0 0 0 rg BT 155.63 237.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 180.44 237.85 Td (facility ) Tj ET Q q 0 0 0 rg BT 210.81 237.85 Td (and ) Tj ET Q q 0 0 0 rg BT 227.30 237.85 Td (its ) Tj ET Q q 0 0 0 rg BT 238.80 237.85 Td (senor ) Tj ET Q q 0 0 0 rg BT 262.51 237.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 285.67 237.85 Td (include ) Tj ET Q q 0 0 0 rg BT 317.16 237.85 Td (covenants ) Tj ET Q q 0 0 0 rg BT 359.19 237.85 Td (requiring ) Tj ET Q q 0 0 0 rg BT 397.90 237.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 421.06 237.85 Td (Jaf) Tj ET Q q 0 0 0 rg BT 432.54 237.85 Td (fray ) Tj ET Q q 0 0 0 rg BT 450.69 237.85 Td (& ) Tj ET Q q 0 0 0 rg BT 460.52 237.85 Td (Co. ) Tj ET Q q 0 0 0 rg BT 476.74 237.85 Td (to ) Tj ET Q q 0 0 0 rg BT 486.57 237.85 Td (maintain ) Tj ET Q q 0 0 0 rg BT 523.61 237.85 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.85 Td (net ) Tj ET Q q 0 0 0 rg BT 63.82 225.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 92.58 225.85 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.01 225.85 Td ($120 ) Tj ET Q q 0 0 0 rg BT 125.12 225.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.01 225.85 Td (. ) Tj ET Q q 0 0 0 rg BT 158.61 225.85 Td (CP) Tj ET Q q 0 0 0 rg BT 170.47 225.85 Td ( ) Tj ET Q q 0 0 0 rg BT 172.58 225.85 Td (Notes ) Tj ET Q q 0 0 0 rg BT 198.01 225.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 225.12 225.85 Td (under ) Tj ET Q q 0 0 0 rg BT 249.99 225.85 Td (CP) Tj ET Q q 0 0 0 rg BT 261.85 225.85 Td ( ) Tj ET Q q 0 0 0 rg BT 263.95 225.85 Td (Series ) Tj ET Q q 0 0 0 rg BT 290.50 225.85 Td (III ) Tj ET Q q 0 0 0 rg BT 302.13 225.85 Td (A) Tj ET Q q 0 0 0 rg BT 308.80 225.85 Td ( ) Tj ET Q q 0 0 0 rg BT 310.90 225.85 Td (include ) Tj ET Q q 0 0 0 rg BT 342.44 225.85 Td (a ) Tj ET Q q 0 0 0 rg BT 348.98 225.85 Td (covenant ) Tj ET Q q 0 0 0 rg BT 387.18 225.85 Td (that ) Tj ET Q q 0 0 0 rg BT 404.28 225.85 Td (requires ) Tj ET Q q 0 0 0 rg BT 438.59 225.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 461.80 225.85 Td (Jaf) Tj ET Q q 0 0 0 rg BT 473.28 225.85 Td (fray ) Tj ET Q q 0 0 0 rg BT 491.49 225.85 Td (& ) Tj ET Q q 0 0 0 rg BT 501.37 225.85 Td (Co. ) Tj ET Q q 0 0 0 rg BT 517.64 225.85 Td (to ) Tj ET Q q 0 0 0 rg BT 527.53 225.85 Td (maintain ) Tj ET Q q 0 0 0 rg BT 565.02 225.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.85 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.10 213.85 Td (net ) Tj ET Q q 0 0 0 rg BT 92.82 213.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 121.97 213.85 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.80 213.85 Td ($120 ) Tj ET Q q 0 0 0 rg BT 155.30 213.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.19 213.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.85 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.44 189.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 119.47 189.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.47 189.85 Td (, ) Tj ET Q q 0 0 0 rg BT 143.92 189.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 166.97 189.85 Td (Jaf) Tj ET Q q 0 0 0 rg BT 178.45 189.85 Td (fray ) Tj ET Q q 0 0 0 rg BT 196.49 189.85 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 214.83 189.85 Td (and ) Tj ET Q q 0 0 0 rg BT 231.21 189.85 Td (SCIL, ) Tj ET Q q 0 0 0 rg BT 257.32 189.85 Td (our ) Tj ET Q q 0 0 0 rg BT 272.60 189.85 Td (broker ) Tj ET Q q 0 0 0 rg BT 300.64 189.85 Td (dealer ) Tj ET Q q 0 0 0 rg BT 327.01 189.85 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 376.17 189.85 Td (registered ) Tj ET Q q 0 0 0 rg BT 417.54 189.85 Td (in ) Tj ET Q q 0 0 0 rg BT 427.26 189.85 Td (the ) Tj ET Q q 0 0 0 rg BT 441.43 189.85 Td (United ) Tj ET Q q 0 0 0 rg BT 470.59 189.85 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 512.81 189.85 Td (were ) Tj ET Q q 0 0 0 rg BT 534.18 189.85 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.85 Td (to, ) Tj ET Q q 0 0 0 rg BT 63.44 177.85 Td (and ) Tj ET Q q 0 0 0 rg BT 81.54 177.85 Td (were ) Tj ET Q q 0 0 0 rg BT 104.64 177.85 Td (in ) Tj ET Q q 0 0 0 rg BT 116.08 177.85 Td (compliance ) Tj ET Q q 0 0 0 rg BT 165.83 177.85 Td (with, ) Tj ET Q q 0 0 0 rg BT 189.77 177.85 Td (the ) Tj ET Q q 0 0 0 rg BT 205.65 177.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 235.97 177.85 Td (requirements ) Tj ET Q q 0 0 0 rg BT 291.83 177.85 Td (of ) Tj ET Q q 0 0 0 rg BT 303.83 177.85 Td (the ) Tj ET Q q 0 0 0 rg BT 319.71 177.85 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 364.47 177.85 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 411.21 177.85 Td (Authority ) Tj ET Q q 0 0 0 rg BT 453.76 177.85 Td (and ) Tj ET Q q 0 0 0 rg BT 471.86 177.85 Td (the ) Tj ET Q q 0 0 0 rg BT 487.74 177.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 528.62 177.85 Td (Conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.85 Td (Authority ) Tj ET Q q 0 0 0 rg BT 90.89 165.85 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 127.83 165.85 Td (to ) Tj ET Q q 0 0 0 rg BT 138.10 165.85 Td (the ) Tj ET Q q 0 0 0 rg BT 152.82 165.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 192.53 165.85 Td (Services ) Tj ET Q q 0 0 0 rg BT 228.36 165.85 Td (Act ) Tj ET Q q 0 0 0 rg BT 245.30 165.85 Td (of ) Tj ET Q q 0 0 0 rg BT 256.13 165.85 Td (2012.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.73 141.85 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.21 141.85 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.43 141.85 Td (Hong ) Tj ET Q q 0 0 0 rg BT 126.77 141.85 Td (Kong ) Tj ET Q q 0 0 0 rg BT 151.12 141.85 Td (Limited ) Tj ET Q q 0 0 0 rg BT 184.90 141.85 Td (is ) Tj ET Q q 0 0 0 rg BT 193.69 141.85 Td (licensed ) Tj ET Q q 0 0 0 rg BT 228.57 141.85 Td (by ) Tj ET Q q 0 0 0 rg BT 240.70 141.85 Td (the ) Tj ET Q q 0 0 0 rg BT 255.03 141.85 Td (Hong ) Tj ET Q q 0 0 0 rg BT 279.38 141.85 Td (Kong ) Tj ET Q q 0 0 0 rg BT 303.72 141.85 Td (Securities ) Tj ET Q q 0 0 0 rg BT 345.28 141.85 Td (and ) Tj ET Q q 0 0 0 rg BT 361.84 141.85 Td (Futures ) Tj ET Q q 0 0 0 rg BT 393.96 141.85 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 449.15 141.85 Td (which ) Tj ET Q q 0 0 0 rg BT 475.71 141.85 Td (is ) Tj ET Q q 0 0 0 rg BT 484.50 141.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 514.94 141.85 Td (to ) Tj ET Q q 0 0 0 rg BT 524.84 141.85 Td (the ) Tj ET Q q 0 0 0 rg BT 539.18 141.85 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.92 129.85 Td (requirements ) Tj ET Q q 0 0 0 rg BT 135.88 129.85 Td (of ) Tj ET Q q 0 0 0 rg BT 147.98 129.85 Td (the ) Tj ET Q q 0 0 0 rg BT 163.96 129.85 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.16 129.85 Td (and ) Tj ET Q q 0 0 0 rg BT 225.36 129.85 Td (Futures ) Tj ET Q q 0 0 0 rg BT 259.12 129.85 Td (\(Financial ) Tj ET Q q 0 0 0 rg BT 303.43 129.85 Td (Resources\) ) Tj ET Q q 0 0 0 rg BT 351.62 129.85 Td (Rule ) Tj ET Q q 0 0 0 rg BT 374.28 129.85 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 428.58 129.85 Td (under ) Tj ET Q q 0 0 0 rg BT 455.12 129.85 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 129.85 Td (Securities ) Tj ET Q q 0 0 0 rg BT 514.29 129.85 Td (and ) Tj ET Q q 0 0 0 rg BT 532.50 129.85 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.85 Td (Ordinance. ) Tj ET Q q 0 0 0 rg BT 95.76 117.85 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.48 117.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 167.27 117.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.27 117.85 Td (, ) Tj ET Q q 0 0 0 rg BT 192.49 117.85 Td (Piper ) Tj ET Q q 0 0 0 rg BT 216.31 117.85 Td (Jaf) Tj ET Q q 0 0 0 rg BT 227.79 117.85 Td (fray ) Tj ET Q q 0 0 0 rg BT 246.61 117.85 Td (Hong ) Tj ET Q q 0 0 0 rg BT 271.54 117.85 Td (Kong ) Tj ET Q q 0 0 0 rg BT 296.48 117.85 Td (Limited ) Tj ET Q q 0 0 0 rg BT 330.85 117.85 Td (was ) Tj ET Q q 0 0 0 rg BT 349.12 117.85 Td (in ) Tj ET Q q 0 0 0 rg BT 359.61 117.85 Td (compliance ) Tj ET Q q 0 0 0 rg BT 408.42 117.85 Td (with ) Tj ET Q q 0 0 0 rg BT 428.91 117.85 Td (the ) Tj ET Q q 0 0 0 rg BT 443.84 117.85 Td (liquid ) Tj ET Q q 0 0 0 rg BT 469.89 117.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.26 117.85 Td (requirements ) Tj ET Q q 0 0 0 rg BT 554.17 117.85 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.85 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 105.85 Td (Hong ) Tj ET Q q 0 0 0 rg BT 88.94 105.85 Td (Kong ) Tj ET Q q 0 0 0 rg BT 113.66 105.85 Td (Securities ) Tj ET Q q 0 0 0 rg BT 155.59 105.85 Td (and ) Tj ET Q q 0 0 0 rg BT 172.53 105.85 Td (Futures ) Tj ET Q q 0 0 0 rg BT 205.03 105.85 Td (Commission.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 128.93 740.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.54 716.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 110.67 716.25 Td (course ) Tj ET Q q 0 0 0 rg BT 139.02 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.60 716.25 Td (business ) Tj ET Q q 0 0 0 rg BT 185.74 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 199.64 716.25 Td (enter ) Tj ET Q q 0 0 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ET q 0 0 0 rg BT 526.75 637.00 Td (4,392,440) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 623.00 Td (Trading securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 615.00 Td (derivative contracts\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.75 615.00 Td (393,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 615.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 615.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.80 615.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 615.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.75 615.00 Td (29,750) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.80 614.98 Td (423,550) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 615.00 Td (290,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 601.00 Td (Credit default swap) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 593.00 Td (index contracts\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 593.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 593.00 Td () Tj ET Q 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526.75 571.00 Td (2,345,037) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 557.00 Td (Investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 549.00 Td (commitments\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 549.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 549.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 549.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.80 549.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 549.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.80 549.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.80 548.98 Td (22,776) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 549.00 Td (32,819) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 532.65 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 532.65 Td (Consists ) Tj ET Q q 0 0 0 rg BT 96.28 532.65 Td (of ) Tj ET Q q 0 0 0 rg BT 104.15 532.65 Td (inter) Tj ET Q q 0 0 0 rg BT 118.97 532.65 Td (est ) Tj ET Q q 0 0 0 rg BT 129.51 532.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 144.05 532.65 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 167.27 532.65 Td (W) Tj ET Q q 0 0 0 rg BT 173.20 532.65 Td (e ) Tj ET Q q 0 0 0 rg BT 178.40 532.65 Td (have ) Tj ET Q q 0 0 0 rg BT 195.16 532.65 Td (minimal ) Tj ET Q q 0 0 0 rg BT 223.04 532.65 Td (market ) Tj ET Q q 0 0 0 rg BT 246.91 532.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.56 532.65 Td (r) Tj ET Q q 0 0 0 rg BT 263.38 532.65 Td (elated ) Tj ET Q q 0 0 0 rg BT 284.58 532.65 Td (to ) Tj ET Q q 0 0 0 rg BT 292.46 532.65 Td (these ) Tj ET Q q 0 0 0 rg BT 310.55 532.65 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 357.53 532.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 391.17 532.65 Td (contracts; ) Tj ET Q q 0 0 0 rg BT 425.26 532.65 Td (however) Tj ET Q q 0 0 0 rg BT 451.47 532.65 Td (, ) Tj ET Q q 0 0 0 rg BT 455.13 532.65 Td (we ) Tj ET Q q 0 0 0 rg BT 465.67 532.65 Td (do ) Tj ET Q q 0 0 0 rg BT 475.33 532.65 Td (have ) Tj ET Q q 0 0 0 rg BT 492.08 532.65 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 535.06 532.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 548.72 532.65 Td (with ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 523.05 Td (one ) Tj ET Q q 0 0 0 rg BT 81.30 523.05 Td (major ) Tj ET Q q 0 0 0 rg BT 102.67 523.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 133.36 523.05 Td (institution, ) Tj ET Q q 0 0 0 rg BT 170.06 523.05 Td (which ) Tj ET Q q 0 0 0 rg BT 191.42 523.05 Td (is ) Tj ET Q q 0 0 0 rg BT 199.01 523.05 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 231.48 523.05 Td (by ) Tj ET Q q 0 0 0 rg BT 241.28 523.05 Td (collateral ) Tj ET Q q 0 0 0 rg BT 274.63 523.05 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 305.11 523.05 Td (In ) Tj ET Q q 0 0 0 rg BT 314.02 523.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 344.94 523.05 Td (we ) Tj ET Q q 0 0 0 rg BT 356.08 523.05 Td (have ) Tj ET Q q 0 0 0 rg BT 373.43 523.05 Td (a ) Tj ET Q q 0 0 0 rg BT 379.68 523.05 Td (limited ) Tj ET Q q 0 0 0 rg BT 404.15 523.05 Td (number ) Tj ET Q q 0 0 0 rg BT 430.84 523.05 Td (of ) Tj ET Q q 0 0 0 rg BT 439.32 523.05 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 488.23 523.05 Td (\(contractual ) Tj ET Q q 0 0 0 rg BT 530.03 523.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 556.28 523.05 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 513.45 Td ($183.4 ) Tj ET Q q 0 0 0 rg BT 91.76 513.45 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.43 513.45 Td ( ) Tj ET Q q 0 0 0 rg BT 116.69 513.45 Td (at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 125.17 513.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 172.30 513.45 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 188.30 513.45 Td (\) ) Tj ET Q q 0 0 0 rg BT 193.22 513.45 Td (who ) Tj ET Q q 0 0 0 rg BT 208.82 513.45 Td (ar) Tj ET Q q 0 0 0 rg BT 215.64 513.45 Td (e ) Tj ET Q q 0 0 0 rg BT 221.45 513.45 Td (not ) Tj ET Q q 0 0 0 rg BT 233.93 513.45 Td (r) Tj ET Q q 0 0 0 rg BT 236.75 513.45 Td (equir) Tj ET Q q 0 0 0 rg BT 253.34 513.45 Td (ed ) Tj ET Q q 0 0 0 rg BT 263.15 513.45 Td (to ) Tj ET Q q 0 0 0 rg BT 271.63 513.45 Td (post ) Tj ET Q q 0 0 0 rg BT 287.22 513.45 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 322.59 513.45 Td (The ) Tj ET Q q 0 0 0 rg BT 336.85 513.45 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 391.10 513.45 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 422.47 513.45 Td (r) Tj ET Q q 0 0 0 rg BT 425.29 513.45 Td (epr) Tj ET Q q 0 0 0 rg BT 435.66 513.45 Td (esenting ) Tj ET Q q 0 0 0 rg BT 464.58 513.45 Td (the ) Tj ET Q q 0 0 0 rg BT 476.61 513.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.43 513.45 Td (value ) Tj ET Q q 0 0 0 rg BT 510.01 513.45 Td (of ) Tj ET Q q 0 0 0 rg BT 518.50 513.45 Td (the ) Tj ET Q q 0 0 0 rg BT 530.53 513.45 Td (derivative ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 503.85 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 101.69 503.85 Td (expose ) Tj ET Q q 0 0 0 rg BT 125.88 503.85 Td (us ) Tj ET Q q 0 0 0 rg BT 135.42 503.85 Td (to ) Tj ET Q q 0 0 0 rg BT 144.06 503.85 Td (the ) Tj ET Q q 0 0 0 rg BT 156.25 503.85 Td (cr) Tj ET Q q 0 0 0 rg BT 162.62 503.85 Td (edit ) Tj ET Q q 0 0 0 rg BT 177.04 503.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 191.46 503.85 Td (of ) Tj ET Q q 0 0 0 rg BT 200.10 503.85 Td (these ) Tj ET Q q 0 0 0 rg BT 218.96 503.85 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 269.87 503.85 Td (At ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.40 503.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 326.69 503.85 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.69 503.85 Td (, ) Tj ET Q q 0 0 0 rg BT 347.11 503.85 Td (we ) Tj ET Q q 0 0 0 rg BT 358.42 503.85 Td (had ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.84 503.85 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 393.26 503.85 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.93 503.85 Td ( ) Tj ET Q q 0 0 0 rg BT 418.35 503.85 Td (of ) Tj ET Q q 0 0 0 rg BT 426.99 503.85 Td (cr) Tj ET Q q 0 0 0 rg BT 433.36 503.85 Td (edit ) Tj ET Q q 0 0 0 rg BT 447.78 503.85 Td (exposur) Tj ET Q q 0 0 0 rg BT 472.81 503.85 Td (e ) Tj ET Q q 0 0 0 rg BT 478.78 503.85 Td (with ) Tj ET Q q 0 0 0 rg BT 494.98 503.85 Td (these ) Tj ET Q q 0 0 0 rg BT 513.84 503.85 Td (counterparties, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 494.25 Td (including ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.72 494.25 Td ($15.6 ) Tj ET Q q 0 0 0 rg BT 119.72 494.25 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 142.39 494.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.39 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.61 494.25 Td (cr) Tj ET Q q 0 0 0 rg BT 158.98 494.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 172.97 494.25 Td (exposur) Tj ET Q q 0 0 0 rg BT 198.00 494.25 Td (e ) Tj ET Q q 0 0 0 rg BT 203.55 494.25 Td (with ) Tj ET Q q 0 0 0 rg BT 219.34 494.25 Td (one ) Tj ET Q q 0 0 0 rg BT 232.89 494.25 Td (counterparty) Tj ET Q q 0 0 0 rg BT 273.77 494.25 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 481.65 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 481.65 Td (W) Tj ET Q q 0 0 0 rg BT 73.43 481.65 Td (e ) Tj ET Q q 0 0 0 rg BT 79.40 481.65 Td (believe ) Tj ET Q q 0 0 0 rg BT 104.47 481.65 Td (the ) Tj ET Q q 0 0 0 rg BT 116.66 481.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 130.64 481.65 Td (value ) Tj ET Q q 0 0 0 rg BT 150.38 481.65 Td (of ) Tj ET Q q 0 0 0 rg BT 159.03 481.65 Td (these ) Tj ET Q q 0 0 0 rg BT 177.88 481.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 212.29 481.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 244.48 481.65 Td (is ) Tj ET Q q 0 0 0 rg BT 252.24 481.65 Td (a ) Tj ET Q q 0 0 0 rg BT 258.66 481.65 Td (mor) Tj ET Q q 0 0 0 rg BT 271.25 481.65 Td (e ) Tj ET Q q 0 0 0 rg BT 277.22 481.65 Td (r) Tj ET Q q 0 0 0 rg BT 280.04 481.65 Td (elevant ) Tj ET Q q 0 0 0 rg BT 305.56 481.65 Td (measur) Tj ET Q q 0 0 0 rg BT 328.81 481.65 Td (e ) Tj ET Q q 0 0 0 rg BT 334.79 481.65 Td (of ) Tj ET Q q 0 0 0 rg BT 343.43 481.65 Td (the ) Tj ET Q q 0 0 0 rg BT 355.62 481.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 394.04 481.65 Td (because ) Tj ET Q q 0 0 0 rg BT 422.23 481.65 Td (we ) Tj ET Q q 0 0 0 rg BT 433.54 481.65 Td (believe ) Tj ET Q q 0 0 0 rg BT 458.61 481.65 Td (the ) Tj ET Q q 0 0 0 rg BT 470.80 481.65 Td (notional ) Tj ET Q q 0 0 0 rg BT 499.89 481.65 Td (or ) Tj ET Q q 0 0 0 rg BT 509.42 481.65 Td (contract ) Tj ET Q q 0 0 0 rg BT 538.50 481.65 Td (amount ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 472.05 Td (overstates ) Tj ET Q q 0 0 0 rg BT 101.97 472.05 Td (the ) Tj ET Q q 0 0 0 rg BT 113.78 472.05 Td (expected ) Tj ET Q q 0 0 0 rg BT 143.79 472.05 Td (payout. ) Tj ET Q q 0 0 0 rg BT 169.45 472.05 Td (At ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 178.59 472.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.50 472.05 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.50 472.05 Td ( ) Tj ET Q q 0 0 0 rg BT 243.53 472.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 257.57 472.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 304.47 472.05 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.47 472.05 Td (, ) Tj ET Q q 0 0 0 rg BT 324.51 472.05 Td (the ) Tj ET Q q 0 0 0 rg BT 336.31 472.05 Td (net ) Tj ET Q q 0 0 0 rg BT 348.12 472.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.72 472.05 Td (value ) Tj ET Q q 0 0 0 rg BT 381.07 472.05 Td (of ) Tj ET Q q 0 0 0 rg BT 389.33 472.05 Td (these ) Tj ET Q q 0 0 0 rg BT 407.80 472.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 441.82 472.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 473.63 472.05 Td (appr) Tj ET Q q 0 0 0 rg BT 488.44 472.05 Td (oximated ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.80 472.05 Td ($24.0 ) Tj ET Q q 0 0 0 rg BT 539.84 472.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 462.45 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 462.45 Td ($31.8 ) Tj ET Q q 0 0 0 rg BT 101.50 462.45 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 124.17 462.45 Td (, ) Tj ET Q q 0 0 0 rg BT 128.17 462.45 Td (r) Tj ET Q q 0 0 0 rg BT 130.98 462.45 Td (espectively) Tj ET Q q 0 0 0 rg BT 165.63 462.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 449.85 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 449.85 Td (The ) Tj ET Q q 0 0 0 rg BT 81.50 449.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 117.71 449.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 161.93 449.85 Td (have ) Tj ET Q q 0 0 0 rg BT 179.03 449.85 Td (no ) Tj ET Q q 0 0 0 rg BT 189.03 449.85 Td (specified ) Tj ET Q q 0 0 0 rg BT 219.46 449.85 Td (call ) Tj ET Q q 0 0 0 rg BT 233.46 449.85 Td (dates. ) Tj ET Q q 0 0 0 rg BT 254.34 449.85 Td (The ) Tj ET Q q 0 0 0 rg BT 268.34 449.85 Td (timing ) Tj ET Q q 0 0 0 rg BT 290.79 449.85 Td (of ) Tj ET Q q 0 0 0 rg BT 299.01 449.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.23 449.85 Td (calls ) Tj ET Q q 0 0 0 rg BT 340.34 449.85 Td (is ) Tj ET Q q 0 0 0 rg BT 347.68 449.85 Td (based ) Tj ET Q q 0 0 0 rg BT 368.34 449.85 Td (on ) Tj ET Q q 0 0 0 rg BT 378.34 449.85 Td (market ) Tj ET Q q 0 0 0 rg BT 402.55 449.85 Td (conditions ) Tj ET Q q 0 0 0 rg BT 437.89 449.85 Td (and ) Tj ET Q q 0 0 0 rg BT 451.89 449.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.10 449.85 Td (opportunities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 425.85 Td (Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.85 Td (Derivatives) Tj ET Q q 0 0 0 rg BT 98.18 401.85 Td ( ) Tj ET Q q 0 0 0 rg BT 101.75 401.85 Td (notional ) Tj ET Q q 0 0 0 rg BT 138.08 401.85 Td (or ) Tj ET Q q 0 0 0 rg BT 149.98 401.85 Td (contract ) Tj ET Q q 0 0 0 rg BT 185.74 401.85 Td (amounts ) Tj ET Q q 0 0 0 rg BT 223.19 401.85 Td (are ) Tj ET Q q 0 0 0 rg BT 238.96 401.85 Td (not ) Tj ET Q q 0 0 0 rg BT 255.30 401.85 Td (reflected ) Tj ET Q q 0 0 0 rg BT 293.84 401.85 Td (as ) Tj ET Q q 0 0 0 rg BT 305.73 401.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 332.63 401.85 Td (or ) Tj ET Q q 0 0 0 rg BT 344.52 401.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 385.30 401.85 Td (on ) Tj ET Q q 0 0 0 rg BT 398.86 401.85 Td (our ) Tj ET Q q 0 0 0 rg BT 415.76 401.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 469.86 401.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 515.64 401.85 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 401.85 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.85 Td (condition. ) Tj ET Q q 0 0 0 rg BT 92.50 389.85 Td (Rather) Tj ET Q q 0 0 0 rg BT 118.76 389.85 Td (, ) Tj ET Q q 0 0 0 rg BT 123.98 389.85 Td (the ) Tj ET Q q 0 0 0 rg BT 138.93 389.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 155.53 389.85 Td (value ) Tj ET Q q 0 0 0 rg BT 179.91 389.85 Td (of ) Tj ET Q q 0 0 0 rg BT 190.97 389.85 Td (the ) Tj ET Q q 0 0 0 rg BT 205.91 389.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 248.62 389.85 Td (transactions ) Tj ET Q q 0 0 0 rg BT 299.11 389.85 Td (are ) Tj ET Q q 0 0 0 rg BT 314.05 389.85 Td (reported ) Tj ET Q q 0 0 0 rg BT 350.09 389.85 Td (on ) Tj ET Q q 0 0 0 rg BT 362.82 389.85 Td (the ) Tj ET Q q 0 0 0 rg BT 377.76 389.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 431.03 389.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 475.97 389.85 Td (of ) Tj ET Q q 0 0 0 rg BT 487.02 389.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.73 389.85 Td (condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.85 Td (as ) Tj ET Q q 0 0 0 rg BT 60.23 377.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 85.97 377.85 Td (or ) Tj ET Q q 0 0 0 rg BT 96.70 377.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 136.33 377.85 Td (in ) Tj ET Q q 0 0 0 rg BT 146.51 377.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.89 377.85 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.96 377.85 Td (and ) Tj ET Q q 0 0 0 rg BT 249.81 377.85 Td (other ) Tj ET Q q 0 0 0 rg BT 272.76 377.85 Td (inventory ) Tj ET Q q 0 0 0 rg BT 313.49 377.85 Td (positions ) Tj ET Q q 0 0 0 rg BT 352.01 377.85 Td (owned ) Tj ET Q q 0 0 0 rg BT 381.08 377.85 Td (and ) Tj ET Q q 0 0 0 rg BT 397.92 377.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.31 377.85 Td (instruments ) Tj ET Q q 0 0 0 rg BT 484.38 377.85 Td (and ) Tj ET Q q 0 0 0 rg BT 501.22 377.85 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 377.85 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.85 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.03 365.85 Td (sold, ) Tj ET Q q 0 0 0 rg BT 109.62 365.85 Td (but ) Tj ET Q q 0 0 0 rg BT 124.81 365.85 Td (not ) Tj ET Q q 0 0 0 rg BT 140.01 365.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.64 365.85 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 200.09 365.85 Td (as ) Tj ET Q q 0 0 0 rg BT 210.84 365.85 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 256.85 365.85 Td (For ) Tj ET Q q 0 0 0 rg BT 273.15 365.85 Td (a ) Tj ET Q q 0 0 0 rg BT 280.01 365.85 Td (complete ) Tj ET Q q 0 0 0 rg BT 319.07 365.85 Td (discussion ) Tj ET Q q 0 0 0 rg BT 363.16 365.85 Td (of ) Tj ET Q q 0 0 0 rg BT 373.91 365.85 Td (our ) Tj ET Q q 0 0 0 rg BT 389.65 365.85 Td (activities ) Tj ET Q q 0 0 0 rg BT 428.17 365.85 Td (related ) Tj ET Q q 0 0 0 rg BT 457.79 365.85 Td (to ) Tj ET Q q 0 0 0 rg BT 467.98 365.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 510.38 365.85 Td (products, ) Tj ET Q q 0 0 0 rg BT 549.73 365.85 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.85 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.89 353.85 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.89 353.85 Td (, ) Tj ET Q q 0 0 0 rg BT 82.34 353.85 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.42 353.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 126.59 353.85 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 176.76 353.85 Td (and ) Tj ET Q q 0 0 0 rg BT 194.15 353.85 Td (Other ) Tj ET Q q 0 0 0 rg BT 219.87 353.85 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 261.69 353.85 Td (Positions ) Tj ET Q q 0 0 0 rg BT 301.33 353.85 Td (Owned ) Tj ET Q q 0 0 0 rg BT 333.16 353.85 Td (and ) Tj ET Q q 0 0 0 rg BT 350.55 353.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 390.71 353.85 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 440.88 353.85 Td (and ) Tj ET Q q 0 0 0 rg BT 458.27 353.85 Td (Other ) Tj ET Q q 0 0 0 rg BT 483.99 353.85 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 525.82 353.85 Td (Positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.85 Td (Sold, ) Tj ET Q q 0 0 0 rg BT 72.84 341.85 Td (but ) Tj ET Q q 0 0 0 rg BT 88.12 341.85 Td (Not ) Tj ET Q q 0 0 0 rg BT 105.25 341.85 Td (Y) Tj ET Q q 0 0 0 rg BT 111.47 341.85 Td (et ) Tj ET Q q 0 0 0 rg BT 121.18 341.85 Td (Purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.28 341.85 Td (," ) Tj ET Q q 0 0 0 rg BT 171.37 341.85 Td (in ) Tj ET Q q 0 0 0 rg BT 181.64 341.85 Td (the ) Tj ET Q q 0 0 0 rg BT 196.36 341.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 219.97 341.85 Td (to ) Tj ET Q q 0 0 0 rg BT 230.25 341.85 Td (our ) Tj ET Q q 0 0 0 rg BT 246.08 341.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 299.12 341.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 336.60 341.85 Td (statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 317.85 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.56 317.85 Td (Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 293.85 Td (e ) Tj ET Q q 0 0 0 rg BT 64.62 293.85 Td (have ) Tj ET Q q 0 0 0 rg BT 85.53 293.85 Td (investments, ) Tj ET Q q 0 0 0 rg BT 137.85 293.85 Td (including ) Tj ET Q q 0 0 0 rg BT 177.66 293.85 Td (those ) Tj ET Q q 0 0 0 rg BT 200.81 293.85 Td (made ) Tj ET Q q 0 0 0 rg BT 224.50 293.85 Td (as ) Tj ET Q q 0 0 0 rg BT 234.87 293.85 Td (part ) Tj ET Q q 0 0 0 rg BT 252.46 293.85 Td (of ) Tj ET Q q 0 0 0 rg BT 262.83 293.85 Td (our ) Tj ET Q q 0 0 0 rg BT 278.20 293.85 Td (merchant ) Tj ET Q q 0 0 0 rg BT 317.44 293.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 351.70 293.85 Td (activities, ) Tj ET Q q 0 0 0 rg BT 392.34 293.85 Td (in ) Tj ET Q q 0 0 0 rg BT 402.16 293.85 Td (various ) Tj ET Q q 0 0 0 rg BT 433.64 293.85 Td (limited ) Tj ET Q q 0 0 0 rg BT 464.01 293.85 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 514.92 293.85 Td (that ) Tj ET Q q 0 0 0 rg BT 531.96 293.85 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.15 281.85 Td (or ) Tj ET Q q 0 0 0 rg BT 99.36 281.85 Td (make ) Tj ET Q q 0 0 0 rg BT 122.90 281.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 172.56 281.85 Td (in ) Tj ET Q q 0 0 0 rg BT 182.22 281.85 Td (private ) Tj ET Q q 0 0 0 rg BT 211.87 281.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 238.75 281.85 Td (companies. ) Tj ET Q q 0 0 0 rg BT 285.76 281.85 Td (W) Tj ET Q q 0 0 0 rg BT 294.40 281.85 Td (e ) Tj ET Q q 0 0 0 rg BT 300.72 281.85 Td (commit ) Tj ET Q q 0 0 0 rg BT 333.15 281.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.69 281.85 Td (and/or ) Tj ET Q q 0 0 0 rg BT 389.12 281.85 Td (act ) Tj ET Q q 0 0 0 rg BT 402.66 281.85 Td (as ) Tj ET Q q 0 0 0 rg BT 412.87 281.85 Td (the ) Tj ET Q q 0 0 0 rg BT 426.97 281.85 Td (managing ) Tj ET Q q 0 0 0 rg BT 468.29 281.85 Td (partner ) Tj ET Q q 0 0 0 rg BT 498.49 281.85 Td (of ) Tj ET Q q 0 0 0 rg BT 508.70 281.85 Td (these ) Tj ET Q q 0 0 0 rg BT 531.13 281.85 Td (entities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.85 Td (For ) Tj ET Q q 0 0 0 rg BT 66.10 269.85 Td (a ) Tj ET Q q 0 0 0 rg BT 73.25 269.85 Td (complete ) Tj ET Q q 0 0 0 rg BT 112.61 269.85 Td (discussion ) Tj ET Q q 0 0 0 rg BT 157.00 269.85 Td (of ) Tj ET Q q 0 0 0 rg BT 168.04 269.85 Td (our ) Tj ET Q q 0 0 0 rg BT 184.08 269.85 Td (activities ) Tj ET Q q 0 0 0 rg BT 222.89 269.85 Td (related ) Tj ET Q q 0 0 0 rg BT 252.80 269.85 Td (to ) Tj ET Q q 0 0 0 rg BT 263.29 269.85 Td (these ) Tj ET Q q 0 0 0 rg BT 286.55 269.85 Td (types ) Tj ET Q q 0 0 0 rg BT 310.37 269.85 Td (of ) Tj ET Q q 0 0 0 rg BT 321.41 269.85 Td (entities, ) Tj ET Q q 0 0 0 rg BT 355.51 269.85 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.99 269.85 Td (Note ) Tj ET Q q 0 0 0 rg BT 393.14 269.85 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.14 269.85 Td (, ) Tj ET Q q 0 0 0 rg BT 403.35 269.85 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.43 269.85 Td (V) Tj ET Q q 0 0 0 rg BT 413.54 269.85 Td (ariable ) Tj ET Q q 0 0 0 rg BT 443.46 269.85 Td (Interest ) Tj ET Q q 0 0 0 rg BT 476.15 269.85 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.70 269.85 Td (," ) Tj ET Q q 0 0 0 rg BT 516.00 269.85 Td (in ) Tj ET Q q 0 0 0 rg BT 526.49 269.85 Td (the ) Tj ET Q q 0 0 0 rg BT 541.42 269.85 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.85 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 257.85 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 257.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 128.65 257.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 166.13 257.85 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 233.85 Td (e ) Tj ET Q q 0 0 0 rg BT 64.68 233.85 Td (have ) Tj ET Q q 0 0 0 rg BT 85.66 233.85 Td (committed ) Tj ET Q q 0 0 0 rg BT 130.53 233.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.28 233.85 Td (to ) Tj ET Q q 0 0 0 rg BT 169.16 233.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 198.46 233.85 Td (entities ) Tj ET Q q 0 0 0 rg BT 229.45 233.85 Td (and ) Tj ET Q q 0 0 0 rg BT 245.99 233.85 Td (these ) Tj ET Q q 0 0 0 rg BT 268.64 233.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 325.18 233.85 Td (generally ) Tj ET Q q 0 0 0 rg BT 364.48 233.85 Td (have ) Tj ET Q q 0 0 0 rg BT 385.46 233.85 Td (no ) Tj ET Q q 0 0 0 rg BT 397.56 233.85 Td (specified ) Tj ET Q q 0 0 0 rg BT 435.76 233.85 Td (call ) Tj ET Q q 0 0 0 rg BT 452.30 233.85 Td (dates. ) Tj ET Q q 0 0 0 rg BT 477.29 233.85 Td (W) Tj ET Q q 0 0 0 rg BT 485.93 233.85 Td (e ) Tj ET Q q 0 0 0 rg BT 492.47 233.85 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.01 233.85 Td ($22.8 ) Tj ET Q q 0 0 0 rg BT 533.61 233.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.85 Td (of ) Tj ET Q q 0 0 0 rg BT 59.84 221.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 116.28 221.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 164.95 221.85 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 221.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 232.26 221.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.26 221.85 Td (, ) Tj ET Q q 0 0 0 rg BT 256.77 221.85 Td (of ) Tj ET Q q 0 0 0 rg BT 267.11 221.85 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.55 221.85 Td ($15.6 ) Tj ET Q q 0 0 0 rg BT 318.06 221.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.95 221.85 Td ( ) Tj ET Q q 0 0 0 rg BT 348.95 221.85 Td (relate ) Tj ET Q q 0 0 0 rg BT 373.16 221.85 Td (to ) Tj ET Q q 0 0 0 rg BT 382.95 221.85 Td (an ) Tj ET Q q 0 0 0 rg BT 394.39 221.85 Td (af) Tj ET Q q 0 0 0 rg BT 401.98 221.85 Td (filiated ) Tj ET Q q 0 0 0 rg BT 432.30 221.85 Td (merchant ) Tj ET Q q 0 0 0 rg BT 471.51 221.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 505.73 221.85 Td (fund, ) Tj ET Q q 0 0 0 rg BT 528.57 221.85 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 221.85 Td ($3.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 209.85 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 209.85 Td (relate ) Tj ET Q q 0 0 0 rg BT 105.59 209.85 Td (to ) Tj ET Q q 0 0 0 rg BT 115.87 209.85 Td (an ) Tj ET Q q 0 0 0 rg BT 127.81 209.85 Td (af) Tj ET Q q 0 0 0 rg BT 135.40 209.85 Td (filiated ) Tj ET Q q 0 0 0 rg BT 166.22 209.85 Td (fund, ) Tj ET Q q 0 0 0 rg BT 189.55 209.85 Td (which ) Tj ET Q q 0 0 0 rg BT 216.49 209.85 Td (provides ) Tj ET Q q 0 0 0 rg BT 253.43 209.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 293.69 209.85 Td (for ) Tj ET Q q 0 0 0 rg BT 307.85 209.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 334.79 209.85 Td (living ) Tj ET Q q 0 0 0 rg BT 360.62 209.85 Td (facilities.) 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716.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 266.21 716.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 287.60 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.76 716.25 Td (face ) Tj ET Q q 0 0 0 rg BT 320.90 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 331.18 716.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 371.44 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 387.27 716.25 Td (business ) Tj ET Q q 0 0 0 rg BT 423.66 716.25 Td (include: ) Tj ET Q q 0 0 0 rg BT 458.37 716.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 494.75 716.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 514.74 716.25 Td (market ) Tj ET Q q 0 0 0 rg BT 545.01 716.25 Td (risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 86.51 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 107.12 704.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 133.00 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 153.62 704.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 201.71 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 222.33 704.25 Td (human ) Tj ET Q q 0 0 0 rg BT 252.66 704.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 282.42 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 303.04 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.59 704.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 343.14 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.70 704.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 404.91 704.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 429.19 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 447.85 704.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 475.40 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.29 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 513.85 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 528.62 704.25 Td (properly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 83.48 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.79 692.25 Td (ef) Tj ET Q q 0 0 0 rg BT 108.38 692.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 146.24 692.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 180.21 692.25 Td (each ) Tj ET Q q 0 0 0 rg BT 201.40 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.61 692.25 Td (these ) Tj ET 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680.25 Td (, ) Tj ET Q q 0 0 0 rg BT 183.91 680.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 211.50 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.08 680.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 263.90 680.25 Td (each ) Tj ET Q q 0 0 0 rg BT 285.36 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.51 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.10 680.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 365.35 680.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 400.72 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 411.65 680.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 459.75 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 480.68 680.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 513.82 680.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 548.07 680.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 97.77 668.25 Td (The ) Tj ET Q q 0 0 0 rg BT 115.36 668.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 132.40 668.25 Td (management ) Tj ET Q q 0 0 0 rg BT 185.54 668.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 224.80 668.25 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632.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 377.11 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.39 632.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 437.90 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.96 632.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 499.23 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 515.18 632.25 Td (major ) Tj ET Q q 0 0 0 rg BT 541.12 632.25 Td (risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.86 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.99 620.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 115.51 620.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 161.30 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.65 620.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 215.10 620.25 Td (employed ) Tj ET Q q 0 0 0 rg BT 256.46 620.25 Td (by ) Tj ET Q q 0 0 0 rg BT 268.37 620.25 Td (management ) Tj ET Q q 0 0 0 rg BT 321.38 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.08 620.25 Td (govern ) Tj ET Q q 0 0 0 rg BT 360.76 620.25 Td (its ) Tj ET Q q 0 0 0 rg BT 372.13 620.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 389.05 620.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 435.40 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.76 620.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 468.68 620.25 Td (management ) Tj ET Q q 0 0 0 rg BT 521.69 620.25 Td (processes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 608.25 Td (nominating ) Tj ET Q q 0 0 0 rg BT 115.77 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.79 608.25 Td (governance ) Tj ET Q q 0 0 0 rg BT 181.46 608.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 226.25 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.17 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.97 608.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 278.99 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.90 608.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 329.70 608.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 366.71 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.51 608.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 408.53 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.45 608.25 Td (Directors) Tj ET Q q 0 0 0 rg BT 459.24 608.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.83 608.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 506.62 608.25 Td (structures ) Tj ET Q q 0 0 0 rg BT 548.08 608.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 89.85 596.25 Td (as ) Tj ET Q q 0 0 0 rg BT 101.32 596.25 Td (they ) Tj ET Q q 0 0 0 rg BT 121.67 596.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 147.00 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.92 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.27 596.25 Td (various ) Tj ET Q q 0 0 0 rg BT 205.84 596.25 Td (committees) Tj ET Q q 0 0 0 rg BT 254.53 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.66 596.25 Td (responsibilities ) Tj ET Q q 0 0 0 rg BT 321.35 596.25 Td (with ) Tj ET Q q 0 0 0 rg BT 342.26 596.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 373.71 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.63 596.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 424.98 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.44 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.91 596.25 Td (major ) Tj ET Q q 0 0 0 rg BT 479.37 596.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 497.50 596.25 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 542.90 596.25 Td (W) Tj ET Q q 0 0 0 rg BT 551.94 596.25 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 80.21 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.37 584.25 Td (these ) Tj ET Q q 0 0 0 rg BT 113.31 584.25 Td (major ) Tj ET Q q 0 0 0 rg BT 139.03 584.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.42 584.25 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 201.30 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.90 584.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 238.29 584.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 282.89 584.25 Td (is ) Tj ET Q q 0 0 0 rg BT 291.95 584.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 339.88 584.25 Td (for ) Tj ET Q q 0 0 0 rg BT 353.93 584.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 399.64 584.25 Td (management) Tj ET Q q 0 0 0 rg BT 453.51 584.25 Td (s ) Tj ET Q q 0 0 0 rg BT 459.79 584.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 506.62 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.45 584.25 Td (control ) Tj ET Q q 0 0 0 rg BT 554.17 584.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.44 572.25 Td (major ) Tj ET Q q 0 0 0 rg BT 91.37 572.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 108.97 572.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 151.57 572.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 184.72 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.10 572.25 Td (market ) Tj ET Q q 0 0 0 rg BT 225.47 572.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 245.58 572.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 270.95 572.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 291.06 572.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 327.56 572.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 347.66 572.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 369.70 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 386.75 572.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 430.45 572.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 450.55 572.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 498.14 572.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 518.25 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.29 572.25 Td (human ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.73 560.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 98.32 560.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 132.44 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.80 560.25 Td (misconduct, ) Tj ET Q q 0 0 0 rg BT 195.99 560.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 223.17 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.19 560.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 264.21 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.23 560.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 331.90 560.25 Td (matters. ) Tj ET Q q 0 0 0 rg BT 367.42 560.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 386.55 560.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.68 560.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 491.47 560.25 Td (is ) Tj ET Q q 0 0 0 rg BT 501.72 560.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 550.85 560.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 95.24 548.25 Td (management) Tj ET Q q 0 0 0 rg BT 149.10 548.25 Td (s ) Tj ET Q q 0 0 0 rg BT 155.42 548.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 202.28 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.14 548.25 Td (control ) Tj ET Q q 0 0 0 rg BT 249.89 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.64 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 276.39 548.25 Td (major ) Tj ET Q q 0 0 0 rg BT 302.13 548.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 319.55 548.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 361.97 548.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 394.93 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.13 548.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 465.59 548.25 Td (or) Tj ET Q q 0 0 0 rg BT 473.74 548.25 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 525.03 548.25 Td (structure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.21 536.25 Td (succession. ) Tj ET Q q 0 0 0 rg BT 115.75 536.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 134.58 536.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 162.29 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.89 536.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 214.37 536.25 Td (is ) Tj ET Q q 0 0 0 rg BT 224.31 536.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 273.13 536.25 Td (for ) Tj ET Q q 0 0 0 rg BT 288.07 536.25 Td (overseeing ) Tj ET Q q 0 0 0 rg BT 334.66 536.25 Td (management) Tj ET Q q 0 0 0 rg BT 388.52 536.25 Td (s ) Tj ET Q q 0 0 0 rg BT 395.69 536.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 443.40 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.12 536.25 Td (control ) Tj ET Q q 0 0 0 rg BT 492.71 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.32 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.92 536.25 Td (major ) Tj ET Q q 0 0 0 rg BT 547.52 536.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 91.31 524.25 Td (related ) Tj ET Q q 0 0 0 rg BT 120.34 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.94 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.10 524.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 184.67 524.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 215.68 524.25 Td (. ) Tj ET Q q 0 0 0 rg BT 220.00 524.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 237.38 524.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 261.42 524.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 303.22 524.25 Td (Of) Tj ET Q q 0 0 0 rg BT 313.59 524.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 333.73 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.00 524.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 374.04 524.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 413.07 524.25 Td (Of) Tj ET Q q 0 0 0 rg BT 423.44 524.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 443.58 524.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 464.84 524.25 Td (with ) Tj ET Q q 0 0 0 rg BT 484.44 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.48 524.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 520.30 524.25 Td (committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.77 512.25 Td (a ) Tj ET Q q 0 0 0 rg BT 68.48 512.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 106.84 512.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 129.11 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.16 512.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 170.33 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.93 512.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 218.46 512.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 251.70 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.47 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.18 512.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 294.89 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.59 512.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 354.96 512.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 378.62 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.33 512.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 428.15 512.25 Td (updates ) Tj ET Q q 0 0 0 rg BT 460.96 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.01 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.50 512.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 512.21 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.81 512.25 Td (Directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 72.00 500.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 119.20 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.14 500.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 194.18 500.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 238.89 500.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 285.81 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.53 500.25 Td (other ) Tj ET Q q 0 0 0 rg BT 323.58 500.25 Td (major ) Tj ET Q q 0 0 0 rg BT 349.40 500.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 366.90 500.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 409.39 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 421.89 500.25 Td (a ) Tj ET Q q 0 0 0 rg BT 428.83 500.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 459.65 500.25 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 476.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.70 476.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.15 476.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 112.82 476.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 161.04 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 170.94 476.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 194.73 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.63 476.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 247.30 476.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 264.43 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.99 476.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 309.21 476.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.33 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 341.78 476.25 Td (business ) Tj ET Q q 0 0 0 rg BT 377.80 476.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 416.02 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 430.35 476.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 466.35 476.25 Td (assessed, ) Tj ET Q q 0 0 0 rg BT 504.85 476.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 548.08 476.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (managed. ) Tj ET Q q 0 0 0 rg BT 91.16 464.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 109.77 464.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 147.81 464.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 165.88 464.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 215.04 464.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 249.20 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 265.59 464.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 298.92 464.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 335.87 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.37 464.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 379.20 464.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 403.65 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.15 464.25 Td (oversee ) Tj ET Q q 0 0 0 rg BT 454.75 464.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 472.82 464.25 Td (management ) Tj ET Q q 0 0 0 rg BT 526.97 464.25 Td (practices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (related ) Tj ET Q q 0 0 0 rg BT 80.39 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.86 452.25 Td (these ) Tj ET Q q 0 0 0 rg BT 116.10 452.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 141.18 452.25 Td (including ) Tj ET Q q 0 0 0 rg BT 182.65 452.25 Td (defining ) Tj ET Q q 0 0 0 rg BT 219.67 452.25 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 265.54 452.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 284.24 452.25 Td (tolerances ) Tj ET Q q 0 0 0 rg BT 328.46 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.59 452.25 Td (approving ) Tj ET Q q 0 0 0 rg BT 390.83 452.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 409.52 452.25 Td (management ) Tj ET Q q 0 0 0 rg BT 464.30 452.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 501.59 452.25 Td (Membership ) Tj ET Q q 0 0 0 rg BT 555.83 452.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 92.90 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.97 440.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 129.15 440.25 Td (leadership, ) Tj ET Q q 0 0 0 rg BT 174.48 440.25 Td (including ) Tj ET Q q 0 0 0 rg BT 213.99 440.25 Td (but ) Tj ET Q q 0 0 0 rg BT 228.51 440.25 Td (not ) Tj ET Q q 0 0 0 rg BT 243.03 440.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 273.10 440.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 285.12 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 300.19 440.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 324.15 440.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 365.87 440.25 Td (Of) Tj ET Q q 0 0 0 rg BT 376.24 440.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 394.16 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 398.40 440.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 422.36 440.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 461.31 440.25 Td (Of) Tj ET Q q 0 0 0 rg BT 471.68 440.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 489.60 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 493.84 440.25 Td (General ) Tj ET Q q 0 0 0 rg BT 527.22 440.25 Td (Counsel, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 428.25 Td (reasurer) Tj ET Q q 0 0 0 rg BT 87.05 428.25 Td (, ) Tj ET Q q 0 0 0 rg BT 92.32 428.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 116.18 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.27 428.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 158.91 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.12 428.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 203.88 428.25 Td (Risk, ) Tj ET Q q 0 0 0 rg BT 227.48 428.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 251.34 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.43 428.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 290.75 428.25 Td (Finance, ) Tj ET Q q 0 0 0 rg BT 327.67 428.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 351.54 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.63 428.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 388.17 428.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 420.92 428.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 457.56 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.76 428.25 Td (Firm ) Tj ET Q q 0 0 0 rg BT 496.98 428.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 548.06 428.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 416.25 Td (rading, ) Tj ET Q q 0 0 0 rg BT 86.01 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.16 416.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 126.96 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.00 416.25 Td (Equities. ) Tj ET Q q 0 0 0 rg BT 175.98 416.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 201.45 416.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 250.26 416.25 Td (that ) Tj ET Q q 0 0 0 rg BT 267.96 416.25 Td (help ) Tj ET Q q 0 0 0 rg BT 287.88 416.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 323.90 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 341.04 416.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 375.42 416.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 393.12 416.25 Td (include ) Tj ET Q q 0 0 0 rg BT 425.26 416.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 482.12 416.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 525.92 416.25 Td (team ) Tj ET Q q 0 0 0 rg BT 548.06 416.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.89 404.25 Td (committees. ) Tj ET Q q 0 0 0 rg BT 140.92 404.25 Td (These ) Tj ET Q q 0 0 0 rg BT 167.42 404.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 216.14 404.25 Td (help ) Tj ET Q q 0 0 0 rg BT 235.98 404.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 269.69 404.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 287.31 404.25 Td (by ) Tj ET Q q 0 0 0 rg BT 299.94 404.25 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 337.00 404.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.61 404.25 Td (business ) Tj ET Q q 0 0 0 rg BT 391.13 404.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 429.85 404.25 Td (are ) Tj ET Q q 0 0 0 rg BT 444.68 404.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 481.18 404.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 519.89 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 536.95 404.25 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 55.94 392.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 87.94 392.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 112.71 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.05 392.25 Td (activity) Tj ET Q q 0 0 0 rg BT 152.39 392.25 Td (. ) Tj ET Q q 0 0 0 rg BT 156.89 392.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 174.45 392.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 213.67 392.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 260.38 392.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 304.04 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.38 392.25 Td (members ) Tj ET Q q 0 0 0 rg BT 353.04 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.38 392.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 389.82 392.25 Td (management ) Tj ET Q q 0 0 0 rg BT 442.91 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.36 392.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 476.36 392.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 531.96 392.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 91.35 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.43 380.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 142.83 380.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 201.91 380.25 Td (for ) Tj ET Q q 0 0 0 rg BT 218.21 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.06 380.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 270.24 380.25 Td (control ) Tj ET Q q 0 0 0 rg BT 303.20 380.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 346.16 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.23 380.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 413.74 380.25 Td (related ) Tj ET Q q 0 0 0 rg BT 445.58 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 457.99 380.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.50 380.25 Td (value ) Tj ET Q q 0 0 0 rg BT 502.80 380.25 Td (measurements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 368.25 Td (, ) Tj ET Q q 0 0 0 rg BT 103.48 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 118.39 368.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 164.95 368.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 181.53 368.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 229.21 368.25 Td (address ) Tj ET Q q 0 0 0 rg BT 260.78 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.80 368.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 310.04 368.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 326.62 368.25 Td (related ) Tj ET Q q 0 0 0 rg BT 355.40 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 364.76 368.25 Td (information ) Tj ET Q q 0 0 0 rg BT 413.55 368.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 446.80 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.82 368.25 Td (security) Tj ET Q q 0 0 0 rg BT 493.83 368.25 Td (, ) Tj ET Q q 0 0 0 rg BT 497.91 368.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 521.42 368.25 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 356.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 115.03 356.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 149.46 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.40 356.25 Td (third ) Tj ET Q q 0 0 0 rg BT 187.79 356.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 216.94 356.25 Td (such ) Tj ET Q q 0 0 0 rg BT 237.77 356.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.60 356.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 282.76 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.70 356.25 Td (service ) Tj ET Q q 0 0 0 rg BT 330.52 356.25 Td (providers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 332.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 71.07 332.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.35 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.10 332.25 Td (market ) Tj ET Q q 0 0 0 rg BT 140.84 332.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 157.81 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.22 332.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 198.96 332.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 218.43 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.62 332.25 Td (cornerstone ) Tj ET Q q 0 0 0 rg BT 281.23 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.54 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.84 332.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 323.81 332.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.87 332.25 Td (process ) Tj ET Q q 0 0 0 rg BT 408.83 332.25 Td (is ) Tj ET Q q 0 0 0 rg BT 417.47 332.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 439.44 332.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 503.62 332.25 Td (among ) Tj ET Q q 0 0 0 rg BT 532.81 332.25 Td (traders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.17 320.25 Td (department ) Tj ET Q q 0 0 0 rg BT 127.50 320.25 Td (management ) Tj ET Q q 0 0 0 rg BT 180.94 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.72 320.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 224.51 320.25 Td (management ) Tj ET Q q 0 0 0 rg BT 277.95 320.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 324.72 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.40 320.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 381.07 320.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 422.03 320.25 Td (including ) Tj ET Q q 0 0 0 rg BT 462.16 320.25 Td (those ) Tj ET Q q 0 0 0 rg BT 485.61 320.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 529.05 320.25 Td (with ) Tj ET Q q 0 0 0 rg BT 549.18 320.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 86.32 308.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 117.60 308.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 159.14 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.53 308.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 207.24 308.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 225.19 308.25 Td (profile. ) Tj ET Q q 0 0 0 rg BT 257.30 308.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 275.80 308.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 293.75 308.25 Td (management ) Tj ET Q q 0 0 0 rg BT 347.79 308.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 387.95 308.25 Td (supplement ) Tj ET Q q 0 0 0 rg BT 437.00 308.25 Td (this ) Tj ET Q q 0 0 0 rg BT 454.40 308.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 519.56 308.25 Td (process ) Tj ET Q q 0 0 0 rg BT 552.50 308.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 90.76 296.25 Td (their ) Tj ET Q q 0 0 0 rg BT 111.46 296.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 162.71 296.25 Td (perspectives ) Tj ET Q q 0 0 0 rg BT 214.51 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 226.89 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.59 296.25 Td (market ) Tj ET Q q 0 0 0 rg BT 272.73 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.54 296.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 314.68 296.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 332.06 296.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 361.09 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.46 296.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.28 296.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 402.65 296.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 427.35 296.25 Td (The ) Tj ET Q q 0 0 0 rg BT 445.28 296.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 478.19 296.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 521.11 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.81 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 547.52 296.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.55 284.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 143.73 284.25 Td (are ) Tj ET Q q 0 0 0 rg BT 158.90 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.65 284.25 Td (understand ) Tj ET Q q 0 0 0 rg BT 216.49 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.67 284.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 249.63 284.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 279.25 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.54 284.25 Td (each ) Tj ET Q q 0 0 0 rg BT 311.82 284.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 343.11 284.25 Td (area, ) Tj ET Q q 0 0 0 rg BT 365.22 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.96 284.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 424.47 284.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 442.43 284.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 489.84 284.25 Td (company-wide, ) Tj ET Q q 0 0 0 rg BT 554.73 284.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 73.06 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.73 272.25 Td (implementing ) Tj ET Q q 0 0 0 rg BT 140.17 272.25 Td (ef) Tj ET Q q 0 0 0 rg BT 147.76 272.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 176.85 272.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 210.96 272.25 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 253.12 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.79 272.25 Td (articulate ) Tj ET Q q 0 0 0 rg BT 301.88 272.25 Td (lar) Tj ET Q q 0 0 0 rg BT 312.24 272.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 323.57 272.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 353.79 272.25 Td (or ) Tj ET Q q 0 0 0 rg BT 364.01 272.25 Td (position ) Tj ET Q q 0 0 0 rg BT 398.13 272.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 418.92 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.59 272.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 454.92 272.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 510.40 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.73 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 536.40 272.25 Td (ensure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (accurate ) Tj ET Q q 0 0 0 rg BT 85.30 260.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 101.68 260.25 Td (values ) Tj ET Q q 0 0 0 rg BT 129.72 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.55 260.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.38 260.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 193.87 260.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 70.94 236.25 Td (management ) Tj ET Q q 0 0 0 rg BT 125.13 236.25 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 173.50 236.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 214.92 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.46 236.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 273.33 236.25 Td (may ) Tj ET Q q 0 0 0 rg BT 293.65 236.25 Td (not ) Tj ET Q q 0 0 0 rg BT 309.53 236.25 Td (be ) Tj ET Q q 0 0 0 rg BT 322.07 236.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 344.06 236.25 Td (ef) Tj ET Q q 0 0 0 rg BT 351.64 236.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 381.95 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.83 236.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 437.04 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 453.47 236.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 471.57 236.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 510.77 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.65 236.25 Td (all ) Tj ET Q q 0 0 0 rg BT 534.75 236.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 106.43 224.25 Td (or ) Tj ET Q q 0 0 0 rg BT 117.26 224.25 Td (against ) Tj ET Q q 0 0 0 rg BT 148.09 224.25 Td (all ) Tj ET Q q 0 0 0 rg BT 160.58 224.25 Td (types ) Tj ET Q q 0 0 0 rg BT 184.19 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.02 224.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 215.02 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.96 224.25 Td (any ) Tj ET Q q 0 0 0 rg BT 248.90 224.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 266.40 224.25 Td (management ) Tj ET Q q 0 0 0 rg BT 319.99 224.25 Td (failures ) Tj ET Q q 0 0 0 rg BT 352.47 224.25 Td (could ) Tj ET Q q 0 0 0 rg BT 377.19 224.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 407.46 224.25 Td (us ) Tj ET Q q 0 0 0 rg BT 418.85 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.13 224.25 Td (material ) Tj ET Q q 0 0 0 rg BT 464.39 224.25 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 520.75 224.25 Td (losses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 88.67 200.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 87.06 176.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 104.08 176.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 146.63 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.87 176.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 177.89 176.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 221.00 176.25 Td (with ) Tj ET Q q 0 0 0 rg BT 240.79 176.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 281.12 176.25 Td (management ) Tj ET Q q 0 0 0 rg BT 334.23 176.25 Td (failing ) Tj ET Q q 0 0 0 rg BT 362.35 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.15 176.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 405.82 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.28 176.25 Td (execute ) Tj ET Q q 0 0 0 rg BT 454.83 176.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.85 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.08 176.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 528.63 176.25 Td (strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (vision ) Tj ET Q q 0 0 0 rg BT 77.34 164.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.18 164.25 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 161.34 164.25 Td (a ) Tj ET Q q 0 0 0 rg BT 169.17 164.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 223.12 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.29 164.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.02 164.25 Td (culture, ) Tj ET Q q 0 0 0 rg BT 284.68 164.25 Td (leverages ) Tj ET Q q 0 0 0 rg BT 325.83 164.25 Td (our ) Tj ET Q q 0 0 0 rg BT 342.55 164.25 Td (core ) Tj ET Q q 0 0 0 rg BT 363.15 164.25 Td (competencies, ) Tj ET Q q 0 0 0 rg BT 423.47 164.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 480.18 164.25 Td (responds ) Tj ET Q q 0 0 0 rg BT 519.12 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.30 164.25 Td (external ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.21 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 89.49 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 152.25 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 158.06 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.00 152.25 Td (is ) Tj ET Q q 0 0 0 rg BT 184.17 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.45 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.16 152.25 Td (best ) Tj ET Q q 0 0 0 rg BT 227.77 152.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 263.60 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.43 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.26 152.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 321.36 152.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 366.62 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.56 152.25 Td (shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.05 128.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 110.15 128.25 Td (team ) Tj ET Q q 0 0 0 rg BT 131.58 128.25 Td (is ) Tj ET Q q 0 0 0 rg BT 140.26 128.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 187.81 128.25 Td (for ) Tj ET Q q 0 0 0 rg BT 201.47 128.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 242.90 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.24 128.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 294.11 128.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 317.36 128.25 Td (The ) Tj ET Q q 0 0 0 rg BT 334.91 128.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 361.35 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.68 128.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 410.89 128.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 447.32 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.54 128.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 504.63 128.25 Td (team ) Tj ET Q q 0 0 0 rg BT 526.07 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 535.85 128.25 Td (setting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 116.25 Td (executing ) Tj ET Q q 0 0 0 rg BT 107.81 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.64 116.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 160.01 116.25 Td (plan.) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (56) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 80.81 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 98.24 716.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 141.21 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.85 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 173.28 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.04 716.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 212.87 716.25 Td (or ) Tj ET Q q 0 0 0 rg BT 223.63 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.04 716.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 296.50 716.25 Td (, ) Tj ET Q q 0 0 0 rg BT 301.43 716.25 Td (that ) Tj ET Q q 0 0 0 rg BT 318.85 716.25 Td (may ) Tj ET Q q 0 0 0 rg BT 338.50 716.25 Td (result ) Tj ET Q q 0 0 0 rg BT 363.15 716.25 Td (from ) Tj ET Q q 0 0 0 rg BT 385.02 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.67 716.25 Td (change ) Tj ET Q q 0 0 0 rg BT 430.41 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.62 716.25 Td (value ) Tj ET Q q 0 0 0 rg BT 464.71 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.47 716.25 Td (a ) Tj ET Q q 0 0 0 rg BT 482.34 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.75 716.25 Td (instrument ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (due ) Tj ET Q q 0 0 0 rg BT 66.77 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.38 704.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 127.43 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 138.04 704.25 Td (its ) Tj ET Q q 0 0 0 rg BT 150.32 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 180.92 704.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 206.24 704.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 224.62 704.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 263.56 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 274.17 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 304.77 704.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 322.60 704.25 Td (is ) Tj ET Q q 0 0 0 rg BT 332.10 704.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 365.48 704.25 Td (related ) Tj ET Q q 0 0 0 rg BT 395.51 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.13 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 422.29 704.25 Td (role ) Tj ET Q q 0 0 0 rg BT 440.67 704.25 Td (as ) Tj ET Q q 0 0 0 rg BT 451.83 704.25 Td (a ) Tj ET Q q 0 0 0 rg BT 459.10 704.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 496.92 704.25 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 550.84 704.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.60 692.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 94.98 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.54 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.64 692.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 182.51 692.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 220.38 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.59 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.70 692.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 287.34 692.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 317.44 692.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 357.82 692.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 388.47 692.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 409.14 692.25 Td (are ) Tj ET Q q 0 0 0 rg BT 423.12 692.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 457.66 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.21 692.25 Td (both ) Tj ET Q q 0 0 0 rg BT 486.76 692.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.31 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.52 692.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.24 680.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 138.97 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 157.28 680.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 182.81 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.90 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.00 680.25 Td (market ) Tj ET Q q 0 0 0 rg BT 240.52 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 258.29 680.25 Td (management ) Tj ET Q q 0 0 0 rg BT 312.14 680.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 346.00 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.21 680.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 409.84 680.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 445.92 680.25 Td (all ) Tj ET Q q 0 0 0 rg BT 458.68 680.25 Td (market-sensitive ) Tj ET Q q 0 0 0 rg BT 527.53 680.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.55 644.25 Td (dif) Tj ET Q q 0 0 0 rg BT 78.48 644.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 104.29 644.25 Td (types ) Tj ET Q q 0 0 0 rg BT 127.90 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.73 644.25 Td (market ) Tj ET Q q 0 0 0 rg BT 169.00 644.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 186.50 644.25 Td (include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.57 620.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.17 620.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 102.98 620.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.69 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.18 620.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 167.66 620.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 185.14 620.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 202.63 620.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 245.66 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.37 620.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 297.85 620.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 336.45 620.25 Td (from ) Tj ET Q q 0 0 0 rg BT 358.38 620.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 393.08 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.35 620.25 Td (market ) Tj ET Q q 0 0 0 rg BT 433.60 620.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 465.53 620.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 489.22 620.25 Td (W) Tj ET Q q 0 0 0 rg BT 497.86 620.25 Td (e ) Tj ET Q q 0 0 0 rg BT 504.79 620.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.48 620.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 554.74 620.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.43 608.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 98.90 608.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.40 608.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 146.11 608.25 Td (from ) Tj ET Q q 0 0 0 rg BT 168.04 608.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.74 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.01 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.72 608.25 Td (level ) Tj ET Q q 0 0 0 rg BT 249.64 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.58 608.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 305.18 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.00 608.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 347.93 608.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 371.79 608.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 406.49 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 416.77 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.48 608.25 Td (slope ) Tj ET Q q 0 0 0 rg BT 455.08 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.90 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.61 608.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 503.10 608.25 Td (curve, ) Tj ET Q q 0 0 0 rg BT 530.30 608.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.33 596.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 84.15 596.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 118.69 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.18 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.45 596.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 166.49 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.88 596.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 230.02 596.25 Td (on ) Tj ET Q q 0 0 0 rg BT 242.08 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.46 596.25 Td (interest-earning ) Tj ET Q q 0 0 0 rg BT 322.26 596.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 347.64 596.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 369.97 596.25 Td (inventories\) ) Tj ET Q q 0 0 0 rg BT 419.78 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.27 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 451.66 596.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 484.82 596.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 516.86 596.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 539.19 596.25 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (term ) Tj ET Q q 0 0 0 rg BT 71.34 584.25 Td (financing\) ) Tj ET Q q 0 0 0 rg BT 115.96 584.25 Td (which ) Tj ET Q q 0 0 0 rg BT 143.92 584.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 176.86 584.25 Td (these ) Tj ET Q q 0 0 0 rg BT 200.93 584.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 230.28 584.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 263.78 584.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 282.29 584.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 300.80 584.25 Td (is ) Tj ET Q q 0 0 0 rg BT 310.99 584.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 350.61 584.25 Td (by ) Tj ET Q q 0 0 0 rg BT 364.13 584.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 394.31 584.25 Td (short ) Tj ET Q q 0 0 0 rg BT 417.83 584.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 439.13 584.25 Td (government ) Tj ET Q q 0 0 0 rg BT 490.42 584.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 534.20 584.25 Td (agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 92.46 572.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 132.91 572.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 152.82 572.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 193.28 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.41 572.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 253.08 572.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 294.37 572.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 572.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 333.64 572.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.64 572.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.33 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.36 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.38 572.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 429.38 572.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 482.62 572.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.30 572.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (for ) Tj ET Q q 0 0 0 rg BT 62.93 560.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 104.68 560.25 Td (information ) Tj ET Q q 0 0 0 rg BT 153.66 560.25 Td (on ) Tj ET Q q 0 0 0 rg BT 165.42 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.52 560.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 222.26 560.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 262.62 560.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 279.94 560.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 311.14 560.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 327.89 560.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 361.87 560.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 401.40 560.25 Td (may ) Tj ET Q q 0 0 0 rg BT 420.38 560.25 Td (not ) Tj ET Q q 0 0 0 rg BT 434.92 560.25 Td (work ) Tj ET Q q 0 0 0 rg BT 457.24 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.79 560.25 Td (all ) Tj ET Q q 0 0 0 rg BT 478.55 560.25 Td (market ) Tj ET Q q 0 0 0 rg BT 508.07 560.25 Td (environments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.06 548.25 Td (as ) Tj ET Q q 0 0 0 rg BT 78.51 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 86.07 548.25 Td (result ) Tj ET Q q 0 0 0 rg BT 111.41 548.25 Td (may ) Tj ET Q q 0 0 0 rg BT 131.75 548.25 Td (not ) Tj ET Q q 0 0 0 rg BT 147.65 548.25 Td (be ) Tj ET Q q 0 0 0 rg BT 160.21 548.25 Td (ef) Tj ET Q q 0 0 0 rg BT 167.80 548.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 198.12 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 209.02 548.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 253.25 548.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 285.81 548.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 303.91 548.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 323.84 548.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 348.36 548.25 Td (we ) Tj ET Q q 0 0 0 rg BT 363.14 548.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 401.26 548.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 427.16 548.25 Td (on ) Tj ET Q q 0 0 0 rg BT 440.28 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.62 548.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 491.52 548.25 Td (level ) Tj ET Q q 0 0 0 rg BT 514.07 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.52 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 541.97 548.25 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.43 536.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 121.70 536.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 162.52 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.46 536.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 213.05 536.25 Td (net ) Tj ET Q q 0 0 0 rg BT 227.77 536.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 266.39 536.25 Td (within ) Tj ET Q q 0 0 0 rg BT 294.45 536.25 Td (those ) Tj ET Q q 0 0 0 rg BT 318.05 536.25 Td (limits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.63 512.25 Td (Price ) Tj ET Q q 0 0 0 rg BT 103.30 512.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.54 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.57 512.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 166.25 512.25 Td (price ) Tj ET Q q 0 0 0 rg BT 189.26 512.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 207.28 512.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 250.84 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.08 512.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 304.09 512.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 322.68 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.48 512.25 Td (value ) Tj ET Q q 0 0 0 rg BT 358.16 512.25 Td (due ) Tj ET Q q 0 0 0 rg BT 375.62 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.42 512.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 419.98 512.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 455.21 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.01 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.25 512.25 Td (level ) Tj ET Q q 0 0 0 rg BT 503.70 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 515.06 512.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 554.19 512.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.98 500.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 105.65 500.25 Td (W) Tj ET Q q 0 0 0 rg BT 114.29 500.25 Td (e ) Tj ET Q q 0 0 0 rg BT 121.21 500.25 Td (are ) Tj ET Q q 0 0 0 rg BT 135.90 500.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 171.15 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.41 500.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 208.88 500.25 Td (price ) Tj ET Q q 0 0 0 rg BT 231.35 500.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.83 500.25 Td (through ) Tj ET Q q 0 0 0 rg BT 282.42 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.23 500.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 329.03 500.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 367.61 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.87 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.57 500.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 412.83 500.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 445.40 500.25 Td (W) Tj ET Q q 0 0 0 rg BT 454.03 500.25 Td (e ) Tj ET Q q 0 0 0 rg BT 460.95 500.25 Td (attempt ) Tj ET Q q 0 0 0 rg BT 493.42 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.68 500.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 532.81 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 547.51 500.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 488.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 78.40 488.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 113.66 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 123.94 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.78 488.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 203.37 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.31 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.59 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 246.42 488.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 287.25 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.08 488.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 325.58 488.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.85 488.25 Td (by ) Tj ET Q q 0 0 0 rg BT 378.35 488.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 428.62 488.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 453.91 488.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.41 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.13 488.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 516.41 488.25 Td (level ) Tj ET Q q 0 0 0 rg BT 538.34 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 488.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.33 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.26 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 119.76 476.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 161.70 476.25 Td (net ) Tj ET Q q 0 0 0 rg BT 176.41 476.25 Td (position ) Tj ET Q q 0 0 0 rg BT 211.14 476.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 236.97 476.25 Td (within ) Tj ET Q q 0 0 0 rg BT 265.02 476.25 Td (those ) Tj ET Q q 0 0 0 rg BT 288.63 476.25 Td (limits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (For) Tj ET Q q 0 0 0 rg BT 64.13 452.25 Td (eign ) Tj ET Q q 0 0 0 rg BT 83.77 452.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 125.63 452.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.84 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.27 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.70 452.25 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 191.24 452.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 231.42 452.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.85 452.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 291.82 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.47 452.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 343.88 452.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 382.42 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.63 452.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 428.94 452.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.70 452.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 468.77 452.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 498.42 452.25 Td (from ) Tj ET Q q 0 0 0 rg BT 520.29 452.25 Td (movement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.83 440.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 91.26 440.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 131.56 440.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 154.92 440.25 Td (A) Tj ET Q q 0 0 0 rg BT 161.59 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.14 440.25 Td (modest ) Tj ET Q q 0 0 0 rg BT 195.58 440.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 227.02 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.90 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 253.78 440.25 Td (business ) Tj ET Q q 0 0 0 rg BT 290.22 440.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.44 440.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 343.09 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 353.41 440.25 Td (currencies ) Tj ET Q q 0 0 0 rg BT 397.05 440.25 Td (other ) Tj ET Q q 0 0 0 rg BT 420.15 440.25 Td (than ) Tj ET Q q 0 0 0 rg BT 439.91 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.68 440.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 475.01 440.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 497.94 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 502.99 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.98 440.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.73 440.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 80.16 428.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 119.69 428.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 140.35 428.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 172.11 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.67 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.67 428.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 215.24 428.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 240.34 428.25 Td (can ) Tj ET Q q 0 0 0 rg BT 256.00 428.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 293.87 428.25 Td (af) Tj ET Q q 0 0 0 rg BT 301.45 428.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 318.22 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.22 428.25 Td (value ) Tj ET Q q 0 0 0 rg BT 355.65 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.77 428.25 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 403.66 428.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 428.77 428.25 Td (net ) Tj ET Q q 0 0 0 rg BT 442.76 428.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 470.38 428.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 507.69 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.91 428.25 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.88 416.25 Td (change ) Tj ET Q q 0 0 0 rg BT 89.91 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.39 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.32 416.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 146.91 416.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 184.59 416.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 206.18 416.25 Td (could ) Tj ET Q q 0 0 0 rg BT 231.11 416.25 Td (create ) Tj ET Q q 0 0 0 rg BT 257.68 416.25 Td (either ) Tj ET Q q 0 0 0 rg BT 283.15 416.25 Td (a ) Tj ET Q q 0 0 0 rg BT 290.30 416.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 321.89 416.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 359.57 416.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 406.16 416.25 Td (gain/loss ) Tj ET Q q 0 0 0 rg BT 444.42 416.25 Td (\(recorded ) Tj ET Q q 0 0 0 rg BT 485.44 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 495.93 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.97 416.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.92 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.45 404.25 Td (operations\) ) Tj ET Q q 0 0 0 rg BT 154.64 404.25 Td (or ) Tj ET Q q 0 0 0 rg BT 166.18 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 173.82 404.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 205.90 404.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 244.08 404.25 Td (translation ) Tj ET Q q 0 0 0 rg BT 289.50 404.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 336.58 404.25 Td (\(recorded ) Tj ET Q q 0 0 0 rg BT 378.09 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.08 404.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 442.81 404.25 Td (other ) Tj ET Q q 0 0 0 rg BT 466.56 404.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 530.30 404.25 Td (income/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 73.18 392.25 Td (within ) Tj ET Q q 0 0 0 rg BT 100.20 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.87 392.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 167.00 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 168.46 392.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 194.91 392.25 Td (section ) Tj ET Q q 0 0 0 rg BT 224.69 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.48 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 249.27 392.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 301.27 392.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 344.94 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.73 392.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.17 392.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 430.41 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.30 392.25 Td (other ) Tj ET Q q 0 0 0 rg BT 468.31 392.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 530.30 392.25 Td (income/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 74.22 380.25 Td (within ) Tj ET Q q 0 0 0 rg BT 102.28 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.00 380.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.04 380.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 214.75 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.58 380.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 288.61 380.25 Td (income\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.06 356.25 Td (alue-at-Risk ) Tj ET Q q 0 0 0 rg BT 108.12 356.25 Td (\("V) Tj ET Q q 0 0 0 rg BT 122.56 356.25 Td (aR"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 332.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.70 332.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.15 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.49 332.25 Td (statistical ) Tj ET Q q 0 0 0 rg BT 134.38 332.25 Td (technique ) Tj ET Q q 0 0 0 rg BT 175.37 332.25 Td (known ) Tj ET Q q 0 0 0 rg BT 204.71 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 215.01 332.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.13 332.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 234.36 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.26 332.25 Td (measure, ) Tj ET Q q 0 0 0 rg BT 282.19 332.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 315.98 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.54 332.25 Td (review ) Tj ET Q q 0 0 0 rg BT 361.87 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.21 332.25 Td (market ) Tj ET Q q 0 0 0 rg BT 406.09 332.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 423.21 332.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 465.33 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.23 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 490.68 332.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 521.12 332.25 Td (portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.61 320.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 69.36 320.25 Td (is ) Tj ET Q q 0 0 0 rg BT 78.67 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.53 320.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 131.17 320.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 149.37 320.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.79 320.25 Td (value ) Tj ET Q q 0 0 0 rg BT 184.08 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.06 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 211.03 320.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 242.00 320.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 283.25 320.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 325.33 320.25 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 386.85 320.25 Td (interests, ) Tj ET Q q 0 0 0 rg BT 425.32 320.25 Td (due ) Tj ET Q q 0 0 0 rg BT 442.40 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.82 320.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 486.00 320.25 Td (market ) Tj ET Q q 0 0 0 rg BT 516.40 320.25 Td (movements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (over ) Tj ET Q q 0 0 0 rg BT 69.60 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 76.38 308.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 108.70 308.25 Td (time ) Tj ET Q q 0 0 0 rg BT 128.81 308.25 Td (horizon ) Tj ET Q q 0 0 0 rg BT 161.69 308.25 Td (with ) Tj ET Q q 0 0 0 rg BT 181.80 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 188.58 308.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 227.01 308.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 273.20 308.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 297.30 308.25 Td (W) Tj ET Q q 0 0 0 rg BT 305.94 308.25 Td (e ) Tj ET Q q 0 0 0 rg BT 312.72 308.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 347.26 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 354.03 308.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 376.19 308.25 Td (V) Tj ET Q q 0 0 0 rg BT 382.31 308.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 395.75 308.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 430.30 308.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.64 308.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 495.53 308.25 Td (all ) Tj ET Q q 0 0 0 rg BT 507.86 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.52 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.19 308.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 90.99 296.25 Td (including ) Tj ET Q q 0 0 0 rg BT 131.63 296.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 155.05 296.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 189.85 296.25 Td (equities, ) Tj ET Q q 0 0 0 rg BT 226.33 296.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 274.18 296.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 303.44 296.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 375.72 296.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 416.35 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.66 296.25 Td (all ) Tj ET Q q 0 0 0 rg BT 446.53 296.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 490.49 296.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 532.23 296.25 Td (hedges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (These ) Tj ET Q q 0 0 0 rg BT 76.51 284.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 115.76 284.25 Td (encompass ) Tj ET Q q 0 0 0 rg BT 162.77 284.25 Td (both ) Tj ET Q q 0 0 0 rg BT 183.68 284.25 Td (customer) Tj ET Q q 0 0 0 rg BT 220.13 284.25 Td (-related ) Tj ET Q q 0 0 0 rg BT 253.79 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.36 284.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 308.37 284.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 339.82 284.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 380.86 284.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.53 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.44 284.25 Td (V) Tj ET Q q 0 0 0 rg BT 396.55 284.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 410.79 284.25 Td (model ) Tj ET Q q 0 0 0 rg BT 438.92 284.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 476.49 284.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.06 284.25 Td (common ) Tj ET Q q 0 0 0 rg BT 522.18 284.25 Td (metric ) Tj ET Q q 0 0 0 rg BT 550.86 284.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 89.02 272.25 Td (market ) Tj ET Q q 0 0 0 rg BT 119.08 272.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.38 272.25 Td (across ) Tj ET Q q 0 0 0 rg BT 163.67 272.25 Td (business ) Tj ET Q q 0 0 0 rg BT 199.85 272.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 221.04 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.77 272.25 Td (products. ) Tj ET Q q 0 0 0 rg BT 277.01 272.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 313.75 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.66 272.25 Td (V) Tj ET Q q 0 0 0 rg BT 329.77 272.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 343.17 272.25 Td (between ) Tj ET Q q 0 0 0 rg BT 378.79 272.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 417.74 272.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 449.48 272.25 Td (are ) Tj ET Q q 0 0 0 rg BT 463.98 272.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 503.48 272.25 Td (due ) Tj ET Q q 0 0 0 rg BT 520.22 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.29 272.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 260.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 85.60 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.43 260.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 113.93 260.25 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 155.03 260.25 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 199.75 260.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 227.80 260.25 Td (correlations ) Tj ET Q q 0 0 0 rg BT 277.50 260.25 Td (among ) Tj ET Q q 0 0 0 rg BT 307.21 260.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 329.15 260.25 Td (classes ) Tj ET Q q 0 0 0 rg BT 359.42 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.36 260.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 419.41 260.25 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 236.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.02 236.25 Td (use ) Tj ET Q q 0 0 0 rg BT 82.79 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 90.67 236.25 Td (Monte ) Tj ET Q q 0 0 0 rg BT 120.22 236.25 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 145.88 236.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 191.55 236.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 247.76 236.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.62 236.25 Td (V) Tj ET Q q 0 0 0 rg BT 268.73 236.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 283.28 236.25 Td (calculations. ) Tj ET Q q 0 0 0 rg BT 336.73 236.25 Td (W) Tj ET Q q 0 0 0 rg BT 345.37 236.25 Td (e ) Tj ET Q q 0 0 0 rg BT 353.25 236.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 385.57 236.25 Td (this ) Tj ET Q q 0 0 0 rg BT 403.46 236.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 459.67 236.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 497.30 236.25 Td (V) Tj ET Q q 0 0 0 rg BT 503.42 236.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 517.97 236.25 Td (results ) Tj ET Q q 0 0 0 rg BT 547.52 236.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 84.85 224.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 111.86 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.56 224.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 142.03 224.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 170.17 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.97 224.25 Td (all ) Tj ET Q q 0 0 0 rg BT 191.45 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 206.25 224.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 256.90 224.25 Td (including ) Tj ET Q q 0 0 0 rg BT 296.15 224.25 Td (those ) Tj ET Q q 0 0 0 rg BT 318.73 224.25 Td (that ) Tj ET Q q 0 0 0 rg BT 335.20 224.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 366.11 224.25 Td (optionality) Tj ET Q q 0 0 0 rg BT 408.79 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.77 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.69 224.25 Td (also ) Tj ET Q q 0 0 0 rg BT 446.27 224.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 488.83 224.25 Td (models ) Tj ET Q q 0 0 0 rg BT 519.19 224.25 Td (correlation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (movements ) Tj ET Q q 0 0 0 rg BT 97.63 212.25 Td (among ) Tj ET Q q 0 0 0 rg BT 126.88 212.25 Td (all ) Tj ET Q q 0 0 0 rg BT 138.91 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.27 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.63 212.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 186.10 212.25 Td (classes. ) Tj ET Q q 0 0 0 rg BT 218.39 212.25 Td (In ) Tj ET Q q 0 0 0 rg BT 228.75 212.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 266.06 212.25 Td (it ) Tj ET Q q 0 0 0 rg BT 273.65 212.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 310.11 212.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 350.47 212.25 Td (tail ) Tj ET Q q 0 0 0 rg BT 365.27 212.25 Td (results ) Tj ET Q q 0 0 0 rg BT 393.41 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 403.77 212.25 Td (there ) Tj ET Q q 0 0 0 rg BT 425.79 212.25 Td (are ) Tj ET Q q 0 0 0 rg BT 440.03 212.25 Td (no ) Tj ET Q q 0 0 0 rg BT 452.06 212.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 503.53 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 513.89 212.25 Td (distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 200.25 Td (can ) Tj ET Q q 0 0 0 rg BT 82.82 200.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 115.86 200.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.35 200.25 Td (insight ) Tj ET Q q 0 0 0 rg BT 188.08 200.25 Td (for ) Tj ET Q q 0 0 0 rg BT 202.24 200.25 Td (scenario ) Tj ET Q q 0 0 0 rg BT 238.05 200.25 Td (shock ) Tj ET Q q 0 0 0 rg BT 263.88 200.25 Td (analysis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Model-based ) Tj ET Q q 0 0 0 rg BT 104.03 176.25 Td (V) Tj ET Q q 0 0 0 rg BT 110.14 176.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 123.75 176.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 156.23 176.25 Td (from ) Tj ET Q q 0 0 0 rg BT 178.17 176.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 222.89 176.25 Td (has ) Tj ET Q q 0 0 0 rg BT 238.72 176.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 273.99 176.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 319.27 176.25 Td (including: ) Tj ET Q q 0 0 0 rg BT 362.32 176.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 396.46 176.25 Td (on ) Tj ET Q q 0 0 0 rg BT 408.96 176.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 448.67 176.25 Td (data ) Tj ET Q q 0 0 0 rg BT 467.83 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.10 176.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 508.37 176.25 Td (future ) Tj ET Q q 0 0 0 rg BT 534.74 176.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (risk; ) Tj ET Q q 0 0 0 rg BT 69.61 164.25 Td (V) Tj ET Q q 0 0 0 rg BT 75.72 164.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 89.34 164.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 132.38 164.25 Td (using ) Tj ET Q q 0 0 0 rg BT 156.56 164.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.52 164.25 Td (one-day ) Tj ET Q q 0 0 0 rg BT 198.23 164.25 Td (time ) Tj ET Q q 0 0 0 rg BT 218.52 164.25 Td (horizon ) Tj ET Q q 0 0 0 rg BT 251.58 164.25 Td (does ) Tj ET Q q 0 0 0 rg BT 272.42 164.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.71 164.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 309.11 164.25 Td (capture ) Tj ET Q q 0 0 0 rg BT 341.05 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.78 164.25 Td (market ) Tj ET Q q 0 0 0 rg BT 386.05 164.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 403.56 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.41 164.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 453.04 164.25 Td (that ) Tj ET Q q 0 0 0 rg BT 470.54 164.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 499.71 164.25 Td (be ) Tj ET Q q 0 0 0 rg BT 511.66 164.25 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 554.16 164.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 152.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.11 152.25 Td (with ) Tj ET Q q 0 0 0 rg BT 95.91 152.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 126.70 152.25 Td (within ) Tj ET Q q 0 0 0 rg BT 155.28 152.25 Td (one ) Tj ET Q q 0 0 0 rg BT 172.74 152.25 Td (day; ) Tj ET Q q 0 0 0 rg BT 192.98 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.44 152.25 Td (published ) Tj ET Q q 0 0 0 rg BT 252.13 152.25 Td (V) Tj ET Q q 0 0 0 rg BT 258.24 152.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 272.37 152.25 Td (results ) Tj ET Q q 0 0 0 rg BT 301.50 152.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 330.05 152.25 Td (past ) Tj ET Q q 0 0 0 rg BT 349.18 152.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 380.53 152.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 419.67 152.25 Td (while ) Tj ET Q q 0 0 0 rg BT 444.91 152.25 Td (future ) Tj ET Q q 0 0 0 rg BT 471.80 152.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 489.83 152.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 525.62 152.25 Td (on ) Tj ET Q q 0 0 0 rg BT 538.64 152.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.83 116.25 Td (modeling ) Tj ET Q q 0 0 0 rg BT 108.38 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.49 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.49 116.25 Td (market ) Tj ET Q q 0 0 0 rg BT 165.03 116.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 182.82 116.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 242.78 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.89 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 270.01 116.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 301.11 116.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 340.01 116.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 376.68 116.25 Td (a ) Tj ET Q q 0 0 0 rg BT 383.90 116.25 Td (number ) Tj ET Q q 0 0 0 rg BT 417.22 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.34 116.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 480.56 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.78 116.25 Td (approximations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (While ) Tj ET Q q 0 0 0 rg BT 77.25 104.25 Td (we ) Tj ET Q q 0 0 0 rg BT 92.22 104.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 124.40 104.25 Td (that ) Tj ET Q q 0 0 0 rg BT 142.71 104.25 Td (these ) Tj ET Q q 0 0 0 rg BT 166.57 104.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 219.33 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.09 104.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 302.61 104.25 Td (are ) Tj ET Q q 0 0 0 rg BT 318.13 104.25 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 366.70 104.25 Td (dif) Tj ET Q q 0 0 0 rg BT 377.63 104.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 404.25 104.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 457.01 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.77 104.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 540.29 104.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 83.66 92.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 126.15 92.25 Td (dif) Tj ET Q q 0 0 0 rg BT 137.08 92.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 162.20 92.25 Td (V) Tj ET Q q 0 0 0 rg BT 168.32 92.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 181.38 92.25 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 222.90 92.25 Td (When ) Tj ET Q q 0 0 0 rg BT 248.73 92.25 Td (comparing ) Tj ET Q q 0 0 0 rg BT 293.44 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.59 92.25 Td (V) Tj ET Q q 0 0 0 rg BT 314.70 92.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 327.76 92.25 Td (numbers ) Tj ET Q q 0 0 0 rg BT 364.15 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.88 92.25 Td (those ) Tj ET Q q 0 0 0 rg BT 396.94 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.22 92.25 Td (other ) Tj ET Q q 0 0 0 rg BT 429.72 92.25 Td (firms, ) Tj ET Q q 0 0 0 rg BT 455.28 92.25 Td (it ) Tj ET Q q 0 0 0 rg BT 462.79 92.25 Td (is ) Tj ET Q q 0 0 0 rg BT 471.41 92.25 Td (important ) Tj ET Q q 0 0 0 rg BT 512.25 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.98 92.25 Td (remember ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.00 80.25 Td (dif) Tj ET Q q 0 0 0 rg BT 77.92 80.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 103.74 80.25 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 167.62 80.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 219.57 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.51 80.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 301.22 80.25 Td (could ) Tj ET Q q 0 0 0 rg BT 325.94 80.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 360.64 80.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 413.13 80.25 Td (dif) Tj ET Q q 0 0 0 rg BT 424.06 80.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 449.88 80.25 Td (results.) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.07 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 107.97 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.43 740.10 Td (quantifies ) Tj ET Q q 0 0 0 rg BT 170.88 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.12 740.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 238.09 740.10 Td (V) Tj ET Q q 0 0 0 rg BT 244.20 740.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 257.33 740.10 Td (simulated ) Tj ET Q q 0 0 0 rg BT 298.23 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.91 740.10 Td (each ) Tj ET Q q 0 0 0 rg BT 332.25 740.10 Td (component ) Tj ET Q q 0 0 0 rg BT 378.70 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.05 740.10 Td (market ) Tj ET Q q 0 0 0 rg BT 418.84 740.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 435.86 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 449.54 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.78 740.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 495.24 740.10 Td (presented, ) Tj ET Q q 0 0 0 rg BT 538.07 740.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.43 728.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 106.59 728.10 Td (using ) Tj ET Q q 0 0 0 rg BT 130.99 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.93 728.10 Td (past ) Tj ET Q q 0 0 0 rg BT 164.77 728.10 Td (250 ) Tj ET Q q 0 0 0 rg BT 182.49 728.10 Td (days ) Tj ET Q q 0 0 0 rg BT 203.55 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.60 728.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 254.54 728.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 276.23 728.10 Td (When ) Tj ET Q q 0 0 0 rg BT 302.83 728.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 349.23 728.10 Td (V) Tj ET Q q 0 0 0 rg BT 355.34 728.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 369.17 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 383.56 728.10 Td (use ) Tj ET Q q 0 0 0 rg BT 399.62 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 406.78 728.10 Td (95 ) Tj ET Q q 0 0 0 rg BT 419.51 728.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 451.66 728.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 498.24 728.10 Td (level ) Tj ET Q q 0 0 0 rg BT 520.40 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.57 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.73 728.10 Td (one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (day ) Tj ET Q q 0 0 0 rg BT 65.85 716.10 Td (time ) Tj ET Q q 0 0 0 rg BT 85.53 716.10 Td (horizon. ) Tj ET Q q 0 0 0 rg BT 120.35 716.10 Td (This ) Tj ET Q q 0 0 0 rg BT 140.04 716.10 Td (means ) Tj ET Q q 0 0 0 rg BT 167.49 716.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 186.90 716.10 Td (over ) Tj ET Q q 0 0 0 rg BT 206.57 716.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 228.76 716.10 Td (there ) Tj ET Q q 0 0 0 rg BT 250.65 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.23 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.58 716.10 Td (one ) Tj ET Q q 0 0 0 rg BT 281.93 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.61 716.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 303.52 716.10 Td (chance ) Tj ET Q q 0 0 0 rg BT 333.19 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 350.09 716.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 371.99 716.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 402.23 716.10 Td (net ) Tj ET Q q 0 0 0 rg BT 416.35 716.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 453.80 716.10 Td (will ) Tj ET Q q 0 0 0 rg BT 471.27 716.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 486.50 716.10 Td (below ) Tj ET Q q 0 0 0 rg BT 512.85 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.97 716.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 71.96 704.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 102.76 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 117.44 704.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 155.45 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 167.92 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 179.82 704.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.29 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 221.97 704.10 Td (least ) Tj ET Q q 0 0 0 rg BT 242.76 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.56 704.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.93 704.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 275.84 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.63 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.32 704.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 336.92 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 343.04 704.10 Td (aR. ) Tj ET Q q 0 0 0 rg BT 359.11 704.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 400.47 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.94 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.84 704.10 Td (single ) Tj ET Q q 0 0 0 rg BT 446.20 704.10 Td (day ) Tj ET Q q 0 0 0 rg BT 463.11 704.10 Td (can ) Tj ET Q q 0 0 0 rg BT 479.45 704.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 509.67 704.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 545.28 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 551.39 704.10 Td (aR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.87 692.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.46 692.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 145.22 692.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 186.48 692.10 Td (can ) Tj ET Q q 0 0 0 rg BT 202.73 692.10 Td (also ) Tj ET Q q 0 0 0 rg BT 221.22 692.10 Td (accumulate ) Tj ET Q q 0 0 0 rg BT 269.12 692.10 Td (over ) Tj ET Q q 0 0 0 rg BT 289.26 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.08 692.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 324.00 692.10 Td (time ) Tj ET Q q 0 0 0 rg BT 344.15 692.10 Td (horizon, ) Tj ET Q q 0 0 0 rg BT 379.57 692.10 Td (such ) Tj ET Q q 0 0 0 rg BT 400.27 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.98 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.79 692.10 Td (number ) Tj ET Q q 0 0 0 rg BT 450.71 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.41 692.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 510.99 692.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 541.69 692.10 Td (days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 93.67 680.10 Td (there ) Tj ET Q q 0 0 0 rg BT 115.91 680.10 Td (can ) Tj ET Q q 0 0 0 rg BT 132.05 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 143.74 680.10 Td (no ) Tj ET Q q 0 0 0 rg BT 156.00 680.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 197.13 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.38 680.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 240.51 680.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 266.66 680.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 307.23 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 319.49 680.10 Td (any ) Tj ET Q q 0 0 0 rg BT 336.18 680.10 Td (given ) Tj ET Q q 0 0 0 rg BT 360.66 680.10 Td (day ) Tj ET Q q 0 0 0 rg BT 377.35 680.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 406.83 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 428.52 680.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 462.99 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.02 680.10 Td (market ) Tj ET Q q 0 0 0 rg BT 503.04 680.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 546.97 680.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 64.78 668.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 95.03 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.57 668.10 Td (V) Tj ET Q q 0 0 0 rg BT 115.68 668.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 129.29 668.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 165.68 668.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 194.29 668.10 Td (below ) Tj ET Q q 0 0 0 rg BT 221.23 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.06 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 249.55 668.10 Td (such ) Tj ET Q q 0 0 0 rg BT 270.38 668.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 296.78 668.10 Td (will ) Tj ET Q q 0 0 0 rg BT 314.83 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 330.11 668.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 354.82 668.10 Td (more ) Tj ET Q q 0 0 0 rg BT 377.86 668.10 Td (than ) Tj ET Q q 0 0 0 rg BT 397.58 668.10 Td (once ) Tj ET Q q 0 0 0 rg BT 418.96 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.24 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.17 668.10 Td (20-day ) Tj ET Q q 0 0 0 rg BT 466.44 668.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 497.27 668.10 Td (period.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 633.60 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 633.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 633.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 633.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 609.60 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 609.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 609.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 609.60 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 633.6 m 483.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 633.6 m 561.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 597.6 m 483.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 597.6 m 561.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 597.6 m 483.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 586.6 m 483.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 584.6 m 483.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 597.6 m 561.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 586.6 m 561.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 584.6 m 561.5 584.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.90 648.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.90 648.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 637.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 636.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 636.33 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 624.22 Td (Interest Rate Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 624.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 624.33 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 624.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 624.22 Td (608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 612.22 Td (Equity Price Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 612.33 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 612.22 Td (119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 600.22 Td (Diversification Effect \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.30 600.38 Td (\(26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 600.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 600.22 Td (\(66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 600.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 588.22 Td (Total Value-at-Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 588.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 588.33 Td (711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 588.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 588.22 Td (661) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 573.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 573.50 Td (Equals ) Tj ET Q q 0 0 0 rg BT 91.94 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 103.93 573.50 Td (differ) Tj ET Q q 0 0 0 rg BT 120.97 573.50 Td (ence ) Tj ET Q q 0 0 0 rg BT 137.84 573.50 Td (between ) Tj ET Q q 0 0 0 rg BT 166.27 573.50 Td (total ) Tj ET Q q 0 0 0 rg BT 183.16 573.50 Td (V) Tj ET Q q 0 0 0 rg BT 187.16 573.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.26 573.50 Td (and ) Tj ET Q q 0 0 0 rg BT 212.48 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 224.47 573.50 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.58 573.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.02 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.02 573.50 Td (V) Tj ET Q q 0 0 0 rg BT 264.02 573.50 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.23 573.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.79 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.78 573.50 Td (two ) Tj ET Q q 0 0 0 rg BT 315.56 573.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.78 573.50 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.32 573.50 Td (This ) Tj ET Q q 0 0 0 rg BT 383.32 573.50 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.86 573.50 Td (arises ) Tj ET Q q 0 0 0 rg BT 424.20 573.50 Td (because ) Tj ET Q q 0 0 0 rg BT 452.18 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 464.17 573.50 Td (two ) Tj ET Q q 0 0 0 rg BT 477.95 573.50 Td (market ) Tj ET Q q 0 0 0 rg BT 502.38 573.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.60 573.50 Td (categories ) Tj ET Q q 0 0 0 rg BT 552.14 573.50 Td (ar) Tj ET Q q 0 0 0 rg BT 558.96 573.50 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 563.90 Td (not ) Tj ET Q q 0 0 0 rg BT 79.72 563.90 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 109.71 563.90 Td (corr) Tj ET Q q 0 0 0 rg BT 123.19 563.90 Td (elated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 539.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 539.90 Td (view ) Tj ET Q q 0 0 0 rg BT 86.89 539.90 Td (average ) Tj ET Q q 0 0 0 rg BT 120.23 539.90 Td (V) Tj ET Q q 0 0 0 rg BT 126.35 539.90 Td (aR ) Tj ET Q q 0 0 0 rg BT 139.89 539.90 Td (over ) Tj ET Q q 0 0 0 rg BT 160.10 539.90 Td (a ) Tj ET Q q 0 0 0 rg BT 166.97 539.90 Td (period ) Tj ET Q q 0 0 0 rg BT 194.95 539.90 Td (of ) Tj ET Q q 0 0 0 rg BT 205.72 539.90 Td (time ) Tj ET Q q 0 0 0 rg BT 225.93 539.90 Td (as ) Tj ET Q q 0 0 0 rg BT 236.70 539.90 Td (more ) Tj ET Q q 0 0 0 rg BT 259.68 539.90 Td (representative ) Tj ET Q q 0 0 0 rg BT 318.20 539.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.96 539.90 Td (trends ) Tj ET Q q 0 0 0 rg BT 355.84 539.90 Td (in ) Tj ET Q q 0 0 0 rg BT 366.05 539.90 Td (the ) Tj ET Q q 0 0 0 rg BT 380.71 539.90 Td (business ) Tj ET Q q 0 0 0 rg BT 417.03 539.90 Td (than ) Tj ET Q q 0 0 0 rg BT 436.51 539.90 Td (V) Tj ET Q q 0 0 0 rg BT 442.62 539.90 Td (aR ) Tj ET Q q 0 0 0 rg BT 456.17 539.90 Td (at ) Tj ET Q q 0 0 0 rg BT 465.82 539.90 Td (any ) Tj ET Q q 0 0 0 rg BT 482.70 539.90 Td (single ) Tj ET Q q 0 0 0 rg BT 509.02 539.90 Td (point ) Tj ET Q q 0 0 0 rg BT 532.01 539.90 Td (in ) Tj ET Q q 0 0 0 rg BT 542.23 539.90 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.51 527.90 Td (table ) Tj ET Q q 0 0 0 rg BT 89.41 527.90 Td (below ) Tj ET Q q 0 0 0 rg BT 116.31 527.90 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 157.65 527.90 Td (the ) Tj ET Q q 0 0 0 rg BT 172.33 527.90 Td (daily ) Tj ET Q q 0 0 0 rg BT 194.79 527.90 Td (high, ) Tj ET Q q 0 0 0 rg BT 217.53 527.90 Td (low ) Tj ET Q q 0 0 0 rg BT 235.00 527.90 Td (and ) Tj ET Q q 0 0 0 rg BT 251.90 527.90 Td (average ) Tj ET Q q 0 0 0 rg BT 285.45 527.90 Td (value-at-risk ) Tj ET Q q 0 0 0 rg BT 338.44 527.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 381.43 527.90 Td (for ) Tj ET Q q 0 0 0 rg BT 395.56 527.90 Td (each ) Tj ET Q q 0 0 0 rg BT 416.34 527.90 Td (component ) Tj ET Q q 0 0 0 rg BT 463.23 527.90 Td (of ) Tj ET Q q 0 0 0 rg BT 474.03 527.90 Td (market ) Tj ET Q q 0 0 0 rg BT 504.25 527.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 521.72 527.90 Td (during ) Tj ET Q q 0 0 0 rg BT 550.29 527.90 Td (the ) Tj ET Q q 0 0 0 rg BT 565.01 527.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.90 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.60 515.90 Td ( ) Tj ET Q q 0 0 0 rg BT 73.10 515.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.48 515.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 158.06 515.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.06 515.90 Td ( ) Tj ET Q q 0 0 0 rg BT 180.56 515.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 515.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 515.90 Td (, ) Tj ET Q q 0 0 0 rg BT 222.50 515.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 270.16 515.90 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 481.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 481.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 481.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 481.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 481.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 481.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 457.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 457.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 457.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 457.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 457.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 457.40 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 493.4 m 406 493.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 493.4 m 484 493.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 493.4 m 562 493.4 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 497.35 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.90 496.13 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.05 496.13 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 496.13 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 484.13 Td (For) Tj ET Q q 0 0 0 rg BT 67.87 484.13 Td ( the ) Tj ET Q q 0 0 0 rg BT 85.83 484.13 Td (Y) Tj ET Q q 0 0 0 rg BT 91.94 484.13 Td (ear) Tj ET Q q 0 0 0 rg BT 105.63 484.13 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 181.55 484.13 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 472.02 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 472.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 472.02 Td (990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 472.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 472.02 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 472.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 472.02 Td (533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.02 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 460.02 Td (412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 460.02 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 460.02 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.02 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 448.02 Td (\(72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 448.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 436.02 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 436.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 436.02 Td (1,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 436.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 436.02 Td (362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 436.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 436.02 Td (611) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 399.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 399.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 399.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 399.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 399.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 399.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 375.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 375.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 375.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 375.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 375.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 375.40 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 411.4 m 406 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 411.4 m 484 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 411.4 m 562 411.4 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 415.35 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.90 414.13 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.05 414.13 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 414.13 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 402.13 Td (For) Tj ET Q q 0 0 0 rg BT 67.87 402.13 Td ( the ) Tj ET Q q 0 0 0 rg BT 85.83 402.13 Td (Y) Tj ET Q q 0 0 0 rg BT 91.94 402.13 Td (ear) Tj ET Q q 0 0 0 rg BT 105.63 402.13 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 181.55 402.13 Td ( 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 390.02 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 390.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 390.02 Td (853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 390.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 390.02 Td (415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 390.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 390.02 Td (582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 378.02 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 378.02 Td (618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 378.02 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 378.02 Td (314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 366.02 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 366.02 Td (\(133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 366.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 354.02 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 354.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 354.02 Td (1,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 354.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 354.02 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 354.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 354.02 Td (763) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 339.30 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 339.30 Td (Equals ) Tj ET Q q 0 0 0 rg BT 91.94 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 103.93 339.30 Td (differ) Tj ET Q q 0 0 0 rg BT 120.97 339.30 Td (ence ) Tj ET Q q 0 0 0 rg BT 137.84 339.30 Td (between ) Tj ET Q q 0 0 0 rg BT 166.27 339.30 Td (total ) Tj ET Q q 0 0 0 rg BT 183.16 339.30 Td (V) Tj ET Q q 0 0 0 rg BT 187.16 339.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.26 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 212.48 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 224.47 339.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.58 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 248.02 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 260.02 339.30 Td (V) Tj ET Q q 0 0 0 rg BT 264.02 339.30 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.23 339.30 Td (for ) Tj ET Q q 0 0 0 rg BT 289.79 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 301.78 339.30 Td (two ) Tj ET Q q 0 0 0 rg BT 315.56 339.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.78 339.30 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.32 339.30 Td (This ) Tj ET Q q 0 0 0 rg BT 383.32 339.30 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.86 339.30 Td (arises ) Tj ET Q q 0 0 0 rg BT 424.20 339.30 Td (because ) Tj ET Q q 0 0 0 rg BT 452.18 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 464.17 339.30 Td (two ) Tj ET Q q 0 0 0 rg BT 477.95 339.30 Td (market ) Tj ET Q q 0 0 0 rg BT 502.38 339.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.60 339.30 Td (categories ) Tj ET Q q 0 0 0 rg BT 552.14 339.30 Td (ar) Tj ET Q q 0 0 0 rg BT 558.96 339.30 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 329.70 Td (not ) Tj ET Q q 0 0 0 rg BT 80.45 329.70 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 111.15 329.70 Td (corr) Tj ET Q q 0 0 0 rg BT 124.63 329.70 Td (elated. ) Tj ET Q q 0 0 0 rg BT 148.91 329.70 Td (Because ) Tj ET Q q 0 0 0 rg BT 178.28 329.70 Td (high ) Tj ET Q q 0 0 0 rg BT 195.23 329.70 Td (and ) Tj ET Q q 0 0 0 rg BT 209.95 329.70 Td (low ) Tj ET Q q 0 0 0 rg BT 224.23 329.70 Td (V) Tj ET Q q 0 0 0 rg BT 228.23 329.70 Td (aR ) Tj ET Q q 0 0 0 rg BT 239.84 329.70 Td (numbers ) Tj ET Q q 0 0 0 rg BT 270.12 329.70 Td (for ) Tj ET Q q 0 0 0 rg BT 282.18 329.70 Td (these ) Tj ET Q q 0 0 0 rg BT 301.34 329.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 316.07 329.70 Td (categories ) Tj ET Q q 0 0 0 rg BT 352.11 329.70 Td (may ) Tj ET Q q 0 0 0 rg BT 368.17 329.70 Td (have ) Tj ET Q q 0 0 0 rg BT 385.99 329.70 Td (occurr) Tj ET Q q 0 0 0 rg BT 407.02 329.70 Td (ed ) Tj ET Q q 0 0 0 rg BT 417.30 329.70 Td (on ) Tj ET Q q 0 0 0 rg BT 428.02 329.70 Td (differ) Tj ET Q q 0 0 0 rg BT 445.06 329.70 Td (ent ) Tj ET Q q 0 0 0 rg BT 457.55 329.70 Td (days, ) Tj ET Q q 0 0 0 rg BT 476.94 329.70 Td (high ) Tj ET Q q 0 0 0 rg BT 493.89 329.70 Td (and ) Tj ET Q q 0 0 0 rg BT 508.61 329.70 Td (low ) Tj ET Q q 0 0 0 rg BT 522.89 329.70 Td (numbers ) Tj ET Q q 0 0 0 rg BT 553.17 329.70 Td (for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 320.10 Td (diversification ) Tj ET Q q 0 0 0 rg BT 115.71 320.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 139.48 320.10 Td (would ) Tj ET Q q 0 0 0 rg BT 161.04 320.10 Td (not ) Tj ET Q q 0 0 0 rg BT 173.27 320.10 Td (be ) Tj ET Q q 0 0 0 rg BT 182.82 320.10 Td (meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 296.10 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.30 296.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 109.70 296.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 149.39 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.22 296.10 Td (one-day ) Tj ET Q q 0 0 0 rg BT 199.74 296.10 Td (V) Tj ET Q q 0 0 0 rg BT 205.86 296.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 219.47 296.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.97 296.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.97 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.47 296.10 Td (occasions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.84 296.10 Td (during) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.95 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.45 296.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.45 296.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 272.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 108.06 272.10 Td (V) Tj ET Q q 0 0 0 rg BT 114.17 272.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 127.43 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.91 272.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.40 272.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 206.63 272.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.63 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.79 272.10 Td (was ) Tj ET Q q 0 0 0 rg BT 246.49 272.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 274.19 272.10 Td (than ) Tj ET Q q 0 0 0 rg BT 293.56 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.93 272.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 343.24 272.10 Td (V) Tj ET Q q 0 0 0 rg BT 349.35 272.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 362.61 272.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.77 272.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 433.00 272.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 272.10 Td (. ) Tj ET Q q 0 0 0 rg BT 457.50 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 475.20 272.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 510.10 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.88 272.10 Td (V) Tj ET Q q 0 0 0 rg BT 525.99 272.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 539.25 272.10 Td (is ) Tj ET Q q 0 0 0 rg BT 548.08 272.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 260.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 87.83 260.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 126.43 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.37 260.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 183.63 260.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 224.45 260.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 250.28 260.10 Td (at ) Tj ET Q q 0 0 0 rg BT 259.99 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.71 260.10 Td (end ) Tj ET Q q 0 0 0 rg BT 291.65 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.48 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.20 260.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 373.01 260.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.58 236.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 94.10 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.51 236.10 Td (V) Tj ET Q q 0 0 0 rg BT 109.62 236.10 Td (aR, ) Tj ET Q q 0 0 0 rg BT 124.98 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.39 236.10 Td (also ) Tj ET Q q 0 0 0 rg BT 156.25 236.10 Td (employ ) Tj ET Q q 0 0 0 rg BT 187.99 236.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.73 236.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 268.69 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.22 236.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 311.64 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.83 236.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 360.67 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 390.18 236.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.93 236.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 444.78 236.10 Td (including ) Tj ET Q q 0 0 0 rg BT 484.31 236.10 Td (net ) Tj ET Q q 0 0 0 rg BT 498.27 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 527.79 236.10 Td (position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 85.12 224.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 126.01 224.10 Td (option ) Tj ET Q q 0 0 0 rg BT 153.85 224.10 Td (sensitivities, ) Tj ET Q q 0 0 0 rg BT 205.87 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.60 224.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 263.21 224.10 Td (turnover) Tj ET Q q 0 0 0 rg BT 296.54 224.10 Td (. ) Tj ET Q q 0 0 0 rg BT 300.83 224.10 Td (All ) Tj ET Q q 0 0 0 rg BT 315.90 224.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 347.62 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 362.12 224.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 408.27 224.10 Td (by ) Tj ET Q q 0 0 0 rg BT 420.56 224.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 442.29 224.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 499.00 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.73 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 530.23 224.10 Td (used ) Tj ET Q q 0 0 0 rg BT 550.85 224.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 96.22 212.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 121.28 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.99 212.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 179.13 212.10 Td (approvals. ) Tj ET Q q 0 0 0 rg BT 222.79 212.10 Td (In ) Tj ET Q q 0 0 0 rg BT 233.39 212.10 Td (times ) Tj ET Q q 0 0 0 rg BT 257.33 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.93 212.10 Td (market ) Tj ET Q q 0 0 0 rg BT 297.97 212.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 333.43 212.10 Td (, ) Tj ET Q q 0 0 0 rg BT 338.21 212.10 Td (we ) Tj ET Q q 0 0 0 rg BT 352.14 212.10 Td (also ) Tj ET Q q 0 0 0 rg BT 370.52 212.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 405.00 212.10 Td (ad ) Tj ET Q q 0 0 0 rg BT 416.72 212.10 Td (hoc ) Tj ET Q q 0 0 0 rg BT 433.43 212.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 457.93 212.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 477.98 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.69 212.10 Td (scenario ) Tj ET Q q 0 0 0 rg BT 530.28 212.10 Td (analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.66 200.10 Td (market ) Tj ET Q q 0 0 0 rg BT 91.25 200.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.74 200.10 Td (dictate. ) Tj ET Q q 0 0 0 rg BT 167.72 200.10 Td (Unlike ) Tj ET Q q 0 0 0 rg BT 197.76 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.71 200.10 Td (V) Tj ET Q q 0 0 0 rg BT 219.83 200.10 Td (aR, ) Tj ET Q q 0 0 0 rg BT 236.26 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 263.53 200.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 303.56 200.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 341.38 200.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 368.10 200.10 Td (within ) Tj ET Q q 0 0 0 rg BT 396.48 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.75 200.10 Td (given ) Tj ET Q q 0 0 0 rg BT 428.79 200.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 475.48 200.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 500.24 200.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 525.29 200.10 Td (scenarios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (do ) Tj ET Q q 0 0 0 rg BT 61.29 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 75.86 188.10 Td (have ) Tj ET Q q 0 0 0 rg BT 96.53 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.76 188.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 150.65 188.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 182.99 188.10 Td (probability) Tj ET Q q 0 0 0 rg BT 226.22 188.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.52 188.10 Td (Rather) Tj ET Q q 0 0 0 rg BT 256.77 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.06 188.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 285.08 188.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 313.53 188.10 Td (is ) Tj ET Q q 0 0 0 rg BT 322.00 188.10 Td (used ) Tj ET Q q 0 0 0 rg BT 342.12 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.69 188.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 386.80 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.81 188.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 437.59 188.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 454.94 188.10 Td (from ) Tj ET Q q 0 0 0 rg BT 476.17 188.10 Td (market ) Tj ET Q q 0 0 0 rg BT 505.73 188.10 Td (moves ) Tj ET Q q 0 0 0 rg BT 533.63 188.10 Td (outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.15 176.10 Td (V) Tj ET Q q 0 0 0 rg BT 71.26 176.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 84.87 176.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 131.23 176.10 Td (levels.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (Liquidity Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 89.02 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 106.32 128.10 Td (is ) Tj ET Q q 0 0 0 rg BT 115.29 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.80 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 147.10 128.10 Td (that ) Tj ET Q q 0 0 0 rg BT 164.40 128.10 Td (we ) Tj ET Q q 0 0 0 rg BT 178.36 128.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.86 128.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 221.82 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.89 128.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 259.74 128.10 Td (access ) Tj ET Q q 0 0 0 rg BT 287.58 128.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 328.75 128.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 362.15 128.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 394.44 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.52 128.10 Td (order ) Tj ET Q q 0 0 0 rg BT 427.92 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.99 128.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 469.72 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.34 128.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 524.04 128.10 Td (as ) Tj ET Q q 0 0 0 rg BT 534.66 128.10 Td (well ) Tj ET Q q 0 0 0 rg BT 554.18 128.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 116.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 81.99 116.10 Td (that ) Tj ET Q q 0 0 0 rg BT 99.62 116.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.92 116.10 Td (are ) Tj ET Q q 0 0 0 rg BT 128.76 116.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 158.05 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 168.47 116.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 196.66 116.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 223.18 116.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.58 116.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.21 116.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.51 116.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 315.93 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.34 116.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 372.85 116.10 Td (with ) Tj ET Q q 0 0 0 rg BT 393.26 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.23 116.10 Td (market-making, ) Tj ET Q q 0 0 0 rg BT 475.46 116.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 497.53 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.61 116.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 548.07 116.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 86.39 104.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 117.74 104.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 159.14 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.78 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 175.24 104.10 Td (are ) Tj ET Q q 0 0 0 rg BT 190.47 104.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 226.26 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.06 104.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 273.97 104.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 291.99 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.79 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 319.14 104.10 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 365.48 104.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 399.61 104.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 441.23 104.10 Td (by ) Tj ET Q q 0 0 0 rg BT 454.25 104.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 487.83 104.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 533.62 104.10 Td (illiquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.33 92.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 128.94 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.88 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.16 92.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.99 92.10 Td (role ) Tj ET Q q 0 0 0 rg BT 190.04 92.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.87 92.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.81 92.10 Td (remarketing ) Tj ET Q q 0 0 0 rg BT 258.62 92.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 282.77 92.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.93 92.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 331.63 92.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 349.12 92.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 383.27 92.10 Td (notes. ) Tj ET Q endstream 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0 0 rg BT 329.49 740.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 347.82 740.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 359.20 740.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 379.75 740.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 389.48 740.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 448.54 740.10 Td (s ) Tj ET Q q 0 0 0 rg BT 454.65 740.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 500.77 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.94 740.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 554.17 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.48 728.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 132.25 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.46 728.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 181.68 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.78 728.10 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 246.00 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.55 728.10 Td (this ) Tj ET Q q 0 0 0 rg BT 273.77 728.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.21 728.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 321.53 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 335.96 728.10 Td (information ) Tj ET Q q 0 0 0 rg BT 385.94 728.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 427.02 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.12 728.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 479.78 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.99 728.10 Td (how ) Tj ET Q q 0 0 0 rg BT 516.98 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 531.40 728.10 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 85.89 716.10 Td (risk.) 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103.82 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.76 680.10 Td (value ) Tj ET Q q 0 0 0 rg BT 137.59 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.08 680.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 179.14 680.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 219.93 680.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 250.97 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.14 680.10 Td (can ) Tj ET Q q 0 0 0 rg BT 284.19 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 295.79 680.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 345.70 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.65 680.10 Td (times ) Tj ET Q q 0 0 0 rg BT 379.48 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.98 680.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 420.47 680.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 462.09 680.10 Td (when ) Tj ET Q q 0 0 0 rg BT 485.92 680.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.85 680.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (refrain ) Tj ET Q q 0 0 0 rg BT 78.57 668.10 Td (from ) Tj ET Q q 0 0 0 rg BT 100.44 668.10 Td (transacting ) Tj ET Q q 0 0 0 rg BT 146.73 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.94 668.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 187.69 668.10 Td (quantities ) Tj ET Q q 0 0 0 rg BT 229.00 668.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 256.97 668.10 Td (at ) Tj ET Q q 0 0 0 rg BT 266.61 668.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 297.36 668.10 Td (bid-of) Tj ET Q q 0 0 0 rg BT 321.62 668.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 335.14 668.10 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 370.06 668.10 Td (Depending ) Tj ET Q q 0 0 0 rg BT 416.36 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.79 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.43 668.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 476.95 668.10 Td (security) Tj ET Q q 0 0 0 rg BT 507.96 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.88 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.53 668.10 Td (structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.68 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.75 656.10 Td 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Q q 0 0 0 rg BT 100.59 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.42 644.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 139.46 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.74 644.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 187.23 644.10 Td (into ) Tj ET Q q 0 0 0 rg BT 205.29 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.22 644.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 261.38 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 291.64 644.10 Td (if ) Tj ET Q q 0 0 0 rg BT 300.25 644.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 333.86 644.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 371.34 644.10 Td (unavailable. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Credit Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.76 596.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 94.02 596.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 119.05 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.09 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.57 596.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 180.83 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.75 596.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 212.58 596.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.28 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.32 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.81 596.10 Td (default ) Tj ET Q q 0 0 0 rg BT 283.83 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.43 596.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 347.78 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.83 596.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 382.85 596.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 412.89 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.49 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.19 596.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 480.07 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.84 596.10 Td (customer) Tj ET Q q 0 0 0 rg BT 521.09 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.86 596.10 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.49 584.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 86.47 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.46 584.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.88 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 152.20 584.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 172.63 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.06 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.05 584.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 230.03 584.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 267.71 584.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.67 584.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.88 584.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 318.52 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.61 584.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 368.26 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.25 584.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 404.67 584.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.33 584.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 457.75 584.10 Td (on ) Tj ET Q q 0 0 0 rg BT 470.41 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.28 584.10 Td (type ) Tj ET Q q 0 0 0 rg BT 505.15 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.14 584.10 Td (transaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 572.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 101.35 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.12 572.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 153.77 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.42 572.10 Td (that ) Tj ET Q q 0 0 0 rg BT 181.75 572.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 227.94 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.71 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.25 572.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 288.23 572.10 Td (involved. ) Tj ET Q q 0 0 0 rg BT 328.05 572.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 355.37 572.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 372.70 572.10 Td (also ) Tj ET Q q 0 0 0 rg BT 391.13 572.10 Td (results ) Tj ET Q q 0 0 0 rg BT 419.57 572.10 Td (from ) Tj ET Q q 0 0 0 rg BT 441.33 572.10 Td (an ) Tj ET Q q 0 0 0 rg BT 453.09 572.10 Td (obligor's ) Tj ET Q q 0 0 0 rg BT 490.00 572.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 518.42 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.52 572.10 Td (meet ) Tj 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Td (such ) Tj ET Q q 0 0 0 rg BT 509.79 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.42 560.10 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.44 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 107.27 548.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 144.21 548.10 Td (collections.) 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rg BT 258.48 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 500.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 316.88 500.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.14 500.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 368.60 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.64 500.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.66 500.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 435.91 500.10 Td (will ) Tj ET Q q 0 0 0 rg BT 453.72 500.10 Td (af) Tj ET Q q 0 0 0 rg BT 461.31 500.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 478.55 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.02 500.10 Td (value ) Tj ET Q q 0 0 0 rg BT 516.94 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.52 500.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 101.06 488.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 128.46 488.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 160.85 488.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 199.89 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.51 488.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 239.67 488.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 257.07 488.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 299.46 488.10 Td (required ) Tj ET Q q 0 0 0 rg BT 335.18 488.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.58 488.10 Td (market ) Tj ET Q q 0 0 0 rg BT 377.74 488.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 426.79 488.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.85 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 447.68 488.10 Td (given ) Tj ET Q q 0 0 0 rg BT 472.30 488.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 497.46 488.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 527.64 488.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 550.30 488.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.31 476.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 115.12 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 132.93 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.18 476.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.22 476.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 205.81 476.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 233.62 476.10 Td (by ) Tj ET Q q 0 0 0 rg BT 246.44 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.07 476.10 Td (AA-rated ) Tj ET Q q 0 0 0 rg BT 293.65 476.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 319.24 476.10 Td (must ) Tj ET Q q 0 0 0 rg BT 341.50 476.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 376.53 476.10 Td (over ) Tj ET Q q 0 0 0 rg BT 397.11 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.37 476.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 441.05 476.10 Td (alternative\). ) Tj ET Q q 0 0 0 rg BT 491.89 476.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 529.15 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.74 476.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 82.17 464.10 Td (result ) Tj ET Q q 0 0 0 rg BT 107.07 464.10 Td (from ) Tj ET Q q 0 0 0 rg BT 129.18 464.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 166.85 464.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 201.74 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.20 464.10 Td (an ) Tj ET Q q 0 0 0 rg BT 224.32 464.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 248.02 464.10 Td () Tj ET Q q 0 0 0 rg BT 250.80 464.10 Td (s ) Tj ET Q q 0 0 0 rg BT 257.37 464.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 282.81 464.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 308.82 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.83 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.72 464.10 Td (market) Tj ET Q q 0 0 0 rg BT 365.26 464.10 Td (s ) Tj ET Q q 0 0 0 rg BT 371.84 464.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 416.72 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.73 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.62 464.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 466.33 464.10 Td () Tj ET Q q 0 0 0 rg BT 469.10 464.10 Td (s ) Tj ET Q q 0 0 0 rg BT 475.67 464.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 501.12 464.10 Td (worthiness. ) Tj ET Q q 0 0 0 rg BT 549.43 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 464.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.99 452.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 99.05 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.11 452.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 134.16 452.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 162.55 452.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.84 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 199.90 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.40 452.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 233.91 452.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 282.86 452.10 Td (held ) Tj ET Q q 0 0 0 rg BT 302.36 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.43 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 452.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 358.66 452.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 396.33 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 401.12 452.10 Td (including ) Tj ET Q q 0 0 0 rg BT 441.18 452.10 Td (those ) Tj ET Q q 0 0 0 rg BT 464.57 452.10 Td (held ) Tj ET Q q 0 0 0 rg BT 484.08 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.02 452.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 534.18 452.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 90.62 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.26 440.10 Td (e ) Tj ET Q q 0 0 0 rg BT 106.42 440.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 129.13 440.10 Td (into ) Tj ET Q q 0 0 0 rg BT 147.41 440.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 197.89 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.40 440.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 234.99 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.05 440.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 289.87 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.37 440.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 325.85 440.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 354.67 440.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 372.40 440.10 Td (through ) Tj ET Q q 0 0 0 rg BT 406.23 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.17 440.10 Td (use ) Tj ET Q q 0 0 0 rg BT 437.22 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.27 440.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 494.86 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.03 440.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 541.95 440.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.14 428.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 138.78 428.10 Td (These ) Tj ET Q q 0 0 0 rg BT 165.32 428.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 200.20 428.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 240.62 428.10 Td (may ) Tj ET Q q 0 0 0 rg BT 260.50 428.10 Td (not ) Tj ET Q q 0 0 0 rg BT 275.94 428.10 Td (work ) Tj ET Q q 0 0 0 rg BT 299.16 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.60 428.10 Td (all ) Tj ET Q q 0 0 0 rg BT 322.26 428.10 Td (market ) Tj ET Q q 0 0 0 rg BT 352.68 428.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 409.78 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.88 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.87 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.97 428.10 Td (result ) Tj ET Q q 0 0 0 rg BT 469.85 428.10 Td (may ) Tj ET Q q 0 0 0 rg BT 489.73 428.10 Td (not ) Tj ET Q q 0 0 0 rg BT 505.17 428.10 Td (be ) Tj ET Q q 0 0 0 rg BT 517.27 428.10 Td (ef) Tj ET Q q 0 0 0 rg BT 524.86 428.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 554.73 428.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 93.11 416.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.37 416.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 146.97 416.10 Td (risk.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (Deterioration/Default ) Tj ET Q q 0 0 0 rg BT 140.08 392.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.29 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.10 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.91 392.10 Td (Deterioration/default ) Tj ET Q q 0 0 0 rg BT 259.57 392.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 277.38 392.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 320.73 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.76 392.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 353.56 392.10 Td (due ) Tj ET Q q 0 0 0 rg BT 370.81 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.40 392.10 Td (an ) Tj ET Q q 0 0 0 rg BT 393.65 392.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 416.58 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.89 392.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 475.23 392.10 Td (or ) Tj ET Q q 0 0 0 rg BT 486.37 392.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 525.83 392.10 Td (failing ) Tj ET Q q 0 0 0 rg BT 554.74 392.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 74.89 380.10 Td (its ) Tj ET Q q 0 0 0 rg BT 86.95 380.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 136.32 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.96 380.10 Td (e ) Tj ET Q q 0 0 0 rg BT 152.02 380.10 Td (are ) Tj ET Q q 0 0 0 rg BT 166.84 380.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 202.22 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.62 380.10 Td (deterioration/default ) Tj ET Q q 0 0 0 rg BT 296.87 380.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 314.48 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.88 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.82 380.10 Td (role ) Tj ET Q q 0 0 0 rg BT 358.99 380.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.93 380.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.99 380.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 407.93 380.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 461.08 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.47 380.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 502.40 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.46 380.10 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 62.43 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 71.47 368.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 101.62 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.55 368.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 159.41 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.45 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.39 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.42 368.10 Td (member ) Tj ET Q q 0 0 0 rg BT 237.79 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.72 368.10 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 296.97 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.01 368.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 352.81 368.10 Td (or) Tj ET Q q 0 0 0 rg BT 360.96 368.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 413.27 368.10 Td (The ) Tj ET Q q 0 0 0 rg BT 433.42 368.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 453.02 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.95 368.10 Td (default ) Tj ET Q q 0 0 0 rg BT 498.31 368.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 535.68 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 368.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 117.98 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.70 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.30 356.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 196.22 356.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 224.15 356.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 249.87 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.59 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.19 356.10 Td (security) Tj ET Q q 0 0 0 rg BT 306.20 356.10 Td (. ) Tj ET Q q 0 0 0 rg BT 310.91 356.10 Td (W) Tj ET Q q 0 0 0 rg BT 319.55 356.10 Td (e ) Tj ET Q q 0 0 0 rg BT 326.37 356.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 361.53 356.10 Td (this ) Tj ET Q q 0 0 0 rg BT 378.36 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 395.75 356.10 Td (by ) Tj ET Q q 0 0 0 rg BT 408.14 356.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 458.30 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.12 356.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 521.95 356.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.99 344.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 106.90 344.10 Td (position ) Tj ET Q q 0 0 0 rg BT 141.18 344.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 166.01 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 179.72 344.10 Td (each ) Tj ET Q q 0 0 0 rg BT 200.08 344.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 252.67 344.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 284.70 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.53 344.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 331.57 344.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 356.94 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.32 344.10 Td (activity) Tj ET Q q 0 0 0 rg BT 396.66 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 401.21 344.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 433.82 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.31 344.10 Td (marking ) Tj ET Q q 0 0 0 rg BT 485.68 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.51 344.10 Td (market ) Tj ET Q q 0 0 0 rg BT 525.32 344.10 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 60.77 332.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 89.25 332.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 138.28 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.99 332.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 199.70 332.10 Td (business ) Tj ET Q q 0 0 0 rg BT 234.86 332.10 Td (through ) Tj ET Q q 0 0 0 rg BT 267.24 332.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 300.72 332.10 Td (or) Tj ET Q q 0 0 0 rg BT 308.87 332.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 358.18 332.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.89 332.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 424.02 332.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 478.32 332.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 495.14 332.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 511.41 332.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 89.69 320.10 Td (also ) Tj ET Q q 0 0 0 rg BT 108.78 320.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 145.06 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.25 320.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 198.22 320.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 216.19 320.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 260.26 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 281.02 320.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 331.77 320.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 391.38 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 412.14 320.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 440.11 320.10 Td (we ) Tj ET Q q 0 0 0 rg BT 454.75 320.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 475.50 320.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 521.78 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.20 320.10 Td (resale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 92.86 308.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 131.52 308.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 154.35 308.10 Td (borrow ) Tj ET Q q 0 0 0 rg BT 184.95 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 195.01 308.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 213.95 308.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 252.60 308.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 300.57 308.10 Td (TBAs ) Tj ET Q q 0 0 0 rg BT 326.19 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.35 308.10 Td (other ) Tj ET Q q 0 0 0 rg BT 364.62 308.10 Td (documented ) Tj ET Q q 0 0 0 rg BT 415.22 308.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 464.72 308.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 516.97 308.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.00 296.10 Td (may ) Tj ET Q q 0 0 0 rg BT 86.71 296.10 Td (give ) Tj ET Q q 0 0 0 rg BT 106.43 296.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 123.37 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.65 296.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 158.91 296.10 Td (exposure. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Collections ) Tj ET Q q 0 0 0 rg BT 98.72 272.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.93 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.60 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.26 272.10 Td (Collections ) Tj ET Q q 0 0 0 rg BT 182.48 272.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 201.14 272.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 227.58 272.10 Td (from ) Tj ET Q q 0 0 0 rg BT 250.68 272.10 Td (inef) Tj ET Q q 0 0 0 rg BT 266.05 272.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 296.91 272.10 Td (management ) Tj ET Q q 0 0 0 rg BT 351.67 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.77 272.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 417.88 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.87 272.10 Td (collecting ) Tj ET Q q 0 0 0 rg BT 472.96 272.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 523.29 272.10 Td (debts ) Tj ET Q q 0 0 0 rg BT 548.07 272.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 97.93 260.10 Td (including ) Tj ET Q q 0 0 0 rg BT 137.19 260.10 Td (those ) Tj ET Q q 0 0 0 rg BT 159.79 260.10 Td (related ) Tj ET Q q 0 0 0 rg BT 188.47 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.74 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.56 260.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 250.70 260.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 280.51 260.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 318.10 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.02 260.10 Td (mar) Tj ET Q q 0 0 0 rg BT 349.39 260.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 363.65 260.10 Td (lending. ) Tj ET Q q 0 0 0 rg BT 397.63 260.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 414.67 260.10 Td (client ) Tj ET Q q 0 0 0 rg BT 438.37 260.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 475.96 260.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 507.44 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.14 260.10 Td (execution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 93.80 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.44 248.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 152.41 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.94 248.10 Td (various ) Tj ET Q q 0 0 0 rg BT 196.58 248.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 250.05 248.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 277.70 248.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 317.00 248.10 Td (are ) Tj ET Q q 0 0 0 rg BT 332.41 248.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 376.15 248.10 Td (on ) Tj ET Q q 0 0 0 rg BT 389.35 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.99 248.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 432.96 248.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 461.71 248.10 Td (payment, ) Tj ET Q q 0 0 0 rg BT 501.85 248.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 522.82 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.35 248.10 Td (mar) Tj ET Q q 0 0 0 rg BT 549.72 248.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 75.14 236.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.83 236.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.73 236.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 158.97 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.89 236.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 220.81 236.10 Td (client ) Tj ET Q q 0 0 0 rg BT 246.16 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 283.19 236.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.00 236.10 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 333.91 236.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.05 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.41 236.10 Td (use ) Tj ET Q q 0 0 0 rg BT 378.88 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.34 236.10 Td (industry-standard ) Tj ET Q q 0 0 0 rg BT 463.47 236.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 499.37 236.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 528.06 236.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.11 224.10 Td (depositories ) Tj ET Q q 0 0 0 rg BT 133.93 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.86 224.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 185.56 224.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 213.89 224.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 241.38 224.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 279.98 224.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 323.57 224.10 Td (with ) Tj ET Q q 0 0 0 rg BT 343.85 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.68 224.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 398.83 224.10 Td (mar) Tj ET Q q 0 0 0 rg BT 414.19 224.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 429.47 224.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 466.95 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.23 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.94 224.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 512.22 224.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.39 224.10 Td (monitored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (daily) Tj ET Q q 0 0 0 rg BT 68.85 212.10 Td (. ) Tj ET Q q 0 0 0 rg BT 73.06 212.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.33 212.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 107.05 212.10 Td (management ) Tj ET Q q 0 0 0 rg BT 159.85 212.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 198.78 212.10 Td (have ) Tj ET Q q 0 0 0 rg BT 219.38 212.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 243.86 212.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.57 212.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 293.39 212.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 342.88 212.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 390.13 212.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.61 212.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 439.11 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.27 212.10 Td (collateralization ) Tj ET Q q 0 0 0 rg BT 521.39 212.10 Td (thresholds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 79.49 200.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 122.54 200.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 158.37 200.10 Td (mar) Tj ET Q q 0 0 0 rg BT 173.73 200.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 189.01 200.10 Td (lending.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 108.75 176.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.97 176.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.45 176.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.93 176.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 197.05 176.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 213.53 176.10 Td (is ) Tj ET Q q 0 0 0 rg BT 221.68 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.38 176.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 251.86 176.10 Td (due ) Tj ET Q q 0 0 0 rg BT 267.77 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.03 176.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 329.59 176.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 367.16 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.42 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.34 176.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 422.13 176.10 Td (product; ) Tj ET Q q 0 0 0 rg BT 456.93 176.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 498.96 176.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 521.89 176.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.87 176.10 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.75 164.10 Td (counterparty; ) Tj ET Q q 0 0 0 rg BT 114.99 164.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 151.89 164.10 Td (instrument; ) Tj ET Q q 0 0 0 rg BT 199.36 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.62 164.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 255.96 164.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 276.89 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 285.53 164.10 Td (e ) Tj ET Q q 0 0 0 rg BT 291.89 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 306.02 164.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 336.27 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.97 164.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 402.31 164.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 419.24 164.10 Td (if ) Tj ET Q q 0 0 0 rg BT 427.27 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 440.85 164.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 460.55 164.10 Td (lar) Tj ET Q q 0 0 0 rg BT 470.92 164.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 482.28 164.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 524.75 164.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 92.28 152.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 126.98 152.10 Td (lar) Tj ET Q q 0 0 0 rg BT 137.35 152.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 150.95 152.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 202.88 152.10 Td (with ) Tj ET Q q 0 0 0 rg BT 224.83 152.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 269.54 152.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 330.35 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 342.85 152.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 374.24 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.73 152.10 Td (related ) Tj ET Q q 0 0 0 rg BT 418.10 152.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 481.41 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.90 152.10 Td (make ) Tj ET Q q 0 0 0 rg BT 519.72 152.10 Td (substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 103.01 140.10 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 161.80 140.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 220.30 140.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 237.16 140.10 Td (can ) Tj ET Q q 0 0 0 rg BT 252.89 140.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 276.95 140.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.80 140.10 Td (industry) Tj ET Q q 0 0 0 rg BT 320.93 140.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.28 140.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 371.56 140.10 Td (area ) Tj ET Q q 0 0 0 rg BT 390.06 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.24 140.10 Td (type ) Tj ET Q q 0 0 0 rg BT 419.31 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.49 140.10 Td (client. ) Tj ET Q q 0 0 0 rg BT 456.06 140.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 497.34 140.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 539.73 140.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 98.32 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.39 128.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 134.34 128.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 165.40 128.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 205.91 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.53 128.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 258.58 128.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 286.87 128.10 Td (by ) Tj ET Q q 0 0 0 rg BT 300.16 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.67 128.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 336.74 128.10 Td (government ) Tj ET Q q 0 0 0 rg BT 387.79 128.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.41 128.10 Td (its ) Tj ET Q q 0 0 0 rg BT 412.15 128.10 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 452.13 128.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.97 128.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 530.90 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.96 128.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.15 116.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 134.26 116.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.58 116.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 182.36 116.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 212.79 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.24 116.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 243.14 116.10 Td (government ) Tj ET Q q 0 0 0 rg BT 293.02 116.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 332.90 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.46 116.10 Td (major ) Tj ET Q q 0 0 0 rg BT 374.90 116.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.00 116.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 461.07 116.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 502.07 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 116.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.84 104.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 113.72 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.38 104.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 189.05 104.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 216.43 104.10 Td (including ) Tj ET Q q 0 0 0 rg BT 257.42 104.10 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 318.69 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 339.14 104.10 Td (result ) Tj ET Q q 0 0 0 rg BT 364.58 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.58 104.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 414.90 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.90 104.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 469.68 104.10 Td (issuers ) Tj ET Q q 0 0 0 rg BT 500.13 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.79 104.10 Td (businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (Potential ) Tj ET Q q 0 0 0 rg BT 87.92 92.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 145.21 92.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 163.08 92.10 Td (is ) Tj ET Q q 0 0 0 rg BT 172.63 92.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 211.03 92.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 255.00 92.10 Td (through ) Tj ET Q q 0 0 0 rg BT 288.98 92.10 Td (review ) Tj ET Q q 0 0 0 rg BT 319.06 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.26 92.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 389.77 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.08 92.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 450.50 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.81 92.10 Td (is ) Tj ET Q q 0 0 0 rg BT 477.35 92.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 516.31 92.10 Td (through ) Tj ET Q q 0 0 0 rg BT 550.29 92.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.33 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 80.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 109.76 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.70 80.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 151.99 80.10 Td (established ) Tj ET Q q 0 0 0 rg BT 198.92 80.10 Td (by ) Tj ET Q q 0 0 0 rg BT 211.42 80.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 238.36 80.10 Td (management. ) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.38 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.06 740.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 140.94 740.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 194.28 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 219.84 740.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 258.74 740.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.32 740.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.87 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.67 740.10 Td (non-publicly ) Tj ET Q q 0 0 0 rg BT 351.58 740.10 Td (rated ) Tj ET Q q 0 0 0 rg BT 374.37 740.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 406.05 740.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.41 740.10 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 464.71 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.60 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.40 740.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.42 740.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.70 728.10 Td (This ) Tj ET Q q 0 0 0 rg BT 95.39 728.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 148.83 728.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.51 728.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 213.52 728.10 Td (is ) Tj ET Q q 0 0 0 rg BT 223.10 728.10 Td (part ) Tj ET Q q 0 0 0 rg BT 241.56 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.80 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.04 728.10 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 329.16 728.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 372.05 728.10 Td (program ) Tj ET Q q 0 0 0 rg BT 408.84 728.10 Td (related ) Tj ET Q q 0 0 0 rg BT 438.95 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.64 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.88 728.10 Td (public ) Tj ET Q q 0 0 0 rg BT 493.79 728.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 526.13 728.10 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 92.10 716.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 131.37 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.74 716.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.23 716.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.26 716.10 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 219.25 716.10 Td (One ) Tj ET Q q 0 0 0 rg BT 237.96 716.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 279.99 716.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 332.57 716.10 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 716.10 Td (68.7 ) Tj ET Q q 0 0 0 rg BT 394.70 716.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.13 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.67 716.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 716.10 Td ($15.6 ) Tj ET Q q 0 0 0 rg BT 463.60 716.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.49 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.04 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.42 716.10 Td (this ) Tj ET Q q 0 0 0 rg BT 523.92 716.10 Td (exposure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.81 704.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 115.22 704.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 158.62 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 178.71 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.36 704.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 236.65 704.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 295.60 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 304.58 704.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 332.44 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 344.75 704.10 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 410.92 704.10 Td (market ) Tj ET Q q 0 0 0 rg BT 440.99 704.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 489.41 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.50 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.03 704.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 530.22 704.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.19 704.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.13 692.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.98 692.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 113.38 692.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 136.35 692.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 174.86 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.72 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 200.80 692.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 244.32 692.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 282.83 692.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.25 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.99 692.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.39 692.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 365.81 692.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 412.75 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 421.39 692.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.25 692.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 460.65 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.85 692.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 511.03 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.66 692.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 550.84 692.10 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (repayment\) ) Tj ET Q q 0 0 0 rg BT 99.66 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 119.29 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.70 680.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 176.31 680.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 227.60 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.23 680.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 279.63 680.10 Td (into ) Tj ET Q q 0 0 0 rg BT 299.81 680.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 352.20 680.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.61 680.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 428.12 680.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 489.39 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 509.02 680.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.85 680.10 Td (reviewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 99.76 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 112.26 668.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 139.20 668.10 Td (management.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 101.45 644.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 98.93 620.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.16 620.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.05 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.50 620.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.72 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.28 620.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 187.57 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.12 620.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 231.44 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.45 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.00 620.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 302.27 620.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 339.50 620.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.16 620.10 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 406.70 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.25 620.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 442.24 620.10 Td (processes, ) Tj ET Q q 0 0 0 rg BT 485.29 620.10 Td (people ) Tj ET Q q 0 0 0 rg BT 514.17 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.84 620.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.30 608.10 Td (from ) Tj ET Q q 0 0 0 rg BT 82.21 608.10 Td (external ) Tj ET Q q 0 0 0 rg BT 116.89 608.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 147.23 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.87 608.10 Td (e ) Tj ET Q q 0 0 0 rg BT 162.78 608.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 180.80 608.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.27 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.96 608.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 235.99 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.79 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.60 608.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 307.83 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.74 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.55 608.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 377.19 608.10 Td (both ) Tj ET Q q 0 0 0 rg BT 397.44 608.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 430.46 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.37 608.10 Td (at ) Tj ET Q q 0 0 0 rg BT 457.06 608.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 497.29 608.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 528.08 608.10 Td (operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.65 596.10 Td (third ) Tj ET Q q 0 0 0 rg BT 82.68 596.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 113.98 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.91 596.10 Td (process ) Tj ET Q q 0 0 0 rg BT 156.05 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.63 596.10 Td (lar) Tj ET Q q 0 0 0 rg BT 173.00 596.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 184.59 596.10 Td (number ) Tj ET Q q 0 0 0 rg BT 217.28 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.76 596.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 280.17 596.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 297.87 596.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 331.69 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 351.05 596.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 366.52 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.45 596.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 408.02 596.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 444.04 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.52 596.10 Td (become ) Tj ET Q q 0 0 0 rg BT 487.76 596.10 Td (disabled ) Tj ET Q q 0 0 0 rg BT 523.24 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.71 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.30 596.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.79 584.10 Td (events ) Tj ET Q q 0 0 0 rg BT 89.29 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.25 584.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.42 584.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 153.15 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 164.44 584.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 200.72 584.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 233.12 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.41 584.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 283.19 584.10 Td (In ) Tj ET Q q 0 0 0 rg BT 294.48 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.66 584.10 Td (event ) Tj ET Q q 0 0 0 rg BT 334.27 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.56 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.96 584.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 400.34 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.63 584.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 451.25 584.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 491.97 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.26 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.55 584.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 554.18 584.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 88.33 572.10 Td (action ) Tj ET Q q 0 0 0 rg BT 114.94 572.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.12 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.63 572.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 187.57 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.08 572.10 Td (third ) Tj ET Q q 0 0 0 rg BT 219.14 572.10 Td (party ) Tj ET Q q 0 0 0 rg BT 241.87 572.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 278.21 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 292.04 572.10 Td (could ) Tj ET Q q 0 0 0 rg BT 316.44 572.10 Td (suf) Tj ET Q q 0 0 0 rg BT 328.48 572.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 341.76 572.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.91 572.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 399.15 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.77 572.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 448.50 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.01 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.52 572.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 521.42 572.10 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 88.61 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.94 560.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 137.92 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.59 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.81 560.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 207.61 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 216.25 560.10 Td (e ) Tj ET Q q 0 0 0 rg BT 222.58 560.10 Td (also ) Tj ET Q q 0 0 0 rg BT 240.58 560.10 Td (face ) Tj ET Q q 0 0 0 rg BT 259.11 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.22 560.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 290.11 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.33 560.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 347.20 560.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 375.19 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.41 560.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 433.40 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.62 560.10 Td (any ) Tj ET Q q 0 0 0 rg BT 459.95 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.17 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.28 560.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 530.32 560.10 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (houses, ) Tj ET Q q 0 0 0 rg BT 81.94 548.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 103.55 548.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 143.49 548.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 178.41 548.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 204.74 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.79 548.10 Td (other ) Tj ET Q q 0 0 0 rg BT 239.06 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.76 548.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 336.68 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.06 548.10 Td (use ) Tj ET Q q 0 0 0 rg BT 367.11 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.61 548.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 415.31 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.36 548.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.85 548.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 524.23 548.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 544.17 548.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 78.09 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 88.92 536.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 137.52 536.10 Td (could ) Tj ET Q q 0 0 0 rg BT 162.24 536.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 203.05 536.10 Td (af) Tj ET Q q 0 0 0 rg BT 210.64 536.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 228.13 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.96 536.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 272.01 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.29 536.10 Td (ef) Tj ET Q q 0 0 0 rg BT 289.88 536.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 307.36 536.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 357.63 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.56 536.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 408.16 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.99 536.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 462.59 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.86 536.10 Td (risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.65 512.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 113.91 512.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 133.05 512.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.65 512.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 175.79 512.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 224.66 512.10 Td (storage ) Tj ET Q q 0 0 0 rg BT 257.14 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.18 512.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 329.33 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.26 512.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 392.62 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.66 512.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.81 512.10 Td (information ) Tj ET Q q 0 0 0 rg BT 485.62 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.00 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.93 512.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 548.07 512.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 96.33 500.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 137.04 500.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 171.66 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.05 500.10 Td (networks. ) Tj ET Q q 0 0 0 rg BT 231.16 500.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 249.66 500.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 290.37 500.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 327.49 500.10 Td (software ) Tj ET Q q 0 0 0 rg BT 364.87 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.25 500.10 Td (networks ) Tj ET Q q 0 0 0 rg BT 421.86 500.10 Td (may ) Tj ET Q q 0 0 0 rg BT 442.03 500.10 Td (be ) Tj ET Q q 0 0 0 rg BT 454.42 500.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 499.57 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.30 500.10 Td (unauthorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 79.53 488.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 119.28 488.10 Td (viruses ) Tj ET Q q 0 0 0 rg BT 149.60 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 159.93 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.46 488.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 223.34 488.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 246.71 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.13 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 285.67 488.10 Td (events ) Tj ET Q q 0 0 0 rg BT 313.21 488.10 Td (that ) Tj ET Q q 0 0 0 rg BT 330.20 488.10 Td (could ) Tj ET Q q 0 0 0 rg BT 354.41 488.10 Td (have ) Tj ET Q q 0 0 0 rg BT 375.27 488.10 Td (an ) Tj ET Q q 0 0 0 rg BT 386.70 488.10 Td (information ) Tj ET Q q 0 0 0 rg BT 435.91 488.10 Td (security ) Tj ET Q q 0 0 0 rg BT 469.55 488.10 Td (impact. ) Tj ET Q q 0 0 0 rg BT 501.11 488.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.65 488.10 Td (occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.15 476.10 Td (one ) Tj ET Q q 0 0 0 rg BT 76.90 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 87.55 476.10 Td (more ) Tj ET Q q 0 0 0 rg BT 110.41 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.06 476.10 Td (these ) Tj ET Q q 0 0 0 rg BT 143.92 476.10 Td (events ) Tj ET Q q 0 0 0 rg BT 171.79 476.10 Td (could ) Tj ET Q q 0 0 0 rg BT 196.32 476.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 240.28 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.93 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.57 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.22 476.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 312.44 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 323.09 476.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 383.85 476.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 433.92 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.68 476.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.54 476.10 Td (information ) Tj ET Q q 0 0 0 rg BT 523.07 476.10 Td (processed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.62 464.10 Td (stored ) Tj ET Q q 0 0 0 rg BT 93.74 464.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 106.70 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.83 464.10 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 171.50 464.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 207.79 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.80 464.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 264.25 464.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 298.60 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.73 464.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 357.57 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.58 464.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 410.14 464.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 435.03 464.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 488.82 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 499.83 464.10 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 554.73 464.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (our) Tj ET Q q 0 0 0 rg BT 62.43 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 68.23 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 84.87 452.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 118.58 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.21 452.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 196.96 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.60 452.10 Td (third ) Tj ET Q q 0 0 0 rg BT 230.79 452.10 Td (parties' ) Tj ET Q q 0 0 0 rg BT 262.55 452.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 309.77 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 318.41 452.10 Td (e ) Tj ET Q q 0 0 0 rg BT 326.15 452.10 Td (take ) Tj ET Q q 0 0 0 rg BT 346.11 452.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 389.40 452.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 429.91 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.65 452.10 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 487.60 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.68 452.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 530.88 452.10 Td (them ) Tj ET Q q 0 0 0 rg BT 554.17 452.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 108.64 440.10 Td (warrant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.00 416.10 Td (order ) Tj ET Q q 0 0 0 rg BT 85.26 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.20 416.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 132.14 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.74 416.10 Td (control ) Tj ET Q q 0 0 0 rg BT 181.23 416.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 229.38 416.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 250.04 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.87 416.10 Td (have ) Tj ET Q q 0 0 0 rg BT 286.91 416.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 331.17 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.78 416.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 386.37 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.32 416.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 433.24 416.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 467.51 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.11 416.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 532.14 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.30 416.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 86.59 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.91 404.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 128.55 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.53 404.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 177.16 404.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 223.68 404.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 240.23 404.10 Td (at ) Tj ET Q q 0 0 0 rg BT 248.98 404.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 296.06 404.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 320.92 404.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 366.35 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.11 404.10 Td (or) Tj ET Q q 0 0 0 rg BT 388.25 404.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 433.83 404.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.47 404.10 Td (e ) Tj ET Q q 0 0 0 rg BT 448.45 404.10 Td (also ) Tj ET Q q 0 0 0 rg BT 466.10 404.10 Td (have ) Tj ET Q q 0 0 0 rg BT 486.52 404.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.95 404.10 Td (continuity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 73.06 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.29 392.10 Td (place ) Tj ET Q q 0 0 0 rg BT 106.83 392.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.28 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.39 392.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 169.71 392.10 Td (will ) Tj ET Q q 0 0 0 rg BT 187.72 392.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 212.37 392.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 242.58 392.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 283.35 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 295.80 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.69 392.10 Td (company-wide ) Tj ET Q q 0 0 0 rg BT 364.57 392.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 389.52 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.40 392.10 Td (redundancies ) Tj ET Q q 0 0 0 rg BT 461.61 392.10 Td (are ) Tj ET Q q 0 0 0 rg BT 476.27 392.10 Td (built ) Tj ET Q q 0 0 0 rg BT 497.05 392.10 Td (into ) Tj ET Q q 0 0 0 rg BT 515.06 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.84 392.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.53 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 74.89 380.10 Td (have ) Tj ET Q q 0 0 0 rg BT 96.47 380.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 130.26 380.10 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 180.80 380.10 Td (These ) Tj ET Q q 0 0 0 rg BT 207.38 380.10 Td (control ) Tj ET Q q 0 0 0 rg BT 238.40 380.10 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 290.54 380.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 323.23 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.70 380.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 362.50 380.10 Td (that ) Tj ET Q q 0 0 0 rg BT 380.20 380.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 427.88 380.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 461.68 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.82 380.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 525.39 380.10 Td (are ) Tj ET Q q 0 0 0 rg BT 540.30 380.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 87.55 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.49 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 121.98 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.81 368.10 Td (various ) Tj ET Q q 0 0 0 rg BT 169.75 368.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 214.47 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.18 368.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.44 368.10 Td (within ) Tj ET Q q 0 0 0 rg BT 297.50 368.10 Td (established ) Tj ET Q q 0 0 0 rg BT 344.43 368.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 384.69 368.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 418.29 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.23 368.10 Td (limits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.53 344.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 85.73 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.09 344.10 Td (will ) Tj ET Q q 0 0 0 rg BT 118.34 344.10 Td (be ) Tj ET Q q 0 0 0 rg BT 130.48 344.10 Td (migrating ) Tj ET Q q 0 0 0 rg BT 172.06 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.54 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 189.68 344.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 211.26 344.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 251.18 344.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 286.08 344.10 Td (model ) Tj ET Q q 0 0 0 rg BT 313.78 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.13 344.10 Td (all ) Tj ET Q q 0 0 0 rg BT 340.83 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.86 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.89 344.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 406.68 344.10 Td (self ) Tj ET Q q 0 0 0 rg BT 423.82 344.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 458.72 344.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 505.38 344.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 344.10 Td (migration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (process ) Tj ET Q q 0 0 0 rg BT 82.07 332.10 Td (introduces ) Tj ET Q q 0 0 0 rg BT 126.30 332.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 156.09 332.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 177.56 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.13 332.10 Td (could ) Tj ET Q q 0 0 0 rg BT 219.93 332.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 244.71 332.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 291.74 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.09 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.00 332.10 Td (business ) Tj ET Q q 0 0 0 rg BT 354.47 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 365.38 332.10 Td (create ) Tj ET Q q 0 0 0 rg BT 391.82 332.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.94 332.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 463.05 332.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 492.28 332.10 Td (char) Tj ET Q q 0 0 0 rg BT 509.30 332.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 525.21 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 536.12 332.10 Td (losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 320.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.56 320.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.43 320.10 Td (preventative ) Tj ET Q q 0 0 0 rg BT 136.83 320.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 176.03 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.79 320.10 Td (place, ) Tj ET Q q 0 0 0 rg BT 211.38 320.10 Td (including ) Tj ET Q q 0 0 0 rg BT 251.14 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.56 320.10 Td (project ) Tj ET Q q 0 0 0 rg BT 287.31 320.10 Td (governance ) Tj ET Q q 0 0 0 rg BT 335.38 320.10 Td (committee ) Tj ET Q q 0 0 0 rg BT 379.58 320.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 423.22 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.54 320.10 Td (members ) Tj ET Q q 0 0 0 rg BT 472.18 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.50 320.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 508.92 320.10 Td (management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.04 308.10 Td (well ) Tj ET Q q 0 0 0 rg BT 79.48 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 90.02 308.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 116.67 308.10 Td (management ) Tj ET Q q 0 0 0 rg BT 169.98 308.10 Td (at ) Tj ET Q q 0 0 0 rg BT 179.41 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.95 308.10 Td (third ) Tj ET Q q 0 0 0 rg BT 216.05 308.10 Td (party ) Tj ET Q q 0 0 0 rg BT 238.81 308.10 Td (partner) Tj ET Q q 0 0 0 rg BT 266.58 308.10 Td (. ) Tj ET Q q 0 0 0 rg BT 271.29 308.10 Td (In ) Tj ET Q q 0 0 0 rg BT 281.84 308.10 Td (order ) Tj ET Q q 0 0 0 rg BT 305.15 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.14 308.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 350.13 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.78 308.10 Td (control ) Tj ET Q q 0 0 0 rg BT 397.32 308.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 444.51 308.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 461.73 308.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 496.70 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.70 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.13 308.10 Td (migration, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 65.55 296.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.82 296.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 134.31 296.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 182.57 296.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 218.05 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.22 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.83 296.10 Td (project ) Tj ET Q q 0 0 0 rg BT 278.99 296.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 346.14 296.10 Td (process, ) Tj ET Q q 0 0 0 rg BT 383.03 296.10 Td (including ) Tj ET Q q 0 0 0 rg BT 425.19 296.10 Td (parallel ) Tj ET Q q 0 0 0 rg BT 459.56 296.10 Td (system ) Tj ET Q q 0 0 0 rg BT 491.73 296.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 540.28 296.10 Td (mock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 96.53 284.10 Td (testing, ) Tj ET Q q 0 0 0 rg BT 128.85 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.44 284.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 182.38 284.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 229.97 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.57 284.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 287.38 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.31 284.10 Td (members ) Tj ET Q q 0 0 0 rg BT 338.12 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.60 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.97 284.10 Td (project ) Tj ET Q q 0 0 0 rg BT 395.89 284.10 Td (governance ) Tj ET Q q 0 0 0 rg BT 445.13 284.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 492.76 284.10 Td (W) Tj ET Q q 0 0 0 rg BT 501.40 284.10 Td (e ) Tj ET Q q 0 0 0 rg BT 508.99 284.10 Td (also ) Tj ET Q q 0 0 0 rg BT 528.26 284.10 Td (have ) Tj ET Q q 0 0 0 rg BT 550.29 284.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 77.55 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.83 272.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 115.33 272.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 157.82 272.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 194.20 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.03 272.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 245.30 272.10 Td (from ) Tj ET Q q 0 0 0 rg BT 267.23 272.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 301.40 272.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 338.88 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.16 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.88 272.10 Td (event ) Tj ET Q q 0 0 0 rg BT 388.04 272.10 Td (unknown ) Tj ET Q q 0 0 0 rg BT 427.76 272.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 456.91 272.10 Td (char) Tj ET Q q 0 0 0 rg BT 473.93 272.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 489.76 272.10 Td (arise.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (Human Capital Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.82 224.10 Td (business ) Tj ET Q q 0 0 0 rg BT 102.48 224.10 Td (is ) Tj ET Q q 0 0 0 rg BT 110.92 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.12 224.10 Td (human ) Tj ET Q q 0 0 0 rg BT 146.11 224.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 174.52 224.10 Td (business ) Tj ET Q q 0 0 0 rg BT 210.18 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.39 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.49 224.10 Td (success ) Tj ET Q q 0 0 0 rg BT 273.25 224.10 Td (is ) Tj ET Q q 0 0 0 rg BT 281.68 224.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 324.54 224.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 346.31 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.30 224.10 Td (skills, ) Tj ET Q q 0 0 0 rg BT 385.68 224.10 Td (expertise ) Tj ET Q q 0 0 0 rg BT 423.54 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.75 224.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 492.04 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.14 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.23 224.10 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Human ) Tj ET Q q 0 0 0 rg BT 81.58 212.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 110.87 212.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 132.40 212.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 171.68 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.53 212.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 208.06 212.10 Td (posed ) Tj ET Q q 0 0 0 rg BT 234.03 212.10 Td (if ) Tj ET Q q 0 0 0 rg BT 242.78 212.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.08 212.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 273.04 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.46 212.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 311.08 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.15 212.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 353.55 212.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 391.73 212.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 438.82 212.10 Td (who ) Tj ET Q q 0 0 0 rg BT 458.68 212.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.52 212.10 Td (motivated ) Tj ET Q q 0 0 0 rg BT 516.15 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.57 212.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 550.30 212.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (best ) Tj ET Q q 0 0 0 rg BT 67.65 200.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 103.02 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.39 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.76 200.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 159.40 200.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 191.43 200.10 Td (serving ) Tj ET Q q 0 0 0 rg BT 222.91 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.17 200.10 Td (best ) Tj ET Q q 0 0 0 rg BT 255.32 200.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 290.68 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.05 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.42 200.10 Td (company) Tj ET Q q 0 0 0 rg BT 352.43 200.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.52 200.10 Td (Attracting ) Tj ET Q q 0 0 0 rg BT 399.10 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.58 200.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 453.17 200.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 497.97 200.10 Td (depends, ) Tj ET Q q 0 0 0 rg BT 535.28 200.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.39 188.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 101.68 188.10 Td (on ) Tj ET Q q 0 0 0 rg BT 114.02 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.70 188.10 Td (company's ) Tj ET Q q 0 0 0 rg BT 174.39 188.10 Td (culture, ) Tj ET Q q 0 0 0 rg BT 206.99 188.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 262.93 188.10 Td (work ) Tj ET Q q 0 0 0 rg BT 285.82 188.10 Td (environment, ) Tj ET Q q 0 0 0 rg BT 341.21 188.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 387.97 188.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 426.42 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.20 188.10 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 503.41 188.10 Td (There ) Tj ET Q q 0 0 0 rg BT 529.07 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 543.62 188.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.09 176.10 Td (with ) Tj ET Q q 0 0 0 rg BT 113.37 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.09 176.10 Td (proper ) Tj ET Q q 0 0 0 rg BT 156.69 176.10 Td (recruitment, ) Tj ET Q q 0 0 0 rg BT 207.78 176.10 Td (development ) Tj ET Q q 0 0 0 rg BT 261.93 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.87 176.10 Td (rewards ) Tj ET Q q 0 0 0 rg BT 313.02 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.85 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.68 176.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 384.94 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.22 176.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 423.82 176.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 454.09 176.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 507.11 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.05 176.10 Td (retention.) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (60) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Legal and Regulatory Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Legal ) Tj ET Q q 0 0 0 rg BT 75.00 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.18 716.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 136.01 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 153.75 716.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 189.81 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.77 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 222.51 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.57 716.25 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 300.73 716.25 Td (with ) Tj ET Q q 0 0 0 rg BT 321.25 716.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 365.08 716.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 387.25 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.42 716.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 448.26 716.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 503.20 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.37 716.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 538.67 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.19 716.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 91.83 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 105.27 704.25 Td (may ) Tj ET Q q 0 0 0 rg BT 124.28 704.25 Td (suf) Tj ET Q q 0 0 0 rg BT 136.32 704.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 149.20 704.25 Td (as ) Tj ET Q q 0 0 0 rg BT 159.32 704.25 Td (a ) Tj ET Q q 0 0 0 rg BT 165.54 704.25 Td (result ) Tj ET Q q 0 0 0 rg BT 189.55 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.66 704.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 227.54 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 237.11 704.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 268.89 704.25 Td (with ) Tj ET Q q 0 0 0 rg BT 288.45 704.25 Td (laws, ) Tj ET Q q 0 0 0 rg BT 311.07 704.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 359.79 704.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 383.51 704.25 Td (related ) Tj ET Q q 0 0 0 rg BT 412.50 704.25 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 473.15 704.25 Td (or) Tj ET Q q 0 0 0 rg BT 481.30 704.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 524.74 704.25 Td (standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.28 692.25 Td (codes ) Tj ET Q q 0 0 0 rg BT 89.39 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 99.06 692.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 132.05 692.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 174.48 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 183.60 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 198.27 692.25 Td (business ) Tj ET Q q 0 0 0 rg BT 233.50 692.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 273.34 692.25 Td (W) Tj ET Q q 0 0 0 rg BT 281.97 692.25 Td (e ) Tj ET Q q 0 0 0 rg BT 287.75 692.25 Td (are ) Tj ET Q q 0 0 0 rg BT 301.30 692.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 339.84 692.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 369.50 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 378.62 692.25 Td (extensive ) Tj ET Q q 0 0 0 rg BT 417.73 692.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 459.61 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 468.72 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.28 692.25 Td (various ) Tj ET Q q 0 0 0 rg BT 513.06 692.25 Td (jurisdictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.00 680.25 Td (which ) Tj ET Q q 0 0 0 rg BT 85.17 680.25 Td (we ) Tj ET Q q 0 0 0 rg BT 98.55 680.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 131.93 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.99 680.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 184.98 680.25 Td (W) Tj ET Q q 0 0 0 rg BT 193.62 680.25 Td (e ) Tj ET Q q 0 0 0 rg BT 199.78 680.25 Td (have ) Tj ET Q q 0 0 0 rg BT 220.38 680.25 Td (established ) Tj ET Q q 0 0 0 rg BT 266.54 680.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 312.13 680.25 Td (that ) Tj ET Q q 0 0 0 rg BT 328.85 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 342.79 680.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 380.06 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.56 680.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 417.39 680.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 465.20 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 484.70 680.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 527.52 680.25 Td (statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.21 668.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 109.57 668.25 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 166.54 668.25 Td (such ) Tj ET Q q 0 0 0 rg BT 187.13 668.25 Td (as ) Tj ET Q q 0 0 0 rg BT 197.73 668.25 Td (public ) Tj ET Q q 0 0 0 rg BT 224.99 668.25 Td (company ) Tj ET Q q 0 0 0 rg BT 263.91 668.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 302.84 668.25 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 352.05 668.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 395.41 668.25 Td (net ) Tj ET Q q 0 0 0 rg BT 409.89 668.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 438.81 668.25 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 495.78 668.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 517.48 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.19 668.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (practices, ) Tj ET Q q 0 0 0 rg BT 89.57 656.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 126.60 656.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 163.07 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.44 656.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 207.41 656.25 Td (use ) Tj ET Q q 0 0 0 rg BT 222.78 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 239.26 656.25 Td (safekeeping ) Tj ET Q q 0 0 0 rg BT 289.05 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 299.42 656.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 338.11 656.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 362.37 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.85 656.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 421.15 656.25 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 468.73 656.25 Td (laundering, ) Tj ET Q q 0 0 0 rg BT 516.04 656.25 Td (privacy ) Tj ET Q q 0 0 0 rg BT 548.06 656.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (recordkeeping. ) Tj ET Q q 0 0 0 rg BT 111.71 644.25 Td (W) Tj ET Q q 0 0 0 rg BT 120.35 644.25 Td (e ) Tj ET Q q 0 0 0 rg BT 127.50 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 149.10 644.25 Td (also ) Tj ET Q q 0 0 0 rg BT 167.92 644.25 Td (established ) Tj ET Q q 0 0 0 rg BT 215.07 644.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 261.66 644.25 Td (that ) Tj ET Q q 0 0 0 rg BT 279.37 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 294.29 644.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 332.55 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.05 644.25 Td (require ) Tj ET Q q 0 0 0 rg BT 374.08 644.25 Td (that ) Tj ET Q q 0 0 0 rg BT 391.79 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 407.84 644.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 441.66 644.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 474.92 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.41 644.25 Td (ethics ) Tj ET Q q 0 0 0 rg BT 511.45 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.61 644.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 83.79 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 98.63 632.25 Td (followed. ) Tj ET Q q 0 0 0 rg BT 139.11 632.25 Td (The ) Tj ET Q q 0 0 0 rg BT 157.29 632.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 179.36 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.43 632.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 240.15 632.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 264.45 632.25 Td (on ) Tj ET Q q 0 0 0 rg BT 277.08 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.93 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 329.54 632.25 Td (services ) Tj ET Q q 0 0 0 rg BT 364.38 632.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 399.79 632.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 435.19 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 442.26 632.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 487.66 632.25 Td (business ) Tj ET Q q 0 0 0 rg BT 524.19 632.25 Td (challenge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 620.25 Td (us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.25 596.25 Td (business ) Tj ET Q q 0 0 0 rg BT 103.34 596.25 Td (also ) Tj ET Q q 0 0 0 rg BT 121.65 596.25 Td (subjects ) Tj ET Q q 0 0 0 rg BT 156.06 596.25 Td (us ) Tj ET Q q 0 0 0 rg BT 167.15 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.13 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.55 596.25 Td (complex ) Tj ET Q q 0 0 0 rg BT 228.18 596.25 Td (income ) Tj ET Q q 0 0 0 rg BT 259.81 596.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.23 596.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 294.76 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.28 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.70 596.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 371.34 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 381.32 596.25 Td (which ) Tj ET Q q 0 0 0 rg BT 407.96 596.25 Td (we ) Tj ET Q q 0 0 0 rg BT 421.81 596.25 Td (have ) Tj ET Q q 0 0 0 rg BT 442.89 596.25 Td (business ) Tj ET Q q 0 0 0 rg BT 478.98 596.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 525.33 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 596.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.78 584.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 86.18 584.25 Td (may ) Tj ET Q q 0 0 0 rg BT 106.47 584.25 Td (be ) Tj ET Q q 0 0 0 rg BT 118.97 584.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.37 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 161.21 584.25 Td (dif) Tj ET Q q 0 0 0 rg BT 172.14 584.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 198.52 584.25 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 259.35 584.25 Td (by ) Tj ET Q q 0 0 0 rg BT 272.42 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.70 584.25 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 325.19 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.70 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.99 584.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 393.26 584.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 451.30 584.25 Td (taxing ) Tj ET Q q 0 0 0 rg BT 479.37 584.25 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 526.92 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 535.56 584.25 Td (e ) Tj ET Q q 0 0 0 rg BT 543.07 584.25 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (make ) Tj ET Q q 0 0 0 rg BT 73.92 572.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 118.35 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 572.25 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 196.08 572.25 Td (about ) Tj ET Q q 0 0 0 rg BT 221.06 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 572.25 Td (application ) Tj ET Q q 0 0 0 rg BT 283.24 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.34 572.25 Td (these ) Tj ET Q q 0 0 0 rg BT 317.65 572.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 360.96 572.25 Td (complex ) Tj ET Q q 0 0 0 rg BT 398.16 572.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 413.14 572.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 434.24 572.25 Td (when ) Tj ET Q q 0 0 0 rg BT 458.67 572.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 509.75 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.73 572.25 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 560.25 Td (income ) Tj ET Q q 0 0 0 rg BT 95.59 560.25 Td (taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (Effects of Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.49 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.00 512.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 126.51 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 140.90 512.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 166.41 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.03 512.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 222.41 512.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 266.25 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 276.20 512.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 305.87 512.25 Td (they ) Tj ET Q q 0 0 0 rg BT 325.27 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 339.65 512.25 Td (not ) Tj ET Q q 0 0 0 rg BT 354.61 512.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 406.78 512.25 Td (af) Tj ET Q q 0 0 0 rg BT 414.37 512.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 440.97 512.25 Td (by ) Tj ET Q q 0 0 0 rg BT 453.15 512.25 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 491.71 512.25 Td (However) Tj ET Q q 0 0 0 rg BT 527.96 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 532.64 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 547.03 512.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 500.25 Td (inflation ) Tj ET Q q 0 0 0 rg BT 96.75 500.25 Td (af) Tj ET Q q 0 0 0 rg BT 104.34 500.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 125.49 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 141.09 500.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 181.96 500.25 Td (such ) Tj ET Q q 0 0 0 rg BT 202.56 500.25 Td (as ) Tj ET Q q 0 0 0 rg BT 213.16 500.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 254.30 500.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 314.61 500.25 Td (of) Tj ET Q q 0 0 0 rg BT 322.76 500.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 340.02 500.25 Td (space ) Tj ET Q q 0 0 0 rg BT 364.50 500.25 Td (leasing ) Tj ET Q q 0 0 0 rg BT 395.09 500.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 417.36 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.07 500.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 502.44 500.25 Td (char) Tj ET Q q 0 0 0 rg BT 519.47 500.25 Td (ges, ) Tj ET Q q 0 0 0 rg BT 537.57 500.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.45 488.25 Td (not ) Tj ET Q q 0 0 0 rg BT 84.46 488.25 Td (be ) Tj ET Q q 0 0 0 rg BT 96.13 488.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 126.12 488.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 174.98 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.99 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.44 488.25 Td (price ) Tj ET Q q 0 0 0 rg BT 221.65 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.21 488.25 Td (services ) Tj ET Q q 0 0 0 rg BT 266.65 488.25 Td (we ) Tj ET Q q 0 0 0 rg BT 280.54 488.25 Td (of) Tj ET Q q 0 0 0 rg BT 288.69 488.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 302.02 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 312.03 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 327.59 488.25 Td (clients. ) Tj ET Q q 0 0 0 rg BT 358.26 488.25 Td (T) Tj ET Q q 0 0 0 rg BT 363.67 488.25 Td (o ) Tj ET Q q 0 0 0 rg BT 370.90 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.35 488.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 412.01 488.25 Td (inflation ) Tj ET Q q 0 0 0 rg BT 448.13 488.25 Td (results ) Tj ET Q q 0 0 0 rg BT 476.46 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 486.47 488.25 Td (rising ) Tj ET Q q 0 0 0 rg BT 511.48 488.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.15 488.25 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 476.25 Td (has ) Tj ET Q q 0 0 0 rg BT 82.77 476.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 115.81 476.25 Td (ef) Tj ET Q q 0 0 0 rg BT 123.39 476.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 144.77 476.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 167.27 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.99 476.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 222.25 476.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 258.91 476.25 Td (it ) Tj ET Q q 0 0 0 rg BT 266.96 476.25 Td (may ) Tj ET Q q 0 0 0 rg BT 286.68 476.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 327.50 476.25 Td (af) Tj ET Q q 0 0 0 rg BT 335.08 476.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 352.57 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.40 476.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.88 476.25 Td (position ) Tj ET Q q 0 0 0 rg BT 440.61 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.54 476.25 Td (results ) Tj ET Q q 0 0 0 rg BT 486.15 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.98 476.25 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (ITEM 7A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.89 452.25 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 149.78 452.25 Td (A) Tj ET Q q 0 0 0 rg BT 155.90 452.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 181.37 452.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 241.65 452.25 Td (A) Tj ET Q q 0 0 0 rg BT 247.77 452.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 344.10 452.25 Td (ABOUT MARKET RISK.) 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Tj ET Q endstream endobj 123 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (ITEM8. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 717.75 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 153.31 717.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 166.93 717.75 Td (A) Tj ET Q q 0 0 0 rg BT 173.05 717.75 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 222.41 717.75 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 312.14 717.75 Td (AR) Tj ET Q q 0 0 0 rg BT 325.30 717.75 Td (Y) Tj ET Q q 0 0 0 rg BT 331.04 717.75 Td ( DA) Tj ET Q q 0 0 0 rg BT 346.88 717.75 Td (T) Tj ET Q q 0 0 0 rg BT 352.43 717.75 Td (A.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.10 693.75 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 186.65 693.75 Td (T) Tj ET Q q 0 0 0 rg BT 193.14 693.75 Td (O ) Tj ET Q q 0 0 0 rg BT 202.86 693.75 Td (AUDITED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 311.30 693.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 390.48 693.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 404.47 693.75 Td (A) Tj ET Q q 0 0 0 rg BT 410.95 693.75 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 660.92 Td (Management's Report on Internal Control Over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 645.92 Td (Report of Independent Registered Public Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 630.92 Td (Report of Independent Registered Public Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 615.92 Td (Consolidated Financial Statements:) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 57.5 599.5833984375 m 249.7021484375 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ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 349.5833984375 m 158.8251953125 349.5833984375 l s q 0 0 1 rg BT 110.50 350.92 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 335.92 Td (Note 12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 334.5833984375 m 161.330078125 334.5833984375 l s q 0 0 1 rg BT 110.50 335.92 Td (Other ) Tj ET Q q 0 0 1 rg BT 135.22 335.92 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.50 320.92 Td (Note 13) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 319.5833984375 m 236.3203125 319.5833984375 l s q 0 0 1 rg BT 110.50 320.92 Td (Goodwill and Intangible ) Tj ET Q q 0 0 1 rg BT 210.21 320.92 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.50 305.92 Td (Note 14) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 304.5833984375 m 161.33984375 304.5833984375 l s q 0 0 1 rg BT 110.50 305.92 Td (Fixed ) Tj ET Q q 0 0 1 rg BT 135.23 305.92 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 290.92 Td (Note 15) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 289.5833984375 m 198.9521484375 289.5833984375 l s q 0 0 1 rg BT 110.50 290.92 Td (Short-T) Tj ET Q q 0 0 1 rg BT 140.91 290.92 Td (erm Financing) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.50 275.92 Td (Note 16) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 274.5833984375 m 162.4384765625 274.5833984375 l s q 0 0 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230.92 Td (Note 19) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 229.58339843750002 m 194.4599609375 229.58339843750002 l s q 0 0 1 rg BT 110.50 230.92 Td (Shareholders) Tj ET Q q 0 0 1 rg BT 165.29 230.92 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.50 215.92 Td (Note 20) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 214.58339843750002 m 207.1455078125 214.58339843750002 l s q 0 0 1 rg BT 110.50 215.92 Td (Employee Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 200.92 Td (Note 21) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 199.58339843750002 m 192.443359375 199.58339843750002 l s q 0 0 1 rg BT 110.50 200.92 Td (Compensation Plans) Tj ET Q BT /F1 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rg BT 296.69 633.75 Td (criteria\). ) Tj ET Q q 0 0 0 rg BT 333.82 633.75 Td (PiperJaf) Tj ET Q q 0 0 0 rg BT 368.91 633.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 387.99 633.75 Td (Companies) Tj ET Q q 0 0 0 rg BT 435.58 633.75 Td ( ) Tj ET Q q 0 0 0 rg BT 438.57 633.75 Td (management ) Tj ET Q q 0 0 0 rg BT 492.65 633.75 Td (is ) Tj ET Q q 0 0 0 rg BT 502.31 633.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 550.84 633.75 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 99.75 621.75 Td (ef) Tj ET Q q 0 0 0 rg BT 107.34 621.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 137.02 621.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 170.04 621.75 Td (control ) Tj ET Q q 0 0 0 rg BT 200.85 621.75 Td (over ) Tj ET Q q 0 0 0 rg BT 221.10 621.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.56 621.75 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 300.19 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 317.11 621.75 Td (for ) Tj ET Q q 0 0 0 rg BT 331.25 621.75 Td (its ) Tj ET Q q 0 0 0 rg BT 343.18 621.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 390.10 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 400.91 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 415.61 621.75 Td (ef) Tj ET Q q 0 0 0 rg BT 423.20 621.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 470.10 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.91 621.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.93 621.75 Td (control ) Tj ET Q q 0 0 0 rg BT 544.74 621.75 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.45 609.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 129.08 609.75 Td (included ) Tj ET Q q 0 0 0 rg BT 167.49 609.75 Td (in ) Tj ET Q q 0 0 0 rg BT 179.24 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.44 609.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 257.72 609.75 Td (Management) Tj ET Q q 0 0 0 rg BT 312.70 609.75 Td (s ) Tj ET Q q 0 0 0 rg BT 320.57 609.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 351.76 609.75 Td (on ) Tj ET Q q 0 0 0 rg BT 365.73 609.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 400.80 609.75 Td (Control ) Tj ET Q q 0 0 0 rg BT 435.33 609.75 Td (Over ) Tj ET Q q 0 0 0 rg BT 459.29 609.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 500.48 609.75 Td (Reporting. ) Tj ET Q q 0 0 0 rg BT 546.95 609.75 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 106.44 597.75 Td (is ) Tj ET Q q 0 0 0 rg BT 115.61 597.75 Td (to ) Tj ET Q q 0 0 0 rg BT 125.89 597.75 Td (express ) Tj ET Q q 0 0 0 rg BT 158.38 597.75 Td (an ) Tj ET Q q 0 0 0 rg BT 170.32 597.75 Td (opinion ) Tj ET Q q 0 0 0 rg BT 203.38 597.75 Td (on ) Tj ET Q q 0 0 0 rg BT 215.88 597.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.59 597.75 Td (Company) Tj ET Q q 0 0 0 rg BT 272.26 597.75 Td (s ) Tj ET Q q 0 0 0 rg BT 278.65 597.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 311.69 597.75 Td (control ) Tj ET Q q 0 0 0 rg BT 342.52 597.75 Td (over ) Tj ET Q q 0 0 0 rg BT 362.79 597.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 400.27 597.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 439.42 597.75 Td (based ) Tj ET Q q 0 0 0 rg BT 464.69 597.75 Td (on ) Tj ET Q q 0 0 0 rg BT 477.19 597.75 Td (our ) Tj ET Q q 0 0 0 rg BT 493.02 597.75 Td (audit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 573.75 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 573.75 Td (e ) Tj ET Q q 0 0 0 rg BT 90.06 573.75 Td (conducted ) Tj ET Q q 0 0 0 rg BT 134.63 573.75 Td (our ) Tj ET Q q 0 0 0 rg BT 151.44 573.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 174.92 573.75 Td (in ) Tj ET Q q 0 0 0 rg BT 186.18 573.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 234.62 573.75 Td (with ) Tj ET Q q 0 0 0 rg BT 255.88 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 271.58 573.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 312.83 573.75 Td (of ) Tj ET Q q 0 0 0 rg BT 324.64 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.34 573.75 Td (Public ) Tj ET Q q 0 0 0 rg BT 369.38 573.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 410.98 573.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 461.12 573.75 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 504.04 573.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.96 573.75 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.75 Td (States\). ) Tj ET Q q 0 0 0 rg BT 81.07 561.75 Td (Those ) Tj ET Q q 0 0 0 rg BT 107.51 561.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 147.29 561.75 Td (require ) Tj ET Q q 0 0 0 rg BT 177.60 561.75 Td (that ) Tj ET Q q 0 0 0 rg BT 194.60 561.75 Td (we ) Tj ET Q q 0 0 0 rg BT 208.26 561.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 227.48 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 243.92 561.75 Td (perform ) Tj ET Q q 0 0 0 rg BT 278.13 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 292.35 561.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 314.35 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 324.13 561.75 Td (obtain ) Tj ET Q q 0 0 0 rg BT 351.12 561.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 395.88 561.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 436.75 561.75 Td (about ) Tj ET Q q 0 0 0 rg BT 460.97 561.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 495.18 561.75 Td (ef) Tj ET Q q 0 0 0 rg BT 502.76 561.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 531.97 561.75 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (control ) Tj ET Q q 0 0 0 rg BT 80.02 549.75 Td (over ) Tj ET Q q 0 0 0 rg BT 99.99 549.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.16 549.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 176.01 549.75 Td (was ) Tj ET Q q 0 0 0 rg BT 193.76 549.75 Td (maintained ) Tj ET Q q 0 0 0 rg BT 240.39 549.75 Td (in ) Tj ET Q q 0 0 0 rg BT 250.36 549.75 Td (all ) Tj ET Q q 0 0 0 rg BT 262.55 549.75 Td (material ) Tj ET Q q 0 0 0 rg BT 297.51 549.75 Td (respects. ) Tj ET Q q 0 0 0 rg BT 334.41 549.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 352.16 549.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 374.35 549.75 Td (included ) Tj ET Q q 0 0 0 rg BT 410.98 549.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 450.95 549.75 Td (an ) Tj ET Q q 0 0 0 rg BT 462.59 549.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 521.44 549.75 Td (of ) Tj ET Q q 0 0 0 rg BT 531.96 549.75 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (control ) Tj ET Q q 0 0 0 rg BT 80.01 537.75 Td (over ) Tj ET Q q 0 0 0 rg BT 99.96 537.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.12 537.75 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 178.46 537.75 Td (assessing ) Tj ET Q q 0 0 0 rg BT 217.86 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.26 537.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 249.44 537.75 Td (that ) Tj ET Q q 0 0 0 rg BT 266.62 537.75 Td (a ) Tj ET Q q 0 0 0 rg BT 273.24 537.75 Td (material ) Tj ET Q q 0 0 0 rg BT 308.18 537.75 Td (weakness ) Tj ET Q q 0 0 0 rg BT 348.68 537.75 Td (exists, ) Tj ET Q q 0 0 0 rg BT 376.14 537.75 Td (testing ) Tj ET Q q 0 0 0 rg BT 404.99 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 421.61 537.75 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 465.44 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.84 537.75 Td (design ) Tj ET Q q 0 0 0 rg BT 508.13 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.75 537.75 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 525.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 104.03 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 114.88 525.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 147.94 525.75 Td (control ) Tj ET Q q 0 0 0 rg BT 178.78 525.75 Td (based ) Tj ET Q q 0 0 0 rg BT 204.06 525.75 Td (on ) Tj ET Q q 0 0 0 rg BT 216.58 525.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.31 525.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 267.71 525.75 Td (risk, ) Tj ET Q q 0 0 0 rg BT 287.73 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 304.69 525.75 Td (performing ) Tj ET Q q 0 0 0 rg BT 352.19 525.75 Td (such ) Tj ET Q q 0 0 0 rg BT 373.04 525.75 Td (other ) Tj ET Q q 0 0 0 rg BT 396.10 525.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 442.48 525.75 Td (as ) Tj ET Q q 0 0 0 rg BT 453.33 525.75 Td (we ) Tj ET Q q 0 0 0 rg BT 467.51 525.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 513.34 525.75 Td (necessary ) Tj ET Q q 0 0 0 rg BT 554.72 525.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 513.75 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 125.68 513.75 Td (W) Tj ET Q q 0 0 0 rg BT 134.31 513.75 Td (e ) Tj ET Q q 0 0 0 rg BT 141.25 513.75 Td (believe ) Tj ET Q q 0 0 0 rg BT 172.63 513.75 Td (that ) Tj ET Q q 0 0 0 rg BT 190.12 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 205.95 513.75 Td (audit ) Tj ET Q q 0 0 0 rg BT 228.45 513.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 265.38 513.75 Td (a ) Tj ET Q q 0 0 0 rg BT 272.32 513.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 317.58 513.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 340.08 513.75 Td (for ) Tj ET Q q 0 0 0 rg BT 354.24 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 370.07 513.75 Td (opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 489.75 Td (A) Tj ET Q q 0 0 0 rg BT 80.17 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 82.90 489.75 Td (company) Tj ET Q q 0 0 0 rg BT 122.33 489.75 Td (s ) Tj ET Q q 0 0 0 rg BT 128.95 489.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 162.22 489.75 Td (control ) Tj ET Q q 0 0 0 rg BT 193.27 489.75 Td (over ) Tj ET Q q 0 0 0 rg BT 213.76 489.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.47 489.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 290.85 489.75 Td (is ) Tj ET Q q 0 0 0 rg BT 300.25 489.75 Td (a ) Tj ET Q q 0 0 0 rg BT 307.41 489.75 Td (process ) Tj ET Q q 0 0 0 rg BT 340.13 489.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 378.40 489.75 Td (to ) Tj ET Q q 0 0 0 rg BT 388.90 489.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 422.18 489.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 467.66 489.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 509.25 489.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 550.29 489.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (reliability ) Tj ET Q q 0 0 0 rg BT 91.46 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 102.87 477.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.94 477.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 180.67 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 198.19 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 213.49 477.75 Td (preparation ) Tj ET Q q 0 0 0 rg BT 262.11 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.52 477.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.58 477.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 356.88 477.75 Td (for ) Tj ET Q q 0 0 0 rg BT 371.62 477.75 Td (external ) Tj ET Q q 0 0 0 rg BT 406.91 477.75 Td (purposes ) Tj ET Q q 0 0 0 rg BT 445.54 477.75 Td (in ) Tj ET Q q 0 0 0 rg BT 456.40 477.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 504.44 477.75 Td (with ) Tj ET Q q 0 0 0 rg BT 525.30 477.75 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 86.85 465.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 133.10 465.75 Td (principles. ) Tj ET Q q 0 0 0 rg BT 176.88 465.75 Td (A) Tj ET Q q 0 0 0 rg BT 183.55 465.75 Td ( ) Tj ET Q q 0 0 0 rg BT 185.93 465.75 Td (company) Tj ET Q q 0 0 0 rg BT 225.36 465.75 Td (s ) Tj ET Q q 0 0 0 rg BT 231.63 465.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 264.55 465.75 Td (control ) Tj ET Q q 0 0 0 rg BT 295.25 465.75 Td (over ) Tj ET Q q 0 0 0 rg BT 315.40 465.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 352.76 465.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 391.79 465.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 427.49 465.75 Td (those ) Tj ET Q q 0 0 0 rg BT 450.98 465.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 484.46 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 501.27 465.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 547.52 465.75 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (\(1\)pertain ) Tj ET Q q 0 0 0 rg BT 94.08 453.75 Td (to ) Tj ET Q q 0 0 0 rg BT 104.51 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 119.39 453.75 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 172.57 453.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.56 453.75 Td (records ) Tj ET Q q 0 0 0 rg BT 215.64 453.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 235.79 453.75 Td (in ) Tj ET Q q 0 0 0 rg BT 246.23 453.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 291.64 453.75 Td (detail, ) Tj ET Q q 0 0 0 rg BT 319.01 453.75 Td (accurately ) Tj ET Q q 0 0 0 rg BT 362.74 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 379.84 453.75 Td (fairly ) Tj ET Q q 0 0 0 rg BT 404.15 453.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 432.34 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.21 453.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 497.63 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.72 453.75 Td (dispositions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.55 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.49 441.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.54 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 112.60 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.53 441.75 Td (company; ) Tj ET Q q 0 0 0 rg BT 169.69 441.75 Td (\(2\)provide ) Tj ET Q q 0 0 0 rg BT 217.12 441.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 262.60 441.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 304.19 441.75 Td (that ) Tj ET Q q 0 0 0 rg BT 321.90 441.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 372.39 441.75 Td (are ) Tj ET Q q 0 0 0 rg BT 387.32 441.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 425.02 441.75 Td (as ) Tj ET Q q 0 0 0 rg BT 436.07 441.75 Td (necessary ) Tj ET Q q 0 0 0 rg BT 477.66 441.75 Td (to ) Tj ET Q q 0 0 0 rg BT 488.16 441.75 Td (permit ) Tj ET Q q 0 0 0 rg BT 516.98 441.75 Td (preparation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.10 429.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 99.36 429.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 144.84 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 155.90 429.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 204.13 429.75 Td (with ) Tj ET Q q 0 0 0 rg BT 225.18 429.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 265.66 429.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 303.90 429.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 351.05 429.75 Td (principles, ) Tj ET Q q 0 0 0 rg BT 396.26 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 413.97 429.75 Td (that ) Tj ET Q q 0 0 0 rg BT 432.24 429.75 Td (receipts ) Tj ET Q q 0 0 0 rg BT 466.61 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.32 429.75 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 538.69 429.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 429.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (company ) Tj ET Q q 0 0 0 rg BT 88.94 417.75 Td (are ) Tj ET Q q 0 0 0 rg BT 103.93 417.75 Td (being ) Tj ET Q q 0 0 0 rg BT 128.94 417.75 Td (made ) Tj ET Q q 0 0 0 rg BT 153.38 417.75 Td (only ) Tj ET Q q 0 0 0 rg BT 173.94 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 184.50 417.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 232.25 417.75 Td (with ) Tj ET Q q 0 0 0 rg BT 252.82 417.75 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 312.25 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.37 417.75 Td (management ) Tj ET Q q 0 0 0 rg BT 377.24 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 394.47 417.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 432.24 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 443.35 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.35 417.75 Td (company; ) Tj ET Q q 0 0 0 rg BT 500.57 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.80 417.75 Td (\(3\)provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 94.98 405.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 136.58 405.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 177.62 405.75 Td (prevention ) Tj ET Q q 0 0 0 rg BT 223.11 405.75 Td (or ) Tj ET Q q 0 0 0 rg BT 234.17 405.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 262.45 405.75 Td (detection ) Tj ET Q q 0 0 0 rg BT 301.83 405.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.89 405.75 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 367.82 405.75 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 416.93 405.75 Td (use, ) Tj ET Q q 0 0 0 rg BT 435.49 405.75 Td (or ) Tj ET Q q 0 0 0 rg BT 446.55 405.75 Td (disposition ) Tj ET Q q 0 0 0 rg BT 493.17 405.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.23 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.18 405.75 Td (company) Tj ET Q q 0 0 0 rg BT 558.61 405.75 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.33 393.75 Td (that ) Tj ET Q q 0 0 0 rg BT 92.83 393.75 Td (could ) Tj ET Q q 0 0 0 rg BT 117.54 393.75 Td (have ) Tj ET Q q 0 0 0 rg BT 138.92 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 145.86 393.75 Td (material ) Tj ET Q q 0 0 0 rg BT 181.12 393.75 Td (ef) Tj ET Q q 0 0 0 rg BT 188.70 393.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 206.19 393.75 Td (on ) Tj ET Q q 0 0 0 rg BT 218.69 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 233.41 393.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 270.89 393.75 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 369.75 Td (Because ) Tj ET Q q 0 0 0 rg BT 109.28 369.75 Td (of ) Tj ET Q q 0 0 0 rg BT 120.07 369.75 Td (its ) Tj ET Q q 0 0 0 rg BT 131.98 369.75 Td (inherent ) Tj ET Q q 0 0 0 rg BT 167.21 369.75 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 214.95 369.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 247.96 369.75 Td (control ) Tj ET Q q 0 0 0 rg BT 278.75 369.75 Td (over ) Tj ET Q q 0 0 0 rg BT 298.98 369.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 336.42 369.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 375.54 369.75 Td (may ) Tj ET Q q 0 0 0 rg BT 395.22 369.75 Td (not ) Tj ET Q q 0 0 0 rg BT 410.46 369.75 Td (prevent ) Tj ET Q q 0 0 0 rg BT 442.91 369.75 Td (or ) Tj ET Q q 0 0 0 rg BT 453.71 369.75 Td (detect ) Tj ET Q q 0 0 0 rg BT 480.04 369.75 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 541.12 369.75 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (projections ) Tj ET Q q 0 0 0 rg BT 95.87 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.13 357.75 Td (any ) Tj ET Q q 0 0 0 rg BT 122.50 357.75 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 166.08 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.35 357.75 Td (ef) Tj ET Q q 0 0 0 rg BT 183.93 357.75 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 230.29 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 240.00 357.75 Td (future ) Tj ET Q q 0 0 0 rg BT 265.81 357.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 297.18 357.75 Td (are ) Tj ET Q q 0 0 0 rg BT 311.32 357.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 341.58 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 351.29 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.44 357.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 382.37 357.75 Td (that ) Tj ET Q q 0 0 0 rg BT 399.30 357.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 433.45 357.75 Td (may ) Tj ET Q q 0 0 0 rg BT 452.60 357.75 Td (become ) Tj ET Q q 0 0 0 rg BT 485.63 357.75 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 530.87 357.75 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 345.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 95.04 345.75 Td (in ) Tj ET Q q 0 0 0 rg BT 105.32 345.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 151.98 345.75 Td (or ) Tj ET Q q 0 0 0 rg BT 162.81 345.75 Td (that ) Tj ET Q q 0 0 0 rg BT 180.31 345.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.02 345.75 Td (degree ) Tj ET Q q 0 0 0 rg BT 224.17 345.75 Td (of ) Tj ET Q q 0 0 0 rg BT 235.00 345.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 283.59 345.75 Td (with ) Tj ET Q q 0 0 0 rg BT 303.87 345.75 Td (the ) Tj ET Q q 0 0 0 rg BT 318.58 345.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 352.19 345.75 Td (or ) Tj ET Q q 0 0 0 rg BT 363.02 345.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 409.38 345.75 Td (may ) Tj ET Q q 0 0 0 rg BT 429.10 345.75 Td (deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 321.75 Td (In ) Tj ET Q q 0 0 0 rg BT 83.35 321.75 Td (our ) Tj ET Q q 0 0 0 rg BT 98.21 321.75 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 132.79 321.75 Td (PiperJaf) Tj ET Q q 0 0 0 rg BT 167.88 321.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 185.50 321.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 232.02 321.75 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 280.48 321.75 Td (in ) Tj ET Q q 0 0 0 rg BT 289.78 321.75 Td (all ) Tj ET Q q 0 0 0 rg BT 301.30 321.75 Td (material ) Tj ET Q q 0 0 0 rg BT 335.58 321.75 Td (respects, ) Tj ET Q q 0 0 0 rg BT 371.82 321.75 Td (ef) Tj ET Q q 0 0 0 rg BT 379.40 321.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 408.13 321.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 440.20 321.75 Td (control ) Tj ET Q q 0 0 0 rg BT 470.05 321.75 Td (over ) Tj ET Q q 0 0 0 rg BT 489.34 321.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.85 321.75 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 309.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 309.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 129.74 309.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.74 309.75 Td (, ) Tj ET Q q 0 0 0 rg BT 154.74 309.75 Td (based ) Tj ET Q q 0 0 0 rg BT 180.01 309.75 Td (on ) Tj ET Q q 0 0 0 rg BT 192.51 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.23 309.75 Td (COSO ) Tj ET Q q 0 0 0 rg BT 236.40 309.75 Td (criteria.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 285.75 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 285.75 Td (e ) Tj ET Q q 0 0 0 rg BT 88.53 285.75 Td (have ) Tj ET Q q 0 0 0 rg BT 109.35 285.75 Td (also ) Tj ET Q q 0 0 0 rg BT 127.41 285.75 Td (audited, ) Tj ET Q q 0 0 0 rg BT 161.30 285.75 Td (in ) Tj ET Q q 0 0 0 rg BT 171.03 285.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 217.94 285.75 Td (with ) Tj ET Q q 0 0 0 rg BT 237.67 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.83 285.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 291.55 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 301.83 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.00 285.75 Td (Public ) Tj ET Q q 0 0 0 rg BT 343.51 285.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 383.92 285.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 432.52 285.75 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 473.91 285.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 500.30 285.75 Td (\(United ) Tj ET Q q 0 0 0 rg BT 532.80 285.75 Td (States\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.23 273.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.23 273.75 Td ( ) Tj ET Q q 0 0 0 rg BT 88.75 273.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 142.81 273.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.31 273.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 227.04 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 238.89 273.75 Td (PiperJaf) Tj ET Q q 0 0 0 rg BT 273.98 273.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 293.59 273.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 342.11 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 360.06 273.75 Td (our ) Tj ET Q q 0 0 0 rg BT 376.91 273.75 Td (report ) Tj ET Q q 0 0 0 rg BT 404.31 273.75 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.48 273.75 Td (February24, ) Tj ET Q q 0 0 0 rg BT 484.10 273.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.10 273.75 Td (, ) Tj ET Q q 0 0 0 rg BT 510.12 273.75 Td (expressed ) Tj ET Q q 0 0 0 rg BT 553.06 273.75 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 97.54 261.75 Td (opinion ) Tj ET Q q 0 0 0 rg BT 130.60 261.75 Td (thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 237.75 Td (/s/ Ernst& ) Tj ET Q q 0 0 0 rg BT 418.96 237.75 Td (Y) Tj ET Q q 0 0 0 rg BT 425.18 237.75 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (February24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.10 201.75 Td ( ) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.40 717.75 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 717.75 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 717.75 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 717.75 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 717.75 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 717.75 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (The Board of Directors and Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (PiperJaf) Tj ET Q q 0 0 0 rg BT 84.59 681.75 Td (fray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 657.75 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 657.75 Td (e ) Tj ET Q q 0 0 0 rg BT 88.07 657.75 Td (have ) Tj ET Q q 0 0 0 rg BT 108.45 657.75 Td (audited ) Tj ET Q q 0 0 0 rg BT 139.38 657.75 Td (the ) Tj ET Q q 0 0 0 rg BT 153.10 657.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 212.90 657.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 264.94 657.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 308.65 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 318.48 657.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.96 657.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 394.23 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 404.06 657.75 Td (PiperJaf) Tj ET Q q 0 0 0 rg BT 439.15 657.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 456.75 657.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 503.24 657.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 520.28 657.75 Td (Company\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.07 645.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.63 645.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.95 645.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.95 645.75 Td ( ) Tj ET Q q 0 0 0 rg BT 155.19 645.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.86 645.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.86 645.75 Td (, ) Tj ET Q q 0 0 0 rg BT 198.60 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.28 645.75 Td (the ) Tj ET Q q 0 0 0 rg BT 231.73 645.75 Td (related ) Tj ET Q q 0 0 0 rg BT 262.17 645.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 315.95 645.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 361.39 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.96 645.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 420.35 645.75 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 484.12 645.75 Td (income, ) Tj ET Q q 0 0 0 rg BT 519.29 645.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 554.73 645.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (shareholders) Tj ET Q q 0 0 0 rg BT 102.63 633.75 Td ( ) Tj ET Q q 0 0 0 rg BT 104.63 633.75 Td (equity) Tj ET Q q 0 0 0 rg BT 128.98 633.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.48 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 149.92 633.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 169.70 633.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 193.92 633.75 Td (for ) Tj ET Q q 0 0 0 rg BT 207.59 633.75 Td (each ) Tj ET Q q 0 0 0 rg BT 227.91 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 238.24 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.46 633.75 Td (three ) Tj ET Q q 0 0 0 rg BT 274.45 633.75 Td (years ) Tj ET Q q 0 0 0 rg BT 297.55 633.75 Td (in ) Tj ET Q q 0 0 0 rg BT 307.34 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 321.56 633.75 Td (period ) Tj ET Q q 0 0 0 rg BT 349.11 633.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.99 633.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 433.08 633.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.08 633.75 Td (. ) Tj ET Q q 0 0 0 rg BT 457.44 633.75 Td (These ) Tj ET Q q 0 0 0 rg BT 483.32 633.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.30 633.75 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (are ) Tj ET Q q 0 0 0 rg BT 64.78 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.07 621.75 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 137.59 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 149.00 621.75 Td (the ) Tj ET Q q 0 0 0 rg BT 164.29 621.75 Td (Company) Tj ET Q q 0 0 0 rg BT 205.96 621.75 Td (s ) Tj ET Q q 0 0 0 rg BT 212.92 621.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 269.59 621.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 288.21 621.75 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 345.73 621.75 Td (is ) Tj ET Q q 0 0 0 rg BT 355.48 621.75 Td (to ) Tj ET Q q 0 0 0 rg BT 366.33 621.75 Td (express ) Tj ET Q q 0 0 0 rg BT 399.40 621.75 Td (an ) Tj ET Q q 0 0 0 rg BT 411.91 621.75 Td (opinion ) Tj ET Q q 0 0 0 rg BT 445.54 621.75 Td (on ) Tj ET Q q 0 0 0 rg BT 458.62 621.75 Td (these ) Tj ET Q q 0 0 0 rg BT 482.24 621.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.29 621.75 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (based ) Tj ET Q q 0 0 0 rg BT 74.77 609.75 Td (on ) Tj ET Q q 0 0 0 rg BT 87.27 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 103.10 609.75 Td (audits.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 381.75 Td (/s/ Ernst& ) Tj ET Q q 0 0 0 rg BT 418.96 381.75 Td (Y) Tj ET Q q 0 0 0 rg BT 425.18 381.75 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (February24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.10 345.75 Td ( ) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 748.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 748.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.75 727.60 Td (Consolidated Statements of 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0.9333333333333333 1 rg /GS0 gs 495.00 388.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 364.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 364.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 364.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 340.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 340.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 340.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 340.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 316.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 316.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 316.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 316.50 67.00 -12.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 420.00 200.50 67.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 200.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 200.50 67.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 166.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 166.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 166.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 166.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 142.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 142.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 142.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 142.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 118.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 118.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 118.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 118.50 67.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 686.5 m 487 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 686.5 m 562 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 566.5 m 487 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 566.5 m 562 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 566.5 m 487 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 566.5 m 562 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 472.5 m 487 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 461.5 m 487 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 459.5 m 487 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 472.5 m 562 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 461.5 m 562 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 459.5 m 562 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 328.5 m 487 328.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 328.5 m 562 328.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 166.5 m 487 166.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 166.5 m 562 166.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 130.5 m 487 130.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 130.5 m 562 130.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 118.5 m 487 118.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 118.5 m 562 118.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 95.5 m 487 95.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 93.5 m 487 93.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 95.5 m 562 95.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 93.5 m 562 93.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.90 701.23 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.90 701.23 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 690.45 Td (\(Amounts in thousands, except share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.00 689.23 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 689.23 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 677.23 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 665.12 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 665.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 665.23 Td (41,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 665.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 665.12 Td (189,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 653.12 Td (Cash and cash equivalents segregated for regulatory purposes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 653.23 Td (29,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 653.12 Td (81,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 641.12 Td (Receivables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 629.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 629.23 Td (31,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 629.12 Td (41,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 617.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 617.23 Td (212,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 617.12 Td (147,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 605.12 Td (Securities purchased under agreements to resell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 605.23 Td (159,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 605.12 Td (136,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 581.12 Td (Financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 581.23 Td (464,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 581.12 Td (283,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 569.12 Td (Financial instruments and other inventory positions owned and pledged as collateral) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 569.23 Td (594,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 569.12 Td (707,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 557.12 Td (Total financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 557.23 Td (1,058,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 557.12 Td (990,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 533.07 Td (Fixed assets \(net of accumulated depreciation and amortization of $58,308 and $51,874,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 523.12 Td (respectively\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 525.18 Td (25,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 525.17 Td (18,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 511.12 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 511.23 Td (196,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 511.12 Td (217,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 499.12 Td (Intangible assets \(net of accumulated amortization of $70,017 and $48,803, respectively\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 499.23 Td (37,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 499.12 Td (30,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 487.12 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 487.23 Td (168,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 487.12 Td (165,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 475.12 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 475.23 Td (164,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 475.12 Td (117,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 463.12 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 463.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 463.23 Td (2,125,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 463.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 463.12 Td (2,138,518) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 439.23 Td (Liabilities and Shareholders Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 427.12 Td (Short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 427.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 427.23 Td (418,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 427.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 427.12 Td (446,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 415.12 Td (Senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 415.23 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 415.12 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 403.12 Td (Payables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 391.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 391.23 Td (29,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 391.12 Td (37,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 379.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 379.23 Td (40,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 379.12 Td (48,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 367.12 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 367.23 Td (15,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 367.12 Td (45,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 355.12 Td (Financial instruments and other inventory positions sold, but not yet purchased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 355.23 Td (299,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 355.12 Td (239,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 343.12 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 343.23 Td (288,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 343.12 Td (251,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 331.12 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 331.23 Td (42,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 331.12 Td (62,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 319.12 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 319.23 Td (1,309,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 319.12 Td (1,305,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 295.12 Td (Shareholders equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 283.12 Td (Common stock, $0.01 par value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 271.12 Td (Shares authorized: 100,000,000 at December 31, 2016 and December 31, 2015;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 259.07 Td (Shares issued: 19,535,307 at December 31, 2016 and 19,510,858 at December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 249.12 Td (2015;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 237.07 Td (Shares outstanding: 12,391,970 at December 31, 2016 and 13,311,016 at December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 227.12 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 229.18 Td (195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 229.17 Td (195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 215.12 Td (Additional paid-in capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 215.23 Td (788,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 215.12 Td (752,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 203.12 Td (Retained earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 203.23 Td (257,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 203.12 Td (279,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 191.07 Td (Less common stock held in treasury, at cost: 7,143,337 at December 31, 2016 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 181.12 Td (6,199,842 shares at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.30 183.23 Td (\(284,461) Tj 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ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 665.23 Td (490,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 665.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 665.12 Td (414,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 665.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 665.12 Td (369,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 653.12 Td (Institutional brokerage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 653.23 Td (161,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 653.12 Td (154,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 653.12 Td (156,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 641.12 Td (Asset management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 641.23 Td (60,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 641.12 Td (75,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 641.12 Td (85,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 629.12 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 629.23 Td (33,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 629.12 Td (41,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 629.12 Td (48,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 617.12 Td (Investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 617.23 Td (24,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 617.12 Td (10,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 617.12 Td (12,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 593.12 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 593.23 Td (769,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 593.12 Td (696,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 593.12 Td (673,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 569.12 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 569.23 Td (22,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 569.12 Td (23,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 569.12 Td (25,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 545.12 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 545.23 Td (747,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 545.12 Td (672,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 545.12 Td (648,138) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 521.23 Td (Non-interest expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 509.12 Td (Compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 509.23 Td (510,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 509.12 Td (421,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 509.12 Td (394,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 497.12 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 497.23 Td (39,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 497.12 Td (36,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 497.12 Td (37,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 485.12 Td (Occupancy and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 485.23 Td (34,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 485.12 Td (28,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 485.12 Td (28,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 473.12 Td (Communications) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 473.23 Td (29,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 473.12 Td (23,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 473.12 Td (22,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 461.12 Td (Marketing and business development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 461.23 Td (30,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 461.12 Td (29,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 461.12 Td (27,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 449.12 Td (Trade execution and clearance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 449.23 Td (7,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 449.12 Td (7,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 449.12 Td (7,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 437.12 Td (Restructuring and integration costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 437.23 Td (10,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 437.12 Td (10,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 437.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 425.12 Td (Goodwill impairment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 425.28 Td (82,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 425.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 425.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 414.12 Td (Intangible asset amortization expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 414.23 Td (21,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 414.12 Td (7,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 414.12 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 402.12 Td (Back office conversion costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 402.23 Td (561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 402.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 402.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 390.12 Td (Other operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 390.23 Td (10,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 390.12 Td (20,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 390.12 Td (11,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 366.12 Td (Total non-interest expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 366.23 Td (778,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 366.12 Td (586,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 366.12 Td (537,827) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 342.23 Td (Income/\(loss\) before income tax expense/\(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.30 342.28 Td (\(30,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 342.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 342.12 Td (86,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 342.12 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 318.12 Td (Income tax expense/\(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.30 318.28 Td (\(17,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 318.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 318.12 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 318.12 Td (35,986) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 294.23 Td (Net income/\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.30 294.28 Td (\(13,746) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 294.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 294.12 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 294.12 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 270.12 Td (Net income applicable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 270.23 Td (8,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 270.12 Td (6,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 270.12 Td (11,153) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 246.23 Td (Net income/\(loss\) applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.50 246.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.30 246.28 Td (\(21,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 246.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 246.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 246.12 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 246.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 246.12 Td (63,172) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 222.23 Td (Net income/\(loss\) applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 212.23 Td (common shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.50 212.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.30 212.23 Td (\(21,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 212.18 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 400.50 215.12 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 212.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 212.17 Td (48,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 212.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 212.17 Td (58,141) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 186.23 Td (Earnings/\(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 174.12 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.50 174.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.30 174.28 Td (\(1.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 174.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 174.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 174.12 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 174.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 174.12 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 162.07 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.50 162.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.30 162.28 Td (\(1.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 162.23 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 400.50 166.12 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 162.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 162.07 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 162.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 162.07 Td (3.87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 137.23 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 125.12 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 125.23 Td (12,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 125.12 Td (14,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 125.12 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 113.07 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 113.23 Td (12,779) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 400.50 117.12 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 113.07 Td (14,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 113.07 Td (15,025) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 100.3388671875 m 102 100.3388671875 l s q 0 0 0 rg BT 49.50 98.00 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 84.20 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 84.20 Td (No ) Tj ET Q q 0 0 0 rg BT 80.25 84.20 Td (allocation ) Tj ET Q q 0 0 0 rg BT 119.00 84.20 Td (of ) Tj ET Q q 0 0 0 rg BT 128.25 84.20 Td (income ) Tj ET Q q 0 0 0 rg BT 156.49 84.20 Td (was ) Tj ET Q q 0 0 0 rg BT 172.74 84.20 Td (made ) Tj ET Q q 0 0 0 rg BT 194.49 84.20 Td (due ) Tj ET Q q 0 0 0 rg BT 209.73 84.20 Td (to ) Tj ET Q q 0 0 0 rg BT 218.98 84.20 Td (loss ) Tj ET Q q 0 0 0 rg BT 235.24 84.20 Td (position.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 70.45 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 70.45 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 102.88 70.45 Td (per ) Tj ET Q q 0 0 0 rg BT 117.26 70.45 Td (diluted ) Tj ET Q q 0 0 0 rg BT 144.64 70.45 Td (common ) Tj ET Q q 0 0 0 rg BT 177.51 70.45 Td (shar) Tj ET Q q 0 0 0 rg BT 193.18 70.45 Td (e ) Tj ET Q q 0 0 0 rg BT 199.55 70.45 Td (is ) Tj ET Q q 0 0 0 rg BT 207.94 70.45 Td (calculated ) Tj ET Q q 0 0 0 rg BT 247.80 70.45 Td (using ) Tj ET Q q 0 0 0 rg BT 269.69 70.45 Td (the ) Tj ET Q q 0 0 0 rg BT 283.06 70.45 Td (basic ) Tj ET Q q 0 0 0 rg BT 304.44 70.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 339.31 70.45 Td (average ) Tj ET Q q 0 0 0 rg BT 370.68 70.45 Td (number ) Tj ET Q q 0 0 0 rg BT 400.55 70.45 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 70.45 Td (common ) Tj ET Q q 0 0 0 rg BT 442.81 70.45 Td (shar) Tj ET Q q 0 0 0 rg BT 458.48 70.45 Td (es ) Tj ET Q q 0 0 0 rg BT 468.36 70.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 513.24 70.45 Td (for ) Tj ET Q q 0 0 0 rg BT 526.12 70.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 555.50 70.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 59.65 Td (which ) Tj ET Q q 0 0 0 rg BT 91.25 59.65 Td (a ) Tj ET Q q 0 0 0 rg BT 98.00 59.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 114.25 59.65 Td (is ) Tj ET Q q 0 0 0 rg BT 122.51 59.65 Td (incurr) Tj ET Q q 0 0 0 rg BT 144.67 59.65 Td (ed.) 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0 J 0 j 3 M 315.5 662.5 m 352.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 662.5 m 411.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 662.5 m 469.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 662.5 m 525.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 662.5 m 580.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 463.5 m 177.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 463.5 m 221.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 463.5 m 272.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 463.5 m 311.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 463.5 m 352.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 463.5 m 411.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 463.5 m 469.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 463.5 m 525.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 463.5 m 580.5 463.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 261.5 m 177.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 261.5 m 221.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 261.5 m 272.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 261.5 m 311.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 261.5 m 352.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 261.5 m 411.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 261.5 m 469.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 261.5 m 525.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 261.5 m 580.5 261.5 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 363.65 702.56 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.30 702.56 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 139.65 690.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.55 690.56 Td (Additional) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.60 690.56 Td (Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 428.15 690.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 546.80 690.56 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 678.54 Td (\(Amounts in thousands,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 143.45 678.56 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 187.15 678.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 237.20 678.56 Td (Paid-In) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 280.05 678.56 Td (Retained) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.00 678.56 Td (Treasury) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.20 678.56 Td (Comprehensive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 421.25 678.56 Td (Shareholders') Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.50 678.56 Td (Noncontrolling) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 533.75 678.56 Td (Shareholders') Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 666.54 Td ( except share amounts\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 134.80 666.56 Td (Outstanding) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.60 666.56 Td (Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 237.40 666.56 Td (Capital) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 666.56 Td (Earnings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.10 666.56 Td (Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 362.30 666.56 Td (Income/\(Loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 431.85 666.56 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 486.00 666.56 Td (Interests) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 544.35 666.56 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 650.56 Td (Balance at ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 643.56 Td (December) Tj ET Q q 0 0 0 rg BT 73.69 643.56 Td ( 31, 2013) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 143.10 643.56 Td (14,383,418) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 184.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 208.15 643.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 228.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.90 643.56 Td (740,321) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.85 643.56 Td (163,893) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.55 643.61 Td (\(170,629) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 349.65 643.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.15 643.56 Td (896) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.90 643.56 Td (734,676) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.90 643.56 Td (147,396) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 532.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 643.56 Td (882,072) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 619.55 Td (Net income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 289.35 619.55 Td (63,172) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.40 619.55 Td (63,172) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 503.40 619.55 Td (11,153) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 619.55 Td (74,325) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 607.55 Td (Amortization/issuance of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 600.55 Td (restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 600.55 Td (23,649) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.40 600.55 Td (23,649) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 600.55 Td (23,649) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 588.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 581.55 Td (for options exercised) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.90 581.55 Td (137,864) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 581.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 259.15 581.55 Td (834) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 581.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 333.90 581.55 Td (4,618) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 581.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 450.90 581.55 Td (5,452) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 581.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 581.55 Td (5,452) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 569.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 562.55 Td (for restricted stock vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.90 562.55 Td (892,385) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 562.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.05 562.55 Td (\(30,295) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 269.65 562.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 562.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 330.35 562.55 Td (30,295) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 562.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.65 562.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 562.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 562.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 550.55 Td (Repurchase of common stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 543.55 Td (for employee tax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 536.55 Td (withholding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 149.55 536.55 Td (\(256,055) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 174.65 536.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 536.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 536.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 536.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 328.05 536.60 Td (\(10,854) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 349.65 536.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 536.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.05 536.60 Td (\(10,854) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 536.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 536.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 536.55 Td (\(10,854) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 536.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 524.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 517.55 Td (for 401k match) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.90 517.55 Td (103,598) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 517.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 259.15 517.55 Td (726) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 517.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 333.90 517.55 Td (3,430) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 517.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 450.90 517.55 Td (4,156) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 517.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 517.55 Td (4,156) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 505.55 Td (Shares reserved/issued for) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 498.55 Td (director compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 158.90 498.55 Td (4,210) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 498.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 259.15 498.55 Td (180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 498.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 498.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 498.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 456.15 498.55 Td (180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 498.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 567.15 498.55 Td (180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 486.55 Td (Other comprehensive loss) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 486.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 486.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 486.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 486.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 486.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 395.80 486.60 Td (\(519) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.65 486.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 453.80 486.60 Td (\(519) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 486.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 486.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 564.80 486.55 Td (\(519) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 486.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 474.55 Td (Fund capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 467.55 Td (withdrawals, net) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 467.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 467.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 467.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 467.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 467.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 467.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.65 467.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.55 467.60 Td (\(9,001) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.65 467.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 559.55 467.55 Td (\(9,001) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 467.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 455.56 Td (Balance at ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 448.56 Td (December) Tj ET Q q 0 0 0 rg BT 73.69 448.56 Td (31, 2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 143.10 448.56 Td (15,265,420) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 184.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 208.15 448.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 228.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.90 448.56 Td (735,415) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.85 448.56 Td (227,065) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.55 448.61 Td (\(143,140) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 349.65 448.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.15 448.56 Td (377) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.90 448.56 Td (819,912) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.90 448.56 Td (149,548) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 532.00 448.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 448.56 Td (969,460) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 424.55 Td (Net income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 424.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 424.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 424.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 289.35 424.55 Td (52,075) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 424.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 424.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.40 424.55 Td (52,075) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.90 424.55 Td (6,407) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 424.55 Td (58,482) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 412.55 Td (Amortization/issuance of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 405.55 Td (restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 405.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 405.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 405.55 Td (43,237) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 405.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 405.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 405.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.40 405.55 Td (43,237) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 405.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 405.55 Td (43,237) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 393.55 Td (Repurchase of common stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 386.55 Td (through share repurchase) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 379.55 Td (program) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 144.30 379.55 Td (\(2,459,400) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 174.65 379.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 379.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 379.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 379.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.55 379.60 Td (\(118,464) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 349.65 379.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 379.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.55 379.60 Td (\(118,464) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 379.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 379.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.55 379.55 Td (\(118,464) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 379.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 367.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 360.55 Td (for options exercised) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 155.40 360.55 Td (50,671) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 360.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 360.55 Td (96) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 360.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 333.90 360.55 Td (1,760) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 360.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 450.90 360.55 Td (1,856) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 360.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 360.55 Td (1,856) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 348.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 341.55 Td (for restricted stock vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.90 341.55 Td (734,080) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 341.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.05 341.55 Td (\(26,752) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 269.65 341.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 341.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 330.35 341.55 Td (26,752) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 341.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.65 341.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 341.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 341.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 329.55 Td (Repurchase of common stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 322.55 Td (for employee tax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 315.55 Td (withholding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 149.55 315.55 Td (\(281,180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 174.65 315.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 315.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 315.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 315.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 328.05 315.60 Td (\(14,461) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 349.65 315.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 315.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.05 315.60 Td (\(14,461) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 315.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 315.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 315.55 Td (\(14,461) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 315.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 303.55 Td (Shares reserved/issued for) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 296.55 Td (director compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 158.90 296.55 Td (1,425) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 296.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 296.55 Td (70) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 296.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 296.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 296.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.65 296.55 Td (70) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 296.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 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Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 246.56 Td (832,820) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.85 222.45 Td (Continued on next page) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 748.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 748.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.55 727.60 Td (Consolidated Statements of Changes in Shar) Tj ET Q q 0 0 0 rg BT 338.11 727.60 Td (eholders' Equity Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (69) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 661.5 m 177.5 661.5 l s 0 0 0 RG 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1 rg /GS0 gs 276.50 562.50 35.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 562.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 562.50 37.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 562.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 562.50 55.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 562.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 562.50 54.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 562.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 562.50 52.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 562.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 562.50 51.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 517.50 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 517.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 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re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 517.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 517.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 517.50 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 486.50 90.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 486.50 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 486.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 486.50 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 486.50 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 486.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 486.50 55.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 486.50 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 486.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 486.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.50 486.50 51.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 467.5 m 177.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 467.5 m 221.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 467.5 m 272.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 467.5 m 311.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 467.5 m 352.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 467.5 m 411.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 467.5 m 469.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 467.5 m 525.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 467.5 m 580.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 449.5 m 177.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 130.5 447.5 m 177.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 449.5 m 221.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 447.5 m 221.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 449.5 m 272.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 447.5 m 272.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 449.5 m 311.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 447.5 m 311.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 449.5 m 352.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 447.5 m 352.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 449.5 m 411.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 447.5 m 411.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 449.5 m 469.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 447.5 m 469.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 449.5 m 525.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 447.5 m 525.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 449.5 m 580.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 447.5 m 580.5 447.5 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 649.55 Td (Net income/\(loss\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 184.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 228.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.05 649.60 Td (\(21,952) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 308.65 649.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 318.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 359.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 418.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.05 649.60 Td (\(21,952) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 649.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 476.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.90 649.55 Td (8,206) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 532.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 649.55 Td (\(13,746) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 649.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 637.55 Td (Amortization/issuance of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 630.55 Td (restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 630.55 Td (65,311) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.40 630.55 Td (65,311) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 630.55 Td (65,311) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 618.55 Td (Repurchase of common stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 611.55 Td (through share repurchase) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 604.55 Td (program) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 144.30 604.55 Td (\(1,536,226) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 174.65 604.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 328.05 604.60 Td (\(59,739) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 349.65 604.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.05 604.60 Td (\(59,739) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 604.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 604.55 Td (\(59,739) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 604.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 592.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 585.55 Td (for options exercised) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.90 585.55 Td (104,175) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 259.15 585.55 Td (411) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 333.90 585.55 Td (4,146) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 450.90 585.55 Td (4,557) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 585.55 Td (4,557) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 573.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 566.55 Td (for restricted stock vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.90 566.55 Td (750,241) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.05 566.55 Td (\(29,805) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 269.65 566.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 330.35 566.55 Td (29,805) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 554.55 Td (Repurchase of common stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 547.55 Td (for employee tax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 540.55 Td (withholding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 149.55 540.55 Td (\(261,685) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 174.65 540.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 328.05 540.60 Td (\(11,120) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 349.65 540.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.05 540.60 Td (\(11,120) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 540.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 540.55 Td (\(11,120) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 540.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 528.55 Td (Shares reserved/issued for) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 521.55 Td (director compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 155.40 521.55 Td (24,449) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 521.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 259.15 521.55 Td (944) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 521.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 521.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 521.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 456.15 521.55 Td (944) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 521.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 567.15 521.55 Td (944) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 509.55 Td (Other comprehensive loss) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 509.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 509.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 509.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 509.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 509.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 390.55 509.60 Td (\(2,410) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.65 509.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 448.55 509.60 Td (\(2,410) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.65 509.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.65 509.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 559.55 509.55 Td (\(2,410) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 509.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 497.55 Td (Deconsolidation of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 490.55 Td (investment partnerships \(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 490.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 490.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 490.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 490.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 490.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 490.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.65 490.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.55 490.60 Td (\(9,415) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.65 490.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 559.55 490.55 Td (\(9,415) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 490.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 478.55 Td (Fund capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 471.55 Td (contributions, net) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.65 471.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.65 471.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 471.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 301.65 471.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 342.65 471.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.65 471.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.65 471.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 506.90 471.55 Td (9,064) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 471.55 Td (9,064) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 459.56 Td (Balance at ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 452.56 Td (December) Tj ET Q q 0 0 0 rg BT 73.69 452.56 Td ( 31, 2016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 143.10 452.56 Td (12,391,970) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 184.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 208.15 452.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 228.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.90 452.56 Td (788,927) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.85 452.56 Td (257,188) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.55 452.61 Td (\(284,461) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 349.65 452.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.55 452.61 Td (\(2,599) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.65 452.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.90 452.56 Td (759,250) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 503.40 452.56 Td (57,016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 532.00 452.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 452.56 Td (816,266) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 36.00 436.40 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rg BT 535.65 583.12 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 571.12 Td (Amortization of forgivable loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 571.23 Td (8,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 571.12 Td (6,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 571.12 Td (5,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 559.12 Td (Decrease/\(increase\) in operating assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 547.12 Td (Cash and cash equivalents segregated for regulatory purposes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 547.23 Td (52,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 547.12 Td (\(56,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 547.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 547.12 Td (18,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 535.12 Td (Receivables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 523.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 523.23 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 523.12 Td (\(31,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 523.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 523.12 Td (1,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 511.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 511.28 Td (\(64,781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 511.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 511.12 Td (13,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 511.12 Td (\(33,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 511.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 499.12 Td (Securities purchased under agreements to resell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 499.28 Td (\(24,591) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 499.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 499.12 Td (171,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 499.12 Td (\(140,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 499.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 487.12 Td (Net financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 487.28 Td (\(7,835) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 487.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 487.12 Td (126,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 487.12 Td (\(27,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 487.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 475.12 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 475.28 Td (\(10,881) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 475.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 475.12 Td (\(38,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 475.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 475.12 Td (\(14,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 475.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 463.12 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 463.28 Td (\(20,992) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 463.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 463.12 Td (3,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 463.12 Td (3,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 451.12 Td (Increase/\(decrease\) in operating liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 439.12 Td (Payables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 427.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 427.28 Td (\(8,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 427.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 427.12 Td (24,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 427.12 Td (\(19,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 427.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 415.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 415.28 Td (\(7,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 415.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 415.12 Td (22,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 415.12 Td (\(2,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 415.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 403.12 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 403.28 Td (\(1,127) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 403.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 403.12 Td (18,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 403.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 391.12 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 391.23 Td (30,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 391.12 Td (2,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 391.12 Td (67,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 379.12 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 379.28 Td (\(27,902) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 379.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 379.12 Td (19,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 379.12 Td (\(15,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 379.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 355.12 Td (Net cash provided by/\(used in\) operating activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 355.23 Td (48,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 355.12 Td (379,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 355.12 Td (\(50,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 355.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 331.23 Td (Investing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 319.12 Td (Business acquisitions, net of cash acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 319.28 Td (\(72,709) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 319.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 319.12 Td (\(11,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 319.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 319.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 307.12 Td (Repayment of note receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 307.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 307.12 Td (1,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 307.12 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 295.12 Td (Purchases of fixed assets, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 295.28 Td (\(11,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 295.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 295.12 Td (\(5,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 295.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 295.12 Td (\(7,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 295.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 271.12 Td (Net cash used in investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 271.28 Td (\(83,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 271.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 271.12 Td (\(16,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 271.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 271.12 Td (\(5,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 271.12 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.35 247.11 Td (Continued on next page) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 748.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 748.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.30 727.60 Td (Consolidated Statements of Cash Flows Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (71) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 697.5 m 406 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 697.5 m 414 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 697.5 m 492 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 697.5 m 406 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 685.5 m 406 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 697.5 m 484 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 685.5 m 484 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 697.5 m 492 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 697.5 m 562 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 685.5 m 562 685.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 700.23 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 689.45 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 688.23 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 688.23 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 688.23 Td (2014) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 673.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 673.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 673.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 673.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 673.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 673.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 649.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 649.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 649.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 649.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 649.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 649.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 615.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 615.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 615.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 615.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 615.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 615.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 591.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 591.50 70.00 -12.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 414.00 543.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 543.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 543.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 519.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 519.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 519.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 519.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 519.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 519.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 495.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 495.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 495.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 495.50 70.00 -12.00 re f /GS0 gs 0.8 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0 0 0 rg BT 494.50 438.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 438.12 Td (15,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 414.12 Td (Supplemental disclosure of cash flow information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 402.12 Td (Cash paid during the year for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 390.12 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 390.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 390.23 Td (23,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 390.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 390.12 Td (24,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 390.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 390.12 Td (25,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 378.12 Td (Income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 378.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 378.23 Td (27,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 378.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 378.12 Td (31,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 378.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 378.12 Td (58,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 354.12 Td (Non-cash investing activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 342.07 Td (Issuance of common stock related to the acquisition of Simmons &) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 332.12 Td (Company International:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 320.12 Td (25,525 shares for the year ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 320.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 320.23 Td (1,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 320.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 320.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 320.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 320.12 Td () Tj 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BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.30 736.60 Td (Notes to the Consolidated Financial Statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 696.75 Td (Note 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 696.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 696.75 Td (Or) Tj ET Q q 0 0 0 rg BT 90.23 696.75 Td (ganization and Basis of Pr) Tj ET Q q 0 0 0 rg BT 196.54 696.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.64 696.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.85 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.33 648.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.66 648.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 149.90 648.75 Td (is ) Tj ET Q q 0 0 0 rg BT 158.80 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 173.26 648.75 Td (parent ) Tj ET Q q 0 0 0 rg BT 200.48 648.75 Td (company ) Tj ET Q q 0 0 0 rg BT 239.37 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.94 648.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 273.29 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 284.77 648.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 313.38 648.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 329.79 648.75 Td (\("Piper ) Tj ET Q q 0 0 0 rg BT 360.55 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 372.03 648.75 Td (fray"\), ) Tj ET Q q 0 0 0 rg BT 400.28 648.75 Td (a ) Tj ET Q q 0 0 0 rg BT 406.95 648.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 446.95 648.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 475.29 648.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 501.95 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.63 648.75 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 86.55 636.75 Td (firm; ) Tj ET Q q 0 0 0 rg BT 111.39 636.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 137.33 636.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 148.81 636.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 169.75 636.75 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 193.47 636.75 Td (a ) Tj ET Q q 0 0 0 rg BT 202.75 636.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 224.80 636.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 268.53 636.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 311.13 636.75 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 355.94 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 375.22 636.75 Td (mer) Tj ET Q q 0 0 0 rg BT 390.58 636.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 412.08 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 431.36 636.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 483.97 636.75 Td (services ) Tj ET Q q 0 0 0 rg BT 521.01 636.75 Td (in ) Tj ET Q q 0 0 0 rg BT 533.63 636.75 Td (Europe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 110.82 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 123.29 624.75 Td (London, ) Tj ET Q q 0 0 0 rg BT 161.59 624.75 Td (England; ) Tj ET Q q 0 0 0 rg BT 202.38 624.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 244.86 624.75 Td (& ) Tj ET Q q 0 0 0 rg BT 257.33 624.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 300.91 624.75 Td (International ) Tj ET Q q 0 0 0 rg BT 356.69 624.75 Td (Limited ) Tj ET Q q 0 0 0 rg BT 393.04 624.75 Td (\("SCIL"\), ) Tj ET Q q 0 0 0 rg BT 436.73 624.75 Td (a ) Tj ET Q q 0 0 0 rg BT 445.86 624.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 467.76 624.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 511.34 624.75 Td (mer) Tj ET Q q 0 0 0 rg BT 526.71 624.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 548.06 624.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 98.96 612.75 Td (services ) Tj ET Q q 0 0 0 rg BT 132.86 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.33 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.24 612.75 Td (ener) Tj ET Q q 0 0 0 rg BT 173.27 612.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 184.96 612.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 219.43 612.75 Td (headquartered ) Tj ET Q q 0 0 0 rg BT 277.75 612.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.84 612.75 Td (Aberdeen, ) Tj ET Q q 0 0 0 rg BT 329.90 612.75 Td (Scotland; ) Tj ET Q q 0 0 0 rg BT 368.99 612.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 407.90 612.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 448.74 612.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 465.70 612.75 Td (\("ARI"\), ) Tj ET Q q 0 0 0 rg BT 501.94 612.75 Td (which ) Tj ET Q q 0 0 0 rg BT 528.07 612.75 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.97 600.75 Td (management ) Tj ET Q q 0 0 0 rg BT 128.09 600.75 Td (services ) Tj ET Q q 0 0 0 rg BT 164.32 600.75 Td (to ) Tj ET Q q 0 0 0 rg BT 176.13 600.75 Td (separately ) Tj ET Q q 0 0 0 rg BT 220.69 600.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 260.81 600.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 302.33 600.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 349.67 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 368.14 600.75 Td (open-end ) Tj ET Q q 0 0 0 rg BT 409.38 600.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 435.63 600.75 Td (and ) Tj ET Q q 0 0 0 rg BT 454.10 600.75 Td (partnerships; ) Tj ET Q q 0 0 0 rg BT 509.78 600.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.92 600.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.40 600.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.56 588.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 122.74 588.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 142.14 588.75 Td (which ) Tj ET Q q 0 0 0 rg BT 168.21 588.75 Td (consists ) Tj ET Q q 0 0 0 rg BT 201.50 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.46 588.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 241.97 588.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 282.49 588.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 326.31 588.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 347.38 588.75 Td (management ) Tj ET Q q 0 0 0 rg BT 400.10 588.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 436.71 588.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 459.45 588.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 470.93 588.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 488.66 588.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 527.50 588.75 Td (Products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 71.41 576.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 96.67 576.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 108.15 576.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 128.39 576.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 169.75 576.75 Td (Products ) Tj ET Q q 0 0 0 rg BT 208.89 576.75 Td (II ) Tj ET Q q 0 0 0 rg BT 219.70 576.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 239.11 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.70 576.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 282.95 576.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 294.43 576.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 314.68 576.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 356.03 576.75 Td (Products ) Tj ET Q q 0 0 0 rg BT 395.18 576.75 Td (III ) Tj ET Q q 0 0 0 rg BT 409.31 576.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 431.23 576.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 464.26 576.75 Td (that ) Tj ET Q q 0 0 0 rg BT 483.40 576.75 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 522.52 576.75 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 101.89 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 118.17 564.75 Td (other ) Tj ET Q q 0 0 0 rg BT 140.56 564.75 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 185.72 564.75 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 237.28 564.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 260.23 564.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 271.71 564.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 289.65 564.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 336.49 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 352.77 564.75 Td (its ) Tj ET Q q 0 0 0 rg BT 364.06 564.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 413.12 564.75 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 462.45 564.75 Td (, ) Tj ET Q q 0 0 0 rg BT 466.79 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 480.85 564.75 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 533.07 564.75 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.08 552.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.08 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 75.88 552.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 114.33 552.75 Td (segments: ) Tj ET Q q 0 0 0 rg BT 156.13 552.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 186.81 552.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 221.38 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.22 552.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 261.24 552.75 Td (Management. ) Tj ET Q q 0 0 0 rg BT 317.34 552.75 Td (A) Tj ET Q q 0 0 0 rg BT 324.01 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 325.81 552.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 364.83 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 374.96 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.97 552.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 426.87 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 437.00 552.75 Td (each ) Tj ET Q q 0 0 0 rg BT 457.11 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 467.24 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.26 552.75 Td (Company) Tj ET Q q 0 0 0 rg BT 522.92 552.75 Td (s ) Tj ET Q q 0 0 0 rg BT 528.62 552.75 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 89.22 540.75 Td (is ) Tj ET Q q 0 0 0 rg BT 98.39 540.75 Td (as ) Tj ET Q q 0 0 0 rg BT 109.22 540.75 Td (follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.41 492.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 96.65 492.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 130.77 492.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 165.46 492.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 201.26 492.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 246.50 492.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 280.07 492.75 Td (services ) Tj ET Q q 0 0 0 rg BT 313.64 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 329.44 492.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 378.57 492.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 401.87 492.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 431.55 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.35 492.75 Td (research ) Tj ET Q q 0 0 0 rg BT 482.02 492.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 518.08 492.75 Td (Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.04 480.75 Td (services ) Tj ET Q q 0 0 0 rg BT 116.57 480.75 Td (include ) Tj ET Q q 0 0 0 rg BT 147.33 480.75 Td (management ) Tj ET Q q 0 0 0 rg BT 199.74 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.39 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 225.15 480.75 Td (participation ) Tj ET Q q 0 0 0 rg BT 277.01 480.75 Td (in ) Tj ET Q q 0 0 0 rg BT 286.12 480.75 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 345.49 480.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.79 480.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 417.55 480.75 Td (services ) Tj ET Q q 0 0 0 rg BT 451.08 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 466.84 480.75 Td (public ) Tj ET Q q 0 0 0 rg BT 493.16 480.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 523.91 480.75 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 90.66 468.75 Td (are ) Tj ET Q q 0 0 0 rg BT 105.14 468.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 146.29 468.75 Td (through ) Tj ET Q q 0 0 0 rg BT 179.68 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.17 468.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 223.66 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 234.27 468.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 270.98 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.70 468.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 327.75 468.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 348.63 468.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 399.24 468.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 423.46 468.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 454.06 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.78 468.75 Td (research ) Tj ET Q q 0 0 0 rg BT 506.37 468.75 Td (services ) Tj ET Q q 0 0 0 rg BT 540.85 468.75 Td (focus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.94 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.59 456.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 107.36 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 118.13 456.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 145.56 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 162.44 456.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.43 456.75 Td (income ) Tj ET Q q 0 0 0 rg BT 217.30 456.75 Td (products ) Tj ET Q q 0 0 0 rg BT 254.18 456.75 Td (with ) Tj ET Q q 0 0 0 rg BT 274.39 456.75 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 323.78 456.75 Td (government ) Tj ET Q q 0 0 0 rg BT 373.99 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.86 456.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 433.85 456.75 Td (entities. ) Tj ET Q q 0 0 0 rg BT 467.67 456.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 508.99 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 523.63 456.75 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (through ) Tj ET Q q 0 0 0 rg BT 83.55 444.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 138.73 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 156.11 444.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 178.50 444.75 Td (credits ) Tj ET Q q 0 0 0 rg BT 208.10 444.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 237.69 444.75 Td (on ) Tj ET Q q 0 0 0 rg BT 250.63 444.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 278.57 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.96 444.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 319.45 444.75 Td (income ) Tj ET Q q 0 0 0 rg BT 351.83 444.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 402.55 444.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.94 444.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 466.48 444.75 Td (net ) Tj ET Q q 0 0 0 rg BT 481.65 444.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.03 444.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 552.51 444.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.95 432.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 121.83 432.75 Td (held ) Tj ET Q q 0 0 0 rg BT 142.17 432.75 Td (in ) Tj ET Q q 0 0 0 rg BT 153.07 432.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 190.75 432.75 Td (, ) Tj ET Q q 0 0 0 rg BT 196.37 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.93 432.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 243.16 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.73 432.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 287.74 432.75 Td (from ) Tj ET Q q 0 0 0 rg BT 310.30 432.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 341.75 432.75 Td (these ) Tj ET Q q 0 0 0 rg BT 365.42 432.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 408.12 432.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 432.63 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.97 432.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 489.98 432.75 Td (generates ) Tj ET Q q 0 0 0 rg BT 530.85 432.75 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (through ) Tj ET Q q 0 0 0 rg BT 83.63 420.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 120.52 420.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 151.87 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 169.33 420.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 209.02 420.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 250.64 420.75 Td (which ) Tj ET Q q 0 0 0 rg BT 278.10 420.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 302.78 420.75 Td (on ) Tj ET Q q 0 0 0 rg BT 315.80 420.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 366.59 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 377.39 420.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 420.41 420.75 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 449.82 420.75 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 522.25 420.75 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.52 408.75 Td (government ) Tj ET Q q 0 0 0 rg BT 121.52 408.75 Td (agency ) Tj ET Q q 0 0 0 rg BT 153.07 408.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 196.57 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 214.24 408.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 254.68 408.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 290.13 408.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 329.46 408.75 Td (involving ) Tj ET Q q 0 0 0 rg BT 371.03 408.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 399.26 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 410.83 408.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 431.28 408.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 482.29 408.75 Td (in ) Tj ET Q q 0 0 0 rg BT 493.30 408.75 Td (late ) Tj ET Q q 0 0 0 rg BT 510.97 408.75 Td (stage ) Tj ET Q q 0 0 0 rg BT 534.75 408.75 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 96.87 396.75 Td (The ) Tj ET Q q 0 0 0 rg BT 114.68 396.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 155.83 396.75 Td (has ) Tj ET Q q 0 0 0 rg BT 171.43 396.75 Td (created ) Tj ET Q q 0 0 0 rg BT 202.55 396.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 247.02 396.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 268.72 396.75 Td (management ) Tj ET Q q 0 0 0 rg BT 322.08 396.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 346.56 396.75 Td (in ) Tj ET Q q 0 0 0 rg BT 356.61 396.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 396.07 396.75 Td (banking, ) Tj ET Q q 0 0 0 rg BT 433.06 396.75 Td (ener) Tj ET Q q 0 0 0 rg BT 450.08 396.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 462.35 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 479.05 396.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 505.76 396.75 Td (living ) Tj ET Q q 0 0 0 rg BT 531.36 396.75 Td (in ) Tj ET Q q 0 0 0 rg BT 541.40 396.75 Td (order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.49 384.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 85.58 384.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 105.01 384.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 133.87 384.75 Td (and ) Tj ET Q q 0 0 0 rg BT 150.51 384.75 Td (to ) Tj ET Q q 0 0 0 rg BT 160.50 384.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 193.80 384.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 222.66 384.75 Td (from ) Tj ET Q q 0 0 0 rg BT 244.31 384.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 275.40 384.75 Td (investors. ) Tj ET Q q 0 0 0 rg BT 316.06 384.75 Td (The ) Tj ET Q q 0 0 0 rg BT 333.82 384.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 374.91 384.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 409.87 384.75 Td (management ) Tj ET Q q 0 0 0 rg BT 463.17 384.75 Td (and ) Tj ET Q q 0 0 0 rg BT 479.82 384.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 532.55 384.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.86 384.75 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 91.43 372.75 Td (these ) Tj ET Q q 0 0 0 rg BT 114.48 372.75 Td (funds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 348.75 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 324.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 92.35 324.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 147.41 324.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 183.59 324.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 220.89 324.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 264.84 324.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 287.14 324.75 Td (management ) Tj ET Q q 0 0 0 rg BT 341.08 324.75 Td (services ) Tj ET Q q 0 0 0 rg BT 376.15 324.75 Td (with ) Tj ET Q q 0 0 0 rg BT 396.78 324.75 Td (product ) Tj ET Q q 0 0 0 rg BT 430.18 324.75 Td (of) Tj ET Q q 0 0 0 rg BT 438.33 324.75 Td (ferings ) Tj ET Q q 0 0 0 rg BT 468.96 324.75 Td (in ) Tj ET Q q 0 0 0 rg BT 479.59 324.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 507.44 324.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 548.06 324.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (master ) Tj ET Q q 0 0 0 rg BT 78.77 312.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 109.71 312.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 161.20 312.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.59 312.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 218.65 312.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.70 312.75 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 285.25 312.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 326.74 312.75 Td (are ) Tj ET Q q 0 0 0 rg BT 341.56 312.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 383.04 312.75 Td (in ) Tj ET Q q 0 0 0 rg BT 393.42 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.25 312.75 Td (form ) Tj ET Q q 0 0 0 rg BT 430.30 312.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.24 312.75 Td (management ) Tj ET Q q 0 0 0 rg BT 494.94 312.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.99 312.75 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 70.60 300.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 111.98 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 126.68 300.75 Td (also ) Tj ET Q q 0 0 0 rg BT 145.29 300.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 186.65 300.75 Td (through ) Tj ET Q q 0 0 0 rg BT 220.26 300.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.54 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.81 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.53 300.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 346.91 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.85 300.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 388.57 300.75 Td (that ) Tj ET Q q 0 0 0 rg BT 406.06 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.78 300.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 462.17 300.75 Td (manages.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 95.43 276.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 252.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 128.26 252.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 181.26 252.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.69 252.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.35 252.75 Td (have ) Tj ET Q q 0 0 0 rg BT 284.68 252.75 Td (been ) Tj ET Q q 0 0 0 rg BT 306.01 252.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 343.44 252.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.67 252.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 401.09 252.75 Td (with ) Tj ET Q q 0 0 0 rg BT 421.32 252.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.55 252.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 481.21 252.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 518.63 252.75 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 90.64 240.75 Td (\("U.S. ) Tj ET Q q 0 0 0 rg BT 117.54 240.75 Td (GAAP"\) ) Tj ET Q q 0 0 0 rg BT 153.88 240.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.03 240.75 Td (include ) Tj ET Q q 0 0 0 rg BT 201.17 240.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.09 240.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 251.78 240.75 Td (of ) Tj ET Q q 0 0 0 rg BT 261.82 240.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 284.63 240.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 296.11 240.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 313.91 240.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 363.11 240.75 Td (its ) Tj ET Q q 0 0 0 rg BT 374.27 240.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 403.75 240.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 432.12 240.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 483.54 240.75 Td (and ) Tj ET Q q 0 0 0 rg BT 499.68 240.75 Td (all ) Tj ET Q q 0 0 0 rg BT 511.39 240.75 Td (other ) Tj ET Q q 0 0 0 rg BT 533.64 240.75 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (in ) Tj ET Q q 0 0 0 rg BT 58.81 228.75 Td (which ) Tj ET Q q 0 0 0 rg BT 84.78 228.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.53 228.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 138.95 228.75 Td (has ) Tj ET Q q 0 0 0 rg BT 153.82 228.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.79 228.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 205.20 228.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.72 228.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 275.18 228.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 337.82 228.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 372.68 228.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 410.86 228.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 437.39 228.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 472.24 228.75 Td (in ) Tj ET Q q 0 0 0 rg BT 481.56 228.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 533.63 228.75 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (that ) Tj ET Q q 0 0 0 rg BT 67.54 216.75 Td (are ) Tj ET Q q 0 0 0 rg BT 82.79 216.75 Td (not ) Tj ET Q q 0 0 0 rg BT 98.61 216.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 149.69 216.75 Td (either ) Tj ET Q q 0 0 0 rg BT 175.50 216.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 209.08 216.75 Td (or ) Tj ET Q q 0 0 0 rg BT 220.46 216.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 258.13 216.75 Td (, ) Tj ET Q q 0 0 0 rg BT 263.67 216.75 Td (to ) Tj ET Q q 0 0 0 rg BT 274.49 216.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 298.65 216.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 310.13 216.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 329.27 216.75 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 379.81 216.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 443.95 216.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 480.32 216.75 Td (include ) Tj ET Q q 0 0 0 rg BT 512.80 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 528.06 216.75 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.58 204.75 Td (holders) Tj ET Q q 0 0 0 rg BT 108.61 204.75 Td ( ) Tj ET Q q 0 0 0 rg BT 110.70 204.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 166.66 204.75 Td (share ) Tj ET Q q 0 0 0 rg BT 189.84 204.75 Td (of ) Tj ET Q q 0 0 0 rg BT 200.26 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.56 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 241.65 204.75 Td (in ) Tj ET Q q 0 0 0 rg BT 251.51 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 265.82 204.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.48 204.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 356.77 204.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 378.29 204.75 Td (management ) Tj ET Q q 0 0 0 rg BT 431.47 204.75 Td (funds. ) Tj ET Q q 0 0 0 rg BT 457.82 204.75 Td (All ) Tj ET Q q 0 0 0 rg BT 472.68 204.75 Td (material ) Tj ET Q q 0 0 0 rg BT 507.53 204.75 Td (intercompany ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 86.42 192.75 Td (have ) Tj ET Q q 0 0 0 rg BT 107.80 192.75 Td (been ) Tj ET Q q 0 0 0 rg BT 129.18 192.75 Td (eliminated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 168.75 Td (preparation ) Tj ET Q q 0 0 0 rg BT 117.20 168.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.84 168.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.13 168.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.65 168.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.40 168.75 Td (related ) Tj ET Q q 0 0 0 rg BT 260.92 168.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 308.67 168.75 Td (in ) Tj ET Q q 0 0 0 rg BT 319.75 168.75 Td (conformity ) Tj ET Q q 0 0 0 rg BT 367.50 168.75 Td (with ) Tj ET Q q 0 0 0 rg BT 388.59 168.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 409.68 168.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 436.54 168.75 Td ( ) Tj ET Q q 0 0 0 rg BT 439.85 168.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 475.36 168.75 Td (management ) Tj ET Q q 0 0 0 rg BT 529.76 168.75 Td (to ) Tj ET Q q 0 0 0 rg BT 540.85 168.75 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.27 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 106.26 156.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 158.27 156.75 Td (that ) Tj ET Q q 0 0 0 rg BT 175.82 156.75 Td (af) Tj ET Q q 0 0 0 rg BT 183.41 156.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.95 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.72 156.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 251.59 156.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 288.04 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.92 156.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 324.81 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.80 156.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 381.58 156.75 Td (at ) Tj ET Q q 0 0 0 rg BT 391.35 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 406.12 156.75 Td (date ) Tj ET Q q 0 0 0 rg BT 425.33 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 436.22 156.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.99 156.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.53 156.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 533.30 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 156.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.44 144.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 121.94 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 144.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 171.05 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.11 144.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 226.83 144.75 Td (during ) Tj ET Q q 0 0 0 rg BT 255.56 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.40 144.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 309.68 144.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 339.77 144.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 380.17 144.75 Td (these ) Tj ET Q q 0 0 0 rg BT 403.33 144.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 443.17 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 460.23 144.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 512.30 144.75 Td (are ) Tj ET Q q 0 0 0 rg BT 527.12 144.75 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 144.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 132.75 Td (best ) Tj ET Q q 0 0 0 rg BT 82.83 132.75 Td (information ) Tj ET Q q 0 0 0 rg BT 132.54 132.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 173.63 132.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 200.00 132.75 Td (results ) Tj ET Q q 0 0 0 rg BT 228.61 132.75 Td (could ) Tj ET Q q 0 0 0 rg BT 253.32 132.75 Td (dif) Tj ET Q q 0 0 0 rg BT 264.25 132.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 277.85 132.75 Td (from ) Tj ET Q q 0 0 0 rg BT 299.79 132.75 Td (those ) Tj ET Q q 0 0 0 rg BT 323.40 132.75 Td (estimates.) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 708.25 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 175.69 708.25 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.95 708.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.40 660.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.64 660.25 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 163.42 660.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 195.65 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.78 660.25 Td (which ) Tj ET Q q 0 0 0 rg BT 234.57 660.25 Td (it ) Tj ET Q q 0 0 0 rg BT 243.48 660.25 Td (has ) Tj ET Q q 0 0 0 rg BT 260.16 660.25 Td (a ) Tj ET Q q 0 0 0 rg BT 267.95 660.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 315.18 660.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.52 660.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 388.56 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 407.46 660.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.69 660.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 496.92 660.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 532.47 660.25 Td (it ) Tj ET Q q 0 0 0 rg BT 541.38 660.25 Td (has ) Tj ET Q q 0 0 0 rg BT 558.06 660.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 96.60 648.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 134.81 648.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 167.46 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.46 648.25 Td (an ) Tj ET Q q 0 0 0 rg BT 191.12 648.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 217.12 648.25 Td (by ) Tj ET Q q 0 0 0 rg BT 230.34 648.25 Td (first ) Tj ET Q q 0 0 0 rg BT 249.67 648.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 294.54 648.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 329.97 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.41 648.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 371.40 648.25 Td (is ) Tj ET Q q 0 0 0 rg BT 381.29 648.25 Td (a ) Tj ET Q q 0 0 0 rg BT 388.95 648.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 424.38 648.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 457.03 648.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 483.03 648.25 Td (\("VIE"\) ) Tj ET Q q 0 0 0 rg BT 517.73 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 529.29 648.25 Td (a ) Tj ET Q q 0 0 0 rg BT 536.95 648.25 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.43 636.25 Td (entity) Tj ET Q q 0 0 0 rg BT 103.56 636.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 73.69 612.25 Td (are ) Tj ET Q q 0 0 0 rg BT 89.53 612.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 122.05 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 133.46 612.25 Td (which ) Tj ET Q q 0 0 0 rg BT 161.53 612.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 174.61 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.46 612.25 Td (total ) Tj ET Q q 0 0 0 rg BT 211.87 612.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 240.50 612.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.02 612.25 Td (at ) Tj ET Q q 0 0 0 rg BT 298.87 612.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 317.50 612.25 Td (is ) Tj ET Q q 0 0 0 rg BT 327.81 612.25 Td (not ) Tj ET Q q 0 0 0 rg BT 344.22 612.25 Td (suf) Tj ET Q q 0 0 0 rg BT 356.26 612.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 385.44 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.85 612.25 Td (enable ) Tj ET Q q 0 0 0 rg BT 426.58 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.43 612.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 468.84 612.25 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (When ) Tj ET Q q 0 0 0 rg BT 76.53 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.89 492.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.93 492.25 Td (does ) Tj ET Q q 0 0 0 rg BT 155.40 492.25 Td (not ) Tj ET Q q 0 0 0 rg BT 171.33 492.25 Td (have ) Tj ET Q q 0 0 0 rg BT 193.36 492.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.94 492.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 247.97 492.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.10 492.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.68 492.25 Td (in ) Tj ET Q q 0 0 0 rg BT 329.61 492.25 Td (an ) Tj ET Q q 0 0 0 rg BT 342.20 492.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 368.12 492.25 Td (but ) Tj ET Q q 0 0 0 rg BT 384.05 492.25 Td (exerts ) Tj ET Q q 0 0 0 rg BT 411.07 492.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 456.43 492.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 496.78 492.25 Td (over ) Tj ET Q q 0 0 0 rg BT 517.70 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 533.07 492.25 Td (entity) Tj ET Q q 0 0 0 rg BT 558.62 492.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.64 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.45 480.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.81 480.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 177.29 480.25 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 220.20 480.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 252.56 480.25 Td (as ) Tj ET Q q 0 0 0 rg BT 263.26 480.25 Td (owning ) Tj ET Q q 0 0 0 rg BT 295.64 480.25 Td (a ) Tj ET Q q 0 0 0 rg BT 302.45 480.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 330.38 480.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.09 480.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 382.34 480.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 414.15 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.85 480.25 Td (between ) Tj ET Q q 0 0 0 rg BT 460.54 480.25 Td (20 ) Tj ET Q q 0 0 0 rg BT 472.92 480.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 504.72 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 514.87 480.25 Td (50 ) Tj ET Q q 0 0 0 rg BT 527.25 480.25 Td (percent\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.49 468.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 111.85 468.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 158.50 468.25 Td (is ) Tj ET Q q 0 0 0 rg BT 167.95 468.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 211.26 468.25 Td (for ) Tj ET Q q 0 0 0 rg BT 225.69 468.25 Td (under ) Tj ET Q q 0 0 0 rg BT 251.23 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.23 468.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 294.00 468.25 Td (method ) Tj ET Q q 0 0 0 rg BT 326.77 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.87 468.25 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 387.02 468.25 Td (If ) Tj ET Q q 0 0 0 rg BT 396.45 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.44 468.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 453.11 468.25 Td (does ) Tj ET Q q 0 0 0 rg BT 474.21 468.25 Td (not ) Tj ET Q q 0 0 0 rg BT 489.76 468.25 Td (have ) Tj ET Q q 0 0 0 rg BT 511.42 468.25 Td (a ) Tj ET Q q 0 0 0 rg BT 518.63 468.25 Td (controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.77 456.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 118.50 456.25 Td (in, ) Tj ET Q q 0 0 0 rg BT 131.07 456.25 Td (or ) Tj ET Q q 0 0 0 rg BT 141.69 456.25 Td (exert ) Tj ET Q q 0 0 0 rg BT 163.97 456.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 208.47 456.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 247.96 456.25 Td (over) Tj ET Q q 0 0 0 rg BT 265.33 456.25 Td (, ) Tj ET Q q 0 0 0 rg BT 270.12 456.25 Td (an ) Tj ET Q q 0 0 0 rg BT 281.85 456.25 Td (entity) Tj ET Q q 0 0 0 rg BT 303.98 456.25 Td (, ) Tj ET Q q 0 0 0 rg BT 308.77 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.28 456.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 364.45 456.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 401.73 456.25 Td (for ) Tj ET Q q 0 0 0 rg BT 415.68 456.25 Td (its ) Tj ET Q q 0 0 0 rg BT 427.42 456.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.60 456.25 Td (at ) Tj ET Q q 0 0 0 rg BT 483.10 456.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 499.27 456.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 525.72 456.25 Td (if ) Tj ET Q q 0 0 0 rg BT 534.12 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.63 456.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (value ) Tj ET Q q 0 0 0 rg BT 73.66 444.25 Td (option ) Tj ET Q q 0 0 0 rg BT 101.71 444.25 Td (was ) Tj ET Q q 0 0 0 rg BT 119.76 444.25 Td (elected, ) Tj ET Q q 0 0 0 rg BT 153.07 444.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.90 444.25 Td (at ) Tj ET Q q 0 0 0 rg BT 173.62 444.25 Td (cost.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.40 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 87.73 396.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 107.40 396.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 154.83 396.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 184.51 396.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.73 396.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 214.40 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.73 396.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 258.19 396.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 283.42 396.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 333.09 396.25 Td (with ) Tj ET Q q 0 0 0 rg BT 352.76 396.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 394.65 396.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.87 396.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 416.77 396.25 Td (days ) Tj ET Q q 0 0 0 rg BT 436.99 396.25 Td (or ) Tj ET Q q 0 0 0 rg BT 447.22 396.25 Td (less ) Tj ET Q q 0 0 0 rg BT 464.12 396.25 Td (at ) Tj ET Q q 0 0 0 rg BT 473.23 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.34 396.25 Td (date ) Tj ET Q q 0 0 0 rg BT 505.89 396.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.12 396.25 Td (origination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.24 372.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 109.61 372.25 Td (with ) Tj ET Q q 0 0 0 rg BT 130.80 372.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 153.10 372.25 Td (15c3-3 ) Tj ET Q q 0 0 0 rg BT 184.28 372.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.02 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.65 372.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 254.49 372.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 296.57 372.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 314.42 372.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.16 372.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 352.07 372.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 376.59 372.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 388.07 372.25 Td (fray) Tj ET Q q 0 0 0 rg BT 403.52 372.25 Td (, ) Tj ET Q q 0 0 0 rg BT 409.43 372.25 Td (as ) Tj ET Q q 0 0 0 rg BT 421.17 372.25 Td (a ) Tj ET Q q 0 0 0 rg BT 429.02 372.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 471.85 372.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 501.36 372.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 529.20 372.25 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.91 360.25 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 129.15 360.25 Td (is ) Tj ET Q q 0 0 0 rg BT 138.57 360.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.65 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.18 360.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 235.13 360.25 Td (related ) Tj ET Q q 0 0 0 rg BT 265.09 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.62 360.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 326.14 360.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.66 360.25 Td (or ) Tj ET Q q 0 0 0 rg BT 357.75 360.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 396.04 360.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 436.56 360.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.09 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 454.28 360.25 Td (segregated ) Tj ET Q q 0 0 0 rg BT 499.79 360.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 531.41 360.25 Td (account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 348.25 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 118.64 348.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 148.90 348.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.73 348.25 Td (its ) Tj ET Q q 0 0 0 rg BT 171.68 348.25 Td (customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (Customer) Tj ET Q q 0 0 0 rg BT 91.53 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.85 324.25 Td (T) Tj ET Q q 0 0 0 rg BT 99.78 324.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 90.71 300.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 130.80 300.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 180.88 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 195.41 300.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 232.71 300.25 Td (on ) Tj ET Q q 0 0 0 rg BT 245.04 300.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.80 300.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 295.22 300.25 Td (date ) Tj ET Q q 0 0 0 rg BT 314.20 300.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 339.02 300.25 Td (while ) Tj ET Q q 0 0 0 rg BT 363.56 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.10 300.25 Td (related ) Tj ET Q q 0 0 0 rg BT 407.63 300.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 445.49 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.25 300.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 500.67 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 515.20 300.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 552.50 300.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.86 288.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 99.74 288.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 125.16 288.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 166.97 288.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 214.85 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.21 288.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 270.11 288.25 Td (include ) Tj ET Q q 0 0 0 rg BT 302.46 288.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 339.27 288.25 Td (related ) Tj ET Q q 0 0 0 rg BT 369.39 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.08 288.25 Td (both ) Tj ET Q q 0 0 0 rg BT 400.78 288.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 421.47 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.82 288.25 Td (mar) Tj ET Q q 0 0 0 rg BT 454.19 288.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 469.88 288.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 523.06 288.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 78.68 276.25 Td (by ) Tj ET Q q 0 0 0 rg BT 91.19 276.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 136.76 276.25 Td (including ) Tj ET Q q 0 0 0 rg BT 177.05 276.25 Td (those ) Tj ET Q q 0 0 0 rg BT 200.67 276.25 Td (that ) Tj ET Q q 0 0 0 rg BT 218.19 276.25 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 269.56 276.25 Td (mar) Tj ET Q q 0 0 0 rg BT 284.92 276.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 300.22 276.25 Td (or ) Tj ET Q q 0 0 0 rg BT 311.06 276.25 Td (other ) Tj ET Q q 0 0 0 rg BT 334.13 276.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 364.42 276.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 417.20 276.25 Td (are ) Tj ET Q q 0 0 0 rg BT 431.92 276.25 Td (not ) Tj ET Q q 0 0 0 rg BT 447.22 276.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 484.71 276.25 Td (on ) Tj ET Q q 0 0 0 rg BT 497.22 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 276.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.04 264.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 142.52 264.25 Td (condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 101.99 240.25 Td (fr) Tj ET Q q 0 0 0 rg BT 109.57 240.25 Td (om ) Tj ET Q q 0 0 0 rg BT 125.40 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.03 240.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 184.30 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.13 240.25 Td (Br) Tj ET Q q 0 0 0 rg BT 206.06 240.25 Td (okers, ) Tj ET Q q 0 0 0 rg BT 234.39 240.25 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 269.10 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.72 240.25 Td (Clearing ) Tj ET Q q 0 0 0 rg BT 327.44 240.25 Td (Organizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 100.81 216.25 Td (from ) Tj ET Q q 0 0 0 rg BT 123.24 216.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 158.72 216.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 190.03 216.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.47 216.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 242.66 216.25 Td (or) Tj ET Q q 0 0 0 rg BT 250.81 216.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 299.35 216.25 Td (include ) Tj ET Q q 0 0 0 rg BT 331.78 216.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 379.74 216.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 409.95 216.25 Td (from ) Tj ET Q q 0 0 0 rg BT 432.39 216.25 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 471.49 216.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 512.24 216.25 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 84.79 204.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 104.52 204.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.70 204.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.97 204.25 Td (borrowed, ) Tj ET Q q 0 0 0 rg BT 202.31 204.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 249.79 204.25 Td (from ) Tj ET Q q 0 0 0 rg BT 271.74 204.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 306.46 204.25 Td (or) Tj ET Q q 0 0 0 rg BT 314.61 204.25 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 365.17 204.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 400.46 204.25 Td (with ) Tj ET Q q 0 0 0 rg BT 420.75 204.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 455.46 204.25 Td (or) Tj ET Q q 0 0 0 rg BT 463.61 204.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 511.67 204.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.62 204.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 93.05 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 107.18 192.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 147.42 192.25 Td (not ) Tj ET Q q 0 0 0 rg BT 162.66 192.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 202.34 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.59 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.27 192.25 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 268.61 192.25 Td (by ) Tj ET Q q 0 0 0 rg BT 281.08 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.77 192.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 339.34 192.25 Td (date ) Tj ET Q q 0 0 0 rg BT 358.46 192.25 Td (\("securities ) Tj ET Q q 0 0 0 rg BT 406.11 192.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 431.35 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.59 192.25 Td (deliver"\). ) Tj ET Q q 0 0 0 rg BT 481.74 192.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 519.76 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.01 192.25 Td (brokers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 79.28 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.18 180.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 128.85 180.25 Td (or) Tj ET Q q 0 0 0 rg BT 137.00 180.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 184.00 180.25 Td (include ) Tj ET Q q 0 0 0 rg BT 214.90 180.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 251.35 180.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 280.03 180.25 Td (from ) Tj ET Q q 0 0 0 rg BT 300.93 180.25 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 338.50 180.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 377.73 180.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 429.46 180.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 465.90 180.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.15 180.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 508.81 180.25 Td (or) Tj ET Q q 0 0 0 rg BT 516.96 180.25 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.23 168.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 104.40 168.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 138.78 168.25 Td (for ) Tj ET Q q 0 0 0 rg BT 153.73 168.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 194.79 168.25 Td (not ) Tj ET Q q 0 0 0 rg BT 210.85 168.25 Td (received ) Tj ET Q q 0 0 0 rg BT 248.00 168.25 Td (from ) Tj ET Q q 0 0 0 rg BT 270.73 168.25 Td (a ) Tj ET Q q 0 0 0 rg BT 278.46 168.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 303.40 168.25 Td (by ) Tj ET Q q 0 0 0 rg BT 316.69 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.20 168.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 376.58 168.25 Td (date ) Tj ET Q q 0 0 0 rg BT 396.53 168.25 Td (\("securities ) Tj ET Q q 0 0 0 rg BT 444.99 168.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 471.04 168.25 Td (to ) Tj ET Q q 0 0 0 rg BT 482.11 168.25 Td (receive"\). ) Tj ET Q q 0 0 0 rg BT 524.17 168.25 Td (Unsettled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.92 156.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.34 156.25 Td (related ) Tj ET Q q 0 0 0 rg BT 170.20 156.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.63 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.50 156.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 242.74 156.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 271.49 156.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 298.57 156.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 342.88 156.25 Td (are ) Tj ET Q q 0 0 0 rg BT 357.74 156.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 395.37 156.25 Td (at ) Tj ET Q q 0 0 0 rg BT 405.25 156.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 440.10 156.25 Td (value ) Tj ET Q q 0 0 0 rg BT 464.41 156.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.07 156.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.16 156.25 Td (net ) Tj ET Q q 0 0 0 rg BT 499.03 156.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 524.19 156.25 Td (Unsettled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 144.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.03 144.25 Td (related ) Tj ET Q q 0 0 0 rg BT 169.73 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.01 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.72 144.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 241.80 144.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.85 144.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 337.34 144.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 359.84 144.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 380.67 144.25 Td (are ) Tj ET Q q 0 0 0 rg BT 395.37 144.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 432.85 144.25 Td (on ) Tj ET Q q 0 0 0 rg BT 445.35 144.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.29 144.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 475.90 144.25 Td (basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (Collateralized Securities ) Tj ET Q q 0 0 0 rg BT 155.96 120.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.88 120.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.48 96.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 134.56 96.25 Td (under ) Tj ET Q q 0 0 0 rg BT 159.87 96.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 207.94 96.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.26 96.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 242.46 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.44 96.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.75 96.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 318.96 96.25 Td (under ) Tj ET Q q 0 0 0 rg BT 344.28 96.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 392.35 96.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.67 96.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 448.52 96.25 Td (are ) Tj ET Q q 0 0 0 rg BT 463.27 96.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 493.57 96.25 Td (at ) Tj ET Q q 0 0 0 rg BT 503.33 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.09 96.25 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.63 84.25 Td (at ) Tj ET Q q 0 0 0 rg BT 95.09 84.25 Td (which ) Tj ET Q q 0 0 0 rg BT 121.77 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.23 84.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 176.24 84.25 Td (will ) Tj ET Q q 0 0 0 rg BT 194.04 84.25 Td (be ) Tj ET Q q 0 0 0 rg BT 205.72 84.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 260.18 84.25 Td (resold ) Tj ET Q q 0 0 0 rg BT 286.86 84.25 Td (or ) Tj ET Q q 0 0 0 rg BT 297.43 84.25 Td (repurchased, ) Tj ET Q q 0 0 0 rg BT 350.48 84.25 Td (including ) Tj ET Q q 0 0 0 rg BT 390.49 84.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 423.82 84.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 458.00 84.25 Td (It ) Tj ET Q q 0 0 0 rg BT 466.35 84.25 Td (is ) Tj ET Q q 0 0 0 rg BT 475.26 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.72 84.25 Td (Company) Tj ET Q q 0 0 0 rg BT 531.39 84.25 Td (s ) Tj ET Q q 0 0 0 rg BT 537.52 84.25 Td (policy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 72.25 Td (take ) Tj ET Q q 0 0 0 rg BT 78.58 72.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 123.68 72.25 Td (or ) Tj ET Q q 0 0 0 rg BT 134.33 72.25 Td (control ) Tj ET Q q 0 0 0 rg BT 164.98 72.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.63 72.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 215.71 72.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 258.57 72.25 Td (under ) Tj ET Q q 0 0 0 rg BT 283.66 72.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 331.51 72.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.61 72.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 365.59 72.25 Td (at ) Tj ET Q q 0 0 0 rg BT 375.12 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.66 72.25 Td (time ) Tj ET Q q 0 0 0 rg BT 409.76 72.25 Td (these ) Tj ET Q q 0 0 0 rg BT 432.62 72.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 480.48 72.25 Td (are ) Tj ET Q q 0 0 0 rg BT 495.00 72.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 526.75 72.25 Td (into. ) Tj ET Q q 0 0 0 rg BT 546.96 72.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 109.07 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 119.79 60.25 Td (these ) Tj ET Q q 0 0 0 rg BT 143.27 60.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 191.73 60.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 229.66 60.25 Td (are ) Tj ET Q q 0 0 0 rg BT 244.80 60.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 279.39 60.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 310.63 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.90 60.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 342.62 60.25 Td (government ) Tj ET Q q 0 0 0 rg BT 393.31 60.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 434.01 60.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.38 60.25 Td (major ) Tj ET Q q 0 0 0 rg BT 477.64 60.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 60.25 Td (institutions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 91.43 48.25 Td (is ) Tj ET Q q 0 0 0 rg BT 100.60 48.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 129.75 48.25 Td (daily) Tj ET Q q 0 0 0 rg BT 149.10 48.25 Td (, ) Tj ET Q q 0 0 0 rg BT 154.10 48.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.04 48.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 213.53 48.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 253.23 48.25 Td (is ) Tj ET Q q 0 0 0 rg BT 262.40 48.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 299.33 48.25 Td (from ) Tj ET Q q 0 0 0 rg BT 321.27 48.25 Td (or ) Tj ET Q q 0 0 0 rg BT 332.10 48.25 Td (refunded ) Tj ET Q q 0 0 0 rg BT 370.13 48.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.41 48.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 439.55 48.25 Td (when ) Tj ET Q q 0 0 0 rg BT 463.71 48.25 Td (appropriate.) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.33 696.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 132.05 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.89 696.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 177.94 696.10 Td (result ) Tj ET Q q 0 0 0 rg BT 202.56 696.10 Td (from ) Tj ET Q q 0 0 0 rg BT 224.40 696.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 274.56 696.10 Td (with ) Tj ET Q q 0 0 0 rg BT 294.74 696.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.68 696.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 346.18 696.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 376.89 696.10 Td (or ) Tj ET Q q 0 0 0 rg BT 387.62 696.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.00 696.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 471.85 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.69 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.30 696.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 540.67 696.10 Td (at ) Tj ET Q q 0 0 0 rg BT 550.29 696.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.88 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.59 684.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.73 684.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 152.31 684.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 192.45 684.10 Td (or ) Tj ET Q q 0 0 0 rg BT 203.16 684.10 Td (received. ) Tj ET Q q 0 0 0 rg BT 241.73 684.10 Td (These ) Tj ET Q q 0 0 0 rg BT 267.99 684.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 304.25 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 318.84 684.10 Td (included ) Tj ET Q q 0 0 0 rg BT 355.65 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.81 684.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 413.16 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 434.98 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.80 684.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 489.17 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.33 684.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 534.20 684.10 Td (dealers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.37 672.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 103.01 672.10 Td (or) Tj ET Q q 0 0 0 rg BT 111.16 672.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 160.13 672.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.57 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.22 672.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 243.20 672.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 288.84 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.61 672.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.02 672.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 382.73 672.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 425.60 672.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 467.35 672.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 518.55 672.10 Td (require ) Tj ET Q q 0 0 0 rg BT 550.30 672.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.23 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.86 660.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 133.59 660.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 154.20 660.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.38 660.10 Td (other ) Tj ET Q q 0 0 0 rg BT 188.77 660.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 228.81 660.10 Td (with ) Tj ET Q q 0 0 0 rg BT 249.44 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.50 660.10 Td (lender) Tj ET Q q 0 0 0 rg BT 288.93 660.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.28 660.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 336.56 660.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 366.06 660.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 416.67 660.10 Td (require ) Tj ET Q q 0 0 0 rg BT 447.83 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.89 660.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 502.39 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 513.01 660.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 544.75 660.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.94 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.83 648.10 Td (Company) Tj ET Q q 0 0 0 rg BT 123.06 648.10 Td (. ) Tj ET Q q 0 0 0 rg BT 128.03 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 146.25 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.80 648.10 Td (monitors ) Tj ET Q q 0 0 0 rg BT 226.02 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.90 648.10 Td (market ) Tj ET Q q 0 0 0 rg BT 271.33 648.10 Td (value ) Tj ET Q q 0 0 0 rg BT 295.65 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.65 648.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 347.07 648.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 388.06 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.16 648.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 434.48 648.10 Td (on ) Tj ET Q q 0 0 0 rg BT 447.15 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.25 648.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 476.91 648.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 502.08 648.10 Td (with ) Tj ET Q q 0 0 0 rg BT 522.52 648.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 89.20 636.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 126.13 636.10 Td (or ) Tj ET Q q 0 0 0 rg BT 136.96 636.10 Td (refunded ) Tj ET Q q 0 0 0 rg BT 175.00 636.10 Td (as ) Tj ET Q q 0 0 0 rg BT 185.83 636.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 224.05 636.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 81.57 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 90.32 612.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 123.49 612.10 Td (on ) Tj ET Q q 0 0 0 rg BT 135.57 612.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 175.42 612.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 215.82 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.34 612.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 261.08 612.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 310.92 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.44 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 336.20 612.10 Td (included ) Tj ET Q q 0 0 0 rg BT 372.71 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.57 612.10 Td (\(i\)other ) Tj ET Q q 0 0 0 rg BT 417.14 612.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 442.55 612.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.97 612.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.60 612.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 514.90 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.42 612.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 87.86 600.10 Td (on ) Tj ET Q q 0 0 0 rg BT 100.13 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.61 600.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.42 600.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 211.89 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.49 600.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 259.73 600.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 299.77 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.47 600.10 Td (\(ii\)the ) Tj ET Q q 0 0 0 rg BT 345.67 600.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 388.47 600.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.17 600.10 Td (income ) Tj ET Q q 0 0 0 rg BT 451.87 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 462.46 600.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.16 600.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 528.63 600.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 588.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 129.76 588.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.47 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.30 588.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 67.64 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.96 564.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.27 564.10 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.39 540.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.73 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.84 540.10 Td (other ) Tj ET Q q 0 0 0 rg BT 179.06 540.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.06 540.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 258.85 540.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 288.19 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.30 540.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.96 540.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 392.30 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.41 540.10 Td (other ) Tj ET Q q 0 0 0 rg BT 432.63 540.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 473.63 540.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 512.43 540.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 534.27 540.10 Td (but ) Tj ET Q q 0 0 0 rg BT 549.72 540.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 65.04 528.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 108.89 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.21 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.75 528.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.61 528.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.15 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.80 528.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.10 528.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 328.19 528.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 359.29 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.94 528.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.24 528.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 459.23 528.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 503.65 528.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.73 528.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 89.60 516.10 Td (settlements ) Tj ET Q q 0 0 0 rg BT 138.59 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.03 516.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 201.01 516.10 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 244.44 516.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.42 516.10 Td (at ) Tj ET Q q 0 0 0 rg BT 294.64 516.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 312.52 516.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 340.67 516.10 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 388.54 516.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 413.65 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.09 516.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 459.98 516.10 Td (related ) Tj ET Q q 0 0 0 rg BT 491.19 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.97 516.10 Td (these ) Tj ET Q q 0 0 0 rg BT 527.52 516.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.65 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 113.35 504.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 150.81 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 163.29 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.00 504.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.03 504.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.73 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.55 504.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 333.19 504.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 375.11 504.10 Td (\(both ) Tj ET Q q 0 0 0 rg BT 398.71 504.10 Td (long ) Tj ET Q q 0 0 0 rg BT 418.97 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.90 504.10 Td (short\), ) Tj ET Q q 0 0 0 rg BT 464.22 504.10 Td (including ) Tj ET Q q 0 0 0 rg BT 504.48 504.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.73 504.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 87.51 492.10 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 136.91 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.03 492.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 196.81 492.10 Td (on ) Tj ET Q q 0 0 0 rg BT 208.72 492.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.08 492.10 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 256.96 492.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 280.95 492.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 330.85 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 335.27 492.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 364.39 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.63 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.76 492.10 Td (Company) Tj ET Q q 0 0 0 rg BT 430.43 492.10 Td (s ) Tj ET Q q 0 0 0 rg BT 436.23 492.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 485.92 492.10 Td (on ) Tj ET Q q 0 0 0 rg BT 497.83 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 492.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.64 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.91 480.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.82 480.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 184.52 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 199.66 480.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 237.57 480.10 Td (at ) Tj ET Q q 0 0 0 rg BT 247.72 480.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 264.53 480.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 291.62 480.10 Td (either ) Tj ET Q q 0 0 0 rg BT 317.31 480.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.57 480.10 Td (required ) Tj ET Q q 0 0 0 rg BT 364.82 480.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.75 480.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 424.56 480.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 463.58 480.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.85 480.10 Td (through ) Tj ET Q q 0 0 0 rg BT 508.89 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.04 480.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 480.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (election.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 70.21 444.10 Td (V) Tj ET Q q 0 0 0 rg BT 75.21 444.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 95.36 444.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 125.54 444.10 Td (ement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.35 444.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.35 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.28 444.10 Td (Definition ) Tj ET Q q 0 0 0 rg BT 203.76 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.69 444.10 Td (Hierar) Tj ET Q q 0 0 0 rg BT 248.54 444.10 Td (chy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.42 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.35 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.28 444.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 312.78 444.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 362.36 444.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 404.73 444.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 432.10 444.10 Td (\("F) Tj ET Q q 0 0 0 rg BT 444.33 444.10 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 473.48 444.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 523.07 444.10 Td (Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 102.02 432.10 Td (T) Tj ET Q q 0 0 0 rg BT 107.43 432.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 127.36 432.10 Td (820, ) Tj ET Q q 0 0 0 rg BT 147.59 432.10 Td ("Fair ) Tj ET Q q 0 0 0 rg BT 170.30 432.10 Td (V) Tj ET Q q 0 0 0 rg BT 176.42 432.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 195.79 432.10 Td (Measurement," ) Tj ET Q q 0 0 0 rg BT 259.52 432.10 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 289.11 432.10 Td (820"\) ) Tj ET Q q 0 0 0 rg BT 314.24 432.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 345.84 432.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 362.44 432.10 Td (value ) Tj ET Q q 0 0 0 rg BT 386.82 432.10 Td (as ) Tj ET Q q 0 0 0 rg BT 397.87 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.81 432.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 445.53 432.10 Td (at ) Tj ET Q q 0 0 0 rg BT 455.47 432.10 Td (which ) Tj ET Q q 0 0 0 rg BT 482.63 432.10 Td (an ) Tj ET Q q 0 0 0 rg BT 494.79 432.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 540.28 432.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.17 420.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 106.15 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.15 420.10 Td (an ) Tj ET Q q 0 0 0 rg BT 127.82 420.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 158.92 420.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 205.02 420.10 Td (between ) Tj ET Q q 0 0 0 rg BT 240.56 420.10 Td (market ) Tj ET Q q 0 0 0 rg BT 270.55 420.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 319.43 420.10 Td (at ) Tj ET Q q 0 0 0 rg BT 328.87 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.31 420.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 398.85 420.10 Td (date ) Tj ET Q q 0 0 0 rg BT 417.73 420.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 435.51 420.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 452.73 420.10 Td (price\). ) Tj ET Q q 0 0 0 rg BT 480.28 420.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 501.96 420.10 Td (820 ) Tj ET Q q 0 0 0 rg BT 519.18 420.10 Td (establishes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.76 408.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 73.46 408.10 Td (value ) Tj ET Q q 0 0 0 rg BT 97.93 408.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 138.51 408.10 Td (based ) Tj ET Q q 0 0 0 rg BT 164.10 408.10 Td (on ) Tj ET Q q 0 0 0 rg BT 176.92 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.96 408.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 219.23 408.10 Td (used ) Tj ET Q q 0 0 0 rg BT 240.38 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.98 408.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 287.12 408.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.81 408.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 330.59 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 348.96 408.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.65 408.10 Td (value ) Tj ET Q q 0 0 0 rg BT 390.13 408.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 430.71 408.10 Td (maximizes ) Tj ET Q q 0 0 0 rg BT 476.85 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.88 408.10 Td (use ) Tj ET Q q 0 0 0 rg BT 508.04 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 408.10 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 76.48 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.46 396.10 Td (minimizes ) Tj ET Q q 0 0 0 rg BT 137.65 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.41 396.10 Td (use ) Tj ET Q q 0 0 0 rg BT 168.27 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.14 396.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 234.99 396.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 261.97 396.10 Td (by ) Tj ET Q q 0 0 0 rg BT 274.51 396.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 313.70 396.10 Td (that ) Tj ET Q q 0 0 0 rg BT 331.23 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.98 396.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 391.83 396.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 418.82 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 430.79 396.10 Td (used ) Tj ET Q q 0 0 0 rg BT 451.66 396.10 Td (when ) Tj ET Q q 0 0 0 rg BT 475.85 396.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 516.98 396.10 Td (Observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 75.80 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 89.86 384.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 116.16 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 133.01 384.10 Td (market ) Tj ET Q q 0 0 0 rg BT 162.62 384.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 211.13 384.10 Td (would ) Tj ET Q q 0 0 0 rg BT 237.98 384.10 Td (use ) Tj ET Q q 0 0 0 rg BT 253.16 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.79 384.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 292.97 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.04 384.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 328.33 384.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.51 384.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 371.47 384.10 Td (based ) Tj ET Q q 0 0 0 rg BT 396.09 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 407.94 384.10 Td (market ) Tj ET Q q 0 0 0 rg BT 437.56 384.10 Td (data ) Tj ET Q q 0 0 0 rg BT 456.06 384.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 492.35 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 513.64 384.10 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (sources. ) Tj ET Q q 0 0 0 rg BT 84.04 372.10 Td (Unobservable ) Tj ET Q q 0 0 0 rg BT 141.63 372.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 168.14 372.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 195.72 372.10 Td (management) Tj ET Q q 0 0 0 rg BT 249.59 372.10 Td (s ) Tj ET Q q 0 0 0 rg BT 255.53 372.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 307.03 372.10 Td (that ) Tj ET Q q 0 0 0 rg BT 324.08 372.10 Td (market ) Tj ET Q q 0 0 0 rg BT 353.90 372.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 402.60 372.10 Td (would ) Tj ET Q q 0 0 0 rg BT 429.66 372.10 Td (use ) Tj ET Q q 0 0 0 rg BT 445.04 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.87 372.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 485.25 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.52 372.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 521.01 372.10 Td (or ) Tj ET Q q 0 0 0 rg BT 531.39 372.10 Td (liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 93.07 360.10 Td (based ) Tj ET Q q 0 0 0 rg BT 118.31 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.78 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.47 360.10 Td (best ) Tj ET Q q 0 0 0 rg BT 164.05 360.10 Td (information ) Tj ET Q q 0 0 0 rg BT 213.73 360.10 Td (available ) Tj ET Q q 0 0 0 rg BT 252.29 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.54 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.23 360.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 338.67 360.10 Td (The ) Tj ET Q q 0 0 0 rg BT 356.69 360.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 396.91 360.10 Td (is ) Tj ET Q q 0 0 0 rg BT 406.05 360.10 Td (broken ) Tj ET Q q 0 0 0 rg BT 436.29 360.10 Td (down ) Tj ET Q q 0 0 0 rg BT 460.99 360.10 Td (into ) Tj ET Q q 0 0 0 rg BT 479.02 360.10 Td (three ) Tj ET Q q 0 0 0 rg BT 501.48 360.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 527.27 360.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 360.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 348.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 118.93 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.76 348.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 156.71 348.10 Td (as ) Tj ET Q q 0 0 0 rg BT 167.54 348.10 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 324.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 92.93 324.10 Td (I ) Tj ET Q q 0 0 0 rg BT 98.93 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.60 324.10 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 138.71 324.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 165.26 324.10 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 217.91 324.10 Td (are ) Tj ET Q q 0 0 0 rg BT 232.79 324.10 Td (available ) Tj ET Q q 0 0 0 rg BT 271.55 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.00 324.10 Td (active ) Tj ET Q q 0 0 0 rg BT 308.54 324.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 342.87 324.10 Td (for ) Tj ET Q q 0 0 0 rg BT 357.20 324.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 394.29 324.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 420.29 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.29 324.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 471.18 324.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.18 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.18 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.07 324.10 Td (report ) Tj ET Q q 0 0 0 rg BT 534.61 324.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 555.85 324.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.52 324.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 312.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 97.24 312.10 Td (price ) Tj ET Q q 0 0 0 rg BT 119.75 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.94 312.10 Td (an ) Tj ET Q q 0 0 0 rg BT 145.90 312.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 182.85 312.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 204.81 312.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.67 312.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 249.30 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.60 312.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.57 312.10 Td (active ) Tj ET Q q 0 0 0 rg BT 297.96 312.10 Td (market ) Tj ET Q q 0 0 0 rg BT 328.25 312.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 365.21 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.96 312.10 Td (most ) Tj ET Q q 0 0 0 rg BT 401.93 312.10 Td (reliable ) Tj ET Q q 0 0 0 rg BT 434.43 312.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 450.83 312.10 Td (value ) Tj ET Q q 0 0 0 rg BT 475.01 312.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 530.85 312.10 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 300.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.56 300.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.73 300.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 117.77 300.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 163.58 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.86 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.58 300.10 Td (market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 276.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 92.87 276.10 Td (II ) Tj ET Q q 0 0 0 rg BT 102.14 276.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.74 276.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 141.24 276.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 168.29 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 183.10 276.10 Td (other ) Tj ET Q q 0 0 0 rg BT 206.26 276.10 Td (than ) Tj ET Q q 0 0 0 rg BT 226.08 276.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 255.90 276.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 282.39 276.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.77 276.10 Td (active ) Tj ET Q q 0 0 0 rg BT 319.25 276.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 356.01 276.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.06 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 397.87 276.10 Td (either ) Tj ET Q q 0 0 0 rg BT 423.24 276.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 456.39 276.10 Td (or ) Tj ET Q q 0 0 0 rg BT 467.33 276.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 508.25 276.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 554.17 276.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.95 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.29 264.10 Td (report ) Tj ET Q q 0 0 0 rg BT 121.30 264.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 143.35 264.10 Td (The ) Tj ET Q q 0 0 0 rg BT 162.02 264.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 190.13 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.58 264.10 Td (these ) Tj ET Q q 0 0 0 rg BT 225.25 264.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.36 264.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 313.15 264.10 Td (include ) Tj ET Q q 0 0 0 rg BT 345.71 264.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 395.49 264.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.28 264.10 Td (which ) Tj ET Q q 0 0 0 rg BT 437.84 264.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 468.18 264.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 495.18 264.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.51 264.10 Td (available ) Tj ET Q q 0 0 0 rg BT 549.73 264.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 252.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 95.06 252.10 Td (less ) Tj ET Q q 0 0 0 rg BT 112.63 252.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 153.07 252.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.15 252.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 207.38 252.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 235.51 252.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.96 252.10 Td (value ) Tj ET Q q 0 0 0 rg BT 276.18 252.10 Td (have ) Tj ET Q q 0 0 0 rg BT 297.63 252.10 Td (been ) Tj ET Q q 0 0 0 rg BT 319.08 252.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 351.64 252.10 Td (using ) Tj ET Q q 0 0 0 rg BT 375.88 252.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.89 252.10 Td (model ) Tj ET Q q 0 0 0 rg BT 410.46 252.10 Td (where ) Tj ET Q q 0 0 0 rg BT 437.46 252.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 464.48 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.83 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.62 252.10 Td (model ) Tj ET Q q 0 0 0 rg BT 517.19 252.10 Td (are ) Tj ET Q q 0 0 0 rg BT 531.97 252.10 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 240.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 113.11 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.18 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.69 240.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 170.25 240.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.87 240.10 Td (can ) Tj ET Q q 0 0 0 rg BT 197.04 240.10 Td (be ) Tj ET Q q 0 0 0 rg BT 208.78 240.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 241.06 240.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 286.67 240.10 Td (from ) Tj ET Q q 0 0 0 rg BT 308.40 240.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.03 240.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 372.41 240.10 Td (by ) Tj ET Q q 0 0 0 rg BT 384.70 240.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 430.31 240.10 Td (market ) Tj ET Q q 0 0 0 rg BT 460.37 240.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 481.82 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.55 240.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 547.51 240.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 228.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.21 228.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.58 228.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 127.74 228.10 Td (using ) Tj ET Q q 0 0 0 rg BT 151.91 228.10 Td (other ) Tj ET Q q 0 0 0 rg BT 174.96 228.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.44 228.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 264.10 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.82 228.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 325.18 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.01 228.10 Td (which ) Tj ET Q q 0 0 0 rg BT 362.95 228.10 Td (can ) Tj ET Q q 0 0 0 rg BT 379.33 228.10 Td (be ) Tj ET Q q 0 0 0 rg BT 391.26 228.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 424.31 228.10 Td (observed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 204.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 91.85 204.10 Td (III ) Tj ET Q q 0 0 0 rg BT 103.42 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.01 204.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 158.81 204.10 Td (that ) Tj ET Q q 0 0 0 rg BT 175.39 204.10 Td (have ) Tj ET Q q 0 0 0 rg BT 195.85 204.10 Td (little ) Tj ET Q q 0 0 0 rg BT 215.76 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.13 204.10 Td (no ) Tj ET Q q 0 0 0 rg BT 236.71 204.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 266.62 204.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 320.42 204.10 Td (as ) Tj ET Q q 0 0 0 rg BT 330.33 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.25 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.05 204.10 Td (report ) Tj ET Q q 0 0 0 rg BT 379.51 204.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 400.13 204.10 Td (These ) Tj ET Q q 0 0 0 rg BT 425.60 204.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.16 204.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 510.41 204.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 204.10 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 192.10 Td (using ) Tj ET Q q 0 0 0 rg BT 92.76 192.10 Td (management) Tj ET Q q 0 0 0 rg BT 146.63 192.10 Td (s ) Tj ET Q q 0 0 0 rg BT 154.10 192.10 Td (best ) Tj ET Q q 0 0 0 rg BT 173.80 192.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 210.71 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.63 192.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 240.09 192.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 267.83 192.10 Td (where ) Tj ET Q q 0 0 0 rg BT 295.85 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.66 192.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 339.69 192.10 Td (into ) Tj ET Q q 0 0 0 rg BT 358.84 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.64 192.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 433.77 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.68 192.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.15 192.10 Td (value ) Tj ET Q q 0 0 0 rg BT 488.39 192.10 Td (require ) Tj ET Q q 0 0 0 rg BT 520.30 192.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 180.10 Td (management ) Tj ET Q q 0 0 0 rg BT 121.09 180.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 161.36 180.10 Td (or ) Tj ET Q q 0 0 0 rg BT 172.19 180.10 Td (estimation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (V) Tj ET Q q 0 0 0 rg BT 54.50 156.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 90.77 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.48 156.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 143.30 156.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.52 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.45 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.38 156.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 228.76 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.69 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.84 156.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 284.76 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.02 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.17 156.10 Td (Company) Tj ET Q q 0 0 0 rg BT 352.84 156.10 Td (s ) Tj ET Q q 0 0 0 rg BT 359.66 156.10 Td (business ) Tj ET Q q 0 0 0 rg BT 396.49 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.86 156.10 Td (its ) Tj ET Q q 0 0 0 rg BT 426.24 156.10 Td (role ) Tj ET Q q 0 0 0 rg BT 444.72 156.10 Td (as ) Tj ET Q q 0 0 0 rg BT 455.99 156.10 Td (a ) Tj ET Q q 0 0 0 rg BT 463.36 156.10 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 498.88 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.59 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.74 156.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 83.88 144.10 Td (or ) Tj ET Q q 0 0 0 rg BT 93.82 144.10 Td (as ) Tj ET Q q 0 0 0 rg BT 103.75 144.10 Td (a ) Tj ET Q q 0 0 0 rg BT 109.80 144.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 145.83 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.76 144.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 199.57 144.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 220.61 144.10 Td (management ) Tj ET Q q 0 0 0 rg BT 273.30 144.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 299.63 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.45 144.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 328.94 144.10 Td (values ) Tj ET Q q 0 0 0 rg BT 356.09 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.02 144.10 Td (its ) Tj ET Q q 0 0 0 rg BT 377.08 144.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 413.66 144.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 461.93 144.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.75 144.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 522.33 144.10 Td (internally) Tj ET Q q 0 0 0 rg BT 560.00 144.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (When ) Tj ET Q q 0 0 0 rg BT 75.76 132.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 116.73 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.32 132.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 172.59 132.10 Td (values ) Tj ET Q q 0 0 0 rg BT 200.52 132.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.88 132.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 286.92 132.10 Td (at ) Tj ET Q q 0 0 0 rg BT 296.52 132.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 342.22 132.10 Td (market ) Tj ET Q q 0 0 0 rg BT 372.36 132.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 401.12 132.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 446.81 132.10 Td (market ) Tj ET Q q 0 0 0 rg BT 476.96 132.10 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 525.70 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 536.41 132.10 Td (broker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.58 120.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 85.75 120.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 111.38 120.10 Td (\(bid ) Tj ET Q q 0 0 0 rg BT 129.24 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.43 120.10 Td (ask ) Tj ET Q q 0 0 0 rg BT 160.50 120.10 Td (prices\). ) Tj ET Q q 0 0 0 rg BT 191.96 120.10 Td (In ) Tj ET Q q 0 0 0 rg BT 202.04 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.01 120.10 Td (case ) Tj ET Q q 0 0 0 rg BT 234.96 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.04 120.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.77 120.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 330.19 120.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 372.47 120.10 Td (on ) Tj ET Q q 0 0 0 rg BT 384.22 120.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 429.83 120.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 475.73 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.69 120.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 534.76 120.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 75.78 108.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 114.83 108.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 158.90 108.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.96 108.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 217.02 108.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.18 108.10 Td (from ) Tj ET Q q 0 0 0 rg BT 289.03 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.65 108.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 343.81 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 356.21 108.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.05 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.67 108.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.06 108.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 480.23 108.10 Td (is ) Tj ET Q q 0 0 0 rg BT 489.31 108.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 535.03 108.10 Td (traded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 57.89 84.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 102.38 84.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 147.40 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.45 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.38 84.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.97 84.10 Td (value ) Tj ET Q q 0 0 0 rg BT 210.35 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.40 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.33 84.10 Td (Company) Tj ET Q q 0 0 0 rg BT 276.00 84.10 Td (s ) Tj ET Q q 0 0 0 rg BT 281.60 84.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 318.30 84.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 366.69 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.84 84.10 Td (other ) Tj ET Q q 0 0 0 rg BT 405.11 84.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 445.15 84.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 482.99 84.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 511.36 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 84.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.72 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.71 72.10 Td (other ) Tj ET Q q 0 0 0 rg BT 138.81 72.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 179.69 72.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 218.36 72.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 240.09 72.10 Td (but ) Tj ET Q q 0 0 0 rg BT 255.42 72.10 Td (not ) Tj ET Q q 0 0 0 rg BT 270.75 72.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 285.52 72.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 331.11 72.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.87 72.10 Td (based ) Tj ET Q q 0 0 0 rg BT 371.19 72.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.75 72.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 429.62 72.10 Td (market ) Tj ET Q q 0 0 0 rg BT 459.93 72.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 488.87 72.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 534.73 72.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 98.18 60.10 Td (or ) Tj ET Q q 0 0 0 rg BT 108.83 60.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 141.14 60.10 Td (from ) Tj ET Q q 0 0 0 rg BT 162.89 60.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 191.31 60.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.96 60.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 228.70 60.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 257.23 60.10 Td (The ) Tj ET Q q 0 0 0 rg BT 275.10 60.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 322.40 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.05 60.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 378.69 60.10 Td (market ) Tj ET Q q 0 0 0 rg BT 408.77 60.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 434.97 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.73 60.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 482.37 60.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 528.55 60.10 Td (can ) Tj ET Q q 0 0 0 rg BT 544.75 60.10 Td (vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.66 48.10 Td (product ) Tj ET Q q 0 0 0 rg BT 104.93 48.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.43 48.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 151.01 48.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 180.38 48.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 221.69 48.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 267.73 48.10 Td (market ) Tj ET Q q 0 0 0 rg BT 298.22 48.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 324.82 48.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.98 48.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 373.03 48.10 Td (or ) Tj ET Q q 0 0 0 rg BT 384.08 48.10 Td (market ) Tj ET Q q 0 0 0 rg BT 414.57 48.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 461.15 48.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.66 48.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.82 48.10 Td (product ) Tj ET Q q 0 0 0 rg BT 512.09 48.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.03 48.10 Td (be ) Tj ET Q q 0 0 0 rg BT 544.19 48.10 Td (used ) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.18 708.10 Td (derive ) Tj ET Q q 0 0 0 rg BT 88.06 708.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.40 708.10 Td (price ) Tj ET Q q 0 0 0 rg BT 118.29 708.10 Td (without ) Tj ET Q q 0 0 0 rg BT 151.75 708.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 191.30 708.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 236.41 708.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 279.59 708.10 Td (In ) Tj ET Q q 0 0 0 rg BT 290.82 708.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 320.92 708.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 357.98 708.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 404.19 708.10 Td (market ) Tj ET Q q 0 0 0 rg BT 434.86 708.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 461.63 708.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.86 708.10 Td (market ) Tj ET Q q 0 0 0 rg BT 503.53 708.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 550.29 708.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (not ) Tj ET Q q 0 0 0 rg BT 63.73 696.10 Td (available ) Tj ET Q q 0 0 0 rg BT 101.27 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.38 696.10 Td (all ) Tj ET Q q 0 0 0 rg BT 125.82 696.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 164.21 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.09 696.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.42 696.10 Td (value ) Tj ET Q q 0 0 0 rg BT 218.53 696.10 Td (is ) Tj ET Q q 0 0 0 rg BT 226.64 696.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 273.07 696.10 Td (using ) Tj ET Q q 0 0 0 rg BT 296.19 696.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 340.41 696.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 387.39 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.50 696.10 Td (each ) Tj ET Q q 0 0 0 rg BT 420.26 696.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 460.02 696.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 494.41 696.10 Td (These ) Tj ET Q q 0 0 0 rg BT 519.74 696.10 Td (techniques ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 82.60 684.10 Td (some ) Tj ET Q q 0 0 0 rg BT 106.81 684.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 136.56 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.99 684.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 191.37 684.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 223.92 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 246.46 684.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 286.78 684.10 Td (models ) Tj ET Q q 0 0 0 rg BT 318.77 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.31 684.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.96 684.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 405.82 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.70 684.10 Td (one ) Tj ET Q q 0 0 0 rg BT 434.25 684.10 Td (period ) Tj ET Q q 0 0 0 rg BT 462.90 684.10 Td (may ) Tj ET Q q 0 0 0 rg BT 483.22 684.10 Td (not ) Tj ET Q q 0 0 0 rg BT 499.10 684.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.64 684.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 554.17 684.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.88 672.10 Td (period ) Tj ET Q q 0 0 0 rg BT 103.92 672.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 120.30 672.10 Td (value ) Tj ET Q q 0 0 0 rg BT 144.46 672.10 Td (measurement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.88 648.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 116.15 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.41 648.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 157.80 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.62 648.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 206.65 648.10 Td (held ) Tj ET Q q 0 0 0 rg BT 226.36 648.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 266.61 648.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.09 648.10 Td (do ) Tj ET Q q 0 0 0 rg BT 296.58 648.10 Td (not ) Tj ET Q q 0 0 0 rg BT 311.85 648.10 Td (have ) Tj ET Q q 0 0 0 rg BT 333.22 648.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 363.47 648.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 418.16 648.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 434.53 648.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 465.07 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.77 648.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 537.80 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.62 648.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (value ) Tj ET Q q 0 0 0 rg BT 72.55 636.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 106.16 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.77 636.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 160.05 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.23 636.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 203.94 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.56 636.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.61 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.33 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.95 636.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 303.11 636.10 Td (using ) Tj ET Q q 0 0 0 rg BT 326.17 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.79 636.10 Td (best ) Tj ET Q q 0 0 0 rg BT 357.29 636.10 Td (information ) Tj ET Q q 0 0 0 rg BT 405.90 636.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 445.58 636.10 Td (Among ) Tj ET Q q 0 0 0 rg BT 476.98 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.59 636.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 519.19 636.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.74 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.19 624.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.32 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.34 624.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 177.90 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.35 624.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.47 624.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.36 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.93 624.10 Td (such ) Tj ET Q q 0 0 0 rg BT 263.50 624.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.72 624.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 349.62 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 364.07 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.52 624.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 399.37 624.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 423.83 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.50 624.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 476.63 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.20 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.66 624.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 550.28 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.35 612.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 127.99 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.30 612.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 185.93 612.10 Td (results ) Tj ET Q q 0 0 0 rg BT 214.90 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.10 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.19 612.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 264.11 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.48 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 612.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 314.65 612.10 Td (market ) Tj ET Q q 0 0 0 rg BT 345.28 612.10 Td (price ) Tj ET Q q 0 0 0 rg BT 368.14 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.33 612.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 414.97 612.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 442.83 612.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 483.46 612.10 Td (with ) Tj ET Q q 0 0 0 rg BT 504.10 612.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 534.75 612.10 Td (quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 600.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 91.08 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.85 600.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.72 600.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 160.25 600.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 199.78 600.10 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 237.65 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.75 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.30 600.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 301.83 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.49 600.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 365.09 600.10 Td (In ) Tj ET Q q 0 0 0 rg BT 375.74 600.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 414.73 600.10 Td (where ) Tj ET Q q 0 0 0 rg BT 441.48 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 448.24 600.10 Td (security ) Tj ET Q q 0 0 0 rg BT 482.23 600.10 Td (is ) Tj ET Q q 0 0 0 rg BT 491.22 600.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 521.87 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 600.10 Td (transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 99.35 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.48 588.10 Td (value ) Tj ET Q q 0 0 0 rg BT 139.05 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.29 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.42 588.10 Td (security ) Tj ET Q q 0 0 0 rg BT 199.99 588.10 Td (is ) Tj ET Q q 0 0 0 rg BT 209.58 588.10 Td (based ) Tj ET Q q 0 0 0 rg BT 235.26 588.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 275.38 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.30 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.43 588.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 333.56 588.10 Td (price ) Tj ET Q q 0 0 0 rg BT 356.46 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.70 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.06 588.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 405.74 588.10 Td (security ) Tj ET Q q 0 0 0 rg BT 440.31 588.10 Td (without ) Tj ET Q q 0 0 0 rg BT 473.78 588.10 Td (restriction ) Tj ET Q q 0 0 0 rg BT 517.24 588.10 Td (but ) Tj ET Q q 0 0 0 rg BT 532.93 588.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 588.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 83.64 576.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.13 576.10 Td (an ) Tj ET Q q 0 0 0 rg BT 108.06 576.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.55 576.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 181.36 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.63 576.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 219.66 576.10 Td (such ) Tj ET Q q 0 0 0 rg BT 240.48 576.10 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 289.91 576.10 Td (In ) Tj ET Q q 0 0 0 rg BT 300.73 576.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 338.50 576.10 Td (even ) Tj ET Q q 0 0 0 rg BT 359.87 576.10 Td (where ) Tj ET Q q 0 0 0 rg BT 386.79 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.50 576.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 442.88 576.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 474.25 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.96 576.10 Td (value ) Tj ET Q q 0 0 0 rg BT 513.10 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.93 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.86 576.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.48 564.10 Td (on ) Tj ET Q q 0 0 0 rg BT 86.70 564.10 Td (information ) Tj ET Q q 0 0 0 rg BT 136.12 564.10 Td (from ) Tj ET Q q 0 0 0 rg BT 157.77 564.10 Td (an ) Tj ET Q q 0 0 0 rg BT 169.42 564.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 220.51 564.10 Td (source, ) Tj ET Q q 0 0 0 rg BT 251.32 564.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 280.74 564.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 332.40 564.10 Td (may ) Tj ET Q q 0 0 0 rg BT 351.83 564.10 Td (be ) Tj ET Q q 0 0 0 rg BT 363.48 564.10 Td (required ) Tj ET Q q 0 0 0 rg BT 399.01 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.00 564.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 451.20 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.63 564.10 Td (security) Tj ET Q q 0 0 0 rg BT 500.06 564.10 Td (s ) Tj ET Q q 0 0 0 rg BT 506.16 564.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 522.25 564.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 548.62 564.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 86.95 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.36 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 142.44 552.10 Td (assumes ) Tj ET Q q 0 0 0 rg BT 177.96 552.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.14 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.55 552.10 Td (size ) Tj ET Q q 0 0 0 rg BT 227.29 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.81 552.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 276.11 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.08 552.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 326.04 552.10 Td (that ) Tj ET Q q 0 0 0 rg BT 343.22 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.63 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 398.70 552.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 422.56 552.10 Td (would ) Tj ET Q q 0 0 0 rg BT 449.75 552.10 Td (not ) Tj ET Q q 0 0 0 rg BT 464.72 552.10 Td (be ) Tj ET Q q 0 0 0 rg BT 476.35 552.10 Td (lar) Tj ET Q q 0 0 0 rg BT 486.72 552.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 498.35 552.10 Td (enough ) Tj ET Q q 0 0 0 rg BT 529.97 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.94 552.10 Td (af) Tj ET Q q 0 0 0 rg BT 547.53 552.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.75 540.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 93.01 540.10 Td (price ) Tj ET Q q 0 0 0 rg BT 115.03 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.40 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.65 540.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 179.46 540.10 Td (if ) Tj ET Q q 0 0 0 rg BT 187.60 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.86 540.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 221.11 540.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 240.93 540.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 265.46 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.93 540.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.97 540.10 Td (any ) Tj ET Q q 0 0 0 rg BT 315.44 540.10 Td (such ) Tj ET Q q 0 0 0 rg BT 335.81 540.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 353.40 540.10 Td (would ) Tj ET Q q 0 0 0 rg BT 380.43 540.10 Td (happen ) Tj ET Q q 0 0 0 rg BT 411.35 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.16 540.10 Td (an ) Tj ET Q q 0 0 0 rg BT 432.64 540.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 463.55 540.10 Td (manner) Tj ET Q q 0 0 0 rg BT 492.99 540.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.38 540.10 Td (The ) Tj ET Q q 0 0 0 rg BT 514.96 540.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 540.87 540.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 83.64 528.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 106.14 528.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 152.54 528.10 Td (could ) Tj ET Q q 0 0 0 rg BT 177.25 528.10 Td (be ) Tj ET Q q 0 0 0 rg BT 189.19 528.10 Td (dif) Tj ET Q q 0 0 0 rg BT 200.12 528.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 225.94 528.10 Td (from ) Tj ET Q q 0 0 0 rg BT 247.87 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.59 528.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 301.18 528.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 342.00 528.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 358.38 528.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.33 504.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.08 480.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.21 480.10 Td (include ) Tj ET Q q 0 0 0 rg BT 133.45 480.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 171.24 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.48 480.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 235.99 480.10 Td (software ) Tj ET Q q 0 0 0 rg BT 273.23 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.47 480.10 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 331.03 480.10 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 393.55 480.10 Td (Furniture ) Tj ET Q q 0 0 0 rg BT 433.57 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.81 480.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 495.82 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.06 480.10 Td (software ) Tj ET Q q 0 0 0 rg BT 550.30 480.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 97.52 468.10 Td (using ) Tj ET Q q 0 0 0 rg BT 121.12 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.27 468.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 185.53 468.10 Td (method ) Tj ET Q q 0 0 0 rg BT 217.46 468.10 Td (over ) Tj ET Q q 0 0 0 rg BT 237.17 468.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 277.42 468.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 303.80 468.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 324.62 468.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.89 468.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.87 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 356.81 468.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.52 468.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.74 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.67 468.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 406.21 468.10 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 449.24 468.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 508.39 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.53 468.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.30 456.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 85.55 456.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.65 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.68 456.10 Td (or ) Tj ET Q q 0 0 0 rg BT 121.04 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.29 456.10 Td (life ) Tj ET Q q 0 0 0 rg BT 152.64 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.00 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.25 456.10 Td (lease, ) Tj ET Q q 0 0 0 rg BT 204.77 456.10 Td (whichever ) Tj ET Q q 0 0 0 rg BT 249.45 456.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.15 456.10 Td (shorter) Tj ET Q q 0 0 0 rg BT 286.36 456.10 Td (. ) Tj ET Q q 0 0 0 rg BT 291.68 456.10 Td (The ) Tj ET Q q 0 0 0 rg BT 310.25 456.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 352.17 456.10 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 397.40 456.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 427.63 456.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 450.67 456.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 487.01 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.82 456.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.73 456.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 82.54 444.10 Td (use ) Tj ET Q q 0 0 0 rg BT 98.37 444.10 Td (software ) Tj ET Q q 0 0 0 rg BT 135.30 444.10 Td (projects ) Tj ET Q q 0 0 0 rg BT 169.46 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.39 444.10 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 227.77 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.48 444.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 274.98 444.10 Td (over ) Tj ET Q q 0 0 0 rg BT 295.25 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.96 444.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 348.00 444.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 374.93 444.10 Td (life ) Tj ET Q q 0 0 0 rg BT 390.76 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.59 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.31 444.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 440.75 444.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.45 444.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.43 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.93 444.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.21 444.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.98 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.48 444.10 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.13 396.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.09 396.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 134.05 396.10 Td (its ) Tj ET Q q 0 0 0 rg BT 145.58 396.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 185.41 396.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 238.58 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.10 396.10 Td (other ) Tj ET Q q 0 0 0 rg BT 277.72 396.10 Td (of) Tj ET Q q 0 0 0 rg BT 285.87 396.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 306.83 396.10 Td (under ) Tj ET Q q 0 0 0 rg BT 331.68 396.10 Td (various ) Tj ET Q q 0 0 0 rg BT 363.20 396.10 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 425.79 396.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 454.10 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.73 396.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 497.68 396.10 Td (require ) Tj ET Q q 0 0 0 rg BT 528.08 396.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.51 384.10 Td (real ) Tj ET Q q 0 0 0 rg BT 78.17 384.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 103.61 384.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 129.34 384.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 170.33 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.45 384.10 Td (common ) Tj ET Q q 0 0 0 rg BT 225.12 384.10 Td (area ) Tj ET Q q 0 0 0 rg BT 244.45 384.10 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 300.15 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.61 384.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 346.06 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.52 384.10 Td (rent. ) Tj ET Q q 0 0 0 rg BT 377.05 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 395.27 384.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 420.17 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.18 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.07 384.10 Td (Company) Tj ET Q q 0 0 0 rg BT 487.74 384.10 Td (s ) Tj ET Q q 0 0 0 rg BT 494.31 384.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 516.97 384.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 88.56 372.10 Td (range ) Tj ET Q q 0 0 0 rg BT 112.63 372.10 Td (up ) Tj ET Q q 0 0 0 rg BT 124.49 372.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.13 372.10 Td (twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.78 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.64 372.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 188.10 372.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 212.74 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.92 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.00 372.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 262.74 372.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 294.03 372.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 327.54 372.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 361.34 372.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 403.18 372.10 Td (clauses, ) Tj ET Q q 0 0 0 rg BT 436.42 372.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 472.69 372.10 Td (holidays ) Tj ET Q q 0 0 0 rg BT 508.44 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.74 372.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.11 360.10 Td (adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.56 336.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 91.60 336.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.77 336.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 140.37 336.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 182.52 336.10 Td (clauses ) Tj ET Q q 0 0 0 rg BT 213.56 336.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.06 336.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 260.64 336.10 Td (holidays, ) Tj ET Q q 0 0 0 rg BT 299.20 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 354.64 336.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 399.56 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.94 336.10 Td (related ) Tj ET Q q 0 0 0 rg BT 443.31 336.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 461.03 336.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 495.40 336.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.57 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.18 336.10 Td (straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 72.16 324.10 Td (from ) Tj ET Q q 0 0 0 rg BT 94.27 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.15 324.10 Td (date ) Tj ET Q q 0 0 0 rg BT 128.46 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.35 324.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 184.90 324.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 208.11 324.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 253.55 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.55 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.43 324.10 Td (property ) Tj ET Q q 0 0 0 rg BT 315.97 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.41 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.29 324.10 Td (end ) Tj ET Q q 0 0 0 rg BT 358.39 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.39 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.27 324.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 410.26 324.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 432.91 324.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 456.20 324.10 Td (The ) Tj ET Q q 0 0 0 rg BT 474.42 324.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 515.97 324.10 Td (records ) Tj ET Q q 0 0 0 rg BT 548.06 324.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 312.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 92.93 312.10 Td (between ) Tj ET Q q 0 0 0 rg BT 129.34 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.64 312.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 196.05 312.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 214.69 312.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 251.67 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.20 312.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.17 312.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 340.36 312.10 Td (under ) Tj ET Q q 0 0 0 rg BT 366.21 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.52 312.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 408.49 312.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.91 312.10 Td (part ) Tj ET Q q 0 0 0 rg BT 438.54 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.96 312.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.60 312.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 513.91 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.44 312.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.38 276.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.59 276.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 106.46 276.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 149.89 276.10 Td (received ) Tj ET Q q 0 0 0 rg BT 186.63 276.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 209.51 276.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 245.16 276.10 Td (into ) Tj ET Q q 0 0 0 rg BT 263.60 276.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 293.68 276.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 320.44 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.53 276.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 382.28 276.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.16 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 402.48 276.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 453.68 276.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 476.56 276.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.78 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 495.10 276.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 535.74 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.96 276.10 Td (rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.23 264.10 Td (from ) Tj ET Q q 0 0 0 rg BT 106.20 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.94 264.10 Td (date ) Tj ET Q q 0 0 0 rg BT 140.12 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.86 264.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 196.28 264.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 219.35 264.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 264.66 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.51 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.26 264.10 Td (property ) Tj ET Q q 0 0 0 rg BT 326.66 264.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.52 264.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 372.80 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.54 264.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.83 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.14 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.88 264.10 Td (end ) Tj ET Q q 0 0 0 rg BT 449.84 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.70 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.44 264.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 501.30 264.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 523.81 264.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 546.98 264.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 252.10 Td (records ) Tj ET Q q 0 0 0 rg BT 122.82 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.53 252.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 190.01 252.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 221.40 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.23 252.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 254.71 252.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 297.76 252.10 Td (as ) Tj ET Q q 0 0 0 rg BT 308.59 252.10 Td (part ) Tj ET Q q 0 0 0 rg BT 326.63 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 252.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.51 252.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 400.23 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.17 252.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 450.75 252.10 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 155.37 228.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.80 204.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 134.86 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.59 204.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 167.99 204.10 Td (value ) Tj ET Q q 0 0 0 rg BT 193.17 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.02 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.75 204.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 278.15 204.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 324.97 204.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.27 204.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 365.89 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.74 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.48 204.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 410.88 204.10 Td (value ) Tj ET Q q 0 0 0 rg BT 436.05 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.90 204.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 496.96 204.10 Td (net ) Tj ET Q q 0 0 0 rg BT 512.70 204.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.55 204.10 Td (at ) Tj ET Q q 0 0 0 rg BT 550.29 204.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.80 192.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 119.13 192.10 Td (The ) Tj ET Q q 0 0 0 rg BT 138.09 192.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 197.04 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.79 192.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 247.77 192.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.86 192.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 299.59 192.10 Td (annually) Tj ET Q q 0 0 0 rg BT 333.37 192.10 Td (, ) Tj ET Q q 0 0 0 rg BT 339.29 192.10 Td (at ) Tj ET Q q 0 0 0 rg BT 349.93 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.78 192.10 Td (minimum, ) Tj ET Q q 0 0 0 rg BT 402.60 192.10 Td (or ) Tj ET Q q 0 0 0 rg BT 414.34 192.10 Td (on ) Tj ET Q q 0 0 0 rg BT 427.76 192.10 Td (an ) Tj ET Q q 0 0 0 rg BT 440.62 192.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 472.92 192.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 496.34 192.10 Td (if ) Tj ET Q q 0 0 0 rg BT 505.87 192.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 84.11 180.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.51 180.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 127.24 180.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 163.53 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.27 180.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 203.87 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.05 180.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 255.32 180.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 290.77 180.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.17 180.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 330.57 180.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.57 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.53 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.15 180.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 401.10 180.10 Td (information ) Tj ET Q q 0 0 0 rg BT 451.27 180.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.23 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.40 180.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 526.94 180.10 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.10 168.10 Td (testing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 92.84 144.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 118.97 144.10 Td (with ) Tj ET Q q 0 0 0 rg BT 139.55 144.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 194.55 144.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 216.24 144.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 246.81 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.94 144.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 297.40 144.10 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 353.80 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.82 144.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 409.41 144.10 Td (& ) Tj ET Q q 0 0 0 rg BT 419.99 144.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 461.68 144.10 Td (International ) Tj ET Q q 0 0 0 rg BT 515.56 144.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 538.35 144.10 Td (name, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.58 132.10 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 135.32 132.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 183.49 132.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.13 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 215.97 132.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 258.60 132.10 Td (over ) Tj ET Q q 0 0 0 rg BT 279.00 132.10 Td (their ) Tj ET Q q 0 0 0 rg BT 299.97 132.10 Td (original ) Tj ET Q q 0 0 0 rg BT 333.71 132.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 374.68 132.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 401.75 132.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 423.28 132.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 456.47 132.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.55 132.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.99 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.63 132.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.05 132.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.26 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.90 132.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 546.95 132.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (pattern ) Tj ET Q q 0 0 0 rg BT 80.60 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.28 120.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 146.15 120.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 178.92 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.48 120.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 223.93 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.60 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.16 120.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 296.70 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.37 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.93 120.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 366.14 120.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 401.14 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.81 120.10 Td (such ) Tj ET Q q 0 0 0 rg BT 434.48 120.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 477.81 120.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 506.99 120.10 Td (Indefinite-life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 91.64 108.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 117.13 108.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 147.06 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.54 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.44 108.10 Td (ARI ) Tj ET Q q 0 0 0 rg BT 190.81 108.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 212.95 108.10 Td (name. ) Tj ET Q q 0 0 0 rg BT 239.26 108.10 Td (It ) Tj ET Q q 0 0 0 rg BT 247.52 108.10 Td (is ) Tj ET Q q 0 0 0 rg BT 256.34 108.10 Td (not ) Tj ET Q q 0 0 0 rg BT 271.28 108.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 313.41 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.00 108.10 Td (is ) Tj ET Q q 0 0 0 rg BT 338.82 108.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 379.29 108.10 Td (annually) Tj ET Q q 0 0 0 rg BT 413.07 108.10 Td (, ) Tj ET Q q 0 0 0 rg BT 417.73 108.10 Td (at ) Tj ET Q q 0 0 0 rg BT 427.10 108.10 Td (a ) Tj ET Q q 0 0 0 rg BT 433.69 108.10 Td (minimum, ) Tj ET Q q 0 0 0 rg BT 477.23 108.10 Td (or ) Tj ET Q q 0 0 0 rg BT 487.72 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.87 108.10 Td (an ) Tj ET Q q 0 0 0 rg BT 511.46 108.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 542.50 108.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (if ) Tj ET Q q 0 0 0 rg BT 58.11 96.10 Td (events ) Tj ET Q q 0 0 0 rg BT 86.16 96.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.99 96.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 156.13 96.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 190.28 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 197.21 96.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 232.49 96.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 268.32 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.60 96.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 307.74 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.46 96.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 358.27 96.10 Td (amount.) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 684.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.22 684.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.61 684.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 165.89 684.25 Td (include ) Tj ET Q q 0 0 0 rg BT 197.83 684.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 225.33 684.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 275.60 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 285.88 684.25 Td (private ) Tj ET Q q 0 0 0 rg BT 316.15 684.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 361.42 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.36 684.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 432.24 684.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 482.52 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 492.80 684.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 534.73 684.25 Td (mutual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 76.07 672.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 112.36 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.54 672.25 Td (public ) Tj ET Q q 0 0 0 rg BT 149.39 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 165.68 672.25 Td (private ) Tj ET Q q 0 0 0 rg BT 195.30 672.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 239.91 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.20 672.25 Td (private ) Tj ET Q q 0 0 0 rg BT 285.82 672.25 Td (company ) Tj ET Q q 0 0 0 rg BT 324.33 672.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 345.90 672.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 374.42 672.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.04 672.25 Td (in ) Tj ET Q q 0 0 0 rg BT 433.67 672.25 Td (private ) Tj ET Q q 0 0 0 rg BT 463.29 672.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 507.91 672.25 Td (are ) Tj ET Q q 0 0 0 rg BT 521.97 672.25 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.49 660.25 Td (at ) Tj ET Q q 0 0 0 rg BT 73.04 660.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 89.24 660.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 115.73 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 126.38 660.25 Td (required ) Tj ET Q q 0 0 0 rg BT 162.03 660.25 Td (by ) Tj ET Q q 0 0 0 rg BT 174.36 660.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 220.56 660.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 258.98 660.25 Td (or ) Tj ET Q q 0 0 0 rg BT 269.64 660.25 Td (if ) Tj ET Q q 0 0 0 rg BT 278.08 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.63 660.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.83 660.25 Td (value ) Tj ET Q q 0 0 0 rg BT 332.82 660.25 Td (option ) Tj ET Q q 0 0 0 rg BT 360.70 660.25 Td (was ) Tj ET Q q 0 0 0 rg BT 378.58 660.25 Td (elected, ) Tj ET Q q 0 0 0 rg BT 411.72 660.25 Td (or ) Tj ET Q q 0 0 0 rg BT 422.38 660.25 Td (at ) Tj ET Q q 0 0 0 rg BT 431.93 660.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 452.86 660.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 503.52 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.63 660.25 Td (partnerships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 63.62 648.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 106.06 648.25 Td (for ) Tj ET Q q 0 0 0 rg BT 119.63 648.25 Td (under ) Tj ET Q q 0 0 0 rg BT 144.31 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.44 648.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 185.35 648.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 219.76 648.25 Td (which ) Tj ET Q q 0 0 0 rg BT 246.11 648.25 Td (is ) Tj ET Q q 0 0 0 rg BT 254.69 648.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 293.80 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.93 648.25 Td (net ) Tj ET Q q 0 0 0 rg BT 322.06 648.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 343.41 648.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 369.48 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 379.72 648.25 Td (at ) Tj ET Q q 0 0 0 rg BT 388.85 648.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 409.37 648.25 Td (Registered ) Tj ET Q q 0 0 0 rg BT 454.04 648.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 483.73 648.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 507.86 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 521.98 648.25 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.51 636.25 Td (at ) Tj ET Q q 0 0 0 rg BT 75.09 636.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 92.32 636.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 119.83 636.25 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 192.06 636.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 229.84 636.25 Td (with ) Tj ET Q q 0 0 0 rg BT 250.97 636.25 Td (a ) Tj ET Q q 0 0 0 rg BT 258.77 636.25 Td (cashless ) Tj ET Q q 0 0 0 rg BT 294.89 636.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 331.00 636.25 Td (option ) Tj ET Q q 0 0 0 rg BT 359.91 636.25 Td (are ) Tj ET Q q 0 0 0 rg BT 375.47 636.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 405.48 636.25 Td (at ) Tj ET Q q 0 0 0 rg BT 416.05 636.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 433.28 636.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 460.79 636.25 Td (while ) Tj ET Q q 0 0 0 rg BT 486.37 636.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 524.15 636.25 Td (without ) Tj ET Q q 0 0 0 rg BT 558.06 636.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (cashless ) Tj ET Q q 0 0 0 rg BT 84.34 624.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 119.16 624.25 Td (option ) Tj ET Q q 0 0 0 rg BT 146.79 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 161.06 624.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 189.79 624.25 Td (at ) Tj ET Q q 0 0 0 rg BT 199.07 624.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 219.75 624.25 Td (Private ) Tj ET Q q 0 0 0 rg BT 250.15 624.25 Td (company ) Tj ET Q q 0 0 0 rg BT 288.87 624.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 308.16 624.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 358.00 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 372.28 624.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 409.32 624.25 Td (at ) Tj ET Q q 0 0 0 rg BT 418.61 624.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 434.55 624.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 460.78 624.25 Td (as ) Tj ET Q q 0 0 0 rg BT 471.18 624.25 Td (required ) Tj ET Q q 0 0 0 rg BT 506.56 624.25 Td (by ) Tj ET Q q 0 0 0 rg BT 518.63 624.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 90.59 612.25 Td (or ) Tj ET Q q 0 0 0 rg BT 101.42 612.25 Td (at ) Tj ET Q q 0 0 0 rg BT 111.14 612.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 153.62 612.25 Td (cost, ) Tj ET Q q 0 0 0 rg BT 174.73 612.25 Td (net ) Tj ET Q q 0 0 0 rg BT 189.45 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.28 612.25 Td (any ) Tj ET Q q 0 0 0 rg BT 217.21 612.25 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 269.70 612.25 Td (premium ) Tj ET Q q 0 0 0 rg BT 308.30 612.25 Td (or ) Tj ET Q q 0 0 0 rg BT 319.13 612.25 Td (discount. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.81 588.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 74.02 564.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 99.09 564.25 Td (include ) Tj ET Q q 0 0 0 rg BT 130.28 564.25 Td (net ) Tj ET Q q 0 0 0 rg BT 144.24 564.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 179.29 564.25 Td (income ) Tj ET Q q 0 0 0 rg BT 210.48 564.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 224.44 564.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 252.02 564.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 298.74 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.92 564.25 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 346.66 564.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 387.00 564.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 437.06 564.25 Td (include ) Tj ET Q q 0 0 0 rg BT 468.25 564.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 482.20 564.25 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 531.42 564.25 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.56 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.63 552.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 125.36 552.25 Td (made ) Tj ET Q q 0 0 0 rg BT 150.65 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.05 552.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 210.95 552.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 249.56 552.25 Td (in ) Tj ET Q q 0 0 0 rg BT 260.97 552.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 308.47 552.25 Td (with ) Tj ET Q q 0 0 0 rg BT 329.88 552.25 Td (their ) Tj ET Q q 0 0 0 rg BT 351.83 552.25 Td (recruitment. ) Tj ET Q q 0 0 0 rg BT 404.05 552.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 448.22 552.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 472.95 552.25 Td (are ) Tj ET Q q 0 0 0 rg BT 488.79 552.25 Td (for) Tj ET Q q 0 0 0 rg BT 500.27 552.25 Td (given ) Tj ET Q q 0 0 0 rg BT 526.11 552.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 552.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 90.97 540.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 143.00 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.48 540.25 Td (are ) Tj ET Q q 0 0 0 rg BT 173.72 540.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 215.74 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 540.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.14 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.62 540.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 333.31 540.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 367.56 540.25 Td (using ) Tj ET Q q 0 0 0 rg BT 391.27 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.52 540.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 455.88 540.25 Td (method ) Tj ET Q q 0 0 0 rg BT 487.91 540.25 Td (over ) Tj ET Q q 0 0 0 rg BT 507.72 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 540.25 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 74.22 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 85.05 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.76 528.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 125.87 528.25 Td (which ) Tj ET Q q 0 0 0 rg BT 152.81 528.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 192.51 528.25 Td (range ) Tj ET Q q 0 0 0 rg BT 217.22 528.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.16 528.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.16 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.66 528.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.94 528.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.48 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.98 528.25 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (Revenue Recognition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.66 480.25 Td (Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.98 480.25 Td ( ) Tj ET Q q 0 0 0 rg BT 131.82 480.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.67 480.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 186.94 480.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 222.00 480.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 262.88 480.25 Td (which ) Tj ET Q q 0 0 0 rg BT 290.16 480.25 Td (include ) Tj ET Q q 0 0 0 rg BT 322.43 480.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 376.93 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.21 480.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 431.49 480.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 452.93 480.25 Td (are ) Tj ET Q q 0 0 0 rg BT 467.98 480.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 505.80 480.25 Td (when ) Tj ET Q q 0 0 0 rg BT 530.30 480.25 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.78 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.62 468.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 129.01 468.25 Td (are ) Tj ET Q q 0 0 0 rg BT 143.84 468.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 188.12 468.25 Td (under ) Tj ET Q q 0 0 0 rg BT 213.51 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 468.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 253.19 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.14 468.25 Td (each ) Tj ET Q q 0 0 0 rg BT 285.08 468.25 Td (engagement. ) Tj ET Q q 0 0 0 rg BT 338.52 468.25 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 378.91 468.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 422.62 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 443.03 468.25 Td (such ) Tj ET Q q 0 0 0 rg BT 463.98 468.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 514.37 468.25 Td (are ) Tj ET Q q 0 0 0 rg BT 529.20 468.25 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.25 Td (until ) Tj ET Q q 0 0 0 rg BT 70.20 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.78 456.25 Td (related ) Tj ET Q q 0 0 0 rg BT 114.34 456.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 148.35 456.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.38 456.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 203.61 456.25 Td (or ) Tj ET Q q 0 0 0 rg BT 214.30 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.88 456.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 279.55 456.25 Td (is ) Tj ET Q q 0 0 0 rg BT 288.58 456.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 329.82 456.25 Td (concluded. ) Tj ET Q q 0 0 0 rg BT 375.78 456.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 422.57 456.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 457.15 456.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 495.05 456.25 Td (are ) Tj ET Q q 0 0 0 rg BT 509.62 456.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 550.30 456.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.71 444.25 Td (related ) Tj ET Q q 0 0 0 rg BT 88.80 444.25 Td (unreimbursed ) Tj ET Q q 0 0 0 rg BT 145.67 444.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 183.65 444.25 Td (for ) Tj ET Q q 0 0 0 rg BT 197.20 444.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 240.73 444.25 Td (deals. ) Tj ET Q q 0 0 0 rg BT 265.66 444.25 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 305.31 444.25 Td (related ) Tj ET Q q 0 0 0 rg BT 334.40 444.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.06 444.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.83 444.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.93 444.25 Td (deals ) Tj ET Q q 0 0 0 rg BT 446.36 444.25 Td (not ) Tj ET Q q 0 0 0 rg BT 461.02 444.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 504.55 444.25 Td (are ) Tj ET Q q 0 0 0 rg BT 518.64 444.25 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 432.25 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 110.59 432.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 149.19 432.25 Td (on ) Tj ET Q q 0 0 0 rg BT 161.69 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.41 432.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.45 432.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 274.16 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 284.99 432.25 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 100.89 408.25 Td (Br) Tj ET Q q 0 0 0 rg BT 110.51 408.25 Td (okerage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.72 408.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.22 408.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.71 408.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 203.53 408.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 246.00 408.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 284.04 408.25 Td (include ) Tj ET Q q 0 0 0 rg BT 315.96 408.25 Td (\(i\)commissions ) Tj ET Q q 0 0 0 rg BT 382.62 408.25 Td (received ) Tj ET Q q 0 0 0 rg BT 418.98 408.25 Td (from ) Tj ET Q q 0 0 0 rg BT 440.91 408.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 483.95 408.25 Td (for ) Tj ET Q q 0 0 0 rg BT 498.11 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.82 408.25 Td (execution ) Tj ET Q q 0 0 0 rg BT 554.18 408.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 90.91 396.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.11 396.25 Td (in ) Tj ET Q q 0 0 0 rg BT 149.32 396.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 172.42 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.29 396.25 Td (over) Tj ET Q q 0 0 0 rg BT 205.86 396.25 Td (-the-counter ) Tj ET Q q 0 0 0 rg BT 256.16 396.25 Td (\(OTC\) ) Tj ET Q q 0 0 0 rg BT 284.25 396.25 Td (equity) Tj ET Q q 0 0 0 rg BT 308.60 396.25 Td (, ) Tj ET Q q 0 0 0 rg BT 312.53 396.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 334.52 396.25 Td (income ) Tj ET Q q 0 0 0 rg BT 365.38 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.26 396.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 427.67 396.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 446.32 396.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 488.02 396.25 Td (which ) Tj ET Q q 0 0 0 rg BT 513.89 396.25 Td (are ) Tj ET Q q 0 0 0 rg BT 527.54 396.25 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.28 384.25 Td (a ) Tj ET Q q 0 0 0 rg BT 67.50 384.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 109.26 384.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 133.54 384.25 Td (\(ii\)trading ) Tj ET Q q 0 0 0 rg BT 178.36 384.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 201.25 384.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.47 384.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 243.15 384.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.37 384.25 Td (\(iii\)fees ) Tj ET Q q 0 0 0 rg BT 294.74 384.25 Td (received ) Tj ET Q q 0 0 0 rg BT 330.39 384.25 Td (by ) Tj ET Q q 0 0 0 rg BT 342.17 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.17 384.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 396.84 384.25 Td (for ) Tj ET Q q 0 0 0 rg BT 410.28 384.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 437.06 384.25 Td (research. ) Tj ET Q q 0 0 0 rg BT 474.52 384.25 Td (The ) Tj ET Q q 0 0 0 rg BT 491.85 384.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.52 384.25 Td (permits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.95 372.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 143.17 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.63 372.25 Td (allocate ) Tj ET Q q 0 0 0 rg BT 187.39 372.25 Td (a ) Tj ET Q q 0 0 0 rg BT 194.50 372.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 226.07 372.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.07 372.25 Td (their ) Tj ET Q q 0 0 0 rg BT 258.07 372.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 281.86 372.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 336.76 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.21 372.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 364.33 372.25 Td (for ) Tj ET Q q 0 0 0 rg BT 378.66 372.25 Td (research ) Tj ET Q q 0 0 0 rg BT 414.64 372.25 Td (products ) Tj ET Q q 0 0 0 rg BT 451.76 372.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.87 372.25 Td (other ) Tj ET Q q 0 0 0 rg BT 492.09 372.25 Td (services ) Tj ET Q q 0 0 0 rg BT 526.97 372.25 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.72 360.25 Td (third ) Tj ET Q q 0 0 0 rg BT 82.82 360.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 114.04 360.25 Td (The ) Tj ET Q q 0 0 0 rg BT 131.80 360.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 167.91 360.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 206.21 360.25 Td (for ) Tj ET Q q 0 0 0 rg BT 220.09 360.25 Td (those ) Tj ET Q q 0 0 0 rg BT 243.42 360.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 281.19 360.25 Td (are ) Tj ET Q q 0 0 0 rg BT 295.61 360.25 Td (commonly ) Tj ET Q q 0 0 0 rg BT 340.61 360.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 374.46 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.46 360.25 Td (as ) Tj ET Q q 0 0 0 rg BT 395.00 360.25 Td (soft ) Tj ET Q q 0 0 0 rg BT 412.22 360.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 437.77 360.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 495.86 360.25 Td (As ) Tj ET Q q 0 0 0 rg BT 509.19 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 360.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.08 348.25 Td (not ) Tj ET Q q 0 0 0 rg BT 74.76 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.89 348.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 124.45 348.25 Td (obligor ) Tj ET Q q 0 0 0 rg BT 156.24 348.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.81 348.25 Td (these ) Tj ET Q q 0 0 0 rg BT 194.26 348.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 253.53 348.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.54 348.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.98 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.67 348.25 Td (soft ) Tj ET Q q 0 0 0 rg BT 354.58 348.25 Td (dollars ) Tj ET Q q 0 0 0 rg BT 384.70 348.25 Td (are ) Tj ET Q q 0 0 0 rg BT 399.81 348.25 Td (netted ) Tj ET Q q 0 0 0 rg BT 427.15 348.25 Td (against ) Tj ET Q q 0 0 0 rg BT 458.39 348.25 Td (commission ) Tj ET Q q 0 0 0 rg BT 509.63 348.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 548.07 348.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 336.25 Td (other ) Tj ET Q q 0 0 0 rg BT 119.76 336.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 159.48 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.41 336.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 210.00 336.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 248.60 336.25 Td (on ) Tj ET Q q 0 0 0 rg BT 261.10 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.81 336.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 328.86 336.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 373.57 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.40 336.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.88 336.25 Td (condition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.77 312.25 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.98 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 131.14 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.38 312.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 165.76 312.25 Td (management ) Tj ET Q q 0 0 0 rg BT 221.01 312.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 241.27 312.25 Td (include ) Tj ET Q q 0 0 0 rg BT 274.86 312.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 314.56 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.94 312.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.99 312.25 Td (receives ) Tj ET Q q 0 0 0 rg BT 410.90 312.25 Td (in ) Tj ET Q q 0 0 0 rg BT 422.84 312.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 470.87 312.25 Td (with ) Tj ET Q q 0 0 0 rg BT 492.81 312.25 Td (management ) Tj ET Q q 0 0 0 rg BT 548.06 312.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.96 300.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 134.98 300.25 Td (services ) Tj ET Q q 0 0 0 rg BT 170.77 300.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 216.00 300.25 Td (for ) Tj ET Q q 0 0 0 rg BT 231.24 300.25 Td (separately ) Tj ET Q q 0 0 0 rg BT 275.35 300.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 315.03 300.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 353.60 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.62 300.25 Td (various ) Tj ET Q q 0 0 0 rg BT 404.64 300.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 430.44 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.46 300.25 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 503.16 300.25 Td (These ) Tj ET Q q 0 0 0 rg BT 530.62 300.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.30 300.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 96.34 288.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.10 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.30 288.25 Td (period ) Tj ET Q q 0 0 0 rg BT 150.82 288.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.58 288.25 Td (which ) Tj ET Q q 0 0 0 rg BT 189.00 288.25 Td (services ) Tj ET Q q 0 0 0 rg BT 224.19 288.25 Td (are ) Tj ET Q q 0 0 0 rg BT 239.38 288.25 Td (provided. ) Tj ET Q q 0 0 0 rg BT 280.40 288.25 Td (Fees ) Tj ET Q q 0 0 0 rg BT 301.71 288.25 Td (are ) Tj ET Q q 0 0 0 rg BT 316.90 288.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 349.86 288.25 Td (in ) Tj ET Q q 0 0 0 rg BT 360.62 288.25 Td (client ) Tj ET Q q 0 0 0 rg BT 385.81 288.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 424.89 288.25 Td (as ) Tj ET Q q 0 0 0 rg BT 436.20 288.25 Td (a ) Tj ET Q q 0 0 0 rg BT 443.62 288.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 489.90 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.21 288.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 539.18 288.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.93 276.25 Td (management ) Tj ET Q q 0 0 0 rg BT 128.67 276.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.77 276.25 Td (may ) Tj ET Q q 0 0 0 rg BT 165.64 276.25 Td (include ) Tj ET Q q 0 0 0 rg BT 197.73 276.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 250.92 276.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 272.17 276.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 325.91 276.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 344.67 276.25 Td (are ) Tj ET Q q 0 0 0 rg BT 359.53 276.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 388.84 276.25 Td (when ) Tj ET Q q 0 0 0 rg BT 413.16 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.03 276.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 474.57 276.25 Td (return ) Tj ET Q q 0 0 0 rg BT 501.10 276.25 Td (on ) Tj ET Q q 0 0 0 rg BT 513.76 276.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.75 276.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (management ) Tj ET Q q 0 0 0 rg BT 104.20 264.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 139.47 264.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 170.28 264.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 218.32 264.25 Td (tar) Tj ET Q q 0 0 0 rg BT 228.69 264.25 Td (gets ) Tj ET Q q 0 0 0 rg BT 248.41 264.25 Td (or ) Tj ET Q q 0 0 0 rg BT 260.36 264.25 Td (other ) Tj ET Q q 0 0 0 rg BT 284.52 264.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 338.66 264.25 Td (tar) Tj ET Q q 0 0 0 rg BT 349.03 264.25 Td (gets ) Tj ET Q q 0 0 0 rg BT 368.75 264.25 Td (over ) Tj ET Q q 0 0 0 rg BT 390.13 264.25 Td (a ) Tj ET Q q 0 0 0 rg BT 398.19 264.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 437.90 264.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 494.82 264.25 Td (period ) Tj ET Q q 0 0 0 rg BT 523.99 264.25 Td (\(monthly) Tj ET Q q 0 0 0 rg BT 560.00 264.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 89.02 252.25 Td (or ) Tj ET Q q 0 0 0 rg BT 100.77 252.25 Td (annually\). ) Tj ET Q q 0 0 0 rg BT 144.46 252.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 198.97 252.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 221.00 252.25 Td (if ) Tj ET Q q 0 0 0 rg BT 230.53 252.25 Td (earned, ) Tj ET Q q 0 0 0 rg BT 263.10 252.25 Td (are ) Tj ET Q q 0 0 0 rg BT 278.73 252.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 319.36 252.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 366.65 252.25 Td (at ) Tj ET Q q 0 0 0 rg BT 377.29 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.93 252.25 Td (end ) Tj ET Q q 0 0 0 rg BT 410.80 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.55 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.19 252.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 477.71 252.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 534.45 252.25 Td (period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 86.64 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.01 240.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 127.60 240.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 158.06 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.54 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.91 240.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 226.15 240.25 Td (year) Tj ET Q q 0 0 0 rg BT 242.95 240.25 Td (, ) Tj ET Q q 0 0 0 rg BT 247.60 240.25 Td (or ) Tj ET Q q 0 0 0 rg BT 258.08 240.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 280.23 240.25 Td (client ) Tj ET Q q 0 0 0 rg BT 304.59 240.25 Td (liquidation. ) Tj ET Q q 0 0 0 rg BT 352.57 240.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 405.81 240.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 424.06 240.25 Td (are ) Tj ET Q q 0 0 0 rg BT 438.41 240.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 484.43 240.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.91 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 505.39 240.25 Td (each ) Tj ET Q q 0 0 0 rg BT 525.85 240.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (date ) Tj ET Q q 0 0 0 rg BT 68.66 228.25 Td (for ) Tj ET Q q 0 0 0 rg BT 82.82 228.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 112.52 228.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 165.56 228.25 Td (entities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.57 204.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.19 204.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 118.57 204.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.09 204.25 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.40 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.92 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.25 204.25 Td (The ) Tj ET Q q 0 0 0 rg BT 197.31 204.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 238.72 204.25 Td (nets ) Tj ET Q q 0 0 0 rg BT 257.34 204.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.29 204.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 324.02 204.25 Td (within ) Tj ET Q q 0 0 0 rg BT 352.09 204.25 Td (net ) Tj ET Q q 0 0 0 rg BT 366.82 204.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 404.87 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 415.17 204.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 450.45 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.19 204.25 Td (ef) Tj ET Q q 0 0 0 rg BT 472.77 204.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 494.17 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 505.01 204.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 554.74 204.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.32 192.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.59 192.25 Td (on ) Tj ET Q q 0 0 0 rg BT 114.98 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.58 192.25 Td (Company) Tj ET Q q 0 0 0 rg BT 171.25 192.25 Td (s ) Tj ET Q q 0 0 0 rg BT 177.53 192.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 230.46 192.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.06 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.78 192.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 332.15 192.25 Td (The ) Tj ET Q q 0 0 0 rg BT 350.09 192.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.36 192.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 436.51 192.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 483.32 192.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 515.14 192.25 Td (on ) Tj ET Q q 0 0 0 rg BT 527.53 192.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.83 180.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 128.15 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.25 180.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.89 180.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.21 180.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 254.05 180.25 Td (but ) Tj ET Q q 0 0 0 rg BT 269.49 180.25 Td (not ) Tj ET Q q 0 0 0 rg BT 284.92 180.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 299.80 180.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 343.00 180.25 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 388.43 180.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 431.07 180.25 Td (instruments\), ) Tj ET Q q 0 0 0 rg BT 486.22 180.25 Td (on ) Tj ET Q q 0 0 0 rg BT 498.88 180.25 Td (an ) Tj ET Q q 0 0 0 rg BT 510.98 180.25 Td (accrual ) Tj ET Q q 0 0 0 rg BT 542.51 180.25 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.95 168.25 Td (a ) Tj ET Q q 0 0 0 rg BT 68.50 168.25 Td (component ) Tj ET Q q 0 0 0 rg BT 116.06 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.50 168.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.05 168.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 194.82 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.37 168.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 249.97 168.25 Td (The ) Tj ET Q q 0 0 0 rg BT 268.64 168.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 310.64 168.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 348.75 168.25 Td (for ) Tj ET Q q 0 0 0 rg BT 363.52 168.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 396.07 168.25 Td (related ) Tj ET Q q 0 0 0 rg BT 426.39 168.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.29 168.25 Td (its ) Tj ET Q q 0 0 0 rg BT 449.86 168.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 494.63 168.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 535.51 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 553.07 168.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.74 156.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 100.65 156.25 Td (on ) Tj ET Q q 0 0 0 rg BT 113.45 156.25 Td (an ) Tj ET Q q 0 0 0 rg BT 125.69 156.25 Td (accrual ) Tj ET Q q 0 0 0 rg BT 157.35 156.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 180.15 156.25 Td (with ) Tj ET Q q 0 0 0 rg BT 200.73 156.25 Td (related ) Tj ET Q q 0 0 0 rg BT 230.73 156.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 262.96 156.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 300.74 156.25 Td (as ) Tj ET Q q 0 0 0 rg BT 311.87 156.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 344.10 156.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 381.61 156.25 Td (In ) Tj ET Q q 0 0 0 rg BT 392.74 156.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 430.82 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.83 156.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.52 156.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 533.07 156.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 82.97 144.25 Td (related ) Tj ET Q q 0 0 0 rg BT 112.00 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 121.60 144.25 Td (its ) Tj ET Q q 0 0 0 rg BT 132.87 144.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 172.46 144.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 212.60 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.86 144.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 268.45 144.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 310.81 144.25 Td (under ) Tj ET Q q 0 0 0 rg BT 335.40 144.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 382.76 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.36 144.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 415.84 144.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 453.76 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.02 144.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 501.28 144.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 535.31 144.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 132.25 Td (its ) Tj ET Q q 0 0 0 rg BT 71.73 132.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 111.99 132.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 141.15 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.08 132.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 198.35 132.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 217.52 132.25 Td (under ) Tj ET Q q 0 0 0 rg BT 242.79 132.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 290.82 132.25 Td (to ) Tj ET Q q 0 0 0 rg BT 301.10 132.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 346.90 132.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 385.50 132.25 Td (on ) Tj ET Q q 0 0 0 rg BT 398.00 132.25 Td (an ) Tj ET Q q 0 0 0 rg BT 409.94 132.25 Td (accrual ) Tj ET Q q 0 0 0 rg BT 441.30 132.25 Td (basis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 94.86 108.25 Td (Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.34 108.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.39 108.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 179.87 108.25 Td (income ) Tj ET Q q 0 0 0 rg BT 211.35 108.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 246.72 108.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 280.41 108.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.89 108.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 340.58 108.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 363.74 108.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.22 108.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 406.16 108.25 Td (from ) Tj ET Q q 0 0 0 rg BT 427.65 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.91 108.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 488.54 108.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 527.79 108.25 Td (banking, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.44 96.25 Td (living ) Tj ET Q q 0 0 0 rg BT 102.27 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.21 96.25 Td (other ) Tj ET Q q 0 0 0 rg BT 142.26 96.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 161.98 96.25 Td (investments. ) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (F) Tj ET Q q 0 0 0 rg BT 54.32 684.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 75.91 684.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 125.31 684.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 167.49 684.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 220.03 684.25 Td (T) Tj ET Q q 0 0 0 rg BT 225.44 684.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 245.40 684.25 Td (718, ) Tj ET Q q 0 0 0 rg BT 265.64 684.25 Td ("Compensation ) Tj ET Q q 0 0 0 rg BT 330.24 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.99 684.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 368.51 684.25 Td (Compensation," ) Tj ET Q q 0 0 0 rg BT 435.61 684.25 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 465.22 684.25 Td (718"\) ) Tj ET Q q 0 0 0 rg BT 490.38 684.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 525.33 684.25 Td (all ) Tj ET Q q 0 0 0 rg BT 538.07 684.25 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (based ) Tj ET Q q 0 0 0 rg BT 74.77 672.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.82 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.11 672.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.05 672.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 194.77 672.25 Td (on ) Tj ET Q q 0 0 0 rg BT 207.27 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.00 672.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 275.04 672.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 319.76 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.60 672.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 374.76 672.25 Td (based ) Tj ET Q q 0 0 0 rg BT 400.04 672.25 Td (on ) Tj ET Q q 0 0 0 rg BT 412.54 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.26 672.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 450.32 672.25 Td (date ) Tj ET Q q 0 0 0 rg BT 469.48 672.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 485.86 672.25 Td (value ) Tj ET Q q 0 0 0 rg BT 510.02 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.86 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.58 672.25 Td (award. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 110.25 660.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 145.43 660.25 Td (related ) Tj ET Q q 0 0 0 rg BT 175.61 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.36 660.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 236.54 660.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 267.84 660.25 Td (that ) Tj ET Q q 0 0 0 rg BT 285.81 660.25 Td (do ) Tj ET Q q 0 0 0 rg BT 298.78 660.25 Td (not ) Tj ET Q q 0 0 0 rg BT 314.54 660.25 Td (require ) Tj ET Q q 0 0 0 rg BT 345.83 660.25 Td (future ) Tj ET Q q 0 0 0 rg BT 372.68 660.25 Td (service ) Tj ET Q q 0 0 0 rg BT 403.97 660.25 Td (are ) Tj ET Q q 0 0 0 rg BT 419.15 660.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 465.99 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.74 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.94 660.25 Td (year ) Tj ET Q q 0 0 0 rg BT 512.12 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.87 660.25 Td (which ) Tj ET Q q 0 0 0 rg BT 550.28 660.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.42 648.25 Td (were ) Tj ET Q q 0 0 0 rg BT 102.46 648.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 136.15 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 146.54 648.25 Td (be ) Tj ET Q q 0 0 0 rg BT 158.58 648.25 Td (earned. ) Tj ET Q q 0 0 0 rg BT 190.33 648.25 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 241.81 648.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 272.73 648.25 Td (that ) Tj ET Q q 0 0 0 rg BT 290.33 648.25 Td (require ) Tj ET Q q 0 0 0 rg BT 321.25 648.25 Td (future ) Tj ET Q q 0 0 0 rg BT 347.73 648.25 Td (service ) Tj ET Q q 0 0 0 rg BT 378.65 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 393.46 648.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 436.05 648.25 Td (over ) Tj ET Q q 0 0 0 rg BT 456.42 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.24 648.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 506.05 648.25 Td (service ) Tj ET Q q 0 0 0 rg BT 536.97 648.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (net ) Tj ET Q q 0 0 0 rg BT 64.20 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 75.01 636.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 115.81 636.25 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 162.43 636.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.35 636.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 201.27 636.25 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.27 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.75 636.25 Td (for ) Tj ET Q q 0 0 0 rg BT 227.89 636.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 270.36 636.25 Td (information ) Tj ET Q q 0 0 0 rg BT 320.05 636.25 Td (on ) Tj ET Q q 0 0 0 rg BT 332.53 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.22 636.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.28 636.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 440.63 636.25 Td (for ) Tj ET Q q 0 0 0 rg BT 454.77 636.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 504.46 636.25 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.48 612.25 Td (T) Tj ET Q q 0 0 0 rg BT 89.23 612.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.39 588.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.62 588.25 Td (files ) Tj ET Q q 0 0 0 rg BT 128.18 588.25 Td (a ) Tj ET Q q 0 0 0 rg BT 134.96 588.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 187.85 588.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 207.98 588.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 238.07 588.25 Td (income ) Tj ET Q q 0 0 0 rg BT 269.85 588.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 284.41 588.25 Td (return, ) Tj ET Q q 0 0 0 rg BT 313.13 588.25 Td (which ) Tj ET Q q 0 0 0 rg BT 339.92 588.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 375.58 588.25 Td (all ) Tj ET Q q 0 0 0 rg BT 387.92 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 398.60 588.25 Td (its ) Tj ET Q q 0 0 0 rg BT 410.39 588.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 453.84 588.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 505.73 588.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.62 588.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.26 576.25 Td (also ) Tj ET Q q 0 0 0 rg BT 76.45 576.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 106.87 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 116.73 576.25 Td (income ) Tj ET Q q 0 0 0 rg BT 148.25 576.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 162.56 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.42 576.25 Td (various ) Tj ET Q q 0 0 0 rg BT 203.95 576.25 Td (states ) Tj ET Q q 0 0 0 rg BT 228.25 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.78 576.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 303.52 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.05 576.25 Td (those ) Tj ET Q q 0 0 0 rg BT 343.24 576.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 374.21 576.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 425.74 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 435.60 576.25 Td (which ) Tj ET Q q 0 0 0 rg BT 462.13 576.25 Td (we ) Tj ET Q q 0 0 0 rg BT 475.88 576.25 Td (operate. ) Tj ET Q q 0 0 0 rg BT 509.89 576.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 541.96 576.25 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.10 564.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 102.05 564.25 Td (for ) Tj ET Q q 0 0 0 rg BT 116.10 564.25 Td (using ) Tj ET Q q 0 0 0 rg BT 140.17 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.78 564.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.62 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.45 564.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 226.96 564.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 261.85 564.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 299.77 564.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 314.39 564.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.11 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.95 564.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 396.56 564.25 Td (are ) Tj ET Q q 0 0 0 rg BT 411.17 564.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 457.42 564.25 Td (for ) Tj ET Q q 0 0 0 rg BT 471.48 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.09 564.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 524.02 564.25 Td (future ) Tj ET Q q 0 0 0 rg BT 550.30 564.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 107.49 552.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 156.05 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.85 552.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 210.96 552.25 Td (dif) Tj ET Q q 0 0 0 rg BT 221.89 552.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 258.21 552.25 Td (between ) Tj ET Q q 0 0 0 rg BT 294.55 552.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 331.45 552.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 367.79 552.25 Td (for ) Tj ET Q q 0 0 0 rg BT 382.47 552.25 Td (income ) Tj ET Q q 0 0 0 rg BT 414.92 552.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 430.16 552.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 468.73 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.18 552.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.18 552.25 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 89.18 540.25 Td (using ) Tj ET Q q 0 0 0 rg BT 112.48 540.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 144.64 540.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 158.48 540.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 178.99 540.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 216.15 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 540.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 249.40 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.81 540.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 289.31 540.25 Td (income ) Tj ET Q q 0 0 0 rg BT 320.37 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 329.78 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.62 540.25 Td (years ) Tj ET Q q 0 0 0 rg BT 366.35 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 375.76 540.25 Td (which ) Tj ET Q q 0 0 0 rg BT 401.82 540.25 Td (those ) Tj ET Q q 0 0 0 rg BT 424.56 540.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 467.28 540.25 Td (dif) Tj ET Q q 0 0 0 rg BT 478.21 540.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 513.15 540.25 Td (are ) Tj ET Q q 0 0 0 rg BT 526.98 540.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 528.25 Td (be ) Tj ET Q q 0 0 0 rg BT 71.72 528.25 Td (recovered ) Tj ET Q q 0 0 0 rg BT 113.64 528.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.47 528.25 Td (settled. ) Tj ET Q q 0 0 0 rg BT 155.40 528.25 Td (The ) Tj ET Q q 0 0 0 rg BT 173.45 528.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 218.15 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.98 528.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 264.79 528.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 279.50 528.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 305.34 528.25 Td (is ) Tj ET Q q 0 0 0 rg BT 314.51 528.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 350.89 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.83 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 374.78 528.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 414.49 528.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 457.52 528.25 Td (is ) Tj ET Q q 0 0 0 rg BT 466.70 528.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 513.06 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.34 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.06 528.25 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.99 516.25 Td (it ) Tj ET Q q 0 0 0 rg BT 75.04 516.25 Td (is ) Tj ET Q q 0 0 0 rg BT 84.21 516.25 Td (more ) Tj ET Q q 0 0 0 rg BT 107.25 516.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 132.52 516.25 Td (than ) Tj ET Q q 0 0 0 rg BT 152.23 516.25 Td (not ) Tj ET Q q 0 0 0 rg BT 167.50 516.25 Td (that ) Tj ET Q q 0 0 0 rg BT 184.99 516.25 Td (any ) Tj ET Q q 0 0 0 rg BT 201.93 516.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 233.31 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.13 516.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.07 516.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 286.87 516.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.58 516.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.51 516.25 Td (will ) Tj ET Q q 0 0 0 rg BT 341.57 516.25 Td (not ) Tj ET Q q 0 0 0 rg BT 356.84 516.25 Td (be ) Tj ET Q q 0 0 0 rg BT 368.77 516.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 405.23 516.25 Td (T) Tj ET Q q 0 0 0 rg BT 410.64 516.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 422.57 516.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 457.83 516.25 Td (for ) Tj ET Q q 0 0 0 rg BT 471.98 516.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 511.68 516.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 526.39 516.25 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 504.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 101.68 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.96 504.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 159.42 504.25 Td (with ) Tj ET Q q 0 0 0 rg BT 179.70 504.25 Td (F) Tj ET Q q 0 0 0 rg BT 184.52 504.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 205.92 504.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 255.08 504.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 297.01 504.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 349.32 504.25 Td (T) Tj ET Q q 0 0 0 rg BT 354.73 504.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 374.45 504.25 Td (740, ) Tj ET Q q 0 0 0 rg BT 394.45 504.25 Td ("Income ) Tj ET Q q 0 0 0 rg BT 430.84 504.25 Td (T) Tj ET Q q 0 0 0 rg BT 436.25 504.25 Td (axes" ) Tj ET Q q 0 0 0 rg BT 460.60 504.25 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 489.96 504.25 Td (740"\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (Earnings Per) Tj ET Q q 0 0 0 rg BT 105.71 480.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 128.59 480.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.25 Td (Basic ) Tj ET Q q 0 0 0 rg BT 73.99 456.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 110.14 456.25 Td (per ) Tj ET Q q 0 0 0 rg BT 125.19 456.25 Td (common ) Tj ET Q q 0 0 0 rg BT 162.46 456.25 Td (share ) Tj ET Q q 0 0 0 rg BT 185.83 456.25 Td (is ) Tj ET Q q 0 0 0 rg BT 194.78 456.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 236.49 456.25 Td (by ) Tj ET Q q 0 0 0 rg BT 248.76 456.25 Td (dividing ) Tj ET Q q 0 0 0 rg BT 284.37 456.25 Td (net ) Tj ET Q q 0 0 0 rg BT 298.87 456.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 355.57 456.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 398.94 456.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.99 456.25 Td (common ) Tj ET Q q 0 0 0 rg BT 446.26 456.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 499.08 456.25 Td (by ) Tj ET Q q 0 0 0 rg BT 511.35 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.84 456.25 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (average ) Tj ET Q q 0 0 0 rg BT 83.30 444.25 Td (number ) Tj ET Q q 0 0 0 rg BT 116.55 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.60 444.25 Td (common ) Tj ET Q q 0 0 0 rg BT 165.30 444.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 193.00 444.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 242.38 444.25 Td (for ) Tj ET Q q 0 0 0 rg BT 256.75 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.68 444.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 302.44 444.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 319.59 444.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 376.73 444.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 420.53 444.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.02 444.25 Td (common ) Tj ET Q q 0 0 0 rg BT 468.73 444.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 521.98 444.25 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (net ) Tj ET Q q 0 0 0 rg BT 63.21 432.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 119.14 432.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 152.28 432.25 Td (by ) Tj ET Q q 0 0 0 rg BT 163.77 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.48 432.25 Td (allocation ) Tj ET Q q 0 0 0 rg BT 218.41 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.23 432.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 263.60 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.87 432.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 324.91 432.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 366.66 432.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 395.38 432.25 Td (are ) Tj ET Q q 0 0 0 rg BT 409.08 432.25 Td (not ) Tj ET Q q 0 0 0 rg BT 423.35 432.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 460.94 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 470.21 432.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 522.24 432.25 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 82.16 420.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 118.71 420.25 Td (per ) Tj ET Q q 0 0 0 rg BT 134.15 420.25 Td (common ) Tj ET Q q 0 0 0 rg BT 171.81 420.25 Td (share ) Tj ET Q q 0 0 0 rg BT 195.58 420.25 Td (is ) Tj ET Q q 0 0 0 rg BT 204.92 420.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 248.11 420.25 Td (by ) Tj ET Q q 0 0 0 rg BT 260.78 420.25 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 300.11 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.00 420.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 354.32 420.25 Td (average ) Tj ET Q q 0 0 0 rg BT 388.07 420.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 437.41 420.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 465.07 420.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.51 420.25 Td (assume ) Tj ET Q q 0 0 0 rg BT 507.62 420.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 554.17 420.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (all ) Tj ET Q q 0 0 0 rg BT 62.00 408.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 107.26 408.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 140.32 408.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 163.92 408.25 Td (options ) Tj ET Q q 0 0 0 rg BT 195.87 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.81 408.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 252.51 408.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 276.12 408.25 Td (units.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.25 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 90.26 384.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 140.45 384.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 177.87 384.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 209.18 384.25 Td (that ) Tj ET Q q 0 0 0 rg BT 227.16 384.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 259.58 384.25 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 319.21 384.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 344.98 384.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.74 384.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 397.62 384.25 Td (or ) Tj ET Q q 0 0 0 rg BT 408.93 384.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 446.92 384.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 495.44 384.25 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 533.97 384.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.17 384.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (unpaid\) ) Tj ET Q q 0 0 0 rg BT 82.29 372.25 Td (are ) Tj ET Q q 0 0 0 rg BT 96.74 372.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 149.53 372.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.54 372.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.22 372.25 Td (are ) Tj ET Q q 0 0 0 rg BT 220.67 372.25 Td (included ) Tj ET Q q 0 0 0 rg BT 257.35 372.25 Td (in ) Tj ET Q q 0 0 0 rg BT 267.37 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.83 372.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 317.96 372.25 Td (allocation ) Tj ET Q q 0 0 0 rg BT 359.63 372.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.65 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.12 372.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 420.24 372.25 Td (per ) Tj ET Q q 0 0 0 rg BT 435.25 372.25 Td (share ) Tj ET Q q 0 0 0 rg BT 458.60 372.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 504.71 372.25 Td (under ) Tj ET Q q 0 0 0 rg BT 529.72 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.18 372.25 Td (two-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (class ) Tj ET Q q 0 0 0 rg BT 71.95 360.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 107.23 360.25 Td (The ) Tj ET Q q 0 0 0 rg BT 125.79 360.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.68 360.25 Td (grants ) Tj ET Q q 0 0 0 rg BT 195.13 360.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 235.34 360.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 259.45 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.90 360.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 317.11 360.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.23 360.25 Td (units ) Tj ET Q q 0 0 0 rg BT 363.68 360.25 Td (as ) Tj ET Q q 0 0 0 rg BT 375.02 360.25 Td (part ) Tj ET Q q 0 0 0 rg BT 393.57 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.91 360.25 Td (its ) Tj ET Q q 0 0 0 rg BT 417.37 360.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 467.58 360.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 526.13 360.25 Td (program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (Recipients ) Tj ET Q q 0 0 0 rg BT 94.79 348.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.20 348.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 146.48 348.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 170.67 348.25 Td (are ) Tj ET Q q 0 0 0 rg BT 185.96 348.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 219.03 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.89 348.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 261.83 348.25 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 321.55 348.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 363.52 348.25 Td (during ) Tj ET Q q 0 0 0 rg BT 392.71 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.00 348.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 439.97 348.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 471.10 348.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.62 348.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 527.78 348.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 550.29 348.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (definition ) Tj ET Q q 0 0 0 rg BT 91.11 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.16 336.25 Td (a ) Tj ET Q q 0 0 0 rg BT 109.32 336.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 162.59 336.25 Td (security) Tj ET Q q 0 0 0 rg BT 193.59 336.25 Td (. ) Tj ET Q q 0 0 0 rg BT 198.62 336.25 Td (The ) Tj ET Q q 0 0 0 rg BT 216.89 336.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 264.20 336.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 302.47 336.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 342.39 336.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 366.23 336.25 Td (units ) Tj ET Q q 0 0 0 rg BT 388.40 336.25 Td (are ) Tj ET Q q 0 0 0 rg BT 403.33 336.25 Td (not ) Tj ET Q q 0 0 0 rg BT 418.83 336.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 472.10 336.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 512.58 336.25 Td (as ) Tj ET Q q 0 0 0 rg BT 523.64 336.25 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 324.25 Td (not ) Tj ET Q q 0 0 0 rg BT 79.49 324.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 111.98 324.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.25 324.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 153.62 324.25 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 212.76 324.25 Td (dividends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (For) Tj ET Q q 0 0 0 rg BT 64.87 300.25 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 106.62 300.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 128.38 300.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.31 300.25 Td (ranslation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 276.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.90 276.25 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 162.32 276.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 194.18 276.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 244.38 276.25 Td (which ) Tj ET Q q 0 0 0 rg BT 271.80 276.25 Td (have ) Tj ET Q q 0 0 0 rg BT 293.66 276.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 339.41 276.25 Td (their ) Tj ET Q q 0 0 0 rg BT 360.72 276.25 Td (local ) Tj ET Q q 0 0 0 rg BT 383.13 276.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 421.09 276.25 Td (as ) Tj ET Q q 0 0 0 rg BT 432.41 276.25 Td (their ) Tj ET Q q 0 0 0 rg BT 453.71 276.25 Td (functional ) Tj ET Q q 0 0 0 rg BT 497.24 276.25 Td (currency) Tj ET Q q 0 0 0 rg BT 531.57 276.25 Td (. ) Tj ET Q q 0 0 0 rg BT 536.39 276.25 Td (Assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.54 264.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 104.36 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.29 264.25 Td (these ) Tj ET Q q 0 0 0 rg BT 136.44 264.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 166.92 264.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 215.74 264.25 Td (are ) Tj ET Q q 0 0 0 rg BT 229.54 264.25 Td (translated ) Tj ET Q q 0 0 0 rg BT 270.02 264.25 Td (at ) Tj ET Q q 0 0 0 rg BT 278.84 264.25 Td (year) Tj ET Q q 0 0 0 rg BT 295.84 264.25 Td (-end ) Tj ET Q q 0 0 0 rg BT 315.21 264.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 335.69 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.62 264.25 Td (exchange. ) Tj ET Q q 0 0 0 rg BT 387.36 264.25 Td (The ) Tj ET Q q 0 0 0 rg BT 404.51 264.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 427.22 264.25 Td (or ) Tj ET Q q 0 0 0 rg BT 437.15 264.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 462.65 264.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 499.24 264.25 Td (from ) Tj ET Q q 0 0 0 rg BT 520.28 264.25 Td (translating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 80.29 252.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 117.19 252.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.09 252.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 198.22 252.25 Td (are ) Tj ET Q q 0 0 0 rg BT 212.34 252.25 Td (included ) Tj ET Q q 0 0 0 rg BT 248.69 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.39 252.25 Td (other ) Tj ET Q q 0 0 0 rg BT 280.85 252.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 343.30 252.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 377.16 252.25 Td (Gains ) Tj ET Q q 0 0 0 rg BT 402.40 252.25 Td (or ) Tj ET Q q 0 0 0 rg BT 412.65 252.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 438.46 252.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 475.38 252.25 Td (from ) Tj ET Q q 0 0 0 rg BT 496.73 252.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 527.53 252.25 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.76 240.25 Td (are ) Tj ET Q q 0 0 0 rg BT 114.47 240.25 Td (included ) Tj ET Q q 0 0 0 rg BT 151.40 240.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.68 240.25 Td (net ) Tj ET Q q 0 0 0 rg BT 176.40 240.25 Td (income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.90 192.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.63 192.25 Td (is ) Tj ET Q q 0 0 0 rg BT 116.15 192.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 153.00 192.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.63 192.25 Td (various ) Tj ET Q q 0 0 0 rg BT 193.91 192.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 227.98 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.27 192.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 281.11 192.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 302.39 192.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 352.56 192.25 Td (related ) Tj ET Q q 0 0 0 rg BT 381.61 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.24 192.25 Td (its ) Tj ET Q q 0 0 0 rg BT 402.53 192.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 440.77 192.25 Td (including ) Tj ET Q q 0 0 0 rg BT 480.40 192.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 520.86 192.25 Td (arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 180.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 110.50 180.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 163.85 180.25 Td (The ) Tj ET Q q 0 0 0 rg BT 182.13 180.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.74 180.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 269.80 180.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 305.29 180.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.68 180.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 357.41 180.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 384.03 180.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.54 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.49 180.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 436.65 180.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.38 180.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 483.22 180.25 Td (are ) Tj ET Q q 0 0 0 rg BT 498.16 180.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 535.87 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 546.93 180.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.79 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.87 168.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 111.72 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.90 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.97 168.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 153.39 168.25 Td (can ) Tj ET Q q 0 0 0 rg BT 169.12 168.25 Td (be ) Tj ET Q q 0 0 0 rg BT 180.42 168.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 225.59 168.25 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 268.13 168.25 Td (The ) Tj ET Q q 0 0 0 rg BT 285.53 168.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 342.93 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.11 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.18 168.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 403.47 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.77 168.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 450.49 168.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 486.23 168.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 520.29 168.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 89.77 156.25 Td (on ) Tj ET Q q 0 0 0 rg BT 102.27 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.99 156.25 Td (part ) Tj ET Q q 0 0 0 rg BT 135.04 156.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.87 156.25 Td (management.) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 708.10 Td (Note 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.99 708.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.49 708.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 112.01 708.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 169.68 708.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.89 708.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 92.51 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.34 684.10 Td (New ) Tj ET Q q 0 0 0 rg BT 124.17 684.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 175.57 684.10 Td (Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.15 636.10 Td (February ) Tj ET Q q 0 0 0 rg BT 98.07 636.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 122.40 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.44 636.10 Td (F) Tj ET Q q 0 0 0 rg BT 141.26 636.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 162.53 636.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 188.95 636.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 237.43 636.10 Td (Standard ) Tj ET Q q 0 0 0 rg BT 274.80 636.10 Td (Update ) Tj ET Q q 0 0 0 rg BT 305.50 636.10 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154.03 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.58 372.10 Td (will ) Tj ET Q q 0 0 0 rg BT 213.80 372.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 238.67 372.10 Td (this ) Tj ET Q q 0 0 0 rg BT 255.78 372.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 294.54 372.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.53 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.52 372.10 Td (January ) Tj ET Q q 0 0 0 rg BT 350.27 372.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 360.43 372.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 385.40 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 403.61 372.10 Td (two ) Tj ET Q q 0 0 0 rg BT 421.27 372.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 462.25 372.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 502.68 372.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 539.23 372.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 71.42 360.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 106.17 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 119.79 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.42 360.10 Td (full ) Tj ET Q q 0 0 0 rg BT 148.72 360.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 201.78 360.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 235.69 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.88 360.10 Td (which ) Tj ET Q q 0 0 0 rg BT 270.73 360.10 Td (case ) Tj ET Q q 0 0 0 rg BT 289.36 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.99 360.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 338.28 360.10 Td (would ) Tj ET Q q 0 0 0 rg BT 364.69 360.10 Td (be ) Tj ET Q q 0 0 0 rg BT 375.55 360.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 406.40 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.59 360.10 Td (each ) Tj ET Q q 0 0 0 rg BT 435.32 360.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 456.17 360.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 494.24 360.10 Td (period ) Tj ET Q q 0 0 0 rg BT 521.21 360.10 Td (presented, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.49 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.86 348.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 113.12 348.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 166.92 348.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 201.57 348.10 Td (under ) Tj ET Q q 0 0 0 rg BT 226.50 348.10 Td (which ) Tj ET Q q 0 0 0 rg BT 253.09 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.47 348.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 314.05 348.10 Td (ef) Tj ET Q q 0 0 0 rg BT 321.64 348.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 338.78 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.27 348.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 386.42 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.80 348.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 436.83 348.10 Td (would ) Tj ET Q q 0 0 0 rg BT 463.99 348.10 Td (be ) Tj ET Q q 0 0 0 rg BT 475.58 348.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 521.60 348.10 Td (at ) Tj ET Q q 0 0 0 rg BT 530.98 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.35 348.10 Td (date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.47 336.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 87.95 336.10 Td (application. ) Tj ET Q q 0 0 0 rg BT 137.80 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.49 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 198.52 336.10 Td (is ) Tj ET Q q 0 0 0 rg BT 208.33 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.26 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.62 336.10 Td (process ) Tj ET Q q 0 0 0 rg BT 267.75 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.23 336.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 330.69 336.10 Td (its ) Tj ET Q q 0 0 0 rg BT 343.28 336.10 Td (method ) Tj ET Q q 0 0 0 rg BT 376.42 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.90 336.10 Td (adoption, ) Tj ET Q q 0 0 0 rg BT 428.54 336.10 Td (which ) Tj ET Q q 0 0 0 rg BT 456.12 336.10 Td (depends, ) Tj ET Q q 0 0 0 rg BT 494.53 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.46 336.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 526.65 336.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 549.79 336.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 97.49 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.32 324.10 Td (further ) Tj ET Q q 0 0 0 rg BT 138.03 324.10 Td (analysis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 100.82 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.32 300.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 148.50 300.10 Td (ement ) Tj ET Q q 0 0 0 rg BT 174.88 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.16 300.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 226.36 300.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 253.86 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.36 300.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 312.74 300.10 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (In ) Tj ET Q q 0 0 0 rg BT 62.10 276.10 Td (January ) Tj ET Q q 0 0 0 rg BT 96.98 276.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.25 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.24 276.10 Td (F) Tj ET Q q 0 0 0 rg BT 144.06 276.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.29 276.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 195.23 276.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 219.01 276.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 237.50 276.10 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 277.11 276.10 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 322.18 276.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 373.17 276.10 Td (- ) Tj ET Q q 0 0 0 rg BT 380.27 276.10 Td (Overall ) Tj ET Q q 0 0 0 rg BT 414.03 276.10 Td (\(Subtopic ) Tj ET Q q 0 0 0 rg BT 456.69 276.10 Td (825-10\): ) Tj ET Q q 0 0 0 rg BT 494.90 276.10 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 547.56 276.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 106.81 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.53 264.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 156.60 264.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 185.10 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.93 264.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 241.53 264.10 Td (Liabilities" ) Tj ET Q q 0 0 0 rg BT 288.55 264.10 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 318.35 264.10 Td (2016-01"\). ) Tj ET Q q 0 0 0 rg BT 363.81 264.10 Td (The ) Tj ET Q q 0 0 0 rg BT 381.74 264.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 434.67 264.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.31 264.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 466.70 264.10 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 502.42 264.10 Td (address ) Tj ET Q q 0 0 0 rg BT 534.80 264.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 80.73 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.92 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.99 252.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 154.89 252.10 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 212.55 252.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 263.28 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.58 252.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 321.98 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.16 252.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.00 252.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 419.61 252.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 441.47 252.10 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 476.66 252.10 Td (is ) Tj ET Q q 0 0 0 rg BT 485.18 252.10 Td (ef) Tj ET Q q 0 0 0 rg BT 492.77 252.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 521.83 252.10 Td (for ) Tj ET Q q 0 0 0 rg BT 535.34 252.10 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.48 240.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 97.41 240.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 128.89 240.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 170.93 240.10 Td (after ) Tj ET Q q 0 0 0 rg BT 191.29 240.10 Td (December ) Tj ET Q q 0 0 0 rg BT 234.41 240.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 248.96 240.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 273.50 240.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 303.31 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.01 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.27 240.10 Td (early ) Tj ET Q q 0 0 0 rg BT 353.30 240.10 Td (application ) Tj ET Q q 0 0 0 rg BT 399.77 240.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 437.91 240.10 Td (outlined ) Tj ET Q q 0 0 0 rg BT 472.73 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.10 240.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 504.15 240.10 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 542.02 240.10 Td (early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 87.76 228.10 Td (is ) Tj ET Q q 0 0 0 rg BT 97.20 228.10 Td (not ) Tj ET Q q 0 0 0 rg BT 112.74 228.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 156.12 228.10 Td (The ) Tj ET Q q 0 0 0 rg BT 174.44 228.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 212.20 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.68 228.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 245.45 228.10 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 281.55 228.10 Td (is ) Tj ET Q q 0 0 0 rg BT 290.98 228.10 Td (not ) Tj ET Q q 0 0 0 rg BT 306.52 228.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 344.82 228.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.37 228.10 Td (have ) Tj ET Q q 0 0 0 rg BT 377.01 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.21 228.10 Td (material ) Tj ET Q q 0 0 0 rg BT 419.74 228.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 449.71 228.10 Td (on ) Tj ET Q q 0 0 0 rg BT 462.48 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.46 228.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 524.80 228.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.68 228.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.16 216.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.99 216.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 142.47 216.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 179.69 216.10 Td (but ) Tj ET Q q 0 0 0 rg BT 194.97 216.10 Td (may ) Tj ET Q q 0 0 0 rg BT 214.69 216.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 244.40 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.12 216.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 306.20 216.10 Td (disclosures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.70 168.10 Td (February ) Tj ET Q q 0 0 0 rg BT 99.17 168.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 124.04 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.63 168.10 Td (F) Tj ET Q q 0 0 0 rg BT 143.45 168.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 165.27 168.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 192.12 168.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 214.49 168.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 231.59 168.10 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 269.79 168.10 Td ("Leases ) Tj ET Q q 0 0 0 rg BT 303.45 168.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 312.19 168.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 331.77 168.10 Td (842\)" ) Tj ET Q q 0 0 0 rg BT 356.56 168.10 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 386.34 168.10 Td (2016-02"\). ) Tj ET Q q 0 0 0 rg BT 431.43 168.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 453.81 168.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 489.51 168.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 524.09 168.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 554.23 168.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 91.08 156.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.74 156.10 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 147.16 156.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 168.82 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.48 156.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 207.68 156.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 241.01 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.22 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.66 156.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 320.42 156.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 364.85 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.40 156.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.60 156.10 Td (position ) Tj ET Q q 0 0 0 rg BT 447.04 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.70 156.10 Td (disclose ) Tj ET Q q 0 0 0 rg BT 498.13 156.10 Td (key ) Tj ET Q q 0 0 0 rg BT 514.79 156.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (about ) Tj ET Q q 0 0 0 rg BT 74.87 144.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 105.85 144.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 164.68 144.10 Td (The ) Tj ET Q q 0 0 0 rg BT 182.88 144.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 233.58 144.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 289.55 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.64 144.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 358.17 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.16 144.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 407.91 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.01 144.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 445.43 144.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 470.31 144.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 500.18 144.10 Td (from ) Tj ET Q q 0 0 0 rg BT 522.28 144.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.37 144.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 552.02 144.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.97 132.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 81.37 132.10 Td (have ) Tj ET Q q 0 0 0 rg BT 101.78 132.10 Td (not ) Tj ET Q q 0 0 0 rg BT 116.08 132.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 167.60 132.10 Td (changed ) Tj ET Q q 0 0 0 rg BT 202.45 132.10 Td (from ) Tj ET Q q 0 0 0 rg BT 223.41 132.10 Td (current ) Tj ET Q q 0 0 0 rg BT 253.26 132.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 272.57 132.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 298.69 132.10 Td (. ) Tj ET Q q 0 0 0 rg BT 302.38 132.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 323.91 132.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 358.77 132.10 Td (is ) Tj ET Q q 0 0 0 rg BT 366.97 132.10 Td (ef) Tj ET Q q 0 0 0 rg BT 374.56 132.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 403.29 132.10 Td (for ) Tj ET Q q 0 0 0 rg BT 416.47 132.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 444.66 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.62 132.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 491.03 132.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 522.00 132.10 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (after ) Tj ET Q q 0 0 0 rg BT 71.10 120.10 Td (December ) Tj ET Q q 0 0 0 rg BT 114.98 120.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 130.26 120.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 154.94 120.10 Td (As ) Tj ET Q q 0 0 0 rg BT 168.84 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.96 120.10 Td (December ) Tj ET Q q 0 0 0 rg BT 223.83 120.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.12 120.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 264.40 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.41 120.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 321.08 120.10 Td (had ) Tj ET Q q 0 0 0 rg BT 338.31 120.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.86 120.10 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.86 120.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.65 120.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 452.20 120.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 478.86 120.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.31 120.10 Td (of) Tj ET Q q 0 0 0 rg BT 501.46 120.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 519.23 120.10 Td (space ) Tj ET Q q 0 0 0 rg BT 544.23 120.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 91.30 108.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 132.63 108.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 155.05 108.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 211.92 108.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.69 108.10 Td ($78.4 ) Tj ET Q q 0 0 0 rg BT 247.63 108.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.52 108.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.28 108.10 Td (The ) Tj ET Q q 0 0 0 rg BT 299.26 108.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 340.59 108.10 Td (is ) Tj ET Q q 0 0 0 rg BT 349.69 108.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 393.78 108.10 Td (other ) Tj ET Q q 0 0 0 rg BT 416.76 108.10 Td (service ) Tj ET Q q 0 0 0 rg BT 447.51 108.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 486.04 108.10 Td (which ) Tj ET Q q 0 0 0 rg BT 512.92 108.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.57 108.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (embedded ) Tj ET Q q 0 0 0 rg BT 94.49 96.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 124.27 96.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 149.90 96.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 188.29 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.27 96.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 222.68 96.10 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 261.91 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.53 96.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 319.81 96.10 Td (does ) Tj ET Q q 0 0 0 rg BT 341.54 96.10 Td (not ) Tj ET Q q 0 0 0 rg BT 357.72 96.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 387.22 96.10 Td (material ) Tj ET Q q 0 0 0 rg BT 423.38 96.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 458.99 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.17 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.78 96.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 534.73 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.46 96.10 Td (rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.57 84.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.71 84.10 Td (its ) Tj ET Q q 0 0 0 rg BT 106.52 84.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 159.42 84.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.00 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.69 84.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 261.04 84.10 Td (The ) Tj ET Q q 0 0 0 rg BT 278.95 84.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 308.52 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.21 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.79 84.10 Td (new ) Tj ET Q q 0 0 0 rg BT 352.82 84.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 391.27 84.10 Td (on ) Tj ET Q q 0 0 0 rg BT 403.63 84.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 427.10 84.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 438.58 84.10 Td (fray) Tj ET Q q 0 0 0 rg BT 457.46 84.10 Td (s ) Tj ET Q q 0 0 0 rg BT 463.71 84.10 Td (net ) Tj ET Q q 0 0 0 rg BT 478.29 84.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 507.31 84.10 Td (is ) Tj ET Q q 0 0 0 rg BT 516.34 84.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 554.23 84.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.94 72.10 Td (minimal. ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (79) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (Stock-Based ) Tj ET Q q 0 0 0 rg BT 101.92 708.10 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.67 684.10 Td (March ) Tj ET Q q 0 0 0 rg BT 87.11 684.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 110.95 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.50 684.10 Td (F) Tj ET Q q 0 0 0 rg BT 129.32 684.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 150.11 684.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 176.16 684.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 197.50 684.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 213.56 684.10 Td (2016-09, ) Tj ET Q q 0 0 0 rg BT 250.73 684.10 Td ("Compensation ) Tj ET Q q 0 0 0 rg BT 313.93 684.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.27 684.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 344.38 684.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 403.50 684.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 412.24 684.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 430.79 684.10 Td (718\): ) Tj ET Q q 0 0 0 rg BT 453.24 684.10 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 512.34 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.46 684.10 Td (Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (Share-Based ) Tj ET Q q 0 0 0 rg BT 103.76 672.10 Td (Payment ) Tj ET Q q 0 0 0 rg BT 141.26 672.10 Td (Accounting" ) Tj ET Q q 0 0 0 rg BT 195.22 672.10 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 225.86 672.10 Td (2016-09"\). ) Tj ET Q q 0 0 0 rg BT 271.61 672.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 294.84 672.10 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 331.39 672.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 360.16 672.10 Td (tar) Tj ET Q q 0 0 0 rg BT 370.53 672.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 395.40 672.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 449.17 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.17 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.61 672.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 522.70 672.10 Td (for ) Tj ET Q q 0 0 0 rg BT 537.58 672.10 Td (share-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.11 660.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 115.77 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.89 660.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 173.49 660.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 200.30 660.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 222.64 660.10 Td (2016-09, ) Tj ET Q q 0 0 0 rg BT 260.81 660.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 292.03 660.10 Td (will ) Tj ET Q q 0 0 0 rg BT 309.92 660.10 Td (be ) Tj ET Q q 0 0 0 rg BT 321.70 660.10 Td (required ) Tj ET Q q 0 0 0 rg BT 357.35 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.47 660.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 408.67 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.23 660.10 Td (income ) Tj ET Q q 0 0 0 rg BT 455.00 660.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 469.55 660.10 Td (ef) Tj ET Q q 0 0 0 rg BT 477.14 660.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 498.35 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.02 660.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 539.68 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (income ) Tj ET Q q 0 0 0 rg BT 82.54 648.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 123.96 648.10 Td (when ) Tj ET Q q 0 0 0 rg BT 148.72 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.04 648.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 195.47 648.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 214.68 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 226.11 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 241.42 648.10 Td (settled, ) Tj ET Q q 0 0 0 rg BT 273.13 648.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 299.55 648.10 Td (than ) Tj ET Q q 0 0 0 rg BT 319.87 648.10 Td (as ) Tj ET Q q 0 0 0 rg BT 331.30 648.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 374.39 648.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 405.82 648.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 437.39 648.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 460.50 648.10 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 496.93 648.10 Td (also ) Tj ET Q q 0 0 0 rg BT 516.14 648.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 549.79 648.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 89.09 636.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 130.40 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.61 636.10 Td (employer) Tj ET Q q 0 0 0 rg BT 183.74 636.10 Td () Tj ET Q q 0 0 0 rg BT 186.52 636.10 Td (s ) Tj ET Q q 0 0 0 rg BT 193.40 636.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 231.39 636.10 Td (income ) Tj ET Q q 0 0 0 rg BT 263.82 636.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 279.03 636.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 330.36 636.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 385.55 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.98 636.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 432.08 636.10 Td (an ) Tj ET Q q 0 0 0 rg BT 444.52 636.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 470.28 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.05 636.10 Td (make ) Tj ET Q q 0 0 0 rg BT 505.70 636.10 Td (an ) Tj ET Q q 0 0 0 rg BT 518.13 636.10 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 78.15 624.10 Td (election ) Tj ET Q q 0 0 0 rg BT 112.95 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 127.77 624.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 174.84 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 193.54 624.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 232.78 624.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.61 624.10 Td (ef) Tj ET Q q 0 0 0 rg BT 250.19 624.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 280.55 624.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.70 624.10 Td (a ) Tj ET Q q 0 0 0 rg BT 301.30 624.10 Td (prospective ) Tj ET Q q 0 0 0 rg BT 350.54 624.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 373.70 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.51 624.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 418.32 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.91 624.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 467.94 624.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 500.54 624.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 543.69 624.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (December ) Tj ET Q q 0 0 0 rg BT 93.43 612.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 108.27 612.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 132.59 612.10 Td (As ) Tj ET Q q 0 0 0 rg BT 146.05 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.72 612.10 Td (December ) Tj ET Q q 0 0 0 rg BT 200.14 612.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 214.98 612.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 239.83 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.38 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.61 612.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.39 612.10 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 332.23 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.12 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.47 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.14 612.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 402.58 612.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 417.13 612.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 451.13 612.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 488.45 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 499.12 612.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 541.45 612.10 Td (paid-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.67 600.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 90.70 600.10 Td (which ) Tj ET Q q 0 0 0 rg BT 117.03 600.10 Td (will ) Tj ET Q q 0 0 0 rg BT 134.47 600.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 164.12 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.79 600.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 215.67 600.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 245.88 600.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 274.42 600.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 296.30 600.10 Td (adoption. ) Tj ET Q q 0 0 0 rg BT 335.55 600.10 Td (The ) Tj ET Q q 0 0 0 rg BT 352.98 600.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 389.87 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.67 600.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 421.56 600.10 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 456.78 600.10 Td (will ) Tj ET Q q 0 0 0 rg BT 474.22 600.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 503.32 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 600.10 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 71.80 588.10 Td (results ) Tj ET Q q 0 0 0 rg BT 99.72 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.85 588.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 153.31 588.10 Td (as ) Tj ET Q q 0 0 0 rg BT 163.44 588.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 191.35 588.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 205.37 588.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 238.83 588.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 279.49 588.10 Td (from ) Tj ET Q q 0 0 0 rg BT 300.74 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.76 588.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 345.45 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.58 588.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 404.58 588.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 434.71 588.10 Td (will ) Tj ET Q q 0 0 0 rg BT 452.07 588.10 Td (be ) Tj ET Q q 0 0 0 rg BT 463.31 588.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 508.98 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.56 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.58 588.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.82 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 101.65 576.10 Td (opposed ) Tj ET Q q 0 0 0 rg BT 137.48 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.76 576.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 190.25 576.10 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 221.07 576.10 Td (capital.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (Financial Instruments Cr) Tj ET Q q 0 0 0 rg BT 158.79 552.10 Td (edit Losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.16 528.10 Td (June ) Tj ET Q q 0 0 0 rg BT 82.31 528.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.64 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.69 528.10 Td (F) Tj ET Q q 0 0 0 rg BT 127.50 528.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 149.79 528.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 176.99 528.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 199.82 528.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 217.37 528.10 Td (2016-13, ) Tj ET Q q 0 0 0 rg BT 256.03 528.10 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 300.15 528.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 350.19 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.02 528.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 385.84 528.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 415.89 528.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 424.63 528.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 444.67 528.10 Td (326\): ) Tj ET Q q 0 0 0 rg BT 468.61 528.10 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 525.86 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.02 528.10 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 79.34 516.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.46 516.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.78 516.10 Td (Instruments" ) Tj ET Q q 0 0 0 rg BT 184.20 516.10 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 213.73 516.10 Td (2016-13"\). ) Tj ET Q q 0 0 0 rg BT 258.94 516.10 Td (The ) Tj ET Q q 0 0 0 rg BT 276.60 516.10 Td (new ) Tj ET Q q 0 0 0 rg BT 295.38 516.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 333.59 516.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 367.91 516.10 Td (an ) Tj ET Q q 0 0 0 rg BT 379.47 516.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 404.36 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.25 516.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 449.69 516.10 Td (all ) Tj ET Q q 0 0 0 rg BT 461.80 516.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 499.45 516.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 524.33 516.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 550.34 516.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.55 504.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 115.46 504.10 Td (held ) Tj ET Q q 0 0 0 rg BT 136.25 504.10 Td (at ) Tj ET Q q 0 0 0 rg BT 147.04 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.83 504.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 203.06 504.10 Td (date ) Tj ET Q q 0 0 0 rg BT 223.29 504.10 Td (based ) Tj ET Q q 0 0 0 rg BT 249.63 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 263.21 504.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 303.99 504.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 353.37 504.10 Td (current ) Tj ET Q q 0 0 0 rg BT 385.26 504.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 433.00 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.01 504.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 497.34 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.35 504.10 Td (supportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 88.40 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.59 492.10 Td (opposed ) Tj ET Q q 0 0 0 rg BT 135.78 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.42 492.10 Td (delaying ) Tj ET Q q 0 0 0 rg BT 183.71 492.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 232.11 492.10 Td (until ) Tj ET Q q 0 0 0 rg BT 253.31 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.39 492.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 286.81 492.10 Td (was ) Tj ET Q q 0 0 0 rg BT 305.22 492.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 343.07 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.26 492.10 Td (occurring. ) Tj ET Q q 0 0 0 rg BT 397.30 492.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 420.17 492.10 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 456.36 492.10 Td (is ) Tj ET Q q 0 0 0 rg BT 465.89 492.10 Td (ef) Tj ET Q q 0 0 0 rg BT 473.47 492.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 503.54 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 518.06 492.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 547.57 492.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 81.72 480.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 114.00 480.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 156.83 480.10 Td (after ) Tj ET Q q 0 0 0 rg BT 177.99 480.10 Td (December ) Tj ET Q q 0 0 0 rg BT 221.91 480.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 237.25 480.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 262.59 480.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 287.08 480.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 324.92 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 334.43 480.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 375.59 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 390.09 480.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 419.58 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.86 480.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 468.58 480.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 500.86 480.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 543.69 480.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (December ) Tj ET Q q 0 0 0 rg BT 93.84 468.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 109.10 468.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 134.16 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 152.46 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 194.11 468.10 Td (does ) Tj ET Q q 0 0 0 rg BT 215.19 468.10 Td (not ) Tj ET Q q 0 0 0 rg BT 230.73 468.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 259.58 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.56 468.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 312.31 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.79 468.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 345.55 468.10 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 381.64 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.18 468.10 Td (have ) Tj ET Q q 0 0 0 rg BT 413.81 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.01 468.10 Td (material ) Tj ET Q q 0 0 0 rg BT 456.52 468.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 486.49 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.25 468.10 Td (its ) Tj ET Q q 0 0 0 rg BT 511.46 468.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.48 456.10 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 91.93 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.21 432.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 125.27 432.10 Td (Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.55 408.10 Td (August ) Tj ET Q q 0 0 0 rg BT 90.01 408.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 114.08 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.87 408.10 Td (F) Tj ET Q q 0 0 0 rg BT 132.69 408.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 153.71 408.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 179.94 408.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 201.51 408.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 217.80 408.10 Td (2016-15, ) Tj ET Q q 0 0 0 rg BT 255.20 408.10 Td ("Statement ) Tj ET Q q 0 0 0 rg BT 300.84 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.74 408.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 332.31 408.10 Td (Flows ) Tj ET Q q 0 0 0 rg BT 358.34 408.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 367.08 408.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 385.86 408.10 Td (230\): ) Tj ET Q q 0 0 0 rg BT 408.54 408.10 Td (Classification ) Tj ET Q q 0 0 0 rg BT 465.10 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.00 408.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 506.01 408.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 527.58 408.10 Td (Receipts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.14 396.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 87.83 396.10 Td (Payments" ) Tj ET Q q 0 0 0 rg BT 132.50 396.10 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 161.62 396.10 Td (2016-15"\). ) Tj ET Q q 0 0 0 rg BT 206.18 396.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 227.89 396.10 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 262.91 396.10 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 296.81 396.10 Td (how ) Tj ET Q q 0 0 0 rg BT 315.73 396.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 346.31 396.10 Td (should ) Tj ET Q q 0 0 0 rg BT 374.68 396.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 406.93 396.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 435.83 396.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.29 396.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 488.09 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.22 396.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.69 396.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 63.05 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.32 384.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 119.69 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.07 384.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 151.89 384.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 179.44 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 198.04 384.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 251.63 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.79 384.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 284.84 384.10 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 321.22 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 336.48 384.10 Td (ef) Tj ET Q q 0 0 0 rg BT 344.07 384.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 374.32 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 389.03 384.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 418.74 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.23 384.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 468.16 384.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 500.65 384.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 543.70 384.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (December ) Tj ET Q q 0 0 0 rg BT 93.49 372.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 108.39 372.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 130.79 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.63 372.10 Td (should ) Tj ET Q q 0 0 0 rg BT 176.70 372.10 Td (be ) Tj ET Q q 0 0 0 rg BT 188.54 372.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 220.38 372.10 Td (retrospectively) Tj ET Q q 0 0 0 rg BT 279.15 372.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.05 372.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 308.11 372.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 345.51 372.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.58 372.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 397.63 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 415.58 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 456.87 372.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 489.25 372.10 Td (that ) Tj ET Q q 0 0 0 rg BT 506.65 372.10 Td (only ) Tj ET Q q 0 0 0 rg BT 526.83 372.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.67 372.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (number ) Tj ET Q q 0 0 0 rg BT 83.05 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.88 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.59 360.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 161.64 360.10 Td (will ) Tj ET Q q 0 0 0 rg BT 179.69 360.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 209.40 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.12 360.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 275.49 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.32 360.10 Td (its ) Tj ET Q q 0 0 0 rg BT 298.27 360.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 351.31 360.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 396.03 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.86 360.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.12 360.10 Td (flows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.89 336.10 Td (November ) Tj ET Q q 0 0 0 rg BT 103.66 336.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 127.71 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.49 336.10 Td (F) Tj ET Q q 0 0 0 rg BT 146.31 336.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.32 336.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 193.54 336.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 215.10 336.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 231.38 336.10 Td (2016-18, ) Tj ET Q q 0 0 0 rg BT 268.77 336.10 Td ("Statement ) Tj ET Q q 0 0 0 rg BT 314.40 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.29 336.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 345.85 336.10 Td (Flows ) Tj ET Q q 0 0 0 rg BT 371.86 336.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 380.60 336.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 399.38 336.10 Td (230\): ) Tj ET Q q 0 0 0 rg BT 422.05 336.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 464.15 336.10 Td (Cash" ) Tj ET Q q 0 0 0 rg BT 489.79 336.10 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 518.76 336.10 Td (2016-18"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.17 324.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 99.97 324.10 Td (2016-18, ) Tj ET Q q 0 0 0 rg BT 138.59 324.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 178.59 324.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 199.15 324.10 Td (will ) Tj ET Q q 0 0 0 rg BT 217.50 324.10 Td (be ) Tj ET Q q 0 0 0 rg BT 229.74 324.10 Td (included ) Tj ET Q q 0 0 0 rg BT 266.96 324.10 Td (with ) Tj ET Q q 0 0 0 rg BT 287.54 324.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 308.10 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.33 324.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 345.90 324.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 394.23 324.10 Td (when ) Tj ET Q q 0 0 0 rg BT 418.69 324.10 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 466.46 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.47 324.10 Td (beginning-of-period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.71 312.10 Td (end-of-period ) Tj ET Q q 0 0 0 rg BT 123.96 312.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 160.11 312.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 188.50 312.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.77 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.25 312.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 268.07 312.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 312.55 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.15 312.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 343.19 312.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 369.68 312.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 391.96 312.10 Td (2016-18 ) Tj ET Q q 0 0 0 rg BT 427.56 312.10 Td (is ) Tj ET Q q 0 0 0 rg BT 436.50 312.10 Td (ef) Tj ET Q q 0 0 0 rg BT 444.08 312.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 473.56 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 487.49 312.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 516.41 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.12 312.10 Td (interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.94 300.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 124.43 300.10 Td (after ) Tj ET Q q 0 0 0 rg BT 145.25 300.10 Td (December ) Tj ET Q q 0 0 0 rg BT 188.83 300.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 203.83 300.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 226.33 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.27 300.10 Td (should ) Tj ET Q q 0 0 0 rg BT 272.44 300.10 Td (be ) Tj ET Q q 0 0 0 rg BT 284.38 300.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 316.31 300.10 Td (retrospectively) Tj ET Q q 0 0 0 rg BT 375.08 300.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.08 300.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 404.24 300.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 441.73 300.10 Td (is ) Tj ET Q q 0 0 0 rg BT 450.90 300.10 Td (permitted. ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 50.00 276.10 Td (Goodwill ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 89.73 276.10 Td (Impairment) Tj ET Q BT /F1 10.00 Tf ET q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 50.00 252.10 Td (In ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 61.23 252.10 Td (January ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 95.23 252.10 Td (2017, ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 120.63 252.10 Td (the ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 135.75 252.10 Td (F) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 140.57 252.10 Td (ASB ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 162.93 252.10 Td (issued ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 190.19 252.10 Td (ASU ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 213.10 252.10 Td (No. ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 230.72 252.10 Td (2017-04, ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 269.45 252.10 Td ("Intangibles ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 320.87 252.10 Td () Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 325.87 252.10 Td ( ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 328.77 252.10 Td (Goodwill ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 369.45 252.10 Td (and ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 386.79 252.10 Td (Other ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 412.46 252.10 Td (\(T) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 421.20 252.10 Td (opic ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 441.32 252.10 Td (350\): ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 465.33 252.10 Td (Simplifying ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 516.02 252.10 Td (the ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 530.92 252.10 Td (T) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 536.33 252.10 Td (est ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 550.34 252.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 50.00 240.10 Td (Goodwill ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 89.83 240.10 Td (Impairment" ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 142.62 240.10 Td (\("ASU ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 172.08 240.10 Td (2017-04"\). ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 216.93 240.10 Td (ASU ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 238.98 240.10 Td (2017-04 ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 274.37 240.10 Td (eliminates ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 317.52 240.10 Td (the ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 331.79 240.10 Td (requirement ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 382.15 240.10 Td (to ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 391.98 240.10 Td (calculate ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 429.56 240.10 Td (the ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 443.83 240.10 Td (implied ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 476.43 240.10 Td (fair ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 492.36 240.10 Td (value ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 516.07 240.10 Td (of ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 526.45 240.10 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 50.00 228.10 Td (\(i.e., ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 70.56 228.10 Td (perform ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 105.27 228.10 Td (a ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 112.22 228.10 Td (hypothetical ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 164.16 228.10 Td (purchase ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 202.21 228.10 Td (price ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 224.70 228.10 Td (allocation\) ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 269.97 228.10 Td (to ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 280.26 228.10 Td (measure ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 316.08 228.10 Td (a ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 323.03 228.10 Td (goodwill ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 361.10 228.10 Td (impairment ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 409.71 228.10 Td (char) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 426.73 228.10 Td (ge. ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 441.18 228.10 Td (Instead, ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 475.07 228.10 Td (entities ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 506.46 228.10 Td (will ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 524.53 228.10 Td (record ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 552.57 228.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 50.00 216.10 Td (impairment ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 98.48 216.10 Td (char) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 115.51 216.10 Td (ge ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 127.33 216.10 Td (based ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 152.48 216.10 Td (on ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 164.86 216.10 Td (the ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 179.46 216.10 Td (excess ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 207.94 216.10 Td (of ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 218.65 216.10 Td (a ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 225.47 216.10 Td (reporting ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 264.51 216.10 Td (unit) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 282.84 216.10 Td (s ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 289.12 216.10 Td (carrying ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 324.81 216.10 Td (amount ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 357.19 216.10 Td (over ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 377.34 216.10 Td (its ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 389.17 216.10 Td (fair ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 405.43 216.10 Td (value. ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 431.44 216.10 Td (ASU ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 453.83 216.10 Td (2017-04 ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 489.54 216.10 Td (is ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 498.59 216.10 Td (ef) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 506.18 216.10 Td (fective ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 535.76 216.10 Td (for ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 549.81 216.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 50.00 204.10 Td (Company) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 91.67 204.10 Td (s ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 98.31 204.10 Td (annual ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 127.73 204.10 Td (and ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 144.92 204.10 Td (any ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 162.12 204.10 Td (interim ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 193.76 204.10 Td (goodwill ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 232.07 204.10 Td (impairment ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 280.93 204.10 Td (tests ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 301.47 204.10 Td (in ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 312.00 204.10 Td (fiscal ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 336.42 204.10 Td (years ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 360.27 204.10 Td (beginning ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 403.03 204.10 Td (after ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 424.10 204.10 Td (December ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 467.94 204.10 Td (15, ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 483.20 204.10 Td (2019 ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 505.96 204.10 Td (and ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 523.15 204.10 Td (should ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 552.58 204.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 50.00 192.10 Td (applied ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 81.51 192.10 Td (prospectively) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 134.73 192.10 Td (. ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 139.31 192.10 Td (Early ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 163.04 192.10 Td (adoption ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 200.11 192.10 Td (is ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 208.86 192.10 Td (permitted ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 249.26 192.10 Td (for ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 262.99 192.10 Td (interim ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 293.95 192.10 Td (and ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 310.47 192.10 Td (annual ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 339.20 192.10 Td (goodwill ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 376.83 192.10 Td (impairment ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 425.01 192.10 Td (testing ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 453.75 192.10 Td (dates ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 476.37 192.10 Td (after ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 496.77 192.10 Td (January ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 529.94 192.10 Td (1, ) Tj ET Q q 0.17254901960784313 0.17254901960784313 0.17254901960784313 rg BT 539.52 192.10 Td (2017.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 49.50 168.10 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 168.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 168.10 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.93 168.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.19 144.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.23 144.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 164.15 144.10 Td (were ) Tj ET Q q 0 0 0 rg BT 187.72 144.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 232.40 144.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.20 144.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 286.79 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.71 144.10 Td (F) Tj ET Q q 0 0 0 rg BT 303.53 144.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 326.22 144.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 377.02 144.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 420.60 144.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 474.44 144.10 Td (T) Tj ET Q q 0 0 0 rg BT 479.85 144.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 501.21 144.10 Td (805, ) Tj ET Q q 0 0 0 rg BT 522.86 144.10 Td ("Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (Combinations." ) Tj ET Q q 0 0 0 rg BT 114.40 132.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 163.74 132.10 Td (, ) Tj ET Q q 0 0 0 rg BT 169.07 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.13 132.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 222.50 132.10 Td (price ) Tj ET Q q 0 0 0 rg BT 245.32 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.48 132.10 Td (each ) Tj ET Q q 0 0 0 rg BT 277.63 132.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 324.35 132.10 Td (was ) Tj ET Q q 0 0 0 rg BT 342.73 132.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 381.66 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.27 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.32 132.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 444.58 132.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.74 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.02 132.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 528.07 132.10 Td (assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.35 120.10 Td (on ) Tj ET Q q 0 0 0 rg BT 88.44 120.10 Td (their ) Tj ET Q q 0 0 0 rg BT 109.85 120.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 151.26 120.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.22 120.10 Td (values ) Tj ET Q q 0 0 0 rg BT 196.85 120.10 Td (as ) Tj ET Q q 0 0 0 rg BT 208.27 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.69 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.99 120.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 278.61 120.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 325.57 120.10 Td (dates. ) Tj ET Q q 0 0 0 rg BT 351.48 120.10 Td (The ) Tj ET Q q 0 0 0 rg BT 370.12 120.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 399.30 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.72 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.02 120.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 464.64 120.10 Td (price ) Tj ET Q q 0 0 0 rg BT 487.71 120.10 Td (over ) Tj ET Q q 0 0 0 rg BT 508.57 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.87 120.10 Td (net ) Tj ET Q q 0 0 0 rg BT 539.17 120.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 86.42 108.10 Td (was ) Tj ET Q q 0 0 0 rg BT 104.48 108.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 143.06 108.10 Td (between ) Tj ET Q q 0 0 0 rg BT 178.88 108.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 216.94 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.88 108.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 276.37 108.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 302.20 108.10 Td (within ) Tj ET Q q 0 0 0 rg BT 330.25 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.97 108.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 376.35 108.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 411.62 108.10 Td (segment. ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 91.45 708.75 Td (& ) Tj ET Q q 0 0 0 rg BT 102.28 708.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 146.46 708.75 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.57 684.75 Td (February26, ) Tj ET Q q 0 0 0 rg BT 116.51 684.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.51 684.75 Td (, ) Tj ET Q q 0 0 0 rg BT 140.86 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.93 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.66 684.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 239.16 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.22 684.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 298.95 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.13 684.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 348.76 684.75 Td (& ) Tj ET Q q 0 0 0 rg BT 358.39 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 399.12 684.75 Td (International ) Tj ET Q q 0 0 0 rg BT 452.06 684.75 Td (\("Simmons"\), ) Tj ET Q q 0 0 0 rg BT 509.02 684.75 Td (an ) Tj ET Q q 0 0 0 rg BT 520.30 684.75 Td (employee-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 77.79 672.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 123.31 672.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 144.38 672.75 Td (and ) Tj ET Q q 0 0 0 rg BT 160.45 672.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 188.18 672.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 214.24 672.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 246.97 672.75 Td (on ) Tj ET Q q 0 0 0 rg BT 258.61 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.46 672.75 Td (ener) Tj ET Q q 0 0 0 rg BT 289.48 672.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 301.12 672.75 Td (industry) Tj ET Q q 0 0 0 rg BT 333.25 672.75 Td (. ) Tj ET Q q 0 0 0 rg BT 337.26 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 354.44 672.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 394.95 672.75 Td (value ) Tj ET Q q 0 0 0 rg BT 418.23 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.20 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.05 672.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 487.56 672.75 Td (was ) Tj ET Q q 0 0 0 rg BT 504.75 672.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td ($140.0 ) Tj ET Q q 0 0 0 rg BT 79.98 660.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.87 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.84 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 129.26 660.75 Td (was ) Tj ET Q q 0 0 0 rg BT 147.79 660.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 192.41 660.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 229.83 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 240.58 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.77 660.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 298.18 660.75 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 336.60 660.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 384.00 660.75 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.63 660.75 Td (November16, ) Tj ET Q q 0 0 0 rg BT 468.82 660.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.82 660.75 Td (, ) Tj ET Q q 0 0 0 rg BT 494.29 660.75 Td (as ) Tj ET Q q 0 0 0 rg BT 505.60 660.75 Td (amended. ) Tj ET Q q 0 0 0 rg BT 546.95 660.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.63 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.20 648.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 146.24 648.75 Td (expands ) Tj ET Q q 0 0 0 rg BT 181.25 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.72 648.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 242.54 648.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 269.78 648.75 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 323.68 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 340.37 648.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 390.39 648.75 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 432.62 648.75 Td (businesses ) Tj ET Q q 0 0 0 rg BT 477.08 648.75 Td (into ) Tj ET Q q 0 0 0 rg BT 494.89 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.35 648.75 Td (ener) Tj ET Q q 0 0 0 rg BT 526.38 648.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 538.62 648.75 Td (sector ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 636.75 Td (grows ) Tj ET Q q 0 0 0 rg BT 93.38 636.75 Td (its ) Tj ET Q q 0 0 0 rg BT 105.33 636.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 142.27 636.75 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.76 612.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.35 612.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 143.49 612.75 Td (net ) Tj ET Q q 0 0 0 rg BT 157.42 612.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 182.46 612.75 Td (with ) Tj ET Q q 0 0 0 rg BT 201.95 612.75 Td (a ) Tj ET Q q 0 0 0 rg BT 208.09 612.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.68 612.75 Td (value ) Tj ET Q q 0 0 0 rg BT 247.05 612.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.09 612.75 Td ($1) Tj ET Q q 0 0 0 rg BT 266.72 612.75 Td (19.3 ) Tj ET Q q 0 0 0 rg BT 285.93 612.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.82 612.75 Td ( ) Tj ET Q q 0 0 0 rg BT 316.53 612.75 Td (as ) Tj ET Q q 0 0 0 rg BT 326.57 612.75 Td (described ) Tj ET Q q 0 0 0 rg BT 366.60 612.75 Td (below) Tj ET Q q 0 0 0 rg BT 390.38 612.75 Td (. ) Tj ET Q q 0 0 0 rg BT 394.22 612.75 Td (As ) Tj ET Q q 0 0 0 rg BT 407.04 612.75 Td (part ) Tj ET Q q 0 0 0 rg BT 424.30 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.34 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 448.27 612.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 485.51 612.75 Td (price, ) Tj ET Q q 0 0 0 rg BT 509.71 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.64 612.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.94 600.75 Td (1,149,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 119.38 600.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 159.02 600.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 186.44 600.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 215.54 600.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.19 600.75 Td ($48.2 ) Tj ET Q q 0 0 0 rg BT 250.13 600.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.02 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 281.46 600.75 Td (as ) Tj ET Q q 0 0 0 rg BT 292.23 600.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 319.66 600.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 375.97 600.75 Td (on ) Tj ET Q q 0 0 0 rg BT 388.41 600.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.06 600.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 449.38 600.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 470.98 600.75 Td (Employees ) Tj ET Q q 0 0 0 rg BT 517.85 600.75 Td (must ) Tj ET Q q 0 0 0 rg BT 539.73 600.75 Td (fulfill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (service ) Tj ET Q q 0 0 0 rg BT 79.78 588.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 133.95 588.75 Td (in ) Tj ET Q q 0 0 0 rg BT 143.69 588.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 183.41 588.75 Td (for ) Tj ET Q q 0 0 0 rg BT 197.04 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.22 588.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 235.96 588.75 Td (to ) Tj ET Q q 0 0 0 rg BT 245.71 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 259.89 588.75 Td (shares. ) Tj ET Q q 0 0 0 rg BT 289.34 588.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 349.08 588.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 383.25 588.75 Td (will ) Tj ET Q q 0 0 0 rg BT 400.78 588.75 Td (be ) Tj ET Q q 0 0 0 rg BT 412.18 588.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 454.13 588.75 Td (on ) Tj ET Q q 0 0 0 rg BT 466.09 588.75 Td (a ) Tj ET Q q 0 0 0 rg BT 472.50 588.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 522.78 588.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 544.75 588.75 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.20 576.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 101.11 576.75 Td (service ) Tj ET Q q 0 0 0 rg BT 131.90 576.75 Td (period ) Tj ET Q q 0 0 0 rg BT 159.93 576.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.74 576.75 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.18 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 187.66 576.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.47 576.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.45 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.93 576.75 Td (years ) Tj ET Q q 0 0 0 rg BT 244.51 576.75 Td (\(a ) Tj ET Q q 0 0 0 rg BT 254.76 576.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 293.89 576.75 Td (average ) Tj ET Q q 0 0 0 rg BT 327.46 576.75 Td (service ) Tj ET Q q 0 0 0 rg BT 358.25 576.75 Td (period ) Tj ET Q q 0 0 0 rg BT 386.28 576.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.09 576.75 Td (2.7 ) Tj ET Q q 0 0 0 rg BT 412.07 576.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.17 576.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 441.30 576.75 Td (The ) Tj ET Q q 0 0 0 rg BT 459.32 576.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 475.68 576.75 Td (value ) Tj ET Q q 0 0 0 rg BT 499.81 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 510.62 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 525.32 576.75 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.11 564.75 Td (was ) Tj ET Q q 0 0 0 rg BT 91.16 564.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 138.64 564.75 Td (using ) Tj ET Q q 0 0 0 rg BT 162.81 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.53 564.75 Td (market ) Tj ET Q q 0 0 0 rg BT 207.79 564.75 Td (price ) Tj ET Q q 0 0 0 rg BT 230.28 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 241.11 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 255.82 564.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 302.90 564.75 Td (common ) Tj ET Q q 0 0 0 rg BT 340.40 564.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 364.01 564.75 Td (on ) Tj ET Q q 0 0 0 rg BT 376.51 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.22 564.75 Td (date ) Tj ET Q q 0 0 0 rg BT 410.38 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 421.21 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 435.93 564.75 Td (acquisition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 540.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.90 540.75 Td (also ) Tj ET Q q 0 0 0 rg BT 128.99 540.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 161.40 540.75 Td (into ) Tj ET Q q 0 0 0 rg BT 179.94 540.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 257.34 540.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 315.86 540.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 372.71 540.75 Td (with ) Tj ET Q q 0 0 0 rg BT 393.47 540.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 423.66 540.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 469.40 540.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.72 540.75 Td ($20.6 ) Tj ET Q q 0 0 0 rg BT 506.20 540.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.09 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 538.07 540.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 88.80 528.75 Td (of ) Tj ET Q q 0 0 0 rg BT 99.22 528.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 119.07 528.75 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.40 528.75 Td ($9.0 ) Tj ET Q q 0 0 0 rg BT 141.99 528.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.88 528.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 176.29 528.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.82 528.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 232.10 528.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 255.30 528.75 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.63 528.75 Td ($1) Tj ET Q q 0 0 0 rg BT 268.25 528.75 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 282.84 528.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.73 528.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 317.15 528.75 Td (for ) Tj ET Q q 0 0 0 rg BT 330.89 528.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 368.52 528.75 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 408.66 528.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 468.51 528.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 502.81 528.75 Td (related ) Tj ET Q q 0 0 0 rg BT 532.09 528.75 Td (to ) Tj ET Q q 0 0 0 rg BT 541.96 528.75 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 104.78 516.75 Td (will ) Tj ET Q q 0 0 0 rg BT 121.75 516.75 Td (be ) Tj ET Q q 0 0 0 rg BT 132.60 516.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 173.99 516.75 Td (on ) Tj ET Q q 0 0 0 rg BT 185.41 516.75 Td (a ) Tj ET Q q 0 0 0 rg BT 191.26 516.75 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 240.99 516.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 262.41 516.75 Td (over ) Tj ET Q q 0 0 0 rg BT 281.59 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.22 516.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 331.06 516.75 Td (service ) Tj ET Q q 0 0 0 rg BT 360.79 516.75 Td (period ) Tj ET Q q 0 0 0 rg BT 387.75 516.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 516.75 Td (three ) Tj ET Q q 0 0 0 rg BT 418.90 516.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 516.75 Td (. ) Tj ET Q q 0 0 0 rg BT 443.60 516.75 Td (Additional ) Tj ET Q q 0 0 0 rg BT 487.78 516.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 506.97 516.75 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (may ) Tj ET Q q 0 0 0 rg BT 69.17 504.75 Td (be ) Tj ET Q q 0 0 0 rg BT 81.07 504.75 Td (available ) Tj ET Q q 0 0 0 rg BT 119.61 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 129.84 504.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 159.50 504.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 205.84 504.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 240.51 504.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 285.73 504.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 316.51 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 326.74 504.75 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 369.73 504.75 Td (an ) Tj ET Q q 0 0 0 rg BT 381.62 504.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 427.96 504.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 462.63 504.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 496.73 504.75 Td (threshold ) Tj ET Q q 0 0 0 rg BT 536.40 504.75 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.86 492.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.84 492.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.98 492.75 Td (year ) Tj ET Q q 0 0 0 rg BT 105.33 492.75 Td (post-acquisition ) Tj ET Q q 0 0 0 rg BT 171.35 492.75 Td (period ) Tj ET Q q 0 0 0 rg BT 199.04 492.75 Td (to ) Tj ET Q q 0 0 0 rg BT 208.96 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.31 492.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 249.89 492.75 Td (they ) Tj ET Q q 0 0 0 rg BT 269.24 492.75 Td (are ) Tj ET Q q 0 0 0 rg BT 283.59 492.75 Td (employed ) Tj ET Q q 0 0 0 rg BT 325.17 492.75 Td (by ) Tj ET Q q 0 0 0 rg BT 337.31 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.66 492.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 392.69 492.75 Td (at ) Tj ET Q q 0 0 0 rg BT 402.05 492.75 Td (the ) Tj ET Q q 0 0 0 rg BT 416.40 492.75 Td (time ) Tj ET Q q 0 0 0 rg BT 436.32 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 446.79 492.75 Td (payment. ) Tj ET Q q 0 0 0 rg BT 485.39 492.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 524.20 492.75 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.58 480.75 Td (be ) Tj ET Q q 0 0 0 rg BT 71.32 480.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 104.72 480.75 Td (related ) Tj ET Q q 0 0 0 rg BT 134.22 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 144.30 480.75 Td (this ) Tj ET Q q 0 0 0 rg BT 161.05 480.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 213.88 480.75 Td (award ) Tj ET Q q 0 0 0 rg BT 240.61 480.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 260.13 480.75 Td (will ) Tj ET Q q 0 0 0 rg BT 277.99 480.75 Td (be ) Tj ET Q q 0 0 0 rg BT 289.73 480.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 327.00 480.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.64 480.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 395.48 480.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 429.99 480.75 Td (on ) Tj ET Q q 0 0 0 rg BT 442.29 480.75 Td (the ) Tj ET Q q 0 0 0 rg BT 456.81 480.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 509.66 480.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 554.17 480.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.93 468.75 Td (over ) Tj ET Q q 0 0 0 rg BT 114.46 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 129.45 468.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 166.65 468.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.95 468.75 Td (period ) Tj ET Q q 0 0 0 rg BT 248.26 468.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.36 468.75 Td (three ) Tj ET Q q 0 0 0 rg BT 282.12 468.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.22 468.75 Td (. ) Tj ET Q q 0 0 0 rg BT 308.49 468.75 Td (For ) Tj ET Q q 0 0 0 rg BT 325.15 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.14 468.75 Td (year ) Tj ET Q q 0 0 0 rg BT 360.11 468.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.76 468.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 445.61 468.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.61 468.75 Td (, ) Tj ET Q q 0 0 0 rg BT 470.88 468.75 Td (the ) Tj ET Q q 0 0 0 rg BT 485.87 468.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 527.53 468.75 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 69.50 456.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 456.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.89 456.75 Td (related ) Tj ET Q q 0 0 0 rg BT 130.59 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 140.87 456.75 Td (this ) Tj ET Q q 0 0 0 rg BT 157.82 456.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 210.84 456.75 Td (award ) Tj ET Q q 0 0 0 rg BT 237.77 456.75 Td (plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.36 432.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.57 432.75 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.86 432.75 Td ($60.7 ) Tj ET Q q 0 0 0 rg BT 170.68 432.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.57 432.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.89 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.53 432.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 250.41 432.75 Td (on ) Tj ET Q q 0 0 0 rg BT 262.72 432.75 Td (its ) Tj ET Q q 0 0 0 rg BT 274.49 432.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 327.35 432.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 371.88 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.52 432.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.82 432.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 462.41 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.06 432.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.81 432.75 Td ($59.4 ) Tj ET Q q 0 0 0 rg BT 524.63 432.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.52 432.75 Td ( ) Tj ET Q q 0 0 0 rg BT 555.84 432.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 87.14 420.75 Td (to ) Tj ET Q q 0 0 0 rg BT 97.02 420.75 Td (be ) Tj ET Q q 0 0 0 rg BT 108.57 420.75 Td (deductible ) Tj ET Q q 0 0 0 rg BT 152.32 420.75 Td (for ) Tj ET Q q 0 0 0 rg BT 166.09 420.75 Td (income ) Tj ET Q q 0 0 0 rg BT 197.63 420.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 211.95 420.75 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 252.11 420.75 Td (In ) Tj ET Q q 0 0 0 rg BT 262.55 420.75 Td (management's ) Tj ET Q q 0 0 0 rg BT 321.43 420.75 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 356.60 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.92 420.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 408.58 420.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 451.22 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 465.55 420.75 Td (reputation ) Tj ET Q q 0 0 0 rg BT 508.20 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.74 420.75 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (expertise ) Tj ET Q q 0 0 0 rg BT 88.09 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 98.92 408.75 Td (Simmons.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (Identifiable ) Tj ET Q q 0 0 0 rg BT 98.39 384.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 141.18 384.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 167.31 384.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 210.64 384.75 Td (by ) Tj ET Q q 0 0 0 rg BT 223.44 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.46 384.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 280.15 384.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 320.16 384.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.29 384.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 370.75 384.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 424.65 384.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.89 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 456.90 384.75 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 497.49 384.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 520.27 384.75 Td (name ) Tj ET Q q 0 0 0 rg BT 544.73 384.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 115.50 372.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.52 372.75 Td (values ) Tj ET Q q 0 0 0 rg BT 159.20 372.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.67 372.75 Td ($17.5 ) Tj ET Q q 0 0 0 rg BT 194.30 372.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.19 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 225.33 372.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.90 372.75 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 261.54 372.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.43 372.75 Td (, ) Tj ET Q q 0 0 0 rg BT 295.07 372.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 342.73 372.75 Td (. ) Tj ET Q q 0 0 0 rg BT 347.21 372.75 Td (T) Tj ET Q q 0 0 0 rg BT 352.97 372.75 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 396.20 372.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 418.33 372.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 372.75 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 448.44 372.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.33 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 479.47 372.75 Td (were ) Tj ET Q q 0 0 0 rg BT 501.03 372.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 536.48 372.75 Td (for ) Tj ET Q q 0 0 0 rg BT 550.28 372.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.71 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 68.36 360.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.90 360.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 151.64 360.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.64 360.75 Td (, ) Tj ET Q q 0 0 0 rg BT 175.80 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 191.90 360.75 Td (are ) Tj ET Q q 0 0 0 rg BT 205.76 360.75 Td (included ) Tj ET Q q 0 0 0 rg BT 241.85 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 251.29 360.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 304.04 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 320.13 360.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 365.11 360.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 386.77 360.75 Td (on ) Tj ET Q q 0 0 0 rg BT 398.43 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.30 360.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 464.50 360.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 508.37 360.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.36 360.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 336.75 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 336.75 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 336.75 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 336.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 236.67 336.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 253.04 336.75 Td (value ) Tj ET Q q 0 0 0 rg BT 277.20 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 288.03 336.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 313.86 336.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 350.78 336.75 Td (and ) Tj ET Q q 0 0 0 rg BT 367.72 336.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 407.44 336.75 Td (assumed ) Tj ET Q q 0 0 0 rg BT 444.38 336.75 Td (at ) Tj ET Q q 0 0 0 rg BT 454.09 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 468.81 336.75 Td (date ) Tj ET Q q 0 0 0 rg BT 487.97 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.80 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 513.51 336.75 Td (acquisition:) Tj ET Q 0.8 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0.9333333333333333 1 rg /GS0 gs 479.00 218.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 218.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 194.25 430.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 194.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 194.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 170.25 430.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 170.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 170.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 146.25 430.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 146.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 146.25 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 230.25 m 562 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 230.25 m 562 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 170.25 m 562 170.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 170.25 m 562 170.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 158.25 m 562 158.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 135.25 m 562 135.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 133.25 m 562 133.25 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 318.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 304.98 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 292.87 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 292.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 292.87 Td (47,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 280.87 Td (Fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 280.87 Td (1,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 268.87 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 268.87 Td (60,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 256.87 Td (Intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 256.87 Td (26,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 244.87 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 244.87 Td (980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 232.87 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 232.87 Td (5,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 220.87 Td (Total assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 220.87 Td (142,495) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 196.98 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 184.87 Td (Accrued compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 184.87 Td (15,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 172.87 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 172.87 Td (7,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 160.87 Td (Total liabilities assumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 160.87 Td (23,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 136.87 Td (Net assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 136.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 136.87 Td (119,294) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Simmons) Tj ET Q q 0 0 0 rg BT 89.88 708.60 Td ( ) Tj ET Q q 0 0 0 rg BT 92.60 708.60 Td (results ) Tj ET Q q 0 0 0 rg BT 121.44 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 132.50 708.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 176.88 708.60 Td (have ) Tj ET Q q 0 0 0 rg BT 198.48 708.60 Td (been ) Tj ET Q q 0 0 0 rg BT 220.09 708.60 Td (included ) Tj ET Q q 0 0 0 rg BT 257.25 708.60 Td (in ) Tj ET Q q 0 0 0 rg BT 267.75 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 282.70 708.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 330.00 708.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 383.27 708.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 420.98 708.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 465.92 708.60 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 522.52 708.60 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (on ) Tj ET Q q 0 0 0 rg BT 62.29 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 77.31 696.60 Td (date ) Tj ET Q q 0 0 0 rg BT 96.76 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 107.88 696.60 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 156.85 696.60 Td (The ) Tj ET Q q 0 0 0 rg BT 175.20 696.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 221.87 696.60 Td (has ) Tj ET Q q 0 0 0 rg BT 238.00 696.60 Td (been ) Tj ET Q q 0 0 0 rg BT 259.67 696.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 281.35 696.60 Td (integrated ) Tj ET Q q 0 0 0 rg BT 324.12 696.60 Td (with ) Tj ET Q q 0 0 0 rg BT 344.70 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 359.71 696.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 407.08 696.60 Td (existing ) Tj ET Q q 0 0 0 rg BT 441.54 696.60 Td (operations. ) Tj ET Q q 0 0 0 rg BT 487.87 696.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 537.21 696.60 Td (, ) Tj ET Q q 0 0 0 rg BT 542.50 696.60 Td (post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.39 684.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 132.94 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 149.38 684.60 Td (net ) Tj ET Q q 0 0 0 rg BT 163.61 684.60 Td (income ) Tj ET Q q 0 0 0 rg BT 195.05 684.60 Td (are ) Tj ET Q q 0 0 0 rg BT 209.26 684.60 Td (not ) Tj ET Q q 0 0 0 rg BT 224.05 684.60 Td (discernible. ) Tj ET Q q 0 0 0 rg BT 272.29 684.60 Td (The ) Tj ET Q q 0 0 0 rg BT 289.84 684.60 Td (following ) Tj ET Q q 0 0 0 rg BT 330.74 684.60 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 372.18 684.60 Td (pro ) Tj ET Q q 0 0 0 rg BT 387.52 684.60 Td (forma ) Tj ET Q q 0 0 0 rg BT 413.40 684.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 450.39 684.60 Td (data ) Tj ET Q q 0 0 0 rg BT 469.05 684.60 Td (assumes ) Tj ET Q q 0 0 0 rg BT 504.39 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 684.60 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.60 Td (had ) Tj ET Q q 0 0 0 rg BT 66.66 672.60 Td (occurred ) Tj ET Q q 0 0 0 rg BT 104.37 672.60 Td (at ) Tj ET Q q 0 0 0 rg BT 114.31 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 129.25 672.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 171.97 672.60 Td (of ) Tj ET Q q 0 0 0 rg BT 183.03 672.60 Td (the ) Tj ET Q q 0 0 0 rg BT 197.97 672.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 247.34 672.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 269.50 672.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 301.67 672.60 Td (presented. ) Tj ET Q q 0 0 0 rg BT 345.21 672.60 Td (Pro ) Tj ET Q q 0 0 0 rg BT 361.83 672.60 Td (forma ) Tj ET Q q 0 0 0 rg BT 388.43 672.60 Td (results ) Tj ET Q q 0 0 0 rg BT 417.26 672.60 Td (have ) Tj ET Q q 0 0 0 rg BT 438.87 672.60 Td (been ) Tj ET Q q 0 0 0 rg BT 460.47 672.60 Td (prepared ) Tj ET Q q 0 0 0 rg BT 498.17 672.60 Td (by ) Tj ET Q q 0 0 0 rg BT 510.90 672.60 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 550.29 672.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 96.64 660.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 136.41 660.60 Td (results ) Tj ET Q q 0 0 0 rg BT 165.08 660.60 Td (to ) Tj ET Q q 0 0 0 rg BT 175.42 660.60 Td (include ) Tj ET Q q 0 0 0 rg BT 207.41 660.60 Td (Simmons' ) Tj ET Q q 0 0 0 rg BT 249.56 660.60 Td (results ) Tj ET Q q 0 0 0 rg BT 278.23 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 289.12 660.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 333.34 660.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 369.22 660.60 Td (for ) Tj ET Q q 0 0 0 rg BT 383.44 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 398.22 660.60 Td (following ) Tj ET Q q 0 0 0 rg BT 439.67 660.60 Td (changes: ) Tj ET Q q 0 0 0 rg BT 477.21 660.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 530.31 660.60 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (was ) Tj ET Q q 0 0 0 rg BT 67.23 648.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 102.74 648.60 Td (to ) Tj ET Q q 0 0 0 rg BT 112.70 648.60 Td (account ) Tj ET Q q 0 0 0 rg BT 145.97 648.60 Td (for ) Tj ET Q q 0 0 0 rg BT 159.81 648.60 Td (the ) Tj ET Q q 0 0 0 rg BT 174.21 648.60 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 240.25 648.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 256.31 648.60 Td (value ) Tj ET Q q 0 0 0 rg BT 280.15 648.60 Td (of ) Tj ET Q q 0 0 0 rg BT 290.66 648.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 332.83 648.60 Td (assets; ) Tj ET Q q 0 0 0 rg BT 361.12 648.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 418.84 648.60 Td (and ) Tj ET Q q 0 0 0 rg BT 435.46 648.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 469.29 648.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 507.57 648.60 Td (were ) Tj ET Q q 0 0 0 rg BT 529.18 648.60 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (to ) Tj ET Q q 0 0 0 rg BT 58.77 636.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 85.80 636.60 Td (such ) Tj ET Q q 0 0 0 rg BT 105.62 636.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 143.21 636.60 Td (based ) Tj ET Q q 0 0 0 rg BT 167.47 636.60 Td (on ) Tj ET Q q 0 0 0 rg BT 178.97 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 192.68 636.60 Td (Company) Tj ET Q q 0 0 0 rg BT 234.34 636.60 Td (s ) Tj ET Q q 0 0 0 rg BT 239.73 636.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 296.76 636.60 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 352.12 636.60 Td (and ) Tj ET Q q 0 0 0 rg BT 368.05 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 381.76 636.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 420.45 636.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 443.06 636.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 469.55 636.60 Td (as ) Tj ET Q q 0 0 0 rg BT 479.37 636.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 505.86 636.60 Td (consideration; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.50 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.28 624.60 Td (income ) Tj ET Q q 0 0 0 rg BT 110.28 624.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 124.06 624.60 Td (ef) Tj ET Q q 0 0 0 rg BT 131.65 624.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 148.20 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 158.09 624.60 Td (applying ) Tj ET Q q 0 0 0 rg BT 194.65 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 208.43 624.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 254.58 624.60 Td (statutory ) Tj ET Q q 0 0 0 rg BT 291.14 624.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 304.92 624.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 325.36 624.60 Td (to ) Tj ET Q q 0 0 0 rg BT 334.70 624.60 Td (Simmons) Tj ET Q q 0 0 0 rg BT 375.08 624.60 Td ( ) Tj ET Q q 0 0 0 rg BT 376.64 624.60 Td (results ) Tj ET Q q 0 0 0 rg BT 404.31 624.60 Td (of ) Tj ET Q q 0 0 0 rg BT 414.21 624.60 Td (operations. ) Tj ET Q q 0 0 0 rg BT 459.81 624.60 Td (The ) Tj ET Q q 0 0 0 rg BT 476.92 624.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 523.07 624.60 Td (unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (pro ) Tj ET Q q 0 0 0 rg BT 65.04 612.60 Td (forma ) Tj ET Q q 0 0 0 rg BT 91.13 612.60 Td (information ) Tj ET Q q 0 0 0 rg BT 140.56 612.60 Td (presented ) Tj ET Q q 0 0 0 rg BT 181.09 612.60 Td (does ) Tj ET Q q 0 0 0 rg BT 201.63 612.60 Td (not ) Tj ET Q q 0 0 0 rg BT 216.62 612.60 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 263.26 612.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 291.01 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 305.44 612.60 Td (results ) Tj ET Q q 0 0 0 rg BT 333.76 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 344.30 612.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 388.17 612.60 Td (that ) Tj ET Q q 0 0 0 rg BT 405.38 612.60 Td (would ) Tj ET Q q 0 0 0 rg BT 432.59 612.60 Td (have ) Tj ET Q q 0 0 0 rg BT 453.68 612.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 487.55 612.60 Td (had ) Tj ET Q q 0 0 0 rg BT 504.20 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 518.63 612.60 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (been ) Tj ET Q q 0 0 0 rg BT 70.76 600.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 114.79 600.60 Td (at ) Tj ET Q q 0 0 0 rg BT 124.39 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 138.99 600.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 181.37 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 192.08 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 206.68 600.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 250.15 600.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 281.97 600.60 Td (presented, ) Tj ET Q q 0 0 0 rg BT 325.16 600.60 Td (does ) Tj ET Q q 0 0 0 rg BT 345.88 600.60 Td (not ) Tj ET Q q 0 0 0 rg BT 361.04 600.60 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 412.29 600.60 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 458.53 600.60 Td (operational ) Tj ET Q q 0 0 0 rg BT 505.90 600.60 Td (ef) Tj ET Q q 0 0 0 rg BT 513.48 600.60 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 554.18 600.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 588.60 Td (combined ) Tj ET Q q 0 0 0 rg BT 106.15 588.60 Td (entities, ) Tj ET Q q 0 0 0 rg BT 140.03 588.60 Td (nor ) Tj ET Q q 0 0 0 rg BT 155.86 588.60 Td (does ) Tj ET Q q 0 0 0 rg BT 176.69 588.60 Td (it ) Tj ET Q q 0 0 0 rg BT 184.75 588.60 Td (indicate ) Tj ET Q q 0 0 0 rg BT 218.90 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 233.62 588.60 Td (results ) Tj ET Q q 0 0 0 rg BT 262.22 588.60 Td (of ) Tj ET Q q 0 0 0 rg BT 273.05 588.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 317.21 588.60 Td (in ) Tj ET Q q 0 0 0 rg BT 327.49 588.60 Td (future ) Tj ET Q q 0 0 0 rg BT 353.87 588.60 Td (periods.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 542.10 334.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 542.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 542.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 542.10 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 542.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 542.10 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 566.1 m 445 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 566.1 m 507 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 566.1 m 438 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 554.1 m 438 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 566.1 m 500 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 554.1 m 500 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 566.1 m 562 566.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 554.1 m 562 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 554.1 m 438 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 554.1 m 500 554.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 554.1 m 562 554.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.60 568.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 558.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.00 556.83 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.00 556.83 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 556.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 544.72 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 544.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 544.72 Td (755,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.50 544.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 544.72 Td (753,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 544.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 544.72 Td (752,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 532.72 Td (Net income/\(loss\) applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.30 532.72 Td (\(16,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 532.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 532.72 Td (47,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 532.72 Td (57,939) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 506.60 Td (River) Tj ET Q q 0 0 0 rg BT 73.20 506.60 Td ( ) Tj ET Q q 0 0 0 rg BT 75.70 506.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 109.87 506.60 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 150.72 506.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 173.78 506.60 Td (and ) Tj ET Q q 0 0 0 rg BT 192.40 506.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 218.79 506.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 252.96 506.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 291.56 506.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 319.16 506.60 Td ( ) Tj ET Q q 0 0 0 rg BT 321.66 506.60 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.60 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.94 482.60 Td (September30, ) Tj ET Q q 0 0 0 rg BT 123.92 482.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.92 482.60 Td (, ) Tj ET Q q 0 0 0 rg BT 148.64 482.60 Td (the ) Tj ET Q q 0 0 0 rg BT 163.08 482.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 204.19 482.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 240.83 482.60 Td (the ) Tj ET Q q 0 0 0 rg BT 255.26 482.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 280.81 482.60 Td (of ) Tj ET Q q 0 0 0 rg BT 291.36 482.60 Td (River ) Tj ET Q q 0 0 0 rg BT 315.80 482.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 346.90 482.60 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 385.78 482.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 406.89 482.60 Td (\("River ) Tj ET Q q 0 0 0 rg BT 438.74 482.60 Td (Branch"\), ) Tj ET Q q 0 0 0 rg BT 479.75 482.60 Td (an ) Tj ET Q q 0 0 0 rg BT 491.40 482.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.62 482.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.99 470.60 Td (boutique ) Tj ET Q q 0 0 0 rg BT 121.26 470.60 Td (focused ) Tj ET Q q 0 0 0 rg BT 154.63 470.60 Td (on ) Tj ET Q q 0 0 0 rg BT 166.91 470.60 Td (the ) Tj ET Q q 0 0 0 rg BT 181.40 470.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.65 470.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 265.38 470.60 Td (sector) Tj ET Q q 0 0 0 rg BT 288.71 470.60 Td (. ) Tj ET Q q 0 0 0 rg BT 293.48 470.60 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.98 470.60 Td (October9, ) Tj ET Q q 0 0 0 rg BT 352.46 470.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.46 470.60 Td (, ) Tj ET Q q 0 0 0 rg BT 377.23 470.60 Td (the ) Tj ET Q q 0 0 0 rg BT 391.72 470.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 432.89 470.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 476.81 470.60 Td (the ) Tj ET Q q 0 0 0 rg BT 491.30 470.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 529.11 470.60 Td (of ) Tj ET Q q 0 0 0 rg BT 539.72 470.60 Td (BMO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 81.10 458.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.58 458.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 142.52 458.60 Td ( ) Tj ET Q q 0 0 0 rg BT 145.23 458.60 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 163.22 458.60 Td (\("BMO ) Tj ET Q q 0 0 0 rg BT 196.13 458.60 Td (GKST"\), ) Tj ET Q q 0 0 0 rg BT 234.88 458.60 Td (a ) Tj ET Q q 0 0 0 rg BT 242.03 458.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 284.74 458.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 307.46 458.60 Td (sales, ) Tj ET Q q 0 0 0 rg BT 332.11 458.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 363.15 458.60 Td (and ) Tj ET Q q 0 0 0 rg BT 380.31 458.60 Td (origination ) Tj ET Q q 0 0 0 rg BT 426.91 458.60 Td (business ) Tj ET Q q 0 0 0 rg BT 463.52 458.60 Td (of ) Tj ET Q q 0 0 0 rg BT 474.57 458.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 500.07 458.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 540.00 458.60 Td (Corp. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.05 446.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.93 446.60 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.90 446.60 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 164.40 446.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.29 446.60 Td ( ) Tj ET Q q 0 0 0 rg BT 195.29 446.60 Td (of ) Tj ET Q q 0 0 0 rg BT 205.62 446.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 243.18 446.60 Td (on ) Tj ET Q q 0 0 0 rg BT 255.18 446.60 Td (the ) Tj ET Q q 0 0 0 rg BT 269.39 446.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 321.93 446.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 366.14 446.60 Td (of ) Tj ET Q q 0 0 0 rg BT 376.47 446.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 413.45 446.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 453.22 446.60 Td (related ) Tj ET Q q 0 0 0 rg BT 482.42 446.60 Td (to ) Tj ET Q q 0 0 0 rg BT 492.20 446.60 Td (these ) Tj ET Q q 0 0 0 rg BT 514.74 446.60 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.27 434.60 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 88.09 434.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.98 434.60 Td ( ) Tj ET Q q 0 0 0 rg BT 120.31 434.60 Td (of ) Tj ET Q q 0 0 0 rg BT 131.97 434.60 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 180.83 434.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 224.15 434.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 250.80 434.60 Td (consisting ) Tj ET Q q 0 0 0 rg BT 294.69 434.60 Td (of ) Tj ET Q q 0 0 0 rg BT 306.34 434.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 346.33 434.60 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 403.26 434.60 Td (In ) Tj ET Q q 0 0 0 rg BT 414.91 434.60 Td (management's ) Tj ET Q q 0 0 0 rg BT 475.02 434.60 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 511.41 434.60 Td (the ) Tj ET Q q 0 0 0 rg BT 526.95 434.60 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 92.54 422.60 Td (the ) Tj ET Q q 0 0 0 rg BT 107.25 422.60 Td (reputation ) Tj ET Q q 0 0 0 rg BT 150.30 422.60 Td (and ) Tj ET Q q 0 0 0 rg BT 167.23 422.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.50 422.60 Td (expertise ) Tj ET Q q 0 0 0 rg BT 246.09 422.60 Td (of ) Tj ET Q q 0 0 0 rg BT 256.92 422.60 Td (River ) Tj ET Q q 0 0 0 rg BT 281.64 422.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 313.02 422.60 Td (and ) Tj ET Q q 0 0 0 rg BT 329.95 422.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 355.24 422.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 380.61 422.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.95 398.60 Td (results ) Tj ET Q q 0 0 0 rg BT 94.97 398.60 Td (of ) Tj ET Q q 0 0 0 rg BT 105.20 398.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 148.76 398.60 Td (of ) Tj ET Q q 0 0 0 rg BT 159.00 398.60 Td (River ) Tj ET Q q 0 0 0 rg BT 183.12 398.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 213.90 398.60 Td (and ) Tj ET Q q 0 0 0 rg BT 230.25 398.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 254.94 398.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 280.87 398.60 Td ( ) Tj ET Q q 0 0 0 rg BT 282.78 398.60 Td (have ) Tj ET Q q 0 0 0 rg BT 303.56 398.60 Td (been ) Tj ET Q q 0 0 0 rg BT 324.34 398.60 Td (included ) Tj ET Q q 0 0 0 rg BT 360.68 398.60 Td (in ) Tj ET Q q 0 0 0 rg BT 370.37 398.60 Td (the ) Tj ET Q q 0 0 0 rg BT 384.49 398.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 430.97 398.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.42 398.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.31 398.60 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.60 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 105.98 386.60 Td (from ) Tj ET Q q 0 0 0 rg BT 128.03 386.60 Td (the ) Tj ET Q q 0 0 0 rg BT 142.85 386.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 186.00 386.60 Td (dates ) Tj ET Q q 0 0 0 rg BT 209.15 386.60 Td (of ) Tj ET Q q 0 0 0 rg BT 220.09 386.60 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 268.89 386.60 Td (The ) Tj ET Q q 0 0 0 rg BT 287.05 386.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 311.87 386.60 Td (of ) Tj ET Q q 0 0 0 rg BT 322.81 386.60 Td (these ) Tj ET Q q 0 0 0 rg BT 345.97 386.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 396.34 386.60 Td (were ) Tj ET Q q 0 0 0 rg BT 418.38 386.60 Td (not ) Tj ET Q q 0 0 0 rg BT 433.77 386.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 473.59 386.60 Td (as ) Tj ET Q q 0 0 0 rg BT 484.53 386.60 Td (the ) Tj ET Q q 0 0 0 rg BT 499.36 386.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 549.74 386.60 Td (did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.60 Td (not ) Tj 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/F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.37 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 364.48 Td (180,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 364.37 Td (159,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.37 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 352.48 Td (5,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 352.37 Td (3,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.37 Td (Total financial instruments and other inventory positions sold, but not yet purchased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 340.48 Td (299,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 340.37 Td (239,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.37 Td (Less noncontrolling interests \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.30 316.53 Td (\(631) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 316.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 316.37 Td (\(4,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 316.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 304.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 304.48 Td (298,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 304.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 304.37 Td (234,569) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 289.65 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 289.65 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.93 289.65 Td (olling ) Tj ET Q q 0 0 0 rg BT 119.08 289.65 Td (inter) Tj ET Q q 0 0 0 rg BT 133.89 289.65 Td (ests ) Tj ET Q q 0 0 0 rg BT 148.38 289.65 Td (attributable ) Tj ET Q q 0 0 0 rg BT 188.65 289.65 Td (to ) Tj ET Q q 0 0 0 rg BT 197.36 289.65 Td (thir) Tj ET Q q 0 0 0 rg BT 208.62 289.65 Td (d ) Tj ET Q q 0 0 0 rg BT 215.10 289.65 Td (party ) Tj ET Q q 0 0 0 rg BT 234.48 289.65 Td (ownership ) Tj ET Q q 0 0 0 rg BT 270.30 289.65 Td (in ) Tj ET Q q 0 0 0 rg BT 279.01 289.65 Td (a ) Tj ET Q q 0 0 0 rg BT 285.50 289.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 328.87 289.65 Td (municipal ) Tj ET Q q 0 0 0 rg BT 363.35 289.65 Td (bond ) Tj ET Q q 0 0 0 rg BT 381.84 289.65 Td (fund ) Tj ET Q q 0 0 0 rg BT 398.55 289.65 Td (consist ) Tj ET Q q 0 0 0 rg BT 423.26 289.65 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.97 289.65 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 448.46 289.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.13 289.65 Td ( ) Tj ET Q q 0 0 0 rg BT 473.61 289.65 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.10 289.65 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 504.59 289.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.25 289.65 Td ( ) Tj ET Q q 0 0 0 rg BT 529.74 289.65 Td (of ) Tj ET Q q 0 0 0 rg BT 538.45 289.65 Td (taxable ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 280.05 Td (municipal ) Tj ET Q q 0 0 0 rg BT 102.44 280.05 Td (securities, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 137.55 280.05 Td ($55.2 ) Tj ET Q q 0 0 0 rg BT 158.00 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 180.67 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 183.11 280.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 197.56 280.05 Td ($35.1 ) Tj ET Q q 0 0 0 rg BT 218.01 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.68 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 243.12 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 251.79 280.05 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 289.33 280.05 Td (municipal ) Tj ET Q q 0 0 0 rg BT 323.77 280.05 Td (securities, ) Tj ET Q q 0 0 0 rg BT 358.88 280.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.33 280.05 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 389.78 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.44 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 414.89 280.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.34 280.05 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 445.79 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.45 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 470.90 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 479.57 280.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 514.00 280.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.22 280.05 Td (as ) Tj ET Q q 0 0 0 rg BT 555.78 280.05 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 270.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 114.87 270.45 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 130.87 270.45 Td ( ) Tj ET Q q 0 0 0 rg BT 132.87 270.45 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.87 270.45 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.87 270.45 Td (, ) Tj ET Q q 0 0 0 rg BT 166.87 270.45 Td (r) Tj ET Q q 0 0 0 rg BT 169.69 270.45 Td (espectively) Tj ET Q q 0 0 0 rg BT 204.33 270.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 257.85 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 257.85 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.93 257.85 Td (olling ) Tj ET Q q 0 0 0 rg BT 117.94 257.85 Td (inter) Tj ET Q q 0 0 0 rg BT 132.75 257.85 Td (ests ) Tj ET Q q 0 0 0 rg BT 146.10 257.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 185.22 257.85 Td (to ) Tj ET Q q 0 0 0 rg BT 192.79 257.85 Td (thir) Tj ET Q q 0 0 0 rg BT 204.05 257.85 Td (d ) Tj ET Q q 0 0 0 rg BT 209.40 257.85 Td (party ) Tj ET Q q 0 0 0 rg BT 227.63 257.85 Td (ownership ) Tj ET Q q 0 0 0 rg BT 262.32 257.85 Td (in ) Tj ET Q q 0 0 0 rg BT 269.89 257.85 Td (a ) Tj ET Q q 0 0 0 rg BT 275.23 257.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 317.46 257.85 Td (municipal ) Tj ET Q q 0 0 0 rg BT 350.81 257.85 Td (bond ) Tj ET Q q 0 0 0 rg BT 368.15 257.85 Td (fund ) Tj ET Q q 0 0 0 rg BT 383.72 257.85 Td (consist ) Tj ET Q q 0 0 0 rg BT 407.29 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 414.86 257.85 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 429.98 257.85 Td (government ) Tj ET Q q 0 0 0 rg BT 469.10 257.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.10 257.85 Td (as ) Tj ET Q q 0 0 0 rg BT 509.56 257.85 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.13 257.85 Td (December31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 248.25 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.00 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 248.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 100.00 248.25 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 116.00 248.25 Td (, ) Tj ET Q q 0 0 0 rg BT 120.00 248.25 Td (r) Tj ET Q q 0 0 0 rg BT 122.82 248.25 Td (espectively) Tj ET Q q 0 0 0 rg BT 157.46 248.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.34 224.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.76 224.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.76 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.10 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.88 224.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.88 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 184.72 224.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.04 224.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 271.04 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.82 224.25 Td (other ) Tj ET Q q 0 0 0 rg BT 310.70 224.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 351.37 224.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 389.82 224.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 418.82 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 428.94 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.50 224.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 475.83 224.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 224.25 Td ($594.4 ) Tj ET Q q 0 0 0 rg BT 516.34 224.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.23 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.57 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td ($707.4 ) Tj ET Q q 0 0 0 rg BT 80.00 212.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 212.25 Td (, ) Tj ET Q q 0 0 0 rg BT 113.89 212.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 161.55 212.25 Td (, ) Tj ET Q q 0 0 0 rg BT 166.55 212.25 Td (had ) Tj ET Q q 0 0 0 rg BT 183.49 212.25 Td (been ) Tj ET Q q 0 0 0 rg BT 204.87 212.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 239.02 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 249.85 212.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 289.55 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 303.71 212.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 347.87 212.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 392.02 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.96 212.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 454.77 212.25 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.87 188.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 139.19 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.28 188.25 Td (other ) Tj ET Q q 0 0 0 rg BT 179.49 188.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.47 188.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 259.24 188.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 281.07 188.25 Td (but ) Tj ET Q q 0 0 0 rg BT 296.50 188.25 Td (not ) Tj ET Q q 0 0 0 rg BT 311.94 188.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 326.81 188.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 370.00 188.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 409.31 188.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 456.41 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.39 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.27 188.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 523.81 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.24 188.25 Td (deliver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.30 176.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 102.48 176.25 Td (security ) Tj ET Q q 0 0 0 rg BT 136.22 176.25 Td (at ) Tj ET Q q 0 0 0 rg BT 145.52 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.82 176.25 Td (contracted ) Tj ET Q q 0 0 0 rg BT 203.54 176.25 Td (price, ) Tj ET Q q 0 0 0 rg BT 228.11 176.25 Td (thereby ) Tj ET Q q 0 0 0 rg BT 260.18 176.25 Td (creating ) Tj ET Q q 0 0 0 rg BT 294.47 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 300.99 176.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 334.18 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.05 176.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 381.67 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.97 176.25 Td (security ) Tj ET Q q 0 0 0 rg BT 429.71 176.25 Td (in ) Tj ET Q q 0 0 0 rg BT 439.57 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.87 176.25 Td (market ) Tj ET Q q 0 0 0 rg BT 483.72 176.25 Td (at ) Tj ET Q q 0 0 0 rg BT 493.02 176.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 535.64 176.25 Td (prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.72 164.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.79 164.25 Td (is ) Tj ET Q q 0 0 0 rg BT 117.63 164.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 157.02 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.98 164.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 198.58 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.97 164.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.91 164.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 271.76 164.25 Td (short ) Tj ET Q q 0 0 0 rg BT 293.94 164.25 Td (at ) Tj ET Q q 0 0 0 rg BT 303.33 164.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 346.05 164.25 Td (market ) Tj ET Q q 0 0 0 rg BT 375.99 164.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 404.54 164.25 Td (which ) Tj ET Q q 0 0 0 rg BT 431.16 164.25 Td (may ) Tj ET Q q 0 0 0 rg BT 450.55 164.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 480.48 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.88 164.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.05 164.25 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (on ) Tj ET Q q 0 0 0 rg BT 63.43 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.07 152.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 133.03 152.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 178.67 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.43 152.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.83 152.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 272.28 152.25 Td (The ) Tj ET Q q 0 0 0 rg BT 291.26 152.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 333.57 152.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 390.86 152.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 422.05 152.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 457.69 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 468.89 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.53 152.25 Td (market ) Tj ET Q q 0 0 0 rg BT 515.72 152.25 Td (value ) Tj ET Q q 0 0 0 rg BT 540.80 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 552.56 152.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.34 140.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.36 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.16 140.25 Td (other ) Tj ET Q q 0 0 0 rg BT 180.07 140.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 221.75 140.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 261.23 140.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 291.25 140.25 Td (using ) Tj ET Q q 0 0 0 rg BT 316.28 140.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 357.96 140.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 397.44 140.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 419.97 140.25 Td (but ) Tj ET Q q 0 0 0 rg BT 436.11 140.25 Td (not ) Tj ET Q q 0 0 0 rg BT 452.25 140.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 467.82 140.25 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 514.22 140.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.01 140.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 98.87 128.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 124.14 128.25 Td (default ) Tj ET Q q 0 0 0 rg BT 154.40 128.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 177.45 128.25 Td (index ) Tj ET Q q 0 0 0 rg BT 202.17 128.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 243.26 128.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 263.54 128.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 298.25 128.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 320.75 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 337.69 128.25 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 382.95 128.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 413.22 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.16 128.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 470.42 128.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 497.90 128.25 Td (options.) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 96.92 708.25 Td (Contract ) Tj ET Q q 0 0 0 rg BT 137.74 708.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 180.25 708.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.01 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.37 684.25 Td (uses ) Tj ET Q q 0 0 0 rg BT 129.05 684.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.95 684.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 178.40 684.25 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 207.81 684.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.71 684.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 257.16 684.25 Td (locks, ) Tj ET Q q 0 0 0 rg BT 283.24 684.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 308.47 684.25 Td (default ) Tj ET Q q 0 0 0 rg BT 338.70 684.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 361.71 684.25 Td (index ) Tj ET Q q 0 0 0 rg BT 386.40 684.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 427.46 684.25 Td (U.S ) Tj ET Q q 0 0 0 rg BT 445.21 684.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 479.88 684.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 502.34 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.25 684.25 Td (Eurodollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 79.76 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.18 672.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 123.17 672.25 Td (option ) Tj ET Q q 0 0 0 rg BT 150.71 672.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 188.80 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 199.12 672.25 Td (a ) Tj ET Q q 0 0 0 rg BT 205.54 672.25 Td (means ) Tj ET Q q 0 0 0 rg BT 233.08 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 242.85 672.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 275.93 672.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 292.92 672.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.68 672.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 331.87 672.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 372.19 672.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 412.65 672.25 Td (The ) Tj ET Q q 0 0 0 rg BT 430.19 672.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 471.06 672.25 Td (also ) Tj ET Q q 0 0 0 rg BT 489.16 672.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 515.03 672.25 Td (into ) Tj ET Q q 0 0 0 rg BT 532.57 672.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.92 660.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 95.30 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.01 660.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 143.92 660.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 183.51 660.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 236.49 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 254.97 660.25 Td (following ) Tj ET Q q 0 0 0 rg BT 296.79 660.25 Td (describes ) Tj ET Q q 0 0 0 rg BT 336.93 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.08 660.25 Td (Company) Tj ET Q q 0 0 0 rg BT 393.75 660.25 Td (s ) Tj ET Q q 0 0 0 rg BT 400.57 660.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 447.38 660.25 Td (by ) Tj ET Q q 0 0 0 rg BT 460.31 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.46 660.25 Td (type ) Tj ET Q q 0 0 0 rg BT 495.61 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.88 660.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 553.68 660.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (security ) Tj ET Q q 0 0 0 rg BT 84.16 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.87 648.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 148.04 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 162.74 648.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 219.11 648.25 Td (hedging.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 91.06 624.25 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 149.87 624.25 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.07 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.08 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 216.79 624.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 257.84 624.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 283.88 624.25 Td (into ) Tj ET Q q 0 0 0 rg BT 301.60 624.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.20 624.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.35 624.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.49 624.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 430.75 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.70 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 447.30 624.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 485.01 624.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 520.48 624.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.98 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 537.58 624.25 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.12 612.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 88.57 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.13 612.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.46 612.25 Td (needs ) Tj ET Q q 0 0 0 rg BT 165.57 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.24 612.25 Td (its ) Tj ET Q q 0 0 0 rg BT 188.03 612.25 Td (customers. ) Tj ET Q q 0 0 0 rg BT 233.25 612.25 Td (The ) Tj ET Q q 0 0 0 rg BT 251.14 612.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 292.37 612.25 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 355.26 612.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 381.48 612.25 Td (into ) Tj ET Q q 0 0 0 rg BT 399.38 612.25 Td (an ) Tj ET Q q 0 0 0 rg BT 411.16 612.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 442.94 612.25 Td (ratederivativecontract ) Tj ET Q q 0 0 0 rg BT 537.45 612.25 Td (with ) Tj ET Q q 0 0 0 rg BT 557.57 612.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (third ) Tj ET Q q 0 0 0 rg BT 70.69 600.25 Td (party ) Tj ET Q q 0 0 0 rg BT 93.04 600.25 Td (for ) Tj ET Q q 0 0 0 rg BT 106.51 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.53 600.25 Td (same ) Tj ET Q q 0 0 0 rg BT 142.88 600.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 177.46 600.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 209.26 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.84 600.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 244.52 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.54 600.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.78 600.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 306.57 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.81 600.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.38 600.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 364.18 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.32 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.34 600.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 413.47 600.25 Td (client ) Tj ET Q q 0 0 0 rg BT 437.49 600.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 468.73 600.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 485.52 600.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 527.30 600.25 Td (contract. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.82 588.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.51 588.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 121.33 588.25 Td (instances, ) Tj ET Q q 0 0 0 rg BT 162.97 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.67 588.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.05 588.25 Td (has ) Tj ET Q q 0 0 0 rg BT 234.87 588.25 Td (only ) Tj ET Q q 0 0 0 rg BT 255.13 588.25 Td (hedged ) Tj ET Q q 0 0 0 rg BT 286.50 588.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.42 588.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 335.89 588.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 353.38 588.25 Td (with ) Tj ET Q q 0 0 0 rg BT 373.65 588.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.57 588.25 Td (third ) Tj ET Q q 0 0 0 rg BT 401.95 588.25 Td (party) Tj ET Q q 0 0 0 rg BT 421.84 588.25 Td (, ) Tj ET Q q 0 0 0 rg BT 426.83 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.76 588.25 Td (retains ) Tj ET Q q 0 0 0 rg BT 472.90 588.25 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 539.24 588.25 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.58 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 78.49 576.25 Td (described ) Tj ET Q q 0 0 0 rg BT 119.38 576.25 Td (below) Tj ET Q q 0 0 0 rg BT 143.17 576.25 Td (. ) Tj ET Q q 0 0 0 rg BT 148.06 576.25 Td (The ) Tj ET Q q 0 0 0 rg BT 166.19 576.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 215.43 576.25 Td (use ) Tj ET Q q 0 0 0 rg BT 231.34 576.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.35 576.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 284.80 576.25 Td (based ) Tj ET Q q 0 0 0 rg BT 310.15 576.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 332.73 576.25 Td (either ) Tj ET Q q 0 0 0 rg BT 358.07 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.87 576.25 Td (London ) Tj ET Q q 0 0 0 rg BT 406.55 576.25 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 447.45 576.25 Td (Of) Tj ET Q q 0 0 0 rg BT 457.82 576.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 471.49 576.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 492.40 576.25 Td (\("LIBOR"\) ) Tj ET Q q 0 0 0 rg BT 539.80 576.25 Td (index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 564.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 117.48 564.25 Td (Industry ) Tj ET Q q 0 0 0 rg BT 153.31 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.25 564.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 209.96 564.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 244.68 564.25 Td (Association ) Tj ET Q q 0 0 0 rg BT 294.39 564.25 Td (\("SIFMA"\) ) Tj ET Q q 0 0 0 rg BT 342.29 564.25 Td (index.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 540.25 Td (rading ) Tj ET Q q 0 0 0 rg BT 82.96 540.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.56 540.25 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.76 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.94 540.25 Td (The ) Tj ET Q q 0 0 0 rg BT 187.77 540.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 227.93 540.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 253.08 540.25 Td (into ) Tj ET Q q 0 0 0 rg BT 269.91 540.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.62 540.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 316.88 540.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 358.14 540.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 395.51 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.22 540.25 Td (uses ) Tj ET Q q 0 0 0 rg BT 429.72 540.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 448.78 540.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 482.26 540.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 503.54 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.25 540.25 Td (Eurodollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 80.76 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.52 528.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 118.39 528.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.81 528.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 168.78 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.21 528.25 Td (market ) Tj ET Q q 0 0 0 rg BT 216.96 528.25 Td (value ) Tj ET Q q 0 0 0 rg BT 241.60 528.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 263.48 528.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 307.56 528.25 Td (with ) Tj ET Q q 0 0 0 rg BT 328.32 528.25 Td (its ) Tj ET Q q 0 0 0 rg BT 340.76 528.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 364.29 528.25 Td (income ) Tj ET Q q 0 0 0 rg BT 396.71 528.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 439.75 528.25 Td (These ) Tj ET Q q 0 0 0 rg BT 466.61 528.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 516.27 528.25 Td (use ) Tj ET Q q 0 0 0 rg BT 532.58 528.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 71.35 516.25 Td (based ) Tj ET Q q 0 0 0 rg BT 96.58 516.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 119.05 516.25 Td (either ) Tj ET Q q 0 0 0 rg BT 144.28 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.97 516.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 202.54 516.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 233.88 516.25 Td (Data ) Tj ET Q q 0 0 0 rg BT 255.23 516.25 Td (\("MMD"\) ) Tj ET Q q 0 0 0 rg BT 297.53 516.25 Td (index, ) Tj ET Q q 0 0 0 rg BT 324.71 516.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 357.18 516.25 Td (or ) Tj ET Q q 0 0 0 rg BT 367.98 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.66 516.25 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 412.68 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.15 516.25 Td (index. ) Tj ET Q q 0 0 0 rg BT 442.15 516.25 Td (The ) Tj ET Q q 0 0 0 rg BT 460.17 516.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 501.52 516.25 Td (also ) Tj ET Q q 0 0 0 rg BT 520.10 516.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 546.45 516.25 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.10 504.25 Td (default ) Tj ET Q q 0 0 0 rg BT 105.20 504.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 128.09 504.25 Td (index ) Tj ET Q q 0 0 0 rg BT 152.64 504.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 191.07 504.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.19 504.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 227.40 504.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 252.50 504.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 269.84 504.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 313.27 504.25 Td (with ) Tj ET Q q 0 0 0 rg BT 333.38 504.25 Td (its ) Tj ET Q q 0 0 0 rg BT 345.17 504.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 376.37 504.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 399.26 504.25 Td (income ) Tj ET Q q 0 0 0 rg BT 431.03 504.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.13 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.90 504.25 Td (option ) Tj ET Q q 0 0 0 rg BT 515.80 504.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 554.23 504.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 76.38 492.25 Td (market ) Tj ET Q q 0 0 0 rg BT 106.64 492.25 Td (value ) Tj ET Q q 0 0 0 rg BT 130.80 492.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 148.30 492.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 191.89 492.25 Td (with ) Tj ET Q q 0 0 0 rg BT 212.17 492.25 Td (its ) Tj ET Q q 0 0 0 rg BT 224.12 492.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 271.60 492.25 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 98.69 468.25 Td (are ) Tj ET Q q 0 0 0 rg BT 113.49 468.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 149.41 468.25 Td (on ) Tj ET Q q 0 0 0 rg BT 162.00 468.25 Td (a ) Tj ET Q q 0 0 0 rg BT 169.04 468.25 Td (net ) Tj ET Q q 0 0 0 rg BT 183.85 468.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 206.45 468.25 Td (by ) Tj ET Q q 0 0 0 rg BT 219.04 468.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 272.17 468.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 292.82 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.63 468.25 Td (net ) Tj ET Q q 0 0 0 rg BT 322.44 468.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 356.13 468.25 Td (or ) Tj ET Q q 0 0 0 rg BT 367.06 468.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 410.74 468.25 Td (for ) Tj ET Q q 0 0 0 rg BT 424.99 468.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 467.57 468.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 493.50 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.53 468.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 550.35 468.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.77 456.25 Td (given ) Tj ET Q q 0 0 0 rg BT 81.31 456.25 Td (counterparty\) ) Tj ET Q q 0 0 0 rg BT 137.50 456.25 Td (when ) Tj ET Q q 0 0 0 rg BT 161.49 456.25 Td (a ) Tj ET Q q 0 0 0 rg BT 168.26 456.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 190.02 456.25 Td (right ) Tj ET Q q 0 0 0 rg BT 211.24 456.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.90 456.25 Td (of) Tj ET Q q 0 0 0 rg BT 230.05 456.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 246.82 456.25 Td (exists ) Tj ET Q q 0 0 0 rg BT 271.92 456.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.69 456.25 Td (on ) Tj ET Q q 0 0 0 rg BT 301.02 456.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.79 456.25 Td (net ) Tj ET Q q 0 0 0 rg BT 322.33 456.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 344.66 456.25 Td (by ) Tj ET Q q 0 0 0 rg BT 356.99 456.25 Td (cross ) Tj ET Q q 0 0 0 rg BT 379.87 456.25 Td (product ) Tj ET Q q 0 0 0 rg BT 412.75 456.25 Td (when ) Tj ET Q q 0 0 0 rg BT 436.74 456.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 480.16 456.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 524.16 456.25 Td (are ) Tj ET Q q 0 0 0 rg BT 538.69 456.25 Td (stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.65 444.25 Td (master ) Tj ET Q q 0 0 0 rg BT 90.17 444.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 120.81 444.25 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 171.71 444.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 194.58 444.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 234.65 444.25 Td (received ) Tj ET Q q 0 0 0 rg BT 271.38 444.25 Td (or ) Tj ET Q q 0 0 0 rg BT 282.58 444.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 302.66 444.25 Td (is ) Tj ET Q q 0 0 0 rg BT 312.20 444.25 Td (netted ) Tj ET Q q 0 0 0 rg BT 339.50 444.25 Td (on ) Tj ET Q q 0 0 0 rg BT 352.37 444.25 Td (a ) Tj ET Q q 0 0 0 rg BT 359.68 444.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 413.08 444.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 438.45 444.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 476.87 444.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.17 444.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 506.47 444.25 Td (right ) Tj ET Q q 0 0 0 rg BT 528.23 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.43 444.25 Td (of) Tj ET Q q 0 0 0 rg BT 547.58 444.25 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (exists. ) Tj ET Q q 0 0 0 rg BT 77.59 432.25 Td (The ) Tj ET Q q 0 0 0 rg BT 95.63 432.25 Td (total ) Tj ET Q q 0 0 0 rg BT 115.89 432.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 151.70 432.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 186.97 432.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 221.66 432.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 256.65 432.25 Td (representing ) Tj ET Q q 0 0 0 rg BT 308.56 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.27 432.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 359.08 432.25 Td (value ) Tj ET Q q 0 0 0 rg BT 383.23 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.05 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.76 432.25 Td (sum ) Tj ET Q q 0 0 0 rg BT 427.92 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.74 432.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 462.34 432.25 Td (long ) Tj ET Q q 0 0 0 rg BT 482.61 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.54 432.25 Td (short ) Tj ET Q q 0 0 0 rg BT 522.03 432.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 90.93 420.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 127.71 420.25 Td (an ) Tj ET Q q 0 0 0 rg BT 139.48 420.25 Td (indication ) Tj ET Q q 0 0 0 rg BT 181.81 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.47 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.03 420.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 239.36 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.02 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.58 420.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 311.49 420.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 353.81 420.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 386.14 420.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.91 420.25 Td (does ) Tj ET Q q 0 0 0 rg BT 423.58 420.25 Td (not ) Tj ET Q q 0 0 0 rg BT 438.69 420.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 477.68 420.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 501.12 420.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.90 420.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 546.45 420.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (following ) Tj ET Q q 0 0 0 rg BT 91.10 408.25 Td (table ) Tj ET Q q 0 0 0 rg BT 112.74 408.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 147.72 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.14 408.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 185.47 408.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.55 408.25 Td (market ) Tj ET Q q 0 0 0 rg BT 231.53 408.25 Td (value ) Tj ET Q q 0 0 0 rg BT 255.39 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.04 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.46 408.25 Td (total ) Tj ET Q q 0 0 0 rg BT 306.45 408.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 341.98 408.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 376.97 408.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 411.38 408.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 443.58 408.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.12 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 468.55 408.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 515.34 408.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.48 396.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 144.15 396.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 166.08 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 176.36 396.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 229.39 396.25 Td (netting, ) Tj ET Q q 0 0 0 rg BT 262.17 396.25 Td (by ) Tj ET Q q 0 0 0 rg BT 274.67 396.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 296.61 396.25 Td (or ) Tj ET Q q 0 0 0 rg BT 307.44 396.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 341.04 396.25 Td (position:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 337.75 114.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 337.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 337.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 337.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 337.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 337.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 337.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 337.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 337.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 337.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 337.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 337.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 337.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.75 114.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 313.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 313.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 313.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 313.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 313.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 313.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 313.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 313.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 313.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 313.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 313.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 313.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 289.75 114.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 289.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 289.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 289.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 289.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 289.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 289.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 289.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 289.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 289.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 289.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 289.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 289.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 265.75 114.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 265.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 265.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 265.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 265.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 265.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 265.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 265.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 265.75 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 265.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 265.75 63.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 265.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 265.75 61.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 373.75 m 231.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 373.75 m 235.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 373.75 m 298.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 373.75 m 302.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 373.75 m 363.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 373.75 m 430.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 373.75 m 434.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 373.75 m 497.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 373.75 m 501.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 373.75 m 562.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 373.75 m 298.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 373.75 m 430.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 373.75 m 434.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 373.75 m 497.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 373.75 m 501.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 373.75 m 562.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 349.75 m 164.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 349.75 m 231.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 349.75 m 298.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 349.75 m 363.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 349.75 m 430.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 349.75 m 497.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 349.75 m 562.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 349.75 m 363.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 349.75 m 562.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 265.75 m 231.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 254.75 m 231.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 252.75 m 231.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 265.75 m 298.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 254.75 m 298.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 252.75 m 298.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 265.75 m 363.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 254.75 m 363.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 252.75 m 363.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 265.75 m 430.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 254.75 m 430.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 252.75 m 430.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 265.75 m 497.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 254.75 m 497.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 252.75 m 497.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 265.75 m 562.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 254.75 m 562.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 252.75 m 562.5 252.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 376.48 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 376.48 Td (December 31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 365.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.25 364.48 Td (Derivative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.25 364.48 Td (Derivative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 364.48 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.25 364.48 Td (Derivative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.25 364.48 Td (Derivative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 364.48 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 352.48 Td (Derivative Category) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.05 352.48 Td (Assets \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 352.48 Td (Liabilities \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.95 352.48 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.05 352.48 Td (Assets \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 352.48 Td (Liabilities \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.95 352.48 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.37 Td (Interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 328.37 Td (Customer matched-book) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 328.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.15 328.48 Td (288,955) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 328.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.15 328.48 Td (272,819) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 328.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 328.48 Td (3,330,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 328.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 328.37 Td (406,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 328.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 328.37 Td (386,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 328.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 328.37 Td (4,392,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 316.37 Td (Trading securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.15 316.48 Td (13,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 316.48 Td (1,707) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 316.48 Td (423,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 316.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 316.37 Td (7,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 316.37 Td (290,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.37 Td (Credit default swap index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 292.37 Td (Trading securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.65 292.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.65 292.48 Td (127) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 292.48 Td (7,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 292.37 Td (5,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 292.37 Td (530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 292.37 Td (94,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.37 Td (Futures and equity options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 268.37 Td (Trading securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.65 268.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.65 268.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 268.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 268.37 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 268.37 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 268.37 Td (2,345,037) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 256.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.15 256.48 Td (302,907) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 256.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.15 256.48 Td (274,653) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 256.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 256.48 Td (3,761,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 256.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 256.37 Td (412,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 256.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 256.37 Td (394,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 256.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 256.37 Td (7,122,347) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 241.65 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 241.65 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 103.76 241.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.88 241.65 Td (ar) Tj ET Q q 0 0 0 rg BT 131.69 241.65 Td (e ) Tj ET Q q 0 0 0 rg BT 137.24 241.65 Td (included ) Tj ET Q q 0 0 0 rg BT 166.79 241.65 Td (within ) Tj ET Q q 0 0 0 rg BT 188.79 241.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.23 241.65 Td (instruments ) Tj ET Q q 0 0 0 rg BT 258.57 241.65 Td (and ) Tj ET Q q 0 0 0 rg BT 272.57 241.65 Td (other ) Tj ET Q q 0 0 0 rg BT 291.46 241.65 Td (inventory ) Tj ET Q q 0 0 0 rg BT 323.67 241.65 Td (positions ) Tj ET Q q 0 0 0 rg BT 354.56 241.65 Td (owned ) Tj ET Q q 0 0 0 rg BT 377.45 241.65 Td (on ) Tj ET Q q 0 0 0 rg BT 387.45 241.65 Td (the ) Tj ET Q q 0 0 0 rg BT 399.22 241.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 442.11 241.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 477.88 241.65 Td (of ) Tj ET Q q 0 0 0 rg BT 486.10 241.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 516.54 241.65 Td (condition.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 229.05 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 229.05 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 103.84 229.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 136.14 229.05 Td (ar) Tj ET Q q 0 0 0 rg BT 142.96 229.05 Td (e ) Tj ET Q q 0 0 0 rg BT 148.58 229.05 Td (included ) Tj ET Q q 0 0 0 rg BT 178.21 229.05 Td (within ) Tj ET Q q 0 0 0 rg BT 200.29 229.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.81 229.05 Td (instruments ) Tj ET Q q 0 0 0 rg BT 270.22 229.05 Td (and ) Tj ET Q q 0 0 0 rg BT 284.30 229.05 Td (other ) Tj ET Q q 0 0 0 rg BT 303.26 229.05 Td (inventory ) Tj ET Q q 0 0 0 rg BT 335.55 229.05 Td (positions ) Tj ET Q q 0 0 0 rg BT 366.52 229.05 Td (sold, ) Tj ET Q q 0 0 0 rg BT 383.93 229.05 Td (but ) Tj ET Q q 0 0 0 rg BT 396.23 229.05 Td (not ) Tj ET Q q 0 0 0 rg BT 408.53 229.05 Td (yet ) Tj ET Q q 0 0 0 rg BT 419.93 229.05 Td (pur) Tj ET Q q 0 0 0 rg BT 430.75 229.05 Td (chased ) Tj ET Q q 0 0 0 rg BT 455.04 229.05 Td (on ) Tj ET Q q 0 0 0 rg BT 465.12 229.05 Td (the ) Tj ET Q q 0 0 0 rg BT 476.97 229.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.93 229.05 Td (statements ) Tj ET Q q 0 0 0 rg BT 555.78 229.05 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 219.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 98.44 219.45 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.45 Td (The ) Tj ET Q q 0 0 0 rg BT 68.19 195.45 Td (Company) Tj ET Q q 0 0 0 rg BT 109.86 195.45 Td (s ) Tj ET Q q 0 0 0 rg BT 116.39 195.45 Td (derivative ) Tj ET Q q 0 0 0 rg BT 159.02 195.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 197.76 195.45 Td (do ) Tj ET Q q 0 0 0 rg BT 210.41 195.45 Td (not ) Tj ET Q q 0 0 0 rg BT 225.83 195.45 Td (qualify ) Tj ET Q q 0 0 0 rg BT 256.80 195.45 Td (for ) Tj ET Q q 0 0 0 rg BT 271.11 195.45 Td (hedge ) Tj ET Q q 0 0 0 rg BT 297.63 195.45 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 346.65 195.45 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 387.88 195.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 432.16 195.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 455.92 195.45 Td (and ) Tj ET Q q 0 0 0 rg BT 473.00 195.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 499.54 195.45 Td (are ) Tj ET Q q 0 0 0 rg BT 514.39 195.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 552.01 195.45 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.45 Td (the ) Tj ET Q q 0 0 0 rg BT 65.05 183.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 118.43 183.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 163.47 183.45 Td (of ) Tj ET Q q 0 0 0 rg BT 174.64 183.45 Td (operations. ) Tj ET Q q 0 0 0 rg BT 221.42 183.45 Td (The ) Tj ET Q q 0 0 0 rg BT 239.80 183.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 263.75 183.45 Td (and ) Tj ET Q q 0 0 0 rg BT 281.02 183.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 307.75 183.45 Td (on ) Tj ET Q q 0 0 0 rg BT 320.58 183.45 Td (the ) Tj ET Q q 0 0 0 rg BT 335.63 183.45 Td (related ) Tj ET Q q 0 0 0 rg BT 365.67 183.45 Td (economically ) Tj ET Q q 0 0 0 rg BT 422.37 183.45 Td (hedged ) Tj ET Q q 0 0 0 rg BT 454.08 183.45 Td (inventory ) Tj ET Q q 0 0 0 rg BT 495.24 183.45 Td (positions ) Tj ET Q q 0 0 0 rg BT 534.19 183.45 Td (are ) Tj ET Q q 0 0 0 rg BT 549.24 183.45 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.45 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 89.29 171.45 Td (below ) Tj ET Q q 0 0 0 rg BT 115.81 171.45 Td (as ) Tj ET Q q 0 0 0 rg BT 126.22 171.45 Td (they ) Tj ET Q q 0 0 0 rg BT 145.51 171.45 Td (are ) Tj ET Q q 0 0 0 rg BT 159.80 171.45 Td (not ) Tj ET Q q 0 0 0 rg BT 174.65 171.45 Td (in ) Tj ET Q q 0 0 0 rg BT 184.51 171.45 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 227.69 171.45 Td (hedging ) Tj ET Q q 0 0 0 rg BT 261.98 171.45 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 317.52 171.45 Td (The ) Tj ET Q q 0 0 0 rg BT 335.14 171.45 Td (following ) Tj ET Q q 0 0 0 rg BT 376.10 171.45 Td (table ) Tj ET Q q 0 0 0 rg BT 397.62 171.45 Td (presents ) Tj ET Q q 0 0 0 rg BT 432.46 171.45 Td (the ) Tj ET Q q 0 0 0 rg BT 446.76 171.45 Td (Company) Tj ET Q q 0 0 0 rg BT 488.42 171.45 Td (s ) Tj ET Q q 0 0 0 rg BT 494.39 171.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 538.11 171.45 Td (gains/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.45 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 83.05 159.45 Td (on ) Tj ET Q q 0 0 0 rg BT 95.55 159.45 Td (derivative ) Tj ET Q q 0 0 0 rg BT 138.03 159.45 Td 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124.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 124.95000000000005 m 562.5 124.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 66.95000000000005 m 414.5 66.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 55.950000000000045 m 414.5 55.950000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 53.950000000000045 m 414.5 53.950000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 66.95000000000005 m 488.5 66.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 55.950000000000045 m 488.5 55.950000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 53.950000000000045 m 488.5 53.950000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 66.95000000000005 m 562.5 66.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 55.950000000000045 m 562.5 55.950000000000045 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 53.950000000000045 m 562.5 53.950000000000045 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 140.90 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.00 140.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.65 140.35 Td (Year Ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 128.35 Td (DerivativeCategory) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.00 128.35 Td (OperationsCategory) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.50 128.35 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.50 128.35 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.50 128.35 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 116.21 Td (Interest rate derivative contract) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.00 116.21 Td (Investment banking) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.00 116.35 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.75 116.35 Td (\(4,151) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 116.35 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 116.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 116.21 Td (\(2,274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 116.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.00 116.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 116.21 Td (\(2,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 116.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 104.21 Td (Interest rate derivative contract) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.00 104.21 Td (Institutional brokerage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.25 104.35 Td (19,613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 104.21 Td (534) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 104.21 Td (\(1,678) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 104.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 92.21 Td (Credit default swap index contract) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.00 92.21 Td (Institutional brokerage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.75 92.35 Td (4,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 92.21 Td (12,228) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 92.21 Td (\(1,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 92.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 80.21 Td (Futures and equity option derivative) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 57.50 71.21 Td (contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.00 71.41 Td (Institutional brokerage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.50 71.40 Td (255) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.50 71.41 Td (\(252) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 71.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 71.41 Td (1,037) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.00 58.35 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.25 58.35 Td (20,034) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 58.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.25 58.21 Td (10,236) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.00 58.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 58.21 Td (\(4,511) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 58.21 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 78.02 696.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 96.04 696.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 140.15 696.10 Td (with ) Tj ET Q q 0 0 0 rg BT 160.95 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.19 696.10 Td (Company) Tj ET Q q 0 0 0 rg BT 217.86 696.10 Td (s ) Tj ET Q q 0 0 0 rg BT 224.77 696.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 271.66 696.10 Td (is ) Tj ET Q q 0 0 0 rg BT 281.35 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.59 696.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 314.61 696.10 Td (that ) Tj ET Q q 0 0 0 rg BT 332.63 696.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.09 696.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 383.09 696.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 436.65 696.10 Td (will ) Tj ET Q q 0 0 0 rg BT 455.22 696.10 Td (not ) Tj ET Q q 0 0 0 rg BT 471.02 696.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 506.25 696.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.05 696.10 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.01 684.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 112.74 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.58 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.30 684.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 184.90 684.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 228.39 684.10 Td (contract. ) Tj ET Q q 0 0 0 rg BT 266.60 684.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 295.10 684.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 334.71 684.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 379.31 684.10 Td (with ) Tj ET Q q 0 0 0 rg BT 400.60 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.32 684.10 Td (Company) Tj ET Q q 0 0 0 rg BT 457.99 684.10 Td (s ) Tj ET Q q 0 0 0 rg BT 465.39 684.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 512.77 684.10 Td (is ) Tj ET Q q 0 0 0 rg BT 522.94 684.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 552.00 684.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 117.80 672.10 Td (market ) Tj ET Q q 0 0 0 rg BT 149.52 672.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 199.57 672.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.30 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.47 672.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 245.30 672.10 Td (value ) Tj ET Q q 0 0 0 rg BT 270.91 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.19 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.35 672.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 339.40 672.10 Td (with ) Tj ET Q q 0 0 0 rg BT 361.13 672.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 421.72 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.11 672.10 Td (is ) Tj ET Q q 0 0 0 rg BT 450.73 672.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 495.79 672.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 535.83 672.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.78 672.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 660.10 Td (s ) Tj ET Q q 0 0 0 rg BT 97.23 660.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 133.88 660.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 150.55 660.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 196.81 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 214.03 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 254.58 660.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 294.02 660.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 346.23 660.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 370.66 660.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 387.33 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.78 660.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 446.78 660.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 488.43 660.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 522.30 660.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.85 660.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.42 648.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 103.17 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.38 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.47 648.10 Td (Company) Tj ET Q q 0 0 0 rg BT 169.13 648.10 Td (s ) Tj ET Q q 0 0 0 rg BT 174.90 648.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 219.25 648.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 257.21 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 271.29 648.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 323.72 648.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 379.44 648.10 Td (by ) Tj ET Q q 0 0 0 rg BT 391.32 648.10 Td (its ) Tj ET Q q 0 0 0 rg BT 402.64 648.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 463.65 648.10 Td (who ) Tj ET Q q 0 0 0 rg BT 485.24 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 499.32 648.10 Td (major ) Tj ET Q q 0 0 0 rg BT 527.02 648.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 100.43 636.10 Td (The ) Tj ET Q q 0 0 0 rg BT 119.72 636.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.35 636.10 Td (has ) Tj ET Q q 0 0 0 rg BT 179.43 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.61 636.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 219.69 636.10 Td (number ) Tj ET Q q 0 0 0 rg BT 253.98 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.05 636.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 326.44 636.10 Td (who ) Tj ET Q q 0 0 0 rg BT 347.41 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 363.36 636.10 Td (not ) Tj ET Q q 0 0 0 rg BT 379.88 636.10 Td (required ) Tj ET Q q 0 0 0 rg BT 416.94 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.46 636.10 Td (post ) Tj ET Q q 0 0 0 rg BT 448.88 636.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 492.32 636.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 520.51 636.10 Td (on ) Tj ET Q q 0 0 0 rg BT 534.25 636.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (movements, ) Tj ET Q q 0 0 0 rg BT 100.79 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.19 624.10 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 181.23 624.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 217.31 624.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 268.92 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.32 624.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.38 624.10 Td (value ) Tj ET Q q 0 0 0 rg BT 323.22 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.74 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.14 624.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 390.31 624.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 424.70 624.10 Td (can ) Tj ET Q q 0 0 0 rg BT 440.76 624.10 Td (become ) Tj ET Q q 0 0 0 rg BT 474.04 624.10 Td (material, ) Tj ET Q q 0 0 0 rg BT 511.49 624.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 549.78 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.15 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.19 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.66 612.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 140.69 612.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 157.95 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.54 612.10 Td (these ) Tj ET Q q 0 0 0 rg BT 191.35 612.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 252.25 612.10 Td (As ) Tj ET Q q 0 0 0 rg BT 265.62 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.21 612.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 334.56 612.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.56 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 359.32 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.80 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 414.95 612.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.64 612.10 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 456.41 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.56 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.15 612.10 Td (uncollateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.63 600.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 112.59 600.10 Td (with ) Tj ET Q q 0 0 0 rg BT 132.24 600.10 Td (these ) Tj ET Q q 0 0 0 rg BT 154.65 600.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 213.15 600.10 Td (\(notional ) Tj ET Q q 0 0 0 rg BT 251.12 600.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 285.19 600.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 317.05 600.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.25 600.10 Td ($183.4 ) Tj ET Q q 0 0 0 rg BT 356.61 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 600.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 393.20 600.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.84 600.10 Td ($15.6 ) Tj ET Q q 0 0 0 rg BT 457.20 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.09 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.96 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.15 600.10 Td (uncollateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.26 588.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 113.86 588.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.14 588.10 Td (one ) Tj ET Q q 0 0 0 rg BT 151.08 588.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 200.96 588.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.99 564.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 564.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 564.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 99.77 564.10 Td (V) Tj ET Q q 0 0 0 rg BT 104.77 564.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 124.49 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.76 564.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.15 564.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.37 564.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 76.55 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 89.16 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.98 540.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 131.58 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.52 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.34 540.10 Td (Company) Tj ET Q q 0 0 0 rg BT 199.01 540.10 Td (s ) Tj ET Q q 0 0 0 rg BT 205.51 540.10 Td (business ) Tj ET Q q 0 0 0 rg BT 242.01 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.05 540.10 Td (its ) Tj ET Q q 0 0 0 rg BT 271.11 540.10 Td (role ) Tj ET Q q 0 0 0 rg BT 289.27 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 300.21 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.25 540.10 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 342.45 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.84 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.66 540.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 408.04 540.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 443.42 540.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.36 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 465.30 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.35 540.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 509.38 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.32 540.10 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.56 528.10 Td (management ) Tj ET Q q 0 0 0 rg BT 127.27 528.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 155.62 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.46 528.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 188.96 528.10 Td (values ) Tj ET Q q 0 0 0 rg BT 218.13 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.08 528.10 Td (its ) Tj ET Q q 0 0 0 rg BT 243.15 528.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.76 528.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 332.04 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.87 528.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 396.48 528.10 Td (internally) Tj ET Q q 0 0 0 rg BT 434.15 528.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.01 528.10 Td (The ) Tj ET Q q 0 0 0 rg BT 459.18 528.10 Td (Company) Tj ET Q q 0 0 0 rg BT 500.84 528.10 Td (s ) Tj ET Q q 0 0 0 rg BT 508.36 528.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 550.30 528.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 87.44 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.62 516.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 126.11 516.10 Td (that ) Tj ET Q q 0 0 0 rg BT 143.50 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.11 516.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 174.38 516.10 Td (values ) Tj ET Q q 0 0 0 rg BT 202.32 516.10 Td (used ) Tj ET Q q 0 0 0 rg BT 223.05 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.10 516.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.48 516.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 313.53 516.10 Td (are ) Tj ET Q q 0 0 0 rg BT 328.13 516.10 Td (based ) Tj ET Q q 0 0 0 rg BT 353.30 516.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.69 516.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 411.40 516.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 438.25 516.10 Td (wherever ) Tj ET Q q 0 0 0 rg BT 477.84 516.10 Td (possible. ) Tj ET Q q 0 0 0 rg BT 515.51 516.10 Td (In ) Tj ET Q q 0 0 0 rg BT 526.24 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.85 516.10 Td (event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.48 504.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 111.78 504.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 138.21 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.40 504.10 Td (not ) Tj ET Q q 0 0 0 rg BT 167.16 504.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 207.74 504.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 263.04 504.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 289.47 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 303.66 504.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 346.74 504.10 Td (based ) Tj ET Q q 0 0 0 rg BT 371.49 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.47 504.10 Td (an ) Tj ET Q q 0 0 0 rg BT 394.90 504.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 438.53 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.84 504.10 Td (all ) Tj ET Q q 0 0 0 rg BT 460.82 504.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 495.01 504.10 Td (empirical ) Tj ET Q q 0 0 0 rg BT 534.75 504.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 70.14 492.10 Td (including ) Tj ET Q q 0 0 0 rg BT 109.40 492.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 134.76 492.10 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 176.78 492.10 Td (by ) Tj ET Q q 0 0 0 rg BT 188.26 492.10 Td (market ) Tj ET Q q 0 0 0 rg BT 217.51 492.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 269.26 492.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.17 492.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 323.04 492.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.28 492.10 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 381.26 492.10 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 424.96 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.88 492.10 Td (correlations ) Tj ET Q q 0 0 0 rg BT 489.57 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.49 492.10 Td (other ) Tj ET Q q 0 0 0 rg BT 527.52 492.10 Td (security-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 82.92 480.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 134.79 480.10 Td (V) Tj ET Q q 0 0 0 rg BT 140.90 480.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 175.44 480.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 225.54 480.10 Td (related ) Tj ET Q q 0 0 0 rg BT 255.07 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.17 480.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 306.94 480.10 Td (or ) Tj ET Q q 0 0 0 rg BT 317.60 480.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 370.46 480.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 395.55 480.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 412.87 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 427.41 480.10 Td (also ) Tj ET Q q 0 0 0 rg BT 445.84 480.10 Td (considered. ) Tj ET Q q 0 0 0 rg BT 493.98 480.10 Td (In ) Tj ET Q q 0 0 0 rg BT 504.64 480.10 Td (estimating ) Tj ET Q q 0 0 0 rg BT 548.62 480.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 75.61 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.78 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.62 468.10 Td (may ) Tj ET Q q 0 0 0 rg BT 149.78 468.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 176.73 468.10 Td (information ) Tj ET Q q 0 0 0 rg BT 225.89 468.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 263.39 468.10 Td (by ) Tj ET Q q 0 0 0 rg BT 275.34 468.10 Td (third ) Tj ET Q q 0 0 0 rg BT 296.18 468.10 Td (party ) Tj ET Q q 0 0 0 rg BT 318.68 468.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 348.96 468.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 382.57 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.30 468.10 Td (corroborate ) Tj ET Q q 0 0 0 rg BT 440.34 468.10 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 525.03 468.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.86 468.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.93 432.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.70 432.10 Td (employs ) Tj ET Q q 0 0 0 rg BT 146.47 432.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 180.44 432.10 Td (control ) Tj ET Q q 0 0 0 rg BT 211.65 432.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 252.85 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.51 432.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 306.38 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.48 432.10 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 384.33 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.55 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.65 432.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 427.40 432.10 Td (value ) Tj ET Q q 0 0 0 rg BT 451.94 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.15 432.10 Td (its ) Tj ET Q q 0 0 0 rg BT 475.49 432.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.35 432.10 Td (instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 420.10 Td (Company) Tj ET Q q 0 0 0 rg BT 108.87 420.10 Td (s ) Tj ET Q q 0 0 0 rg BT 114.91 420.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 155.39 420.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.75 420.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 207.45 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.38 420.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 245.64 420.10 Td (that ) Tj ET Q q 0 0 0 rg BT 262.79 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.16 420.10 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 359.29 420.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 375.32 420.10 Td (values ) Tj ET Q q 0 0 0 rg BT 403.02 420.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.38 420.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 460.61 420.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 497.74 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.34 420.10 Td (that ) Tj ET Q q 0 0 0 rg BT 531.49 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.86 420.10 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 75.31 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.11 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.69 408.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 143.26 408.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 187.39 408.10 Td (used ) Tj ET Q q 0 0 0 rg BT 207.08 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 220.65 408.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 270.05 408.10 Td (consistently ) Tj ET Q q 0 0 0 rg BT 319.18 408.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 352.48 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.28 408.10 Td (that ) Tj ET Q q 0 0 0 rg BT 384.64 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.22 408.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 449.03 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.60 408.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 506.71 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.51 408.10 Td (consistent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (with ) Tj ET Q q 0 0 0 rg BT 68.81 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.56 396.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 120.75 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.61 396.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 180.47 396.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.88 396.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 221.57 396.10 Td (Individuals ) Tj ET Q q 0 0 0 rg BT 268.10 396.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 298.52 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.39 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.14 396.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.00 396.10 Td (departments ) Tj ET Q q 0 0 0 rg BT 402.40 396.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 436.15 396.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 486.55 396.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 516.41 396.10 Td (verification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 83.23 384.10 Td (as ) Tj ET Q q 0 0 0 rg BT 94.19 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.14 384.10 Td (each ) Tj ET Q q 0 0 0 rg BT 126.09 384.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 165.37 384.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 186.97 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 205.14 384.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.66 384.10 Td (has ) Tj ET Q q 0 0 0 rg BT 262.61 384.10 Td (established ) Tj ET Q q 0 0 0 rg BT 309.68 384.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 356.17 384.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.23 384.10 Td (set ) Tj ET Q q 0 0 0 rg BT 396.97 384.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 419.04 384.10 Td (when ) Tj ET Q q 0 0 0 rg BT 443.33 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.17 384.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 474.68 384.10 Td (value ) Tj ET Q q 0 0 0 rg BT 498.96 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.92 384.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 550.31 384.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 109.05 372.10 Td (verified. ) Tj ET Q q 0 0 0 rg BT 145.34 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 163.79 372.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 202.23 372.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 249.00 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.11 372.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.21 372.10 Td (based ) Tj ET Q q 0 0 0 rg BT 329.89 372.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.79 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.91 372.10 Td (type ) Tj ET Q q 0 0 0 rg BT 388.03 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.26 372.10 Td (security) Tj ET Q q 0 0 0 rg BT 430.27 372.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.67 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.79 372.10 Td (level ) Tj ET Q q 0 0 0 rg BT 473.13 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.36 372.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 528.92 372.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 546.82 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 558.06 372.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (security) Tj ET Q q 0 0 0 rg BT 80.51 360.10 Td (, ) Tj ET Q q 0 0 0 rg BT 85.94 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.09 360.10 Td (materiality ) Tj ET Q q 0 0 0 rg BT 147.34 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.61 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.76 360.10 Td (security ) Tj ET Q q 0 0 0 rg BT 208.35 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.06 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.21 360.10 Td (Company) Tj ET Q q 0 0 0 rg BT 275.88 360.10 Td (s ) Tj ET Q q 0 0 0 rg BT 282.70 360.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.62 360.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 368.26 360.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 403.41 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.12 360.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.93 360.10 Td (value ) Tj ET Q q 0 0 0 rg BT 455.52 360.10 Td (from ) Tj ET Q q 0 0 0 rg BT 477.89 360.10 Td (period ) Tj ET Q q 0 0 0 rg BT 506.38 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.09 360.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 548.07 360.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.42 348.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 107.90 348.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 130.15 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.97 348.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 207.99 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.69 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.29 348.10 Td (Company) Tj ET Q q 0 0 0 rg BT 276.95 348.10 Td (s ) Tj ET Q q 0 0 0 rg BT 284.22 348.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.37 348.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 366.24 348.10 Td (In ) Tj ET Q q 0 0 0 rg BT 377.95 348.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 422.97 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.57 348.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 465.28 348.10 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 548.63 348.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (values ) Tj ET Q q 0 0 0 rg BT 77.43 336.10 Td (made ) Tj ET Q q 0 0 0 rg BT 101.47 336.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.85 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.45 336.10 Td (Company) Tj ET Q q 0 0 0 rg BT 170.12 336.10 Td (s ) Tj ET Q q 0 0 0 rg BT 176.39 336.10 Td (traders, ) Tj ET Q q 0 0 0 rg BT 208.48 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.08 336.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 250.45 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.27 336.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 314.64 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.35 336.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.50 336.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 402.88 336.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 425.53 336.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 448.74 336.10 Td (coupon, ) Tj ET Q q 0 0 0 rg BT 483.06 336.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 525.14 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 336.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (key ) Tj ET Q q 0 0 0 rg BT 66.21 324.10 Td (drivers ) Tj ET Q q 0 0 0 rg BT 96.25 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.85 324.10 Td (value\), ) Tj ET Q q 0 0 0 rg BT 136.60 324.10 Td (level ) Tj ET Q q 0 0 0 rg BT 158.30 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.90 324.10 Td (market ) Tj ET Q q 0 0 0 rg BT 198.94 324.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 231.20 324.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.13 324.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 287.66 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.37 324.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 351.62 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.22 324.10 Td (market ) Tj ET Q q 0 0 0 rg BT 392.25 324.10 Td (data ) Tj ET Q q 0 0 0 rg BT 411.18 324.10 Td (are ) Tj ET Q q 0 0 0 rg BT 425.66 324.10 Td (considered. ) Tj ET Q q 0 0 0 rg BT 473.58 324.10 Td (The ) Tj ET Q q 0 0 0 rg BT 491.39 324.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 542.54 324.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (verification ) Tj ET Q q 0 0 0 rg BT 99.88 312.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 148.03 312.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 184.26 312.10 Td (but ) Tj ET Q q 0 0 0 rg BT 201.32 312.10 Td (are ) Tj ET Q q 0 0 0 rg BT 217.82 312.10 Td (not ) Tj ET Q q 0 0 0 rg BT 234.89 312.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 267.51 312.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 282.07 312.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 318.58 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.20 312.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 355.47 312.10 Td (data ) Tj ET Q q 0 0 0 rg BT 376.42 312.10 Td (\(both ) Tj ET Q q 0 0 0 rg BT 401.82 312.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.65 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.37 312.10 Td (external ) Tj ET Q q 0 0 0 rg BT 491.87 312.10 Td (where ) Tj ET Q q 0 0 0 rg BT 520.58 312.10 Td (available\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (corroboration ) Tj ET Q q 0 0 0 rg BT 107.24 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.34 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.88 300.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 174.41 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.06 300.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 225.50 300.10 Td (with ) Tj ET Q q 0 0 0 rg BT 246.60 300.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 277.69 300.10 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 340.70 300.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 362.91 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.67 300.10 Td (components, ) Tj ET Q q 0 0 0 rg BT 434.82 300.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.47 300.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 496.44 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.54 300.10 Td (an ) Tj ET Q q 0 0 0 rg BT 520.30 300.10 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.11 288.10 Td (source, ) Tj ET Q q 0 0 0 rg BT 113.00 288.10 Td (such ) Tj ET Q q 0 0 0 rg BT 134.61 288.10 Td (as ) Tj ET Q q 0 0 0 rg BT 146.23 288.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.95 288.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 200.56 288.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.62 288.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 243.24 288.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 273.78 288.10 Td (The ) Tj ET Q q 0 0 0 rg BT 292.61 288.10 Td (Company) Tj ET Q q 0 0 0 rg BT 334.28 288.10 Td (s ) Tj ET Q q 0 0 0 rg BT 341.46 288.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 381.95 288.10 Td (committee, ) Tj ET Q q 0 0 0 rg BT 429.95 288.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 474.89 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.50 288.10 Td (members ) Tj ET Q q 0 0 0 rg BT 526.45 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.06 288.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (management ) Tj ET Q q 0 0 0 rg BT 102.67 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.19 276.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.27 276.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 191.94 276.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 228.46 276.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 267.76 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.28 276.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 314.13 276.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 370.65 276.10 Td (for ) Tj ET Q q 0 0 0 rg BT 384.39 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.69 276.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 431.31 276.10 Td (control ) Tj ET Q q 0 0 0 rg BT 461.72 276.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 502.12 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.64 276.10 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 264.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.86 264.10 Td (value ) Tj ET Q q 0 0 0 rg BT 130.01 264.10 Td (measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 240.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 240.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.10 240.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.04 240.10 Td (description ) Tj ET Q q 0 0 0 rg BT 171.98 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.81 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.52 240.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 237.23 240.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 282.50 240.10 Td (used ) Tj ET Q q 0 0 0 rg BT 303.33 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.61 240.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 349.42 240.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.80 240.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.67 216.10 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.38 192.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 118.80 192.10 Td (include ) Tj ET Q q 0 0 0 rg BT 150.11 192.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 177.54 192.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 202.75 192.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.41 192.10 Td (with ) Tj ET Q q 0 0 0 rg BT 272.06 192.10 Td (original ) Tj ET Q q 0 0 0 rg BT 305.04 192.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 346.91 192.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.12 192.10 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.12 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.99 192.10 Td (days ) Tj ET Q q 0 0 0 rg BT 389.20 192.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.41 192.10 Td (less. ) Tj ET Q q 0 0 0 rg BT 418.37 192.10 Td (Actively ) Tj ET Q q 0 0 0 rg BT 454.68 192.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 481.55 192.10 Td (money ) Tj ET Q q 0 0 0 rg BT 510.64 192.10 Td (market ) Tj ET Q q 0 0 0 rg BT 540.28 192.10 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 180.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 105.02 180.10 Td (at ) Tj ET Q q 0 0 0 rg BT 114.74 180.10 Td (their ) Tj ET Q q 0 0 0 rg BT 135.56 180.10 Td (net ) Tj ET Q q 0 0 0 rg BT 150.28 180.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.22 180.10 Td (value ) Tj ET Q q 0 0 0 rg BT 196.38 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.31 180.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 253.58 180.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.41 180.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 289.67 180.10 Td (I.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.00 156.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 146.73 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.35 156.10 Td (Other) Tj ET Q q 0 0 0 rg BT 190.72 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.22 156.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 237.94 156.10 Td (Positions ) Tj ET Q q 0 0 0 rg BT 278.78 156.10 Td (Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 132.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.53 132.10 Td (records ) Tj ET Q q 0 0 0 rg BT 141.76 132.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.54 132.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 229.01 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.25 132.10 Td (other ) Tj ET Q q 0 0 0 rg BT 269.60 132.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 310.72 132.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 349.64 132.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 379.10 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.34 132.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.12 132.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 483.58 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.82 132.10 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 132.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.02 120.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 109.59 120.10 Td (but ) Tj ET Q q 0 0 0 rg BT 124.77 120.10 Td (not ) Tj ET Q q 0 0 0 rg BT 139.95 120.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.57 120.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 197.51 120.10 Td (at ) Tj ET Q q 0 0 0 rg BT 207.13 120.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.41 120.10 Td (value ) Tj ET Q q 0 0 0 rg BT 247.47 120.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.87 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.49 120.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 327.43 120.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 372.05 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.78 120.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 420.16 120.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 460.34 120.10 Td (with ) Tj ET Q q 0 0 0 rg BT 480.52 120.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 524.56 120.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 548.07 120.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.89 108.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 113.36 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.86 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.58 108.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 193.62 108.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 238.33 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.16 108.10 Td (operations.) Tj ET Q endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.05 708.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 118.83 708.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.83 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.27 708.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 168.15 708.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 195.58 708.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.03 708.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.24 708.10 Td (are ) Tj ET Q q 0 0 0 rg BT 277.89 708.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 307.00 708.10 Td (based ) Tj ET Q q 0 0 0 rg BT 332.21 708.10 Td (on ) Tj ET Q q 0 0 0 rg BT 344.66 708.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 374.33 708.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 400.65 708.10 Td (from ) Tj ET Q q 0 0 0 rg BT 422.54 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.21 708.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 477.41 708.10 Td (for ) Tj ET Q q 0 0 0 rg BT 491.52 708.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 528.40 708.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.18 708.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.56 696.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.74 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.92 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.98 696.10 Td (period-end ) Tj ET Q q 0 0 0 rg BT 173.14 696.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 194.94 696.10 Td (T) Tj ET Q q 0 0 0 rg BT 200.35 696.10 Td (o ) Tj ET Q q 0 0 0 rg BT 208.20 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.26 696.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 250.54 696.10 Td (these ) Tj ET Q q 0 0 0 rg BT 273.93 696.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 314.54 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 329.60 696.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 364.09 696.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 391.93 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.21 696.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 449.27 696.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 499.89 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.94 696.10 Td (not ) Tj ET Q q 0 0 0 rg BT 530.57 696.10 Td (applied, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (they ) Tj ET Q q 0 0 0 rg BT 70.29 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.06 684.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 135.71 684.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.61 684.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 173.94 684.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 183.34 684.10 Td (Non-exchange ) Tj ET Q q 0 0 0 rg BT 245.21 684.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 273.76 684.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 302.33 684.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.66 684.10 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 393.88 684.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 423.56 684.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 463.76 684.10 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 508.42 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 684.10 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.30 672.10 Td (using ) Tj ET Q q 0 0 0 rg BT 113.56 672.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 142.25 672.10 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 189.00 672.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 215.47 672.10 Td (observed ) Tj ET Q q 0 0 0 rg BT 254.16 672.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.41 672.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 303.20 672.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 341.32 672.10 Td (market ) Tj ET Q q 0 0 0 rg BT 371.67 672.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 422.03 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.05 672.10 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 524.39 672.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 672.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.21 660.10 Td (based ) Tj ET Q q 0 0 0 rg BT 114.48 660.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.98 660.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 172.80 660.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 199.74 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.68 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 231.39 660.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 279.97 660.10 Td (within ) Tj ET Q q 0 0 0 rg BT 308.03 660.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 333.29 660.10 Td (II ) Tj ET Q q 0 0 0 rg BT 342.45 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.28 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.00 660.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 384.37 660.10 Td (value ) Tj ET Q q 0 0 0 rg BT 408.53 660.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 445.63 660.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 97.97 636.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.55 636.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.55 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.81 636.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 192.27 636.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 231.29 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 244.76 636.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 272.67 636.10 Td (based ) Tj ET Q q 0 0 0 rg BT 296.69 636.10 Td (on ) Tj ET Q q 0 0 0 rg BT 307.95 636.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 352.52 636.10 Td (trades, ) Tj ET Q q 0 0 0 rg BT 380.16 636.10 Td (when ) Tj ET Q q 0 0 0 rg BT 403.07 636.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 442.64 636.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 491.98 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 495.73 636.10 Td (these ) Tj ET Q q 0 0 0 rg BT 517.54 636.10 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.47 624.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 153.05 624.10 Td (as ) Tj ET Q q 0 0 0 rg BT 163.88 624.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 189.14 624.10 Td (II. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 93.22 600.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 114.70 600.10 Td (income ) Tj ET Q q 0 0 0 rg BT 145.63 600.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.00 600.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.05 600.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 217.88 600.10 Td (income ) Tj ET Q q 0 0 0 rg BT 249.37 600.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.18 600.10 Td (include ) Tj ET Q q 0 0 0 rg BT 320.66 600.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 360.47 600.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 386.41 600.10 Td (which ) Tj ET Q q 0 0 0 rg BT 412.90 600.10 Td (are ) Tj ET Q q 0 0 0 rg BT 427.15 600.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 455.86 600.10 Td (based ) Tj ET Q q 0 0 0 rg BT 480.68 600.10 Td (on ) Tj ET Q q 0 0 0 rg BT 492.73 600.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 526.98 600.10 Td (executed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.09 588.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 128.67 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.83 588.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 187.29 588.10 Td (size, ) Tj ET Q q 0 0 0 rg BT 207.16 588.10 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 291.73 588.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.43 588.10 Td (value ) Tj ET Q q 0 0 0 rg BT 330.90 588.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 369.94 588.10 Td (based ) Tj ET Q q 0 0 0 rg BT 394.53 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 406.35 588.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 451.49 588.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 480.26 588.10 Td (or ) Tj ET Q q 0 0 0 rg BT 490.41 588.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 518.34 588.10 Td (quotations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.84 576.10 Td (these ) Tj ET Q q 0 0 0 rg BT 126.88 576.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 167.14 576.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 193.53 576.10 Td (are ) Tj ET Q q 0 0 0 rg BT 208.24 576.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 256.81 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 267.64 576.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 292.91 576.10 Td (II.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 552.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 83.16 552.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 125.51 552.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.20 552.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.39 552.10 Td (T) Tj ET Q q 0 0 0 rg BT 178.80 552.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 207.25 552.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 249.60 552.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.73 552.10 Td (are ) Tj ET Q q 0 0 0 rg BT 304.29 552.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 333.31 552.10 Td (using ) Tj ET Q q 0 0 0 rg BT 357.34 552.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 391.90 552.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 429.79 552.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 475.47 552.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 501.70 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.39 552.10 Td (market ) Tj ET Q q 0 0 0 rg BT 542.52 552.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 93.04 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.35 540.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 147.31 540.10 Td (are ) Tj ET Q q 0 0 0 rg BT 161.38 540.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 200.46 540.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 248.41 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 258.61 540.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 283.25 540.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 294.28 540.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 325.59 540.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 356.35 540.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 387.10 540.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 428.96 540.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.60 540.10 Td (are ) Tj ET Q q 0 0 0 rg BT 482.68 540.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 511.20 540.10 Td (using ) Tj ET Q q 0 0 0 rg BT 534.75 540.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (data ) Tj ET Q q 0 0 0 rg BT 67.88 528.10 Td (for ) Tj ET Q q 0 0 0 rg BT 81.26 528.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 129.62 528.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.10 528.10 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 208.04 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.20 528.10 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 253.13 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.29 528.10 Td (management ) Tj ET Q q 0 0 0 rg BT 322.10 528.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 361.59 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.09 528.10 Td (infer ) Tj ET Q q 0 0 0 rg BT 391.69 528.10 Td (an ) Tj ET Q q 0 0 0 rg BT 402.85 528.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 450.10 528.10 Td (current ) Tj ET Q q 0 0 0 rg BT 480.14 528.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 501.85 528.10 Td (or ) Tj ET Q q 0 0 0 rg BT 511.90 528.10 Td (other ) Tj ET Q q 0 0 0 rg BT 534.17 528.10 Td (model-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.33 516.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 115.61 516.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 161.44 516.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 195.59 516.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 244.19 516.10 Td (by ) Tj ET Q q 0 0 0 rg BT 257.25 516.10 Td (management ) Tj ET Q q 0 0 0 rg BT 311.41 516.10 Td (based ) Tj ET Q q 0 0 0 rg BT 337.24 516.10 Td (on ) Tj ET Q q 0 0 0 rg BT 350.30 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.58 516.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 399.74 516.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 427.79 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.19 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.47 516.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 498.08 516.10 Td (security ) Tj ET Q q 0 0 0 rg BT 532.80 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 516.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 88.08 504.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 136.66 504.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.49 504.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 172.76 504.10 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 480.10 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 97.04 480.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 138.85 480.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.98 480.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.98 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.66 480.10 Td (T) Tj ET Q q 0 0 0 rg BT 191.07 480.10 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 235.09 480.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 276.89 480.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 316.46 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 330.48 480.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 358.95 480.10 Td (using ) Tj ET Q q 0 0 0 rg BT 382.43 480.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 416.44 480.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 453.79 480.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 498.92 480.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 524.60 480.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.75 480.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.31 468.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 116.80 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.06 468.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 172.97 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 188.00 468.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 228.02 468.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 276.93 468.10 Td (as ) Tj ET Q q 0 0 0 rg BT 288.08 468.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 313.67 468.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 325.65 468.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 357.91 468.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 389.63 468.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 437.43 468.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 480.24 468.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 520.83 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 535.86 468.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (using ) Tj ET Q q 0 0 0 rg BT 73.45 456.10 Td (market ) Tj ET Q q 0 0 0 rg BT 103.49 456.10 Td (data ) Tj ET Q q 0 0 0 rg BT 122.43 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 136.37 456.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 185.29 456.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.33 456.10 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 264.83 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.55 456.10 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 311.03 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.75 456.10 Td (management ) Tj ET Q q 0 0 0 rg BT 381.12 456.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 421.17 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.23 456.10 Td (infer ) Tj ET Q q 0 0 0 rg BT 452.39 456.10 Td (an ) Tj ET Q q 0 0 0 rg BT 464.11 456.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 511.92 456.10 Td (current ) Tj ET Q q 0 0 0 rg BT 542.52 456.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.15 444.10 Td (other ) Tj ET Q q 0 0 0 rg BT 85.03 444.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 139.44 444.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 179.98 444.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 226.07 444.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 260.49 444.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 309.34 444.10 Td (by ) Tj ET Q q 0 0 0 rg BT 322.67 444.10 Td (management ) Tj ET Q q 0 0 0 rg BT 377.08 444.10 Td (based ) Tj ET Q q 0 0 0 rg BT 403.17 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 416.50 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.04 444.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 466.46 444.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 494.76 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.42 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 444.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (security ) Tj ET Q q 0 0 0 rg BT 83.66 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.59 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 115.30 432.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 153.88 432.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 202.46 432.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.29 432.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 238.56 432.10 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 95.12 408.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 137.40 408.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.01 408.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.01 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.29 408.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 230.90 408.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 273.18 408.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 313.23 408.10 Td (include ) Tj ET Q q 0 0 0 rg BT 344.94 408.10 Td (auction ) Tj ET Q q 0 0 0 rg BT 376.66 408.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 393.93 408.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 436.48 408.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 470.97 408.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 488.24 408.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 522.18 408.10 Td (notes, ) Tj ET Q q 0 0 0 rg BT 548.07 408.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (other ) Tj ET Q q 0 0 0 rg BT 71.45 396.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 114.51 396.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 155.90 396.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 197.47 396.10 Td (V) Tj ET Q q 0 0 0 rg BT 203.58 396.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 232.19 396.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.58 396.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 281.64 396.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 304.15 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.99 396.10 Td (other ) Tj ET Q q 0 0 0 rg BT 341.94 396.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 385.00 396.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 426.40 396.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 465.56 396.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.17 396.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 507.23 396.10 Td (using ) Tj ET Q q 0 0 0 rg BT 530.31 396.10 Td (recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 87.49 384.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 133.27 384.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 159.61 384.10 Td (or ) Tj ET Q q 0 0 0 rg BT 170.40 384.10 Td (market ) Tj ET Q q 0 0 0 rg BT 200.63 384.10 Td (price ) Tj ET Q q 0 0 0 rg BT 223.08 384.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 267.21 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.11 384.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 322.65 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 337.32 384.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 376.99 384.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 425.53 384.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.32 384.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 461.55 384.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 472.63 384.10 Td (Auction ) Tj ET Q q 0 0 0 rg BT 507.31 384.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 524.75 384.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.32 372.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 101.70 372.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 138.64 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.89 372.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 203.02 372.10 Td (as ) Tj ET Q q 0 0 0 rg BT 214.39 372.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 240.20 372.10 Td (III ) Tj ET Q q 0 0 0 rg BT 253.24 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.72 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.97 372.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 315.68 372.10 Td (using ) Tj ET Q q 0 0 0 rg BT 340.39 372.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 386.76 372.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.58 372.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 428.95 372.10 Td (models ) Tj ET Q q 0 0 0 rg BT 460.89 372.10 Td (with ) Tj ET Q q 0 0 0 rg BT 481.71 372.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 538.07 372.10 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 360.10 Td (as ) Tj ET Q q 0 0 0 rg BT 81.16 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.88 360.10 Td (Company) Tj ET Q q 0 0 0 rg BT 137.54 360.10 Td (s ) Tj ET Q q 0 0 0 rg BT 143.93 360.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 181.97 360.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 219.44 360.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 236.93 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 249.43 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.14 360.10 Td (securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 122.84 336.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 163.42 336.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.42 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.67 336.10 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 243.45 336.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 283.47 336.10 Td (are ) Tj ET Q q 0 0 0 rg BT 297.93 336.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 326.84 336.10 Td (using ) Tj ET Q q 0 0 0 rg BT 350.77 336.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 396.34 336.10 Td (trades, ) Tj ET Q q 0 0 0 rg BT 424.97 336.10 Td (when ) Tj ET Q q 0 0 0 rg BT 448.88 336.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 489.73 336.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 521.42 336.10 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 81.10 324.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 122.15 324.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.64 324.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 167.58 324.10 Td (using ) Tj ET Q q 0 0 0 rg BT 192.54 324.10 Td (models ) Tj ET Q q 0 0 0 rg BT 224.71 324.10 Td (where ) Tj ET Q q 0 0 0 rg BT 252.42 324.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 280.16 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.22 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.72 324.10 Td (model ) Tj ET Q q 0 0 0 rg BT 335.00 324.10 Td (are ) Tj ET Q q 0 0 0 rg BT 350.49 324.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 384.32 324.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 430.92 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.99 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.49 324.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 491.04 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 502.65 324.10 Td (can ) Tj ET Q q 0 0 0 rg BT 519.81 324.10 Td (be ) Tj ET Q q 0 0 0 rg BT 532.54 324.10 Td (derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 95.22 312.10 Td (from ) Tj ET Q q 0 0 0 rg BT 117.06 312.10 Td (or ) Tj ET Q q 0 0 0 rg BT 127.79 312.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 181.28 312.10 Td (by ) Tj ET Q q 0 0 0 rg BT 193.68 312.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 239.40 312.10 Td (market ) Tj ET Q q 0 0 0 rg BT 269.56 312.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 290.94 312.10 Td (These ) Tj ET Q q 0 0 0 rg BT 317.22 312.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 389.03 312.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 429.20 312.10 Td (are ) Tj ET Q q 0 0 0 rg BT 443.81 312.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 492.29 312.10 Td (as ) Tj ET Q q 0 0 0 rg BT 503.02 312.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 528.18 312.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 539.75 312.10 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 122.70 300.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 166.76 300.10 Td (which ) Tj ET Q q 0 0 0 rg BT 194.99 300.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.99 300.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 258.10 300.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 315.75 300.10 Td (by ) Tj ET Q q 0 0 0 rg BT 329.54 300.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 374.99 300.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 422.93 300.10 Td (have ) Tj ET Q q 0 0 0 rg BT 445.60 300.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 497.70 300.10 Td (low ) Tj ET Q q 0 0 0 rg BT 516.49 300.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 554.17 300.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 86.84 288.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 136.41 288.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 173.21 288.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.80 288.10 Td (less ) Tj ET Q q 0 0 0 rg BT 199.60 288.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 244.72 288.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 290.40 288.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 311.37 288.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 342.61 288.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 413.82 288.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 453.39 288.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 509.05 288.10 Td (by ) Tj ET Q q 0 0 0 rg BT 520.86 288.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 93.17 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 107.39 276.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 136.06 276.10 Td (using ) Tj ET Q q 0 0 0 rg BT 159.75 276.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.53 276.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 199.88 276.10 Td (models ) Tj ET Q q 0 0 0 rg BT 230.78 276.10 Td (that ) Tj ET Q q 0 0 0 rg BT 247.79 276.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 274.80 276.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 330.13 276.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 356.59 276.10 Td (including ) Tj ET Q q 0 0 0 rg BT 396.38 276.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 421.16 276.10 Td (default ) Tj ET Q q 0 0 0 rg BT 450.94 276.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 474.33 276.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 523.55 276.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 546.94 276.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 84.05 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.39 264.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 141.50 264.10 Td (yields. ) Tj ET Q q 0 0 0 rg BT 170.14 264.10 Td (As ) Tj ET Q q 0 0 0 rg BT 184.15 264.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 224.82 264.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.39 264.10 Td (used ) Tj ET Q q 0 0 0 rg BT 255.62 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.29 264.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 309.17 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.28 264.10 Td (range ) Tj ET Q q 0 0 0 rg BT 349.39 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.61 264.10 Td (these ) Tj ET Q q 0 0 0 rg BT 384.06 264.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 413.90 264.10 Td (these ) Tj ET Q q 0 0 0 rg BT 437.35 264.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 509.65 264.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 550.31 264.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 98.08 252.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.91 252.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 134.17 252.10 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.05 228.10 Td (government ) Tj ET Q q 0 0 0 rg BT 118.59 228.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 149.23 228.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.89 228.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.89 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.21 228.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 217.33 228.10 Td (government ) Tj ET Q q 0 0 0 rg BT 267.42 228.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 298.06 228.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.16 228.10 Td (include ) Tj ET Q q 0 0 0 rg BT 369.92 228.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 400.56 228.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 420.11 228.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 446.33 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.10 228.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 503.19 228.10 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 531.40 228.10 Td (Agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.63 216.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 96.43 216.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.55 216.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 141.11 216.10 Td (by ) Tj ET Q q 0 0 0 rg BT 154.02 216.10 Td (using ) Tj ET Q q 0 0 0 rg BT 178.60 216.10 Td (either ) Tj ET Q q 0 0 0 rg BT 204.28 216.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 229.95 216.10 Td (price ) Tj ET Q q 0 0 0 rg BT 252.84 216.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 281.86 216.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.10 216.10 Td (price ) Tj ET Q q 0 0 0 rg BT 316.00 216.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 345.02 216.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.59 216.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 409.14 216.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 432.05 216.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 472.72 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.07 216.10 Td (are ) Tj ET Q q 0 0 0 rg BT 505.19 216.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 554.18 216.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 74.22 204.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 85.33 204.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 126.16 204.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 152.00 204.10 Td (include ) Tj ET Q q 0 0 0 rg BT 183.39 204.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 209.24 204.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 241.73 204.10 Td (by ) Tj ET Q q 0 0 0 rg BT 253.68 204.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 299.79 204.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 339.50 204.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 393.12 204.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 435.33 204.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 465.60 204.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 521.41 204.10 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 91.97 192.10 Td (\("CMO"\) ) Tj ET Q q 0 0 0 rg BT 131.50 192.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.19 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.55 192.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 217.78 192.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 270.25 192.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 312.43 192.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 353.23 192.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 406.81 192.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 449.00 192.10 Td (CMO ) Tj ET Q q 0 0 0 rg BT 473.70 192.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 513.39 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.75 192.10 Td (interest-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (only ) Tj ET Q q 0 0 0 rg BT 70.10 180.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 110.68 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 125.70 180.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 155.17 180.10 Td (using ) Tj ET Q q 0 0 0 rg BT 179.66 180.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 214.68 180.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 253.03 180.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 299.16 180.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 325.86 180.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.00 180.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.37 180.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 406.50 180.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 436.27 180.10 Td (such ) Tj ET Q q 0 0 0 rg BT 457.42 180.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.56 180.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 518.58 180.10 Td (speeds ) Tj ET Q q 0 0 0 rg BT 548.06 180.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 87.89 168.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.41 168.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 141.92 168.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 190.31 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.95 168.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 226.02 168.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 237.49 168.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 278.67 168.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 304.87 168.10 Td (are ) Tj ET Q q 0 0 0 rg BT 319.39 168.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 348.35 168.10 Td (using ) Tj ET Q q 0 0 0 rg BT 372.33 168.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 417.95 168.10 Td (market ) Tj ET Q q 0 0 0 rg BT 448.03 168.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 477.28 168.10 Td (such ) Tj ET Q q 0 0 0 rg BT 497.92 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 508.56 168.10 Td (market ) Tj ET Q q 0 0 0 rg BT 538.63 168.10 Td (yields ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 81.89 156.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.17 156.10 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.17 156.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 156.10 Td (952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.35 156.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 160.19 156.10 Td (points ) Tj ET Q q 0 0 0 rg BT 186.48 156.10 Td (\("bps"\) ) Tj ET Q q 0 0 0 rg BT 217.04 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 228.88 156.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 260.72 156.10 Td (over ) Tj ET Q q 0 0 0 rg BT 280.33 156.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 299.95 156.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 334.00 156.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 376.11 156.10 Td (or ) Tj ET Q q 0 0 0 rg BT 386.28 156.10 Td (models ) Tj ET Q q 0 0 0 rg BT 417.01 156.10 Td (based ) Tj ET Q q 0 0 0 rg BT 441.63 156.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 463.47 156.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 512.52 156.10 Td (expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 82.55 144.10 Td (from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 144.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.32 144.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.65 144.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.98 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.48 144.10 Td (conditional ) Tj ET Q q 0 0 0 rg BT 191.97 144.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 241.67 144.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 259.15 144.10 Td (\("CPR"\). ) Tj ET Q q 0 0 0 rg BT 297.70 144.10 Td (These ) Tj ET Q q 0 0 0 rg BT 324.08 144.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.34 144.10 Td (are ) Tj ET Q q 0 0 0 rg BT 379.05 144.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 427.63 144.10 Td (as ) Tj ET Q q 0 0 0 rg BT 438.46 144.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 463.72 144.10 Td (II.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 68.93 120.10 Td (government ) Tj ET Q q 0 0 0 rg BT 118.35 120.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.88 120.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.88 120.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.09 120.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 186.08 120.10 Td (government ) Tj ET Q q 0 0 0 rg BT 236.06 120.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 276.03 120.10 Td (include ) Tj ET Q q 0 0 0 rg BT 307.67 120.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 335.44 120.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 360.98 120.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 380.98 120.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 415.39 120.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 455.37 120.10 Td (which ) Tj ET Q q 0 0 0 rg BT 482.01 120.10 Td (are ) Tj ET Q q 0 0 0 rg BT 496.43 120.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 535.84 120.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (using ) Tj ET Q q 0 0 0 rg BT 73.88 108.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 103.80 108.10 Td (market ) Tj ET Q q 0 0 0 rg BT 134.27 108.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 160.86 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.00 108.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 216.79 108.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 265.58 108.10 Td (as ) Tj ET Q q 0 0 0 rg BT 276.62 108.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 302.09 108.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 310.43 108.10 Td (The ) Tj ET Q q 0 0 0 rg BT 328.69 108.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.28 108.10 Td (does ) Tj ET Q q 0 0 0 rg BT 391.32 108.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.80 108.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 440.61 108.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.09 108.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 491.56 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.60 108.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 541.96 108.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (than ) Tj ET Q q 0 0 0 rg BT 69.22 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.93 96.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 104.22 96.10 Td (government.) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 97.68 708.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.68 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.76 708.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 149.04 708.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 187.22 708.10 Td (include ) Tj ET Q q 0 0 0 rg BT 218.74 708.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 250.25 708.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 267.32 708.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 296.35 708.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 327.86 708.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 344.93 708.10 Td (locks, ) Tj ET Q q 0 0 0 rg BT 370.62 708.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 395.47 708.10 Td (default ) Tj ET Q q 0 0 0 rg BT 425.31 708.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 447.95 708.10 Td (index ) Tj ET Q q 0 0 0 rg BT 472.25 708.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 512.92 708.10 Td (U.S ) Tj ET Q q 0 0 0 rg BT 530.29 708.10 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 72.21 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.36 696.10 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 134.83 696.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 165.31 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.46 696.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 210.16 696.10 Td (option ) Tj ET Q q 0 0 0 rg BT 238.43 696.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 279.54 696.10 Td (These ) Tj ET Q q 0 0 0 rg BT 306.13 696.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 355.50 696.10 Td (derive ) Tj ET Q q 0 0 0 rg BT 383.20 696.10 Td (their ) Tj ET Q q 0 0 0 rg BT 404.23 696.10 Td (value ) Tj ET Q q 0 0 0 rg BT 428.60 696.10 Td (from ) Tj ET Q q 0 0 0 rg BT 450.74 696.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 496.78 696.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 525.32 696.10 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 74.02 684.10 Td (indices ) Tj ET Q q 0 0 0 rg BT 105.49 684.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.96 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.54 684.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 177.68 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.15 684.10 Td (these ) Tj ET Q q 0 0 0 rg BT 212.84 684.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 245.47 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 264.16 684.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 311.88 684.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 340.02 684.10 Td (option ) Tj ET Q q 0 0 0 rg BT 368.72 684.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 411.84 684.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 451.08 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 466.43 684.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 496.23 684.10 Td (based ) Tj ET Q q 0 0 0 rg BT 522.14 684.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.29 684.10 Td (quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 75.33 672.10 Td (from ) Tj ET Q q 0 0 0 rg BT 96.72 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.89 672.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 150.60 672.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.21 672.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 200.59 672.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 225.88 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.16 672.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 275.33 672.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.61 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.90 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.07 672.10 Td (period-end ) Tj ET Q q 0 0 0 rg BT 355.33 672.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 376.30 672.10 Td (T) Tj ET Q q 0 0 0 rg BT 381.71 672.10 Td (o ) Tj ET Q q 0 0 0 rg BT 388.67 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.84 672.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 429.22 672.10 Td (these ) Tj ET Q q 0 0 0 rg BT 451.72 672.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 489.77 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.93 672.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 537.53 672.10 Td (traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.13 660.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 105.54 660.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 155.51 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.91 660.10 Td (not ) Tj ET Q q 0 0 0 rg BT 184.88 660.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 219.01 660.10 Td (they ) Tj ET Q q 0 0 0 rg BT 238.42 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 252.83 660.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 301.10 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 311.62 660.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 336.58 660.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 344.45 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 362.19 660.10 Td (Company) Tj ET Q q 0 0 0 rg BT 403.86 660.10 Td (s ) Tj ET Q q 0 0 0 rg BT 409.94 660.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 434.90 660.10 Td (default ) Tj ET Q q 0 0 0 rg BT 464.86 660.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 487.61 660.10 Td (index ) Tj ET Q q 0 0 0 rg BT 512.02 660.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 550.31 660.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 77.85 648.10 Td (using ) Tj ET Q q 0 0 0 rg BT 101.21 648.10 Td (market ) Tj ET Q q 0 0 0 rg BT 130.67 648.10 Td (price ) Tj ET Q q 0 0 0 rg BT 152.35 648.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 195.71 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.84 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 225.75 648.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 265.20 648.10 Td (as ) Tj ET Q q 0 0 0 rg BT 275.23 648.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 299.69 648.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 310.42 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 327.66 648.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 363.23 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.26 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.17 648.10 Td (Company) Tj ET Q q 0 0 0 rg BT 428.84 648.10 Td (s ) Tj ET Q q 0 0 0 rg BT 434.42 648.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 465.55 648.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 482.23 648.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 523.90 648.10 Td (contracts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.11 636.10 Td (both ) Tj ET Q q 0 0 0 rg BT 108.72 636.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 139.99 636.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 156.80 636.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 183.08 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.35 636.10 Td (interestrate ) Tj ET Q q 0 0 0 rg BT 248.11 636.10 Td (locks,arevalued ) Tj ET Q q 0 0 0 rg BT 317.41 636.10 Td (using ) Tj ET Q q 0 0 0 rg BT 340.91 636.10 Td (marketstandard ) Tj ET Q q 0 0 0 rg BT 406.89 636.10 Td (pricingmodels ) Tj ET Q q 0 0 0 rg BT 468.43 636.10 Td (basedon ) Tj ET Q q 0 0 0 rg BT 505.54 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.59 636.10 Td (net ) Tj ET Q q 0 0 0 rg BT 533.64 636.10 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.48 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.13 624.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 124.78 624.10 Td (future ) Tj ET Q q 0 0 0 rg BT 150.98 624.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 171.07 624.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 197.94 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.81 624.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 255.35 624.10 Td (models ) Tj ET Q q 0 0 0 rg BT 286.56 624.10 Td (used ) Tj ET Q q 0 0 0 rg BT 307.21 624.10 Td (do ) Tj ET Q q 0 0 0 rg BT 319.54 624.10 Td (not ) Tj ET Q q 0 0 0 rg BT 334.64 624.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 366.96 624.10 Td (material ) Tj ET Q q 0 0 0 rg BT 402.04 624.10 Td (subjectivity ) Tj ET Q q 0 0 0 rg BT 451.02 624.10 Td (as ) Tj ET Q q 0 0 0 rg BT 461.67 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.21 624.10 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 537.42 624.10 Td (do ) Tj ET Q q 0 0 0 rg BT 549.74 624.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (entail ) Tj ET Q q 0 0 0 rg BT 74.27 612.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 119.04 612.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 159.37 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.37 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.15 612.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 222.03 612.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 249.04 612.10 Td (are ) Tj ET Q q 0 0 0 rg BT 263.80 612.10 Td (market ) Tj ET Q q 0 0 0 rg BT 294.12 612.10 Td (observable, ) Tj ET Q q 0 0 0 rg BT 342.50 612.10 Td (including ) Tj ET Q q 0 0 0 rg BT 382.83 612.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 429.81 612.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 457.08 612.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 479.64 612.10 Td (curves ) Tj ET Q q 0 0 0 rg BT 508.29 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 612.10 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.17 600.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 95.63 600.10 Td (. ) Tj ET Q q 0 0 0 rg BT 100.31 600.10 Td (These ) Tj ET Q q 0 0 0 rg BT 126.53 600.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 175.54 600.10 Td (are ) Tj ET Q q 0 0 0 rg BT 190.09 600.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 230.19 600.10 Td (as ) Tj ET Q q 0 0 0 rg BT 240.87 600.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 265.98 600.10 Td (II ) Tj ET Q q 0 0 0 rg BT 274.98 600.10 Td (within ) Tj ET Q q 0 0 0 rg BT 302.88 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.44 600.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 333.66 600.10 Td (value ) Tj ET Q q 0 0 0 rg BT 357.66 600.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 394.77 600.10 Td (. ) Tj ET Q q 0 0 0 rg BT 399.61 600.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 431.39 600.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 463.16 600.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 480.49 600.10 Td (locks ) Tj ET Q q 0 0 0 rg BT 503.94 600.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 537.38 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.50 600.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (active ) Tj ET Q q 0 0 0 rg BT 76.73 588.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 111.74 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.54 588.10 Td (were ) Tj ET Q q 0 0 0 rg BT 152.32 588.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 182.33 588.10 Td (using ) Tj ET Q q 0 0 0 rg BT 207.36 588.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 247.93 588.10 Td (models ) Tj ET Q q 0 0 0 rg BT 280.17 588.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.53 588.10 Td (included ) Tj ET Q q 0 0 0 rg BT 336.32 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.89 588.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 397.46 588.10 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 443.03 588.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 489.71 588.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 517.51 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.31 588.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 104.54 576.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 130.72 576.10 Td (that ) Tj ET Q q 0 0 0 rg BT 147.44 576.10 Td (required ) Tj ET Q q 0 0 0 rg BT 182.49 576.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 226.43 576.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 268.43 576.10 Td (such ) Tj ET Q q 0 0 0 rg BT 288.49 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 298.55 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.49 576.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 350.33 576.10 Td (over ) Tj ET Q q 0 0 0 rg BT 369.82 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.77 576.10 Td (MMD ) Tj ET Q q 0 0 0 rg BT 410.50 576.10 Td (curve. ) Tj ET Q q 0 0 0 rg BT 436.81 576.10 Td (These ) Tj ET Q q 0 0 0 rg BT 462.42 576.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 510.81 576.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.75 576.10 Td (classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 564.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 85.59 564.10 Td (III. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 516.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.42 516.10 Td (s ) Tj ET Q q 0 0 0 rg BT 116.02 516.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 166.50 516.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 195.87 516.10 Td (at ) Tj ET Q q 0 0 0 rg BT 205.79 516.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.38 516.10 Td (value ) Tj ET Q q 0 0 0 rg BT 246.74 516.10 Td (include ) Tj ET Q q 0 0 0 rg BT 278.89 516.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 306.59 516.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 357.07 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.56 516.10 Td (private ) Tj ET Q q 0 0 0 rg BT 398.03 516.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 443.51 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.65 516.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 514.74 516.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.56 504.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 101.26 504.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 131.31 504.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 158.31 504.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 195.02 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.62 504.10 Td (public ) Tj ET Q q 0 0 0 rg BT 232.90 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.61 504.10 Td (private ) Tj ET Q q 0 0 0 rg BT 279.65 504.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 324.70 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.41 504.10 Td (private ) Tj ET Q q 0 0 0 rg BT 371.45 504.10 Td (company ) Tj ET Q q 0 0 0 rg BT 410.39 504.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 432.38 504.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 482.98 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.04 504.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 534.74 504.10 Td (mutual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.87 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 90.23 492.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 120.03 492.10 Td (based ) Tj ET Q q 0 0 0 rg BT 145.95 492.10 Td (on ) Tj ET Q q 0 0 0 rg BT 159.10 492.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 189.47 492.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 216.49 492.10 Td (on ) Tj ET Q q 0 0 0 rg BT 229.64 492.10 Td (active ) Tj ET Q q 0 0 0 rg BT 256.66 492.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 291.47 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.06 492.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 349.97 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 361.45 492.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 387.36 492.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 396.34 492.10 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 468.37 492.10 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 508.45 492.10 Td (which ) Tj ET Q q 0 0 0 rg BT 536.03 492.10 Td (have ) Tj ET Q q 0 0 0 rg BT 558.06 492.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (cashless ) Tj ET Q q 0 0 0 rg BT 85.50 480.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 121.48 480.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 152.76 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 168.19 480.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 198.07 480.10 Td (based ) Tj ET Q q 0 0 0 rg BT 224.07 480.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 247.30 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.74 480.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 323.73 480.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 384.17 480.10 Td (model ) Tj ET Q q 0 0 0 rg BT 412.39 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.05 480.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 460.48 480.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 517.03 480.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 546.97 480.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 89.90 468.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 119.75 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.70 468.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 161.11 468.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 196.52 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.81 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.55 468.10 Td (value ) Tj ET Q q 0 0 0 rg BT 242.72 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.57 468.10 Td (its ) Tj ET Q q 0 0 0 rg BT 263.53 468.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 299.48 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.78 468.10 Td (public ) Tj ET Q q 0 0 0 rg BT 335.29 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.24 468.10 Td (private ) Tj ET Q q 0 0 0 rg BT 380.53 468.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 427.31 468.10 Td (For ) Tj ET Q q 0 0 0 rg BT 442.72 468.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 478.66 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.96 468.10 Td (private ) Tj ET Q q 0 0 0 rg BT 517.24 468.10 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 89.42 456.10 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 142.40 456.10 Td (based ) Tj ET Q q 0 0 0 rg BT 167.87 456.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 190.58 456.10 Td (management) Tj ET Q q 0 0 0 rg BT 244.45 456.10 Td (s ) Tj ET Q q 0 0 0 rg BT 251.05 456.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 294.03 456.10 Td (are ) Tj ET Q q 0 0 0 rg BT 308.94 456.10 Td (made ) Tj ET Q q 0 0 0 rg BT 333.30 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.79 456.10 Td (account ) Tj ET Q q 0 0 0 rg BT 377.59 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 391.95 456.10 Td (dif) Tj ET Q q 0 0 0 rg BT 402.88 456.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 438.89 456.10 Td (between ) Tj ET Q q 0 0 0 rg BT 474.91 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.84 456.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 530.86 456.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.86 444.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 104.32 444.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 142.78 444.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 172.33 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.02 444.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 232.01 444.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 279.62 444.10 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 350.85 444.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 387.63 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 402.19 444.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 437.85 444.10 Td (as ) Tj ET Q q 0 0 0 rg BT 448.54 444.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 473.65 444.10 Td (III ) Tj ET Q q 0 0 0 rg BT 485.99 444.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 514.17 444.10 Td (Investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.71 432.10 Td (private ) Tj ET Q q 0 0 0 rg BT 89.91 432.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 135.11 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 149.75 432.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 178.84 432.10 Td (based ) Tj ET Q q 0 0 0 rg BT 204.04 432.10 Td (on ) Tj ET Q q 0 0 0 rg BT 216.48 432.10 Td (an ) Tj ET Q q 0 0 0 rg BT 228.35 432.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 275.22 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.98 432.10 Td (each ) Tj ET Q q 0 0 0 rg BT 306.73 432.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 352.49 432.10 Td (security) Tj ET Q q 0 0 0 rg BT 383.50 432.10 Td (, ) Tj ET Q q 0 0 0 rg BT 388.43 432.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 437.52 432.10 Td (rounds ) Tj ET Q q 0 0 0 rg BT 467.18 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.94 432.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 520.64 432.10 Td (third ) Tj ET Q q 0 0 0 rg BT 541.96 432.10 Td (party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.97 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.12 420.10 Td (market-based ) Tj ET Q q 0 0 0 rg BT 176.70 420.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 230.12 420.10 Td (including ) Tj ET Q q 0 0 0 rg BT 271.60 420.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 321.96 420.10 Td (company ) Tj ET Q q 0 0 0 rg BT 362.32 420.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 416.30 420.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 448.33 420.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 489.27 420.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 513.25 420.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 554.18 420.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.87 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.03 408.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 137.63 408.10 Td (before ) Tj ET Q q 0 0 0 rg BT 165.89 408.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 200.55 408.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 226.32 408.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 278.46 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 408.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 348.89 408.10 Td (\("EBITDA"\)\) ) Tj ET Q q 0 0 0 rg BT 406.42 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.59 408.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 458.52 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.02 408.10 Td (market ) Tj ET Q q 0 0 0 rg BT 499.51 408.10 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 535.29 408.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.55 396.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 104.57 396.10 Td (These ) Tj ET Q q 0 0 0 rg BT 130.95 396.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.21 396.10 Td (are ) Tj ET Q q 0 0 0 rg BT 185.92 396.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 225.62 396.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 274.20 396.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.03 396.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 310.30 396.10 Td (III.) 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0.9333333333333333 1 rg /GS0 gs 508.00 593.60 55.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 549.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 549.60 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 549.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 549.60 147.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 549.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 549.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 549.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 549.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 515.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 515.60 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 515.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 515.60 147.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 515.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 515.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 515.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 515.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 491.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 491.60 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 491.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 491.60 147.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 491.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 491.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 491.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 491.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 467.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 467.60 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 467.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 467.60 147.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 467.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 467.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 467.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 467.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 443.60 134.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 443.60 93.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 443.60 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 443.60 147.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 443.60 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 443.60 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 443.60 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 443.60 55.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 409.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 409.60 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 409.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 409.60 147.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 409.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 409.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 409.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 409.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 385.60 134.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 385.60 93.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 385.60 8.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 385.60 147.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 385.60 8.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 385.60 60.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 385.60 8.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 385.60 55.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 338.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 338.60 93.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 338.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 338.60 147.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 338.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 338.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 338.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 338.60 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 661.6 m 277 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 661.6 m 432 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 661.6 m 500 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 661.6 m 563 661.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.30 676.33 Td (Valuation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.70 676.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.95 664.33 Td (Technique) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.35 664.33 Td (Unobservable Input) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.85 664.33 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 664.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 652.33 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 640.17 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 630.22 Td (inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 618.22 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 598.27 Td (Taxable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 598.27 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 606.17 Td (Expectedrecoveryrate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 596.22 Td (\(%ofpar\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.55 598.27 Td (62.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 598.27 Td (62.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 576.27 Td (Tax-exempt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 576.27 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 584.17 Td (Expectedrecoveryrate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 574.22 Td (\(%ofpar\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 576.27 Td (5 - 60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 576.27 Td (19.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 554.27 Td (Short-term securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 554.27 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 562.17 Td (Expectedrecoveryrate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 552.22 Td (\(%ofpar\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 554.27 Td (66 - 94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 554.27 Td (91.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 540.22 Td (Mortgage-backed securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 528.17 Td (Collateralized by residential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 518.22 Td (mortgages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 520.27 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 520.27 Td (Credit default rates \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 520.27 Td (0 - 4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 520.27 Td (2.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 506.22 Td (Prepayment rates \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 506.22 Td (1 - 35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 506.22 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 494.22 Td (Loss severity \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 494.22 Td (0 - 100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 494.22 Td (72.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 482.22 Td (Valuation yields \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 482.22 Td (3 - 7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 482.22 Td (3.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 470.22 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 458.22 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 458.22 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 458.22 Td (Premium over the MMD curve \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 458.22 Td (1 - 19 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.55 458.22 Td (6.9 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 446.22 Td (Investments at fair value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 434.17 Td (Equity securities in private) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 424.22 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 426.27 Td (Market approach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 426.27 Td (Revenue multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.25 426.27 Td (2 - 4 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 426.27 Td (3.8 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 412.22 Td (EBITDA multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.25 412.22 Td (10 - 15 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 412.22 Td (12.0 times) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 388.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 375.27 Td (Financial instruments and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 365.27 Td (other inventory positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 355.27 Td (sold, but not yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 341.22 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 329.22 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 329.22 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 329.22 Td (Premium over the MMD curve\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 329.22 Td (2 - 30 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 329.22 Td (17.1 bps) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 313.30 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 88.74 313.30 Td (of ) Tj ET Q q 0 0 0 rg BT 97.99 313.30 Td (the ) Tj ET Q q 0 0 0 rg BT 111.23 313.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.49 313.30 Td (value ) Tj ET Q q 0 0 0 rg BT 148.23 313.30 Td (to ) Tj ET Q q 0 0 0 rg BT 157.48 313.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.22 313.30 Td (in ) Tj ET Q q 0 0 0 rg BT 198.47 313.30 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 249.21 313.30 Td (inputs:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 299.50 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 299.50 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 299.50 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 299.50 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 299.50 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 299.50 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 299.50 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 299.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 299.50 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 299.50 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 299.50 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 299.50 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 299.50 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 299.50 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 299.50 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 299.50 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 299.50 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 299.50 Td (lower/\(higher\) ) Tj ET Q q 0 0 0 rg BT 476.46 299.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 299.50 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 299.50 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 299.50 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 285.70 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 285.70 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 285.70 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 285.70 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 285.70 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 285.70 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 285.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 285.70 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 285.70 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 285.70 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 285.70 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 285.70 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 285.70 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 285.70 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 285.70 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 285.70 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 285.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 285.70 Td (higher/\(lower\) ) Tj ET Q q 0 0 0 rg BT 476.46 285.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 285.70 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 285.70 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 285.70 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 271.90 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 271.90 Td (Significant ) Tj ET Q q 0 0 0 rg BT 107.96 271.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 138.92 271.90 Td (in ) Tj ET Q q 0 0 0 rg BT 147.39 271.90 Td (any ) Tj ET Q q 0 0 0 rg BT 161.85 271.90 Td (of ) Tj ET Q q 0 0 0 rg BT 170.31 271.90 Td (these ) Tj ET Q q 0 0 0 rg BT 190.27 271.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 213.74 271.90 Td (in ) Tj ET Q q 0 0 0 rg BT 222.21 271.90 Td (isolation ) Tj ET Q q 0 0 0 rg BT 255.18 271.90 Td (could ) Tj ET Q q 0 0 0 rg BT 276.64 271.90 Td (r) Tj ET Q q 0 0 0 rg BT 279.81 271.90 Td (esult ) Tj ET Q q 0 0 0 rg BT 298.27 271.90 Td (in ) Tj ET Q q 0 0 0 rg BT 306.74 271.90 Td (a ) Tj ET Q q 0 0 0 rg BT 312.70 271.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 358.66 271.90 Td (differ) Tj ET Q q 0 0 0 rg BT 377.83 271.90 Td (ent ) Tj ET Q q 0 0 0 rg BT 390.29 271.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.76 271.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 427.96 271.90 Td (Generally) Tj ET Q q 0 0 0 rg BT 463.45 271.90 Td (, ) Tj ET Q q 0 0 0 rg BT 467.17 271.90 Td (a ) Tj ET Q q 0 0 0 rg BT 473.14 271.90 Td (change ) Tj ET Q q 0 0 0 rg BT 500.59 271.90 Td (in ) Tj ET Q q 0 0 0 rg BT 509.06 271.90 Td (the ) Tj ET Q q 0 0 0 rg BT 521.52 271.90 Td (assumption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 261.10 Td (used ) Tj ET Q q 0 0 0 rg BT 85.71 261.10 Td (for ) Tj ET Q q 0 0 0 rg BT 97.92 261.10 Td (cr) Tj ET Q q 0 0 0 rg BT 105.08 261.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 120.28 261.10 Td (default ) Tj ET Q q 0 0 0 rg BT 146.99 261.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 166.70 261.10 Td (is ) Tj ET Q q 0 0 0 rg BT 174.41 261.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 224.10 261.10 Td (by ) Tj ET Q q 0 0 0 rg BT 234.30 261.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.51 261.10 Td (dir) Tj ET Q q 0 0 0 rg BT 250.68 261.10 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 287.88 261.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 315.09 261.10 Td (change ) Tj ET Q q 0 0 0 rg BT 342.79 261.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.50 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.20 261.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 406.91 261.10 Td (used ) Tj ET Q q 0 0 0 rg BT 425.12 261.10 Td (for ) Tj ET Q q 0 0 0 rg BT 437.33 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.04 261.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 465.75 261.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 495.44 261.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.65 261.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.86 261.10 Td (dir) Tj ET Q q 0 0 0 rg BT 527.03 261.10 Td (ectionally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 250.30 Td (inverse ) Tj ET Q q 0 0 0 rg BT 95.74 250.30 Td (change ) Tj ET Q q 0 0 0 rg BT 123.98 250.30 Td (in ) Tj ET Q q 0 0 0 rg BT 133.23 250.30 Td (the ) Tj ET Q q 0 0 0 rg BT 146.47 250.30 Td (assumption ) Tj ET Q q 0 0 0 rg BT 189.73 250.30 Td (for ) Tj ET Q q 0 0 0 rg BT 202.48 250.30 Td (valuation ) Tj ET Q q 0 0 0 rg BT 238.73 250.30 Td (yields.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 236.50 Td (\(4\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 236.50 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 236.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 116.78 236.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 143.17 236.50 Td (of ) Tj ET Q q 0 0 0 rg BT 152.07 236.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.45 236.50 Td (in ) Tj ET Q q 0 0 0 rg BT 192.35 236.50 Td (pr) Tj ET Q q 0 0 0 rg BT 200.02 236.50 Td (epayment ) Tj ET Q q 0 0 0 rg BT 236.40 236.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 256.29 236.50 Td (on ) Tj ET Q q 0 0 0 rg BT 267.18 236.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 282.08 236.50 Td (value ) Tj ET Q q 0 0 0 rg BT 303.46 236.50 Td (is ) Tj ET Q q 0 0 0 rg BT 311.36 236.50 Td (dependent ) Tj ET Q q 0 0 0 rg BT 350.24 236.50 Td (on ) Tj ET Q q 0 0 0 rg BT 361.13 236.50 Td (other ) Tj ET Q q 0 0 0 rg BT 382.03 236.50 Td (security-specific ) Tj ET Q q 0 0 0 rg BT 442.89 236.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 472.04 236.50 Td (such ) Tj ET Q q 0 0 0 rg BT 490.43 236.50 Td (as ) Tj ET Q q 0 0 0 rg BT 500.33 236.50 Td (the ) Tj ET Q q 0 0 0 rg BT 513.22 236.50 Td (par ) Tj ET Q q 0 0 0 rg BT 527.61 236.50 Td (value ) Tj ET Q q 0 0 0 rg BT 549.00 236.50 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 225.70 Td (structur) Tj ET Q q 0 0 0 rg BT 95.67 225.70 Td (e. ) Tj ET Q q 0 0 0 rg BT 104.15 225.70 Td (Changes ) Tj ET Q q 0 0 0 rg BT 137.89 225.70 Td (in ) Tj ET Q q 0 0 0 rg BT 147.12 225.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.36 225.70 Td (pr) Tj ET Q q 0 0 0 rg BT 168.02 225.70 Td (epayment ) Tj ET Q q 0 0 0 rg BT 204.75 225.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 224.98 225.70 Td (may ) Tj ET Q q 0 0 0 rg BT 242.21 225.70 Td (r) Tj ET Q q 0 0 0 rg BT 245.38 225.70 Td (esult ) Tj ET Q q 0 0 0 rg BT 264.62 225.70 Td (in ) Tj ET Q q 0 0 0 rg BT 273.85 225.70 Td (dir) Tj ET Q q 0 0 0 rg BT 284.02 225.70 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 321.75 225.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 349.49 225.70 Td (or ) Tj ET Q q 0 0 0 rg BT 359.73 225.70 Td (dir) Tj ET Q q 0 0 0 rg BT 369.90 225.70 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 407.62 225.70 Td (inverse ) Tj ET Q q 0 0 0 rg BT 435.85 225.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 467.57 225.70 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 225.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.05 225.70 Td (value ) Tj ET Q q 0 0 0 rg BT 513.78 225.70 Td (depending ) Tj ET Q q 0 0 0 rg BT 553.50 225.70 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 214.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 98.75 214.90 Td (the ) Tj ET Q q 0 0 0 rg BT 111.99 214.90 Td (security ) Tj ET Q q 0 0 0 rg BT 142.73 214.90 Td (trades ) Tj ET Q q 0 0 0 rg BT 167.48 214.90 Td (at ) Tj ET Q q 0 0 0 rg BT 176.73 214.90 Td (a ) Tj ET Q q 0 0 0 rg BT 183.48 214.90 Td (pr) Tj ET Q q 0 0 0 rg BT 191.15 214.90 Td (emium ) Tj ET Q q 0 0 0 rg BT 217.39 214.90 Td (or ) Tj ET Q q 0 0 0 rg BT 227.65 214.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.39 214.90 Td (to ) Tj ET Q q 0 0 0 rg BT 269.64 214.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.89 214.90 Td (par ) Tj ET Q q 0 0 0 rg BT 297.64 214.90 Td (value.) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.71 708.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.26 708.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.35 708.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.78 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.65 708.10 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0.9333333333333333 1 rg /GS0 gs 340.00 373.60 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 373.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 373.60 16.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 373.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 373.60 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 373.60 65.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 349.60 154.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 349.60 65.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 349.60 6.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 349.60 65.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 349.60 6.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 349.60 65.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 349.60 16.00 -34.00 re f /GS0 gs 0.8 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 520.22 Td (1,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 520.22 Td (559,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 508.22 Td (Short-term securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 508.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 508.22 Td (34,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 508.22 Td (744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 508.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 508.22 Td (35,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 496.22 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 496.22 Td (273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 496.22 Td (5,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 496.22 Td (5,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 484.22 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 484.22 Td (205,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 484.22 Td (205,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 472.22 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 472.22 Td (29,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 472.22 Td (29,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 460.22 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 460.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 460.22 Td (288,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 460.22 Td (13,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 460.22 Td (\(273,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 460.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 460.22 Td (29,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.17 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 438.17 Td (inventory positions owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 438.27 Td (30,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 438.27 Td (1,278,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 438.27 Td (23,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 438.32 Td (\(273,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 438.27 Td (1,058,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.22 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 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243.60000000000002 m 340 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 210.60000000000002 m 340 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 208.60000000000002 m 340 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 243.60000000000002 m 411 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 210.60000000000002 m 411 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 208.60000000000002 m 411 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 243.60000000000002 m 492 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 210.60000000000002 m 492 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 208.60000000000002 m 492 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 243.60000000000002 m 563 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 210.60000000000002 m 563 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 208.60000000000002 m 563 208.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.55 676.33 Td (Counterparty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.85 664.33 Td (and Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 652.33 Td (Collateral) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 641.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.10 640.33 Td (Level I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 640.33 Td (Level II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 640.33 Td (Level III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.05 640.33 Td (Netting \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.05 640.33 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 628.33 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 616.17 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 606.17 Td (inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 592.22 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 580.22 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 580.22 Td (7,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 580.22 Td (1,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 580.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 580.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 580.22 Td (9,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 568.22 Td (Convertible securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 568.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 568.22 Td (18,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 568.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 568.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 568.22 Td (18,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 556.22 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 556.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 556.22 Td (48,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 556.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 556.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 556.22 Td (48,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 544.22 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 532.22 Td (Taxable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 532.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 532.22 Td (105,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 532.22 Td (5,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 532.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 532.22 Td (111,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 520.22 Td (Tax-exempt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 520.22 Td (415,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 520.22 Td (1,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 520.22 Td (416,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 508.22 Td (Short-term securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 508.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 508.22 Td (32,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 508.22 Td (720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 508.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 508.22 Td (33,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 496.22 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 496.22 Td (670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 496.22 Td (121,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 496.22 Td (121,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 484.22 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 484.22 Td (188,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 484.22 Td (188,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 472.22 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 472.22 Td (7,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 472.22 Td (7,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 460.22 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 460.22 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 460.22 Td (412,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 460.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 460.22 Td (\(377,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 460.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 460.22 Td (35,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.17 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 438.17 Td (inventory positions owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 438.27 Td (15,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 438.27 Td (1,224,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 438.27 Td (128,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 438.32 Td (\(377,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 438.27 Td (990,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.22 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 412.22 Td (130,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 412.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 412.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 412.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 412.22 Td (130,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.22 Td (Investments at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 388.22 Td (34,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 388.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 388.22 Td (109,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.50 389.55 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 388.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 388.22 Td (144,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.22 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 376.22 Td (180,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 376.22 Td (1,224,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 376.22 Td (238,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 376.22 Td (\(377,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 376.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 376.22 Td (1,265,390) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.17 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 330.17 Td (inventory positions sold, but not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.17 Td (yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 306.22 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 294.22 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 294.22 Td (13,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 294.22 Td (2,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 294.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 294.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 294.22 Td (15,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 282.22 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 282.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 282.22 Td (39,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 282.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 282.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 282.22 Td (39,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 270.22 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 270.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 270.22 Td (21,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 270.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 270.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 270.22 Td (21,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 258.22 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 258.22 Td (159,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 258.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 258.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 258.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 258.22 Td (159,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 246.22 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 246.22 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 246.22 Td (387,351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 246.22 Td (7,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 246.22 Td (\(391,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 246.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 246.22 Td (3,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 234.17 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 224.17 Td (inventory positions sold, but not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 214.17 Td (yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.65 214.27 Td (172,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 214.27 Td (450,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 214.27 Td (7,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 214.32 Td (\(391,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 214.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 214.27 Td (239,155) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 196.30 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 196.30 Td (Repr) Tj ET Q q 0 0 0 rg BT 84.66 196.30 Td (esents ) Tj ET Q q 0 0 0 rg BT 109.31 196.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.45 196.30 Td (collateral ) Tj ET Q q 0 0 0 rg BT 166.10 196.30 Td (and ) Tj ET Q q 0 0 0 rg BT 182.25 196.30 Td (the ) Tj ET Q q 0 0 0 rg BT 195.89 196.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 223.04 196.30 Td (of ) Tj ET Q q 0 0 0 rg BT 232.69 196.30 Td (netting ) Tj ET Q q 0 0 0 rg BT 260.33 196.30 Td (on ) Tj ET Q q 0 0 0 rg BT 271.98 196.30 Td (a ) Tj ET Q q 0 0 0 rg BT 279.13 196.30 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 328.27 196.30 Td (basis. ) Tj ET Q q 0 0 0 rg BT 351.68 196.30 Td (The ) Tj ET Q q 0 0 0 rg BT 367.83 196.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 404.97 196.30 Td (had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.12 196.30 Td (no) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.12 196.30 Td ( ) Tj ET Q q 0 0 0 rg BT 432.77 196.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 469.92 196.30 Td (posted ) Tj ET Q q 0 0 0 rg BT 496.06 196.30 Td (as ) Tj ET Q q 0 0 0 rg BT 506.72 196.30 Td (collateral ) Tj ET Q q 0 0 0 rg BT 544.36 196.30 Td (to ) Tj ET Q q 0 0 0 rg BT 554.01 196.30 Td (its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 185.50 Td (counterparties.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 171.70 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 171.70 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 101.17 171.70 Td (olling ) Tj ET Q q 0 0 0 rg BT 123.89 171.70 Td (inter) Tj ET Q q 0 0 0 rg BT 140.55 171.70 Td (ests ) Tj ET Q q 0 0 0 rg BT 155.77 171.70 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.49 171.70 Td ($41.0 ) Tj ET Q q 0 0 0 rg BT 186.46 171.70 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.96 171.70 Td ( ) Tj ET Q q 0 0 0 rg BT 213.68 171.70 Td (ar) Tj ET Q q 0 0 0 rg BT 221.35 171.70 Td (e ) Tj ET Q q 0 0 0 rg BT 227.06 171.70 Td (attributable ) Tj ET Q q 0 0 0 rg BT 271.28 171.70 Td (to ) Tj ET Q q 0 0 0 rg BT 280.00 171.70 Td (thir) Tj ET Q q 0 0 0 rg BT 292.67 171.70 Td (d ) Tj ET Q q 0 0 0 rg BT 298.89 171.70 Td (party ) Tj ET Q q 0 0 0 rg BT 319.61 171.70 Td (ownership ) Tj ET Q q 0 0 0 rg BT 358.83 171.70 Td (in ) Tj ET Q q 0 0 0 rg BT 367.55 171.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 415.26 171.70 Td (mer) Tj ET Q q 0 0 0 rg BT 428.92 171.70 Td (chant ) Tj ET Q q 0 0 0 rg BT 450.64 171.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 481.35 171.70 Td (and ) Tj ET Q q 0 0 0 rg BT 496.57 171.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 520.79 171.70 Td (living ) Tj ET Q q 0 0 0 rg BT 543.01 171.70 Td (funds ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 160.90 Td (and ) Tj ET Q q 0 0 0 rg BT 83.25 160.90 Td (private ) Tj ET Q q 0 0 0 rg BT 110.99 160.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.23 160.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 175.97 160.90 Td (vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.16 136.90 Td (Company) Tj ET Q q 0 0 0 rg BT 108.82 136.90 Td (s ) Tj ET Q q 0 0 0 rg BT 114.82 136.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 139.70 136.90 Td (III ) Tj ET Q q 0 0 0 rg BT 151.79 136.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.23 136.90 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.77 136.90 Td ($147.1 ) Tj ET Q q 0 0 0 rg BT 228.38 136.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.27 136.90 Td ( ) Tj ET Q q 0 0 0 rg BT 259.38 136.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.93 136.90 Td ($238.3 ) Tj ET Q q 0 0 0 rg BT 305.54 136.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.43 136.90 Td (, ) Tj ET Q q 0 0 0 rg BT 339.04 136.90 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.48 136.90 Td (12.1 ) Tj ET Q q 0 0 0 rg BT 369.09 136.90 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.51 136.90 Td ( ) Tj ET Q q 0 0 0 rg BT 400.62 136.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.17 136.90 Td (18.8 ) Tj ET Q q 0 0 0 rg BT 436.78 136.90 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.20 136.90 Td ( ) Tj ET Q q 0 0 0 rg BT 468.31 136.90 Td (of ) Tj ET Q q 0 0 0 rg BT 478.75 136.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.84 136.90 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.90 Td (measured ) Tj ET Q q 0 0 0 rg BT 90.43 124.90 Td (at ) Tj ET Q q 0 0 0 rg BT 100.26 124.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.75 124.90 Td (value ) Tj ET Q q 0 0 0 rg BT 141.01 124.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.84 124.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.54 124.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.54 124.90 Td ( ) Tj ET Q q 0 0 0 rg BT 232.15 124.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.20 124.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.20 124.90 Td (, ) Tj ET Q q 0 0 0 rg BT 274.31 124.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 321.98 124.90 Td (. ) Tj ET Q q 0 0 0 rg BT 326.90 124.90 Td (The ) Tj ET Q q 0 0 0 rg BT 345.06 124.90 Td (value ) Tj ET Q q 0 0 0 rg BT 369.33 124.90 Td (of ) Tj ET Q q 0 0 0 rg BT 380.27 124.90 Td (transfers ) Tj ET Q q 0 0 0 rg BT 417.31 124.90 Td (between ) Tj ET Q q 0 0 0 rg BT 453.24 124.90 Td (levels ) Tj ET Q q 0 0 0 rg BT 479.17 124.90 Td (are ) Tj ET Q q 0 0 0 rg BT 493.99 124.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 540.47 124.90 Td (at ) Tj ET Q q 0 0 0 rg BT 550.30 124.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.90 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.86 112.90 Td (of ) Tj ET Q q 0 0 0 rg BT 104.55 112.90 Td (the ) Tj ET Q q 0 0 0 rg BT 120.13 112.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 160.15 112.90 Td (period. ) Tj ET Q q 0 0 0 rg BT 191.32 112.90 Td (There ) Tj ET Q q 0 0 0 rg BT 218.00 112.90 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.79 112.90 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 261.66 112.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.55 112.90 Td ( ) Tj ET Q q 0 0 0 rg BT 293.92 112.90 Td (of ) Tj ET Q q 0 0 0 rg BT 305.61 112.90 Td (transfers ) Tj ET Q q 0 0 0 rg BT 343.40 112.90 Td (of ) Tj ET Q q 0 0 0 rg BT 355.10 112.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.44 112.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 420.14 112.90 Td (out ) Tj ET Q q 0 0 0 rg BT 436.28 112.90 Td (of ) Tj ET Q q 0 0 0 rg BT 447.97 112.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 474.10 112.90 Td (III ) Tj ET Q q 0 0 0 rg BT 487.46 112.90 Td (for ) Tj ET Q q 0 0 0 rg BT 502.48 112.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.06 112.90 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.27 112.90 Td ( ) Tj ET Q q 0 0 0 rg BT 538.63 112.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.61 100.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.61 100.90 Td (, ) Tj ET Q q 0 0 0 rg BT 132.13 100.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 171.37 100.90 Td (related ) Tj ET Q q 0 0 0 rg BT 200.60 100.90 Td (to ) Tj ET Q q 0 0 0 rg BT 210.40 100.90 Td (the ) Tj ET Q q 0 0 0 rg BT 224.65 100.90 Td (deconsolidation ) Tj ET Q q 0 0 0 rg BT 289.99 100.90 Td (of ) Tj ET Q q 0 0 0 rg BT 300.35 100.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 329.57 100.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 375.48 100.90 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 426.38 100.90 Td (as ) Tj ET Q q 0 0 0 rg BT 436.74 100.90 Td (discussed ) Tj ET Q q 0 0 0 rg BT 477.09 100.90 Td (in ) Tj ET Q q 0 0 0 rg BT 486.90 100.90 Td (Note ) Tj ET Q q 0 0 0 rg BT 508.36 100.90 Td (3. ) Tj ET Q q 0 0 0 rg BT 517.74 100.90 Td (There ) Tj ET Q q 0 0 0 rg BT 543.08 100.90 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.90 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 88.90 Td ( ) Tj ET Q q 0 0 0 rg BT 62.00 88.90 Td (other ) Tj ET Q q 0 0 0 rg BT 85.05 88.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 129.76 88.90 Td (transfers ) Tj ET Q q 0 0 0 rg BT 166.69 88.90 Td (between ) Tj ET Q q 0 0 0 rg BT 202.50 88.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 227.77 88.90 Td (I, ) Tj ET Q q 0 0 0 rg BT 236.10 88.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 261.36 88.90 Td (II ) Tj ET Q q 0 0 0 rg BT 270.52 88.90 Td (or ) Tj ET Q q 0 0 0 rg BT 281.35 88.90 Td (Level ) Tj ET Q q 0 0 0 rg BT 306.61 88.90 Td (III ) Tj ET Q q 0 0 0 rg BT 319.10 88.90 Td (for ) Tj ET Q q 0 0 0 rg BT 333.26 88.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.98 88.90 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.19 88.90 Td ( ) Tj ET Q q 0 0 0 rg BT 367.69 88.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.07 88.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 452.65 88.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 88.90 Td (.) 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[] 0 d 0 J 0 j 3 M 502 438.6 m 563 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 436.6 m 563 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 367.6 m 188 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 367.6 m 230 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 367.6 m 273 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 367.6 m 312 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 367.6 m 352 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 367.6 m 398 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 367.6 m 444 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 367.6 m 498 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 367.6 m 563 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 334.6 m 188 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 332.6 m 188 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 334.6 m 230 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 332.6 m 230 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 334.6 m 273 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 332.6 m 273 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 334.6 m 312 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 332.6 m 312 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 334.6 m 352 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 332.6 m 352 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 334.6 m 398 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 332.6 m 398 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 334.6 m 444 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 332.6 m 444 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 334.6 m 498 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 332.6 m 498 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 334.6 m 563 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 332.6 m 563 332.6 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.10 677.66 Td (Unrealized gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 505.60 665.66 Td (\(losses\) for assets/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 147.80 653.66 Td (Balance at) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 364.25 653.65 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 407.10 653.65 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 456.80 653.66 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.30 653.66 Td (liabilities held at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 143.15 641.66 Td (December 31,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 280.90 641.65 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 320.40 641.65 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 368.10 641.65 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 414.10 641.65 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.15 641.66 Td (December 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.65 641.66 Td (December 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 629.64 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 629.66 Td (2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 196.50 629.65 Td (Purchases) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 245.60 629.65 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 291.25 629.65 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.00 629.65 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 360.85 629.65 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 406.85 629.65 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 465.50 629.66 Td (2016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.00 629.66 Td (2016 \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 617.68 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 605.55 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 597.55 Td (other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 589.55 Td (positions owned:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 577.55 Td (Municipal securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 565.55 Td (Taxable securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 565.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 565.68 Td (5,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 565.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.10 565.55 Td (\(3,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 565.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 565.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 565.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.75 565.55 Td (554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 565.55 Td (16) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.50 565.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 565.68 Td (2,686) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 565.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 565.68 Td (16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 553.55 Td (Tax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 553.68 Td (1,177) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.10 553.55 Td (\(100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.80 553.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 553.68 Td (1,077) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 553.68 Td (\(100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 553.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 541.55 Td (Short-term securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 541.68 Td (720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 541.55 Td (24) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 541.68 Td (744) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 541.68 Td (24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 529.55 Td (Mortgage-backed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.00 521.60 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 523.83 Td (121,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.80 523.85 Td (26,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.10 523.85 Td (\(142,263) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 523.85 Td (3,495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.10 523.85 Td (\(3,510) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.80 523.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 523.83 Td (5,365) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 523.83 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 511.55 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 511.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.75 511.55 Td (13,952) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 511.68 Td (13,952) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.80 511.68 Td (13,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 499.55 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 491.55 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 483.55 Td (inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 475.60 Td (owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 477.83 Td (128,837) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.80 477.85 Td (26,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.10 477.85 Td (\(145,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 477.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 477.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 477.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 477.85 Td (4,049) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.75 477.85 Td (10,382) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 477.83 Td (23,824) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.80 477.83 Td (13,961) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 453.55 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 453.68 Td (109,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.80 453.55 Td (33,683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.10 453.55 Td (\(28,343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 453.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 453.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.10 453.55 Td (\(9,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.80 453.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 453.55 Td (10,336) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 453.55 Td (7,287) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 453.68 Td (123,319) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 453.68 Td (7,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 441.55 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 441.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 441.68 Td (238,281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.80 441.55 Td (60,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.10 441.55 Td (\(174,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 441.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 441.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.10 441.55 Td (\(9,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.80 441.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 441.55 Td (14,385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.75 441.55 Td (17,669) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.50 441.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 441.68 Td (147,143) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 441.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.80 441.68 Td (20,975) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 417.68 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 405.55 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 397.55 Td (other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 389.55 Td (positions sold, but not) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 381.60 Td (yet purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 371.55 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 371.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 371.68 Td (7,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.10 371.55 Td (\(14,653) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 371.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 371.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 371.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 371.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 371.55 Td (14,653) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.10 371.55 Td (\(5,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.80 371.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.50 371.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 371.68 Td (1,487) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 371.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 371.68 Td (1,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 359.55 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 351.55 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 343.55 Td (inventory positions sold,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 335.60 Td (but not yet purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 337.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 337.83 Td (7,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 337.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.10 337.85 Td (\(14,653) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 337.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 337.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 337.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 337.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 337.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg 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0.8 0.9333333333333333 1 rg /GS0 gs 449.00 462.50 49.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 462.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 462.50 61.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.50 90.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.00 415.50 48.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 415.50 38.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.00 415.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 415.50 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 415.50 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 415.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 415.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 415.50 49.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 415.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 415.50 61.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 654.5 m 188 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 654.5 m 230 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 654.5 m 273 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 654.5 m 313 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 654.5 m 353 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 654.5 m 399 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 654.5 m 445 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 654.5 m 498 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 654.5 m 563 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 541.5 m 188 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 541.5 m 230 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 541.5 m 273 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 541.5 m 313 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 541.5 m 353 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 541.5 m 399 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 541.5 m 445 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 541.5 m 498 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 541.5 m 563 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 484.5 m 188 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 484.5 m 230 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 484.5 m 273 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 484.5 m 313 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 484.5 m 353 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 484.5 m 399 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 484.5 m 445 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 484.5 m 498 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 484.5 m 563 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 474.5 m 188 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 472.5 m 188 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 474.5 m 230 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 472.5 m 230 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 474.5 m 273 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 472.5 m 273 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 474.5 m 313 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 472.5 m 313 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 474.5 m 353 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 472.5 m 353 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 474.5 m 399 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 472.5 m 399 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 484.5 m 445 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 474.5 m 445 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 472.5 m 445 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 474.5 m 498 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 472.5 m 498 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 474.5 m 563 474.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 472.5 m 563 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 404.5 m 188 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 404.5 m 230 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 404.5 m 273 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 404.5 m 313 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 404.5 m 353 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 404.5 m 399 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 404.5 m 445 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 404.5 m 498 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 404.5 m 563 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 369.5 m 188 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 367.5 m 188 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 369.5 m 230 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 367.5 m 230 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 369.5 m 273 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234 367.5 m 273 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 369.5 m 313 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 367.5 m 313 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 369.5 m 353 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 367.5 m 353 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 369.5 m 399 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 367.5 m 399 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 369.5 m 445 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 367.5 m 445 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 369.5 m 498 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 367.5 m 498 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 369.5 m 563 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 367.5 m 563 367.5 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 506.10 706.56 Td (Unrealized gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 505.60 694.56 Td (\(losses\) for assets/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 147.80 682.56 Td (Balance at) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 365.25 682.55 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.10 682.55 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 457.30 682.56 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.30 682.56 Td (liabilities held at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 143.15 670.56 Td (December 31,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 281.40 670.55 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 321.40 670.55 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 369.10 670.55 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 415.10 670.55 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.65 670.56 Td (December 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.65 670.56 Td (December 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 658.54 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 658.56 Td (2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 196.50 658.55 Td (Purchases) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 245.60 658.55 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 291.75 658.55 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 330.00 658.55 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.85 658.55 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 407.85 658.55 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.00 658.56 Td (2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.00 658.56 Td (2015 \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 646.58 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 634.45 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 626.45 Td (other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 618.45 Td (positions owned:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 606.45 Td (Municipal securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 595.45 Td (Taxable securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 595.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 595.58 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 595.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.80 595.45 Td (5,133) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 595.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 595.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 595.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 595.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 595.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 595.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 595.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.80 595.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 595.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.75 595.45 Td (683) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 595.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 595.58 Td (5,816) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 595.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 547.80 595.58 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 584.45 Td (Tax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 584.58 Td (1,186) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 584.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 584.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 584.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 584.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.80 584.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.10 584.45 Td (\(9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 584.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 584.58 Td (1,177) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.10 584.58 Td (\(9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 584.58 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 573.45 Td (Short-term securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 573.58 Td (720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.80 573.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 573.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 573.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 573.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.80 573.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 573.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 573.58 Td (720) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 573.58 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 562.45 Td (Mortgage-backed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.00 554.50 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 556.73 Td (124,749) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 556.75 Td (130,534) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.10 556.75 Td (\(138,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 556.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 556.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 556.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 556.75 Td (3,301) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.75 556.75 Td (1,414) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 556.73 Td (121,124) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 556.73 Td (2,157) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 544.45 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 544.58 Td (140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 544.45 Td (520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 544.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 544.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 544.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.10 544.45 Td (\(520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 544.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.10 544.45 Td (\(140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 544.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 544.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 544.58 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 533.45 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 525.45 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 517.45 Td (inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 509.45 Td (owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 510.73 Td (126,795) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 510.75 Td (136,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.10 510.75 Td (\(138,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 510.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 510.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 510.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 510.75 Td (2,781) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.75 510.75 Td (1,948) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 510.73 Td (128,837) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 510.73 Td (2,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 487.45 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 487.58 Td (74,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.80 487.45 Td (18,589) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.10 487.45 Td (\(1,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 487.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 487.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 487.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.80 487.45 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 487.45 Td (17,695) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 487.58 Td (109,444) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.80 487.58 Td (17,589) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 476.45 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 476.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 476.58 Td (200,960) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 476.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 476.45 Td (154,776) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 476.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.10 476.45 Td (\(139,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 476.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 476.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 476.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 476.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 476.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 476.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 476.45 Td (2,865) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 476.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 476.45 Td (19,643) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 476.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 476.58 Td (238,281) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 476.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.80 476.58 Td (20,420) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 454.58 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 443.45 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 435.45 Td (other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 427.45 Td (positions sold, but not) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 419.45 Td (yet purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 407.45 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 407.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 407.58 Td (7,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 407.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.10 407.45 Td (\(10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 407.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 407.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 407.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 407.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 407.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 407.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 407.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 407.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.75 407.45 Td (10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 407.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.10 407.45 Td (\(674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 407.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 407.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 407.58 Td (7,148) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 407.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 407.58 Td (7,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 396.45 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 388.45 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 380.45 Td (inventory positions sold,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 372.45 Td (but not yet purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 372.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 372.73 Td (7,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 372.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.10 372.75 Td (\(10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 372.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.50 372.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 372.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.50 372.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 372.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.50 372.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 372.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 372.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.75 372.75 Td (10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 372.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.10 372.75 Td (\(674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.80 372.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 372.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 372.73 Td (7,148) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 372.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 372.73 Td (7,148) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 356.40 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 356.40 Td (Realized ) Tj ET Q q 0 0 0 rg BT 96.54 356.40 Td (and ) Tj ET Q q 0 0 0 rg BT 110.04 356.40 Td (unr) Tj ET Q q 0 0 0 rg BT 120.86 356.40 Td (ealized ) Tj ET Q q 0 0 0 rg BT 145.01 356.40 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 190.51 356.40 Td (r) Tj ET Q q 0 0 0 rg BT 193.32 356.40 Td (elated ) Tj ET Q q 0 0 0 rg BT 214.37 356.40 Td (to ) Tj ET Q q 0 0 0 rg BT 222.09 356.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.02 356.40 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.86 356.40 Td (with ) Tj ET Q q 0 0 0 rg BT 308.13 356.40 Td (the ) Tj ET Q q 0 0 0 rg BT 319.40 356.40 Td (exception ) Tj ET Q q 0 0 0 rg BT 351.55 356.40 Td (of ) Tj ET Q q 0 0 0 rg BT 359.27 356.40 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.09 356.40 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 436.90 356.40 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 475.50 356.40 Td (ar) Tj ET Q q 0 0 0 rg BT 482.31 356.40 Td (e ) Tj ET Q q 0 0 0 rg BT 487.36 356.40 Td (r) Tj ET Q q 0 0 0 rg BT 490.18 356.40 Td (eported ) Tj ET Q q 0 0 0 rg BT 516.11 356.40 Td (in ) Tj ET Q q 0 0 0 rg BT 523.83 356.40 Td (institutional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 346.80 Td (br) Tj ET Q q 0 0 0 rg BT 74.32 346.80 Td (okerage ) Tj ET Q q 0 0 0 rg BT 102.12 346.80 Td (on ) Tj ET Q q 0 0 0 rg BT 112.15 346.80 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 346.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.88 346.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 202.68 346.80 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 346.80 Td (operations. ) Tj ET Q q 0 0 0 rg BT 249.20 346.80 Td (Realized ) Tj ET Q q 0 0 0 rg BT 278.78 346.80 Td (and ) Tj ET Q q 0 0 0 rg BT 292.81 346.80 Td (unr) Tj ET Q q 0 0 0 rg BT 303.63 346.80 Td (ealized ) Tj ET Q q 0 0 0 rg BT 328.32 346.80 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.36 346.80 Td (r) Tj ET Q q 0 0 0 rg BT 377.17 346.80 Td (elated ) Tj ET Q q 0 0 0 rg BT 398.75 346.80 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 346.80 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.37 346.80 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 485.72 346.80 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 522.86 346.80 Td (ar) Tj ET Q q 0 0 0 rg BT 529.67 346.80 Td (e ) Tj ET Q q 0 0 0 rg BT 535.26 346.80 Td (r) Tj ET Q q 0 0 0 rg BT 538.07 346.80 Td (eported ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 337.20 Td (in ) Tj ET Q q 0 0 0 rg BT 75.80 337.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.09 337.20 Td (banking. ) Tj ET Q q 0 0 0 rg BT 141.94 337.20 Td (Realized ) Tj ET Q q 0 0 0 rg BT 171.57 337.20 Td (and ) Tj ET Q q 0 0 0 rg BT 185.64 337.20 Td (unr) Tj ET Q q 0 0 0 rg BT 196.46 337.20 Td (ealized ) Tj ET Q q 0 0 0 rg BT 221.20 337.20 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 267.28 337.20 Td (r) Tj ET Q q 0 0 0 rg BT 270.09 337.20 Td (elated ) Tj ET Q q 0 0 0 rg BT 291.72 337.20 Td (to ) Tj ET Q q 0 0 0 rg BT 300.02 337.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.42 337.20 Td (ar) Tj ET Q q 0 0 0 rg BT 346.24 337.20 Td (e ) Tj ET Q q 0 0 0 rg BT 351.87 337.20 Td (r) Tj ET Q q 0 0 0 rg BT 354.68 337.20 Td (eported ) Tj ET Q q 0 0 0 rg BT 381.20 337.20 Td (in ) Tj ET Q q 0 0 0 rg BT 389.50 337.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.79 337.20 Td (banking ) Tj ET Q q 0 0 0 rg BT 453.64 337.20 Td (r) Tj ET Q q 0 0 0 rg BT 456.46 337.20 Td (evenues ) Tj ET Q q 0 0 0 rg BT 483.85 337.20 Td (or ) Tj ET Q q 0 0 0 rg BT 493.04 337.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.33 337.20 Td (income ) Tj ET Q q 0 0 0 rg BT 554.51 337.20 Td (on ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 327.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 327.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.16 327.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 157.93 327.60 Td (of ) Tj ET Q q 0 0 0 rg BT 166.15 327.60 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.80 303.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 101.87 303.60 Td (values ) Tj ET Q q 0 0 0 rg BT 129.17 303.60 Td (of ) Tj ET Q q 0 0 0 rg BT 139.25 303.60 Td (the ) Tj ET Q q 0 0 0 rg BT 153.22 303.60 Td (Company) Tj ET Q q 0 0 0 rg BT 194.88 303.60 Td (s ) Tj ET Q q 0 0 0 rg BT 200.52 303.60 Td (cash, ) Tj ET Q q 0 0 0 rg BT 222.54 303.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.06 303.60 Td (either ) Tj ET Q q 0 0 0 rg BT 286.58 303.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 328.87 303.60 Td (or ) Tj ET Q q 0 0 0 rg BT 338.95 303.60 Td (sold ) Tj ET Q q 0 0 0 rg BT 357.37 303.60 Td (under ) Tj ET Q q 0 0 0 rg BT 381.89 303.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.17 303.60 Td (to ) Tj ET Q q 0 0 0 rg BT 438.70 303.60 Td (resell, ) Tj ET Q q 0 0 0 rg BT 464.61 303.60 Td (receivables ) Tj ET Q q 0 0 0 rg BT 511.33 303.60 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 303.60 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.60 Td (either ) Tj ET Q q 0 0 0 rg BT 74.67 291.60 Td (from ) Tj ET Q q 0 0 0 rg BT 96.51 291.60 Td (or ) Tj ET Q q 0 0 0 rg BT 107.25 291.60 Td (to ) Tj ET Q q 0 0 0 rg BT 117.43 291.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 160.38 291.60 Td (and ) Tj ET Q q 0 0 0 rg BT 177.22 291.60 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 212.12 291.60 Td (dealers ) Tj ET Q q 0 0 0 rg BT 242.84 291.60 Td (and ) Tj ET Q q 0 0 0 rg BT 259.68 291.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 294.29 291.60 Td (or) Tj ET Q q 0 0 0 rg BT 302.44 291.60 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 350.39 291.60 Td (and ) Tj ET Q q 0 0 0 rg BT 367.23 291.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 411.29 291.60 Td (financings ) Tj ET Q q 0 0 0 rg BT 455.35 291.60 Td (approximate ) Tj ET Q q 0 0 0 rg BT 507.73 291.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 524.02 291.60 Td (value ) Tj ET Q q 0 0 0 rg BT 548.08 291.60 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 279.60 Td (their ) Tj ET Q q 0 0 0 rg BT 80.60 279.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 106.44 279.60 Td (or ) Tj ET Q q 0 0 0 rg BT 117.27 279.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 161.42 279.60 Td (nature.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 255.60 Td (Non-Recurring Fair) Tj ET Q q 0 0 0 rg BT 135.13 255.60 Td ( ) Tj ET Q q 0 0 0 rg BT 137.45 255.60 Td (V) Tj ET Q q 0 0 0 rg BT 143.76 255.60 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 196.62 255.60 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.60 Td (During ) Tj ET Q q 0 0 0 rg BT 79.20 231.60 Td (the ) Tj ET Q q 0 0 0 rg BT 92.79 231.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 118.60 231.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 148.29 231.60 Td (of ) Tj ET Q q 0 0 0 rg BT 157.99 231.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 181.86 231.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.45 231.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 235.71 231.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 272.06 231.60 Td (a ) Tj ET Q q 0 0 0 rg BT 277.87 231.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 314.80 231.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 362.27 231.60 Td (char) Tj ET Q q 0 0 0 rg BT 379.29 231.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 390.11 231.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.81 231.60 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 423.68 231.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.57 231.60 Td ( ) Tj ET Q q 0 0 0 rg BT 453.94 231.60 Td (representing ) Tj ET Q q 0 0 0 rg BT 504.74 231.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.60 Td (42 ) Tj ET Q q 0 0 0 rg BT 62.21 219.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.63 219.60 Td ( ) Tj ET Q q 0 0 0 rg BT 94.34 219.60 Td (of ) Tj ET Q q 0 0 0 rg BT 105.38 219.60 Td (the ) Tj ET Q q 0 0 0 rg BT 120.31 219.60 Td (value ) Tj ET Q q 0 0 0 rg BT 144.68 219.60 Td (of ) Tj ET Q q 0 0 0 rg BT 155.72 219.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 193.98 219.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 242.23 219.60 Td (to ) Tj ET Q q 0 0 0 rg BT 252.72 219.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.64 219.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 289.79 219.60 Td (management ) Tj ET Q q 0 0 0 rg BT 343.59 219.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 382.96 219.60 Td (unit. ) Tj ET Q q 0 0 0 rg BT 403.53 219.60 Td (The ) Tj ET Q q 0 0 0 rg BT 421.78 219.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 438.37 219.60 Td (value ) Tj ET Q q 0 0 0 rg BT 462.74 219.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 518.76 219.60 Td (used ) Tj ET Q q 0 0 0 rg BT 539.80 219.60 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 219.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.60 Td (analysis ) Tj ET Q q 0 0 0 rg BT 84.66 207.60 Td (was ) Tj ET Q q 0 0 0 rg BT 103.15 207.60 Td (calculated ) Tj ET Q q 0 0 0 rg BT 146.62 207.60 Td (using ) Tj ET Q q 0 0 0 rg BT 171.23 207.60 Td (the ) Tj ET Q q 0 0 0 rg BT 186.39 207.60 Td (income ) Tj ET Q q 0 0 0 rg BT 218.76 207.60 Td (approach ) Tj ET Q q 0 0 0 rg BT 258.35 207.60 Td (\(discounted ) Tj ET Q q 0 0 0 rg BT 307.94 207.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.65 207.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 349.92 207.60 Td (method\) ) Tj ET Q q 0 0 0 rg BT 386.19 207.60 Td (and ) Tj ET Q q 0 0 0 rg BT 403.57 207.60 Td (market ) Tj ET Q q 0 0 0 rg BT 434.27 207.60 Td (approach ) Tj ET Q q 0 0 0 rg BT 473.86 207.60 Td (\(earnings ) Tj ET Q q 0 0 0 rg BT 514.01 207.60 Td (multiples ) Tj ET Q q 0 0 0 rg BT 554.17 207.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.60 Td (public ) Tj ET Q q 0 0 0 rg BT 77.27 195.60 Td (company ) Tj ET Q q 0 0 0 rg BT 116.71 195.60 Td (comparables\). ) Tj ET Q q 0 0 0 rg BT 175.65 195.60 Td (The ) Tj ET Q q 0 0 0 rg BT 193.98 195.60 Td (discounted ) Tj ET Q q 0 0 0 rg BT 240.08 195.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 260.63 195.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 281.74 195.60 Td (model ) Tj ET Q q 0 0 0 rg BT 309.52 195.60 Td (was ) Tj ET Q q 0 0 0 rg BT 327.85 195.60 Td (calculated ) Tj ET Q q 0 0 0 rg BT 371.15 195.60 Td (using ) Tj ET Q q 0 0 0 rg BT 395.60 195.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 451.70 195.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 481.43 195.60 Td (such ) Tj ET Q q 0 0 0 rg BT 502.54 195.60 Td (as ) Tj ET Q q 0 0 0 rg BT 513.65 195.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 548.07 195.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.60 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 85.61 183.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.11 183.60 Td (forecasts, ) Tj ET Q q 0 0 0 rg BT 128.65 183.60 Td (which ) Tj ET Q q 0 0 0 rg BT 155.58 183.60 Td (are ) Tj ET Q q 0 0 0 rg BT 170.29 183.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 210.55 183.60 Td (as ) Tj ET Q q 0 0 0 rg BT 221.38 183.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 246.65 183.60 Td (III ) Tj ET Q q 0 0 0 rg BT 259.14 183.60 Td (within ) Tj ET Q q 0 0 0 rg BT 287.20 183.60 Td (the ) Tj ET Q q 0 0 0 rg BT 301.91 183.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.29 183.60 Td (value ) Tj ET Q q 0 0 0 rg BT 342.44 183.60 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 379.55 183.60 Td (. ) Tj ET Q q 0 0 0 rg BT 384.55 183.60 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.49 183.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 423.43 183.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.43 183.60 Td ( ) Tj ET Q q 0 0 0 rg BT 435.93 183.60 Td (for ) Tj ET Q q 0 0 0 rg BT 450.09 183.60 Td (further ) Tj ET Q q 0 0 0 rg BT 479.79 183.60 Td (discussion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.60 Td (Note 7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 159.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 159.60 Td (V) Tj ET Q q 0 0 0 rg BT 84.99 159.60 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 135.44 159.60 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.60 159.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 135.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.16 135.60 Td (has ) Tj ET Q q 0 0 0 rg BT 127.85 135.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 178.98 135.60 Td (in ) Tj ET Q q 0 0 0 rg BT 190.12 135.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 219.03 135.60 Td (acts ) Tj ET Q q 0 0 0 rg BT 237.94 135.60 Td (as ) Tj ET Q q 0 0 0 rg BT 249.63 135.60 Td (the ) Tj ET Q q 0 0 0 rg BT 265.20 135.60 Td (managing ) Tj ET Q q 0 0 0 rg BT 308.00 135.60 Td (partner ) Tj ET Q q 0 0 0 rg BT 339.67 135.60 Td (of ) Tj ET Q q 0 0 0 rg BT 351.37 135.60 Td (various ) Tj ET Q q 0 0 0 rg BT 384.16 135.60 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 438.90 135.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 470.59 135.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 505.06 135.60 Td (companies, ) Tj ET Q q 0 0 0 rg BT 553.69 135.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.81 123.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 121.96 123.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 148.90 123.60 Td (These ) Tj ET Q q 0 0 0 rg BT 175.15 123.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 206.42 123.60 Td (were ) Tj ET Q q 0 0 0 rg BT 228.23 123.60 Td (established ) Tj ET Q q 0 0 0 rg BT 275.05 123.60 Td (for ) Tj ET Q q 0 0 0 rg BT 289.09 123.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.69 123.60 Td (purpose ) Tj ET Q q 0 0 0 rg BT 337.73 123.60 Td (of ) Tj ET Q q 0 0 0 rg BT 348.45 123.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 387.49 123.60 Td (in ) Tj ET Q q 0 0 0 rg BT 397.65 123.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.80 123.60 Td (of ) Tj ET Q q 0 0 0 rg BT 448.51 123.60 Td (public ) Tj ET Q q 0 0 0 rg BT 475.89 123.60 Td (or ) Tj ET Q q 0 0 0 rg BT 486.60 123.60 Td (private ) Tj ET Q q 0 0 0 rg BT 516.75 123.60 Td (companies, ) Tj ET Q q 0 0 0 rg BT 564.52 123.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.60 Td (or ) Tj ET Q q 0 0 0 rg BT 61.43 111.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 104.52 111.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 124.84 111.60 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 174.88 111.60 Td (or ) Tj ET Q q 0 0 0 rg BT 186.31 111.60 Td (providing ) Tj ET Q q 0 0 0 rg BT 228.29 111.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 269.16 111.60 Td (to ) Tj ET Q q 0 0 0 rg BT 280.04 111.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 307.57 111.60 Td (living ) Tj ET Q q 0 0 0 rg BT 334.01 111.60 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 374.04 111.60 Td (and ) Tj ET Q q 0 0 0 rg BT 391.58 111.60 Td (were ) Tj ET Q q 0 0 0 rg BT 414.10 111.60 Td (initially ) Tj ET Q q 0 0 0 rg BT 448.31 111.60 Td (financed ) Tj ET Q q 0 0 0 rg BT 485.83 111.60 Td (through ) Tj ET Q q 0 0 0 rg BT 520.04 111.60 Td (the ) Tj ET Q q 0 0 0 rg BT 535.36 111.60 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 106.94 99.60 Td (or ) Tj ET Q q 0 0 0 rg BT 117.77 99.60 Td (seed ) Tj ET Q q 0 0 0 rg BT 138.04 99.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 188.31 99.60 Td (of ) Tj ET Q q 0 0 0 rg BT 199.14 99.60 Td (the ) Tj ET Q q 0 0 0 rg BT 213.86 99.60 Td (members. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.60 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 72.42 75.60 Td (are ) Tj ET Q q 0 0 0 rg BT 86.49 75.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 117.24 75.60 Td (in ) Tj ET Q q 0 0 0 rg BT 126.89 75.60 Td (which ) Tj ET Q q 0 0 0 rg BT 153.20 75.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 180.06 75.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 218.03 75.60 Td (lack ) Tj ET Q q 0 0 0 rg BT 236.56 75.60 Td (the ) Tj ET Q q 0 0 0 rg BT 250.64 75.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 309.70 75.60 Td (of ) Tj ET Q q 0 0 0 rg BT 319.90 75.60 Td (a ) Tj ET Q q 0 0 0 rg BT 326.20 75.60 Td (controlling ) Tj ET Q q 0 0 0 rg BT 371.95 75.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 408.80 75.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.10 75.60 Td (or ) Tj ET Q q 0 0 0 rg BT 450.30 75.60 Td (do ) Tj ET Q q 0 0 0 rg BT 462.17 75.60 Td (not ) Tj ET Q q 0 0 0 rg BT 476.81 75.60 Td (have ) Tj ET Q q 0 0 0 rg BT 497.56 75.60 Td (suf) Tj ET Q q 0 0 0 rg BT 509.60 75.60 Td (ficient ) Tj ET Q q 0 0 0 rg BT 537.01 75.60 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.60 Td (at ) Tj ET Q q 0 0 0 rg BT 59.33 63.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 76.44 63.60 Td (for ) Tj ET Q q 0 0 0 rg BT 90.21 63.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.54 63.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 129.42 63.60 Td (to ) Tj ET Q q 0 0 0 rg BT 139.31 63.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 170.85 63.60 Td (its ) Tj ET Q q 0 0 0 rg BT 182.40 63.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 222.96 63.60 Td (The ) Tj ET Q q 0 0 0 rg BT 240.62 63.60 Td (determination ) Tj ET Q q 0 0 0 rg BT 298.27 63.60 Td (as ) Tj ET Q q 0 0 0 rg BT 308.71 63.60 Td (to ) Tj ET Q q 0 0 0 rg BT 318.60 63.60 Td (whether ) Tj ET Q q 0 0 0 rg BT 352.91 63.60 Td (an ) Tj ET Q q 0 0 0 rg BT 364.46 63.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 389.35 63.60 Td (is ) Tj ET Q q 0 0 0 rg BT 398.13 63.60 Td (a ) Tj ET Q q 0 0 0 rg BT 404.53 63.60 Td (VIE ) Tj ET Q q 0 0 0 rg BT 423.30 63.60 Td (is ) Tj ET Q q 0 0 0 rg BT 432.08 63.60 Td (based ) Tj ET Q q 0 0 0 rg BT 456.96 63.60 Td (on ) Tj ET Q q 0 0 0 rg BT 469.07 63.60 Td (the ) Tj ET Q q 0 0 0 rg BT 483.40 63.60 Td (structure ) Tj ET Q q 0 0 0 rg BT 520.49 63.60 Td (and ) Tj ET Q q 0 0 0 rg BT 537.04 63.60 Td (nature ) Tj ET Q endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.44 708.10 Td (each ) Tj ET Q q 0 0 0 rg BT 80.86 708.10 Td (entity) Tj ET Q q 0 0 0 rg BT 102.98 708.10 Td (. ) Tj ET Q q 0 0 0 rg BT 107.44 708.10 Td (The ) Tj ET Q q 0 0 0 rg BT 125.09 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.08 708.10 Td (also ) Tj ET Q q 0 0 0 rg BT 184.29 708.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 224.17 708.10 Td (other ) Tj ET Q q 0 0 0 rg BT 246.82 708.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 306.12 708.10 Td (such ) Tj ET Q q 0 0 0 rg BT 326.55 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.99 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.31 708.10 Td (power ) Tj ET Q q 0 0 0 rg BT 378.41 708.10 Td (through ) Tj ET Q q 0 0 0 rg BT 411.62 708.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.28 708.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 464.17 708.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.60 708.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 504.48 708.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 529.37 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.25 708.10 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 696.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 103.32 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.15 696.10 Td (an ) Tj ET Q q 0 0 0 rg BT 126.08 696.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 151.36 696.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.85 696.10 Td (most ) Tj ET Q q 0 0 0 rg BT 190.80 696.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 243.29 696.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 273.00 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.72 696.10 Td (entity) Tj ET Q q 0 0 0 rg BT 313.27 696.10 Td (s ) Tj ET Q q 0 0 0 rg BT 319.66 696.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 361.04 696.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 414.06 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.00 696.10 Td (how ) Tj ET Q q 0 0 0 rg BT 450.72 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.43 696.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 490.71 696.10 Td (is ) Tj ET Q q 0 0 0 rg BT 499.88 696.10 Td (financed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.80 672.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.94 672.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.86 672.10 Td (required ) Tj ET Q q 0 0 0 rg BT 153.43 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.46 672.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 211.25 672.10 Td (all ) Tj ET Q q 0 0 0 rg BT 223.34 672.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 246.14 672.10 Td (for ) Tj ET Q q 0 0 0 rg BT 260.06 672.10 Td (which ) Tj ET Q q 0 0 0 rg BT 286.75 672.10 Td (it ) Tj ET Q q 0 0 0 rg BT 294.56 672.10 Td (is ) Tj ET Q q 0 0 0 rg BT 303.48 672.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 349.05 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.08 672.10 Td (be ) Tj ET Q q 0 0 0 rg BT 370.77 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.24 672.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 419.14 672.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 463.47 672.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.05 672.10 Td (The ) Tj ET Q q 0 0 0 rg BT 485.85 672.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 543.64 672.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.23 672.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.64 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.29 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 140.60 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.70 660.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 195.45 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.66 660.10 Td (be ) Tj ET Q q 0 0 0 rg BT 217.53 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.17 660.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 266.26 660.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 313.66 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 322.76 660.10 Td (based ) Tj ET Q q 0 0 0 rg BT 347.96 660.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.39 660.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 395.03 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.68 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 451.00 660.10 Td (has ) Tj ET Q q 0 0 0 rg BT 466.76 660.10 Td (both ) Tj ET Q q 0 0 0 rg BT 486.96 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.61 660.10 Td (power ) Tj ET Q q 0 0 0 rg BT 529.03 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.24 660.10 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.85 648.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 103.59 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.56 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.22 648.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 148.52 648.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.15 648.10 Td (most ) Tj ET Q q 0 0 0 rg BT 188.23 648.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 240.86 648.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 270.71 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.56 648.10 Td (entity) Tj ET Q q 0 0 0 rg BT 311.11 648.10 Td (s ) Tj ET Q q 0 0 0 rg BT 317.64 648.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.15 648.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 412.31 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.38 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.24 648.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 487.43 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.84 648.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 527.14 648.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 553.67 648.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.90 636.10 Td (right ) Tj ET Q q 0 0 0 rg BT 86.47 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.93 636.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 128.48 636.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 162.81 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.83 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.53 636.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 207.88 636.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.56 636.10 Td (could ) Tj ET Q q 0 0 0 rg BT 250.46 636.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 295.91 636.10 Td (be ) Tj ET Q q 0 0 0 rg BT 308.03 636.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 352.92 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.39 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.09 636.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 399.93 636.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 409.19 636.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 439.08 636.10 Td (January ) Tj ET Q q 0 0 0 rg BT 472.86 636.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 483.04 636.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 508.23 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.13 636.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 83.09 624.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 104.94 624.10 Td (2015-02. ) Tj ET Q q 0 0 0 rg BT 142.61 624.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 164.45 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.07 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.12 624.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 224.96 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.72 624.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 256.57 624.10 Td (2015-02, ) Tj ET Q q 0 0 0 rg BT 294.24 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.30 624.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 341.79 624.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 388.61 624.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 422.66 624.10 Td (dif) Tj ET Q q 0 0 0 rg BT 433.59 624.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 455.97 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 469.47 624.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 500.19 624.10 Td (which ) Tj ET Q q 0 0 0 rg BT 526.47 624.10 Td (qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.73 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.01 612.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 114.17 612.10 Td (under ) Tj ET Q q 0 0 0 rg BT 140.00 612.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 177.51 612.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 234.46 612.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 273.63 612.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 294.74 612.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 317.25 612.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 358.63 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.14 612.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 423.09 612.10 Td (companies\). ) Tj ET Q q 0 0 0 rg BT 474.75 612.10 Td (For ) Tj ET Q q 0 0 0 rg BT 491.71 612.10 Td (these ) Tj ET Q q 0 0 0 rg BT 515.33 612.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 549.78 612.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.10 600.10 Td (was ) Tj ET Q q 0 0 0 rg BT 108.87 600.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 154.40 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.39 600.10 Td (be ) Tj ET Q q 0 0 0 rg BT 176.04 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.47 600.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 224.34 600.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 271.53 600.10 Td (if ) Tj ET Q q 0 0 0 rg BT 279.85 600.10 Td (it ) Tj ET Q q 0 0 0 rg BT 287.62 600.10 Td (absorbed ) Tj ET Q q 0 0 0 rg BT 325.94 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 332.59 600.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 368.68 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.23 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.50 600.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 412.94 600.10 Td (s ) Tj ET Q q 0 0 0 rg BT 419.04 600.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 456.79 600.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 485.40 600.10 Td (received ) Tj ET Q q 0 0 0 rg BT 521.47 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.13 600.10 Td (majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.37 588.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 94.80 588.10 Td (s ) Tj ET Q q 0 0 0 rg BT 101.20 588.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 139.23 588.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 173.38 588.10 Td (returns, ) Tj ET Q q 0 0 0 rg BT 206.15 588.10 Td (or ) Tj ET Q q 0 0 0 rg BT 216.98 588.10 Td (both.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 108.44 564.10 Td (VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.90 540.10 Td (Company) Tj ET Q q 0 0 0 rg BT 108.57 540.10 Td (s ) Tj ET Q q 0 0 0 rg BT 113.82 540.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 165.62 540.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 187.52 540.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.10 540.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 253.54 540.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.54 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.90 540.10 Td (include ) Tj ET Q q 0 0 0 rg BT 305.69 540.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 334.24 540.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 377.80 540.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 398.59 540.10 Td (management ) Tj ET Q q 0 0 0 rg BT 451.04 540.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 474.62 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.75 540.10 Td (which ) Tj ET Q q 0 0 0 rg BT 509.55 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 540.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (has ) Tj ET Q q 0 0 0 rg BT 66.06 528.10 Td (an ) Tj ET Q q 0 0 0 rg BT 78.23 528.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 124.84 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.01 528.10 Td (as ) Tj ET Q q 0 0 0 rg BT 153.07 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.01 528.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 210.18 528.10 Td (partner) Tj ET Q q 0 0 0 rg BT 238.09 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.32 528.10 Td (is ) Tj ET Q q 0 0 0 rg BT 252.72 528.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 286.54 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.05 528.10 Td (have ) Tj ET Q q 0 0 0 rg BT 318.66 528.10 Td (both ) Tj ET Q q 0 0 0 rg BT 339.17 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.11 528.10 Td (power ) Tj ET Q q 0 0 0 rg BT 381.83 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.34 528.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 417.83 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.78 528.10 Td (most ) Tj ET Q q 0 0 0 rg BT 454.96 528.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 499.90 528.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 538.73 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.37 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.96 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.33 516.10 Td (right ) Tj ET Q q 0 0 0 rg BT 126.37 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.30 516.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 167.31 516.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 201.12 516.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 214.93 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.29 516.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 272.00 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.93 516.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 310.74 516.10 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 340.11 516.10 Td (that ) Tj ET Q q 0 0 0 rg BT 357.26 516.10 Td (could ) Tj ET Q q 0 0 0 rg BT 381.62 516.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 426.54 516.10 Td (be ) Tj ET Q q 0 0 0 rg BT 438.13 516.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 482.50 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.42 516.10 Td (these ) Tj ET Q q 0 0 0 rg BT 515.12 516.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 541.99 516.10 Td (Prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.99 504.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 110.99 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.87 504.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 142.88 504.10 Td (2015-02, ) Tj ET Q q 0 0 0 rg BT 180.71 504.10 Td (these ) Tj ET Q q 0 0 0 rg BT 203.25 504.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 234.13 504.10 Td (lacked ) Tj ET Q q 0 0 0 rg BT 262.22 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.44 504.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 335.62 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.95 504.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.25 504.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 370.90 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.34 504.10 Td (were ) Tj ET Q q 0 0 0 rg BT 408.77 504.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 461.31 504.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.64 504.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 499.19 504.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 530.63 504.10 Td (entities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.92 480.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.18 480.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.99 480.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.13 480.10 Td (information ) Tj ET Q q 0 0 0 rg BT 215.72 480.10 Td (about ) Tj ET Q q 0 0 0 rg BT 240.31 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.90 480.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 290.59 480.10 Td (value ) Tj ET Q q 0 0 0 rg BT 314.62 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.33 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.92 480.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.62 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.44 480.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 422.03 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.73 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.15 480.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 470.08 480.10 Td (which ) Tj ET Q q 0 0 0 rg BT 496.89 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 511.47 480.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.77 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.75 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 119.41 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.62 468.10 Td (included ) Tj ET Q q 0 0 0 rg BT 173.82 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 186.59 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.57 468.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 254.88 468.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 299.86 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.96 468.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.71 468.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 389.25 468.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.24 468.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 458.09 468.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.09 468.10 Td (. ) Tj ET Q q 0 0 0 rg BT 483.16 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 501.47 468.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 527.57 468.10 Td (can ) Tj ET Q q 0 0 0 rg BT 544.22 468.10 Td (only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.64 456.10 Td (used ) Tj ET Q q 0 0 0 rg BT 82.17 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.15 456.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 115.46 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.87 456.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 169.29 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.82 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.24 456.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 236.81 456.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 258.18 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.82 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.23 456.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 326.42 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.95 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.21 456.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 373.96 456.10 Td (do ) Tj ET Q q 0 0 0 rg BT 386.16 456.10 Td (not ) Tj ET Q q 0 0 0 rg BT 401.14 456.10 Td (have ) Tj ET Q q 0 0 0 rg BT 422.22 456.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 458.29 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.27 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.69 456.10 Td (general ) Tj ET Q q 0 0 0 rg BT 514.31 456.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 539.28 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.81 456.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 444.10 Td (. ) Tj ET Q q 0 0 0 rg BT 94.10 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.27 444.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 140.23 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.29 444.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 199.13 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.97 444.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 256.91 444.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 279.97 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.38 444.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 348.88 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.95 444.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 387.24 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 395.31 444.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 427.82 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.77 444.10 Td (these ) Tj ET Q q 0 0 0 rg BT 463.95 444.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 490.90 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.97 444.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 549.81 444.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 94.71 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.99 432.10 Td (consolidation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 385.60 407.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 385.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 385.60 95.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 361.60 407.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 361.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 361.60 95.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 337.60 407.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 337.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 337.60 95.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.60 407.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 313.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 313.60 95.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 289.60 407.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 289.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 289.60 95.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 265.60 407.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 265.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 265.60 95.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.60 407.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 241.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 241.60 95.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 385.6 m 560.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 385.6 m 560.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 325.6 m 560.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 325.6 m 560.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 314.6 m 560.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 312.6 m 560.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 241.60000000000002 m 560.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 241.60000000000002 m 560.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 230.60000000000002 m 560.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 228.60000000000002 m 560.5 228.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.95 400.33 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 526.21 400.33 Td (Asset) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 53.00 389.64 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.85 388.33 Td (Management Funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 376.33 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 364.22 Td (Receivables from brokers, dealers and clearing organizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 364.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 364.22 Td (7,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 352.22 Td (Financial instruments and other inventory positions owned and pledged as collateral) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 352.22 Td (332,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 340.22 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 340.22 Td (101,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 328.22 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 328.22 Td (5,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.22 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 316.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 316.22 Td (446,786) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 292.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 280.22 Td (Short-term financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 280.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 280.22 Td (271,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 268.22 Td (Payables to brokers, dealers and clearing organizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 268.22 Td (13,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 256.22 Td (Financial instruments and other inventory positions sold, but not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 256.22 Td (3,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 244.22 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 244.22 Td (5,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 232.22 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 232.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 232.22 Td (294,511) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 206.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.86 206.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.40 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143.85 170.10 Td (plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (Nonconsolidated ) Tj ET Q q 0 0 0 rg BT 123.44 146.10 Td (VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.54 122.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.42 122.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 155.40 122.10 Td (it ) Tj ET Q q 0 0 0 rg BT 162.95 122.10 Td (is ) Tj ET Q q 0 0 0 rg BT 171.61 122.10 Td (not ) Tj ET Q q 0 0 0 rg BT 186.38 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.59 122.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 234.24 122.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 281.20 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.53 122.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 320.58 122.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 343.13 122.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.56 122.10 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 408.75 122.10 Td (does ) Tj ET Q q 0 0 0 rg BT 429.08 122.10 Td (not ) Tj ET Q q 0 0 0 rg BT 443.85 122.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 491.38 122.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 515.73 122.10 Td (These ) Tj ET Q q 0 0 0 rg BT 541.45 122.10 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (had ) Tj ET Q q 0 0 0 rg BT 66.47 110.10 Td (net ) Tj ET Q q 0 0 0 rg BT 80.72 110.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 106.09 110.10 Td (approximating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.44 110.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 185.97 110.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.09 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.12 110.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.59 110.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 250.13 110.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.24 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.27 110.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.52 110.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 345.64 110.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.64 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.68 110.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 110.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 110.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.68 110.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 456.34 110.10 Td (. ) Tj ET Q q 0 0 0 rg BT 460.73 110.10 Td (The ) Tj ET Q q 0 0 0 rg BT 478.31 110.10 Td (Company) Tj ET Q q 0 0 0 rg BT 519.98 110.10 Td (s ) Tj ET Q q 0 0 0 rg BT 525.90 110.10 Td (exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.85 98.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 79.49 98.10 Td (from ) Tj ET Q q 0 0 0 rg BT 102.00 98.10 Td (these ) Tj ET Q q 0 0 0 rg BT 125.40 98.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 149.02 98.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.77 98.10 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 179.34 98.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.23 98.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.81 98.10 Td (which ) Tj ET Q q 0 0 0 rg BT 241.32 98.10 Td (is ) Tj ET Q q 0 0 0 rg BT 251.06 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.35 98.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 302.74 98.10 Td (value ) Tj ET Q q 0 0 0 rg BT 327.47 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.87 98.10 Td (its ) Tj ET Q q 0 0 0 rg BT 351.40 98.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 381.12 98.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 436.97 98.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 475.02 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.87 98.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 536.72 98.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.79 98.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.69 86.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 149.04 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.51 86.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.64 86.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 239.56 86.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.92 86.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 309.14 86.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.14 86.10 Td (. ) Tj ET Q q 0 0 0 rg BT 334.56 86.10 Td (The ) Tj ET Q q 0 0 0 rg BT 353.25 86.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 395.28 86.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.86 86.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.86 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.01 86.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 466.37 86.10 Td (related ) Tj ET Q q 0 0 0 rg BT 496.71 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.63 86.10 Td (these ) Tj ET Q q 0 0 0 rg BT 531.10 86.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 554.79 86.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.20 74.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.20 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.31 74.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.87 74.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.87 74.10 Td (. ) Tj ET Q q 0 0 0 rg BT 171.48 74.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 226.08 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.41 74.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 281.41 74.10 Td (has ) Tj ET Q q 0 0 0 rg BT 296.86 74.10 Td (not ) Tj ET Q q 0 0 0 rg BT 311.75 74.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 349.41 74.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.50 74.10 Td (or ) Tj ET Q q 0 0 0 rg BT 396.95 74.10 Td (other ) Tj ET Q q 0 0 0 rg BT 419.61 74.10 Td (support ) Tj ET Q q 0 0 0 rg BT 451.72 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.62 74.10 Td (these ) Tj ET Q q 0 0 0 rg BT 484.12 74.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 506.79 74.10 Td (that ) Tj ET Q q 0 0 0 rg BT 523.90 74.10 Td (it ) Tj ET Q q 0 0 0 rg BT 531.57 74.10 Td (was ) Tj ET Q q 0 0 0 rg BT 549.24 74.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 94.72 62.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 149.41 62.10 Td (required ) Tj ET Q q 0 0 0 rg BT 185.23 62.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.51 62.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 228.55 62.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.38 62.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.21 62.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 308.80 62.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.80 62.10 Td (.) Tj ET Q endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 708.25 Td (Receivables fr) Tj ET Q q 0 0 0 rg BT 136.54 708.25 Td (om and Payables to Br) Tj ET Q q 0 0 0 rg BT 227.82 708.25 Td (okers, Dealers and Clearing Or) Tj ET Q q 0 0 0 rg BT 354.94 708.25 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.06 708.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 661.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 661.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 661.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 661.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 637.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 637.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 637.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 637.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 613.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 613.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 613.75 8.00 -12.00 re f /GS0 gs 0.8 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576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 578.75 m 561.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 576.75 m 561.5 576.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 676.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 676.48 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 665.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 664.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 664.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 652.37 Td (Receivable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 652.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 652.48 Td (132,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 652.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 652.37 Td (62,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.37 Td (Deposits paid for securities borrowed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 640.48 Td (27,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 640.37 Td (47,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.37 Td (Receivable from clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 628.48 Td (3,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 628.37 Td (3,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 616.37 Td (Deposits with clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 616.48 Td (35,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 616.37 Td (27,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.37 Td (Securities failed to deliver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.65 604.48 Td (975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 604.37 Td (2,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.37 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 592.48 Td (12,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 592.37 Td (6,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 580.37 Td (Total receivables from brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 580.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 580.48 Td (212,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 580.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 580.37 Td (147,949) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 531.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 531.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 531.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 531.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 507.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 507.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 507.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 507.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 483.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 483.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 483.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 483.75 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 531.75 m 478.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 531.75 m 561.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 531.75 m 478.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 531.75 m 561.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 483.75 m 478.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 483.75 m 561.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 472.75 m 478.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 470.75 m 478.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 472.75 m 561.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 470.75 m 561.5 470.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 546.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 546.48 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 535.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 534.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 534.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 522.37 Td (Payable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 522.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 522.48 Td (13,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 522.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 522.37 Td (34,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 510.37 Td (Payable to clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 510.48 Td (15,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 510.37 Td (3,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 498.37 Td (Securities failed to receive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 498.48 Td (3,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 498.37 Td (4,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 486.37 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 486.48 Td (7,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 486.37 Td (6,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 474.37 Td (Total payables to brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 474.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 474.48 Td (40,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 474.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 474.37 Td (48,131) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 88.45 448.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 109.11 448.25 Td (for ) Tj ET Q q 0 0 0 rg BT 124.22 448.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 165.43 448.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 207.19 448.25 Td (approximate ) Tj ET Q q 0 0 0 rg BT 260.62 448.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.28 448.25 Td (market ) Tj ET Q q 0 0 0 rg BT 307.49 448.25 Td (value ) Tj ET Q q 0 0 0 rg BT 332.59 448.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.37 448.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.03 448.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 403.74 448.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 446.62 448.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 472.83 448.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.06 448.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 515.27 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 533.15 448.25 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 89.15 436.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.86 436.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 138.56 436.25 Td (value ) Tj ET Q q 0 0 0 rg BT 162.72 436.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.55 436.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 213.81 436.25 Td (that ) Tj ET Q q 0 0 0 rg BT 231.31 436.25 Td (have ) Tj ET Q q 0 0 0 rg BT 252.69 436.25 Td (not ) Tj ET Q q 0 0 0 rg BT 267.96 436.25 Td (been ) Tj ET Q q 0 0 0 rg BT 289.34 436.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 329.04 436.25 Td (or ) Tj ET Q q 0 0 0 rg BT 339.87 436.25 Td (received ) Tj ET Q q 0 0 0 rg BT 376.24 436.25 Td (by ) Tj ET Q q 0 0 0 rg BT 388.74 436.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.45 436.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.84 436.25 Td (on ) Tj ET Q q 0 0 0 rg BT 457.34 436.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 500.94 436.25 Td (date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 412.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 412.25 Td (Receivables fr) Tj ET Q q 0 0 0 rg BT 136.04 412.25 Td (om and Payables to Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 412.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 366.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 366.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 366.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 366.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 342.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 342.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 342.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 342.75 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 366.75 m 479 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 366.75 m 562 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 366.75 m 479 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 366.75 m 562 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 342.75 m 479 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 342.75 m 562 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 331.75 m 479 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 329.75 m 479 329.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 331.75 m 562 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 329.75 m 562 329.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 380.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 380.53 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 370.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 369.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 369.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 357.37 Td (Cash accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 357.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 357.48 Td (29,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 357.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 357.37 Td (39,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 345.37 Td (Margin accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 345.48 Td (2,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 345.37 Td (1,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 333.37 Td (Total receivables from customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 333.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 333.48 Td (31,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 333.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 333.37 Td (41,167) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 90.77 307.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 119.27 307.25 Td (by ) Tj ET Q q 0 0 0 rg BT 131.11 307.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 173.49 307.25 Td (are ) Tj ET Q q 0 0 0 rg BT 187.53 307.25 Td (held ) Tj ET Q q 0 0 0 rg BT 206.59 307.25 Td (as ) Tj ET Q q 0 0 0 rg BT 216.76 307.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 255.79 307.25 Td (for ) Tj ET Q q 0 0 0 rg BT 269.29 307.25 Td (mar) Tj ET Q q 0 0 0 rg BT 284.65 307.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 299.27 307.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 318.32 307.25 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 367.50 307.25 Td (This ) Tj ET Q q 0 0 0 rg BT 387.12 307.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 426.15 307.25 Td (is ) Tj ET Q q 0 0 0 rg BT 434.66 307.25 Td (not ) Tj ET Q q 0 0 0 rg BT 449.27 307.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 486.08 307.25 Td (on ) Tj ET Q q 0 0 0 rg BT 497.92 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 307.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 295.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 134.19 295.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 150.67 295.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 165.95 295.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 185.67 295.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 233.14 295.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 252.84 295.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.78 295.25 Td (at ) Tj ET Q q 0 0 0 rg BT 294.50 295.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 328.10 295.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 360.03 295.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 381.41 295.25 Td (based ) Tj ET Q q 0 0 0 rg BT 406.68 295.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.18 295.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 445.00 295.25 Td (rates.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 248.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 248.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 248.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 248.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 224.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 224.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 224.75 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 248.75 m 479 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 248.75 m 562 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 248.75 m 479 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 248.75 m 562 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 224.75 m 479 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 224.75 m 562 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 213.75 m 479 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 211.75 m 479 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 213.75 m 562 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 211.75 m 562 211.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 263.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 263.48 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 252.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 251.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 251.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 239.37 Td (Cash accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 239.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 239.48 Td (14,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 239.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 239.37 Td (19,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 227.37 Td (Margin accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 227.48 Td (14,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 227.37 Td (17,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 215.37 Td (Total payables to customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 215.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 215.48 Td (29,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 215.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 215.37 Td (37,364) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 87.89 189.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.50 189.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 141.89 189.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 181.94 189.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 221.43 189.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 242.04 189.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 279.30 189.25 Td (in ) Tj ET Q q 0 0 0 rg BT 289.92 189.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 329.41 189.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 367.23 189.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 410.63 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.80 189.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 461.29 189.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 486.35 189.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 521.41 189.25 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.55 177.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 99.03 177.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 148.51 177.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.67 177.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 203.04 177.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 226.98 177.25 Td (on ) Tj ET Q q 0 0 0 rg BT 238.70 177.25 Td (deposit. ) Tj ET Q q 0 0 0 rg BT 271.80 177.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 301.28 177.25 Td (for ) Tj ET Q q 0 0 0 rg BT 314.66 177.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 350.27 177.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 379.20 177.25 Td (from ) Tj ET Q q 0 0 0 rg BT 400.36 177.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.73 177.25 Td (short ) Tj ET Q q 0 0 0 rg BT 460.45 177.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 484.10 177.25 Td (all ) Tj ET Q q 0 0 0 rg BT 495.82 177.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 531.42 177.25 Td (payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 165.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 102.83 165.25 Td (are ) Tj ET Q q 0 0 0 rg BT 117.53 165.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.36 165.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.64 165.25 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 206.12 165.25 Td (by ) Tj ET Q q 0 0 0 rg BT 218.62 165.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 261.67 165.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 284.17 165.25 Td (their ) Tj ET Q q 0 0 0 rg BT 304.99 165.25 Td (request.) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Note 10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 708.25 Td (Collateralized Securities T) Tj ET Q q 0 0 0 rg BT 191.16 708.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.83 708.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 684.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.27 684.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.71 684.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 156.03 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.03 684.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 212.24 684.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.56 684.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 291.21 684.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 323.76 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.53 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.97 684.25 Td (using ) Tj ET Q q 0 0 0 rg BT 404.20 684.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 444.52 684.25 Td (as ) Tj ET Q q 0 0 0 rg BT 455.40 684.25 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 497.66 684.25 Td (In ) Tj ET Q q 0 0 0 rg BT 508.54 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.31 684.25 Td (event ) Tj ET Q q 0 0 0 rg BT 547.52 684.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.83 672.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 118.48 672.25 Td (does ) Tj ET Q q 0 0 0 rg BT 139.93 672.25 Td (not ) Tj ET Q q 0 0 0 rg BT 155.82 672.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 178.37 672.25 Td (its ) Tj ET Q q 0 0 0 rg BT 190.94 672.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 238.48 672.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 282.14 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.04 672.25 Td (return ) Tj ET Q q 0 0 0 rg BT 320.03 672.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.91 672.25 Td (used ) Tj ET Q q 0 0 0 rg BT 382.36 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 393.81 672.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 434.12 672.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 457.51 672.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 495.06 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 505.96 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.29 672.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.62 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 558.07 672.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 95.18 660.25 Td (agreement\), ) Tj ET Q q 0 0 0 rg BT 145.03 660.25 Td (or ) Tj ET Q q 0 0 0 rg BT 155.74 660.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 198.67 660.25 Td (do ) Tj ET Q q 0 0 0 rg BT 211.04 660.25 Td (not ) Tj ET Q q 0 0 0 rg BT 226.20 660.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 257.46 660.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 299.83 660.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.97 660.25 Td (or ) Tj ET Q q 0 0 0 rg BT 350.68 660.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 370.83 660.25 Td (for ) Tj ET Q q 0 0 0 rg BT 384.87 660.25 Td (mar) Tj ET Q q 0 0 0 rg BT 400.23 660.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 415.39 660.25 Td (when ) Tj ET Q q 0 0 0 rg BT 439.43 660.25 Td (required, ) Tj ET Q q 0 0 0 rg BT 477.62 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.21 660.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 533.48 660.25 Td (may ) Tj ET Q q 0 0 0 rg BT 553.07 660.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 83.85 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.20 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.00 648.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 123.58 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.49 648.25 Td (reacquiring ) Tj ET Q q 0 0 0 rg BT 180.60 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.39 648.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 233.74 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 243.64 648.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 271.89 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.68 648.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.03 648.25 Td (at ) Tj ET Q q 0 0 0 rg BT 333.82 648.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 383.15 648.25 Td (market ) Tj ET Q q 0 0 0 rg BT 412.50 648.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 437.95 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.31 648.25 Td (order ) Tj ET Q q 0 0 0 rg BT 469.99 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.34 648.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 507.03 648.25 Td (its ) Tj ET Q q 0 0 0 rg BT 518.06 648.25 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 636.25 Td (its ) Tj ET Q q 0 0 0 rg BT 72.25 636.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 115.56 636.25 Td (or ) Tj ET Q q 0 0 0 rg BT 126.65 636.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 188.36 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 206.67 636.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 248.32 636.25 Td (seeks ) Tj ET Q q 0 0 0 rg BT 272.74 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.28 636.25 Td (control ) Tj ET Q q 0 0 0 rg BT 314.37 636.25 Td (this ) Tj ET Q q 0 0 0 rg BT 331.58 636.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 349.34 636.25 Td (by ) Tj ET Q q 0 0 0 rg BT 362.10 636.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 409.31 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.29 636.25 Td (market ) Tj ET Q q 0 0 0 rg BT 454.82 636.25 Td (value ) Tj ET Q q 0 0 0 rg BT 479.23 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.33 636.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 530.85 636.25 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.57 624.25 Td (used ) Tj ET Q q 0 0 0 rg BT 81.64 624.25 Td (as ) Tj ET Q q 0 0 0 rg BT 92.71 624.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 132.64 624.25 Td (on ) Tj ET Q q 0 0 0 rg BT 145.38 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 152.56 624.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 175.29 624.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 198.03 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.20 624.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 254.60 624.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 305.11 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 315.63 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.58 624.25 Td (event ) Tj ET Q q 0 0 0 rg BT 354.97 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.04 624.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 394.88 624.25 Td (market ) Tj ET Q q 0 0 0 rg BT 425.38 624.25 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 466.52 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 484.81 624.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.43 624.25 Td (also ) Tj ET Q q 0 0 0 rg BT 545.28 624.25 Td (uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 612.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 98.19 612.25 Td (third ) Tj ET Q q 0 0 0 rg BT 119.85 612.25 Td (party ) Tj ET Q q 0 0 0 rg BT 143.17 612.25 Td (custodians ) Tj ET Q q 0 0 0 rg BT 188.17 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.72 612.25 Td (administer ) Tj ET Q q 0 0 0 rg BT 243.71 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.71 612.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 304.81 612.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 344.78 612.25 Td (for ) Tj ET Q q 0 0 0 rg BT 359.22 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.22 612.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 410.88 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.98 612.25 Td (its ) Tj ET Q q 0 0 0 rg BT 434.21 612.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 478.64 612.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 519.18 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.74 612.25 Td (mitigate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.04 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.68 576.25 Td (reverse ) Tj ET Q q 0 0 0 rg BT 97.76 576.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 143.27 576.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.12 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 576.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.63 576.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 284.27 576.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.46 576.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 370.33 576.25 Td (from ) Tj ET Q q 0 0 0 rg BT 391.98 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 398.62 576.25 Td (seller) Tj ET Q q 0 0 0 rg BT 419.88 576.25 Td (, ) Tj ET Q q 0 0 0 rg BT 424.58 576.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 461.78 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 471.77 576.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 511.73 576.25 Td (for ) Tj ET Q q 0 0 0 rg BT 525.59 576.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 548.07 576.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (agrees ) Tj ET Q q 0 0 0 rg BT 77.68 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.11 564.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 112.41 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.27 564.25 Td (same ) Tj ET Q q 0 0 0 rg BT 150.46 564.25 Td (or ) Tj ET Q q 0 0 0 rg BT 161.44 564.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 214.63 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.50 564.25 Td (same ) Tj ET Q q 0 0 0 rg BT 252.69 564.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.32 564.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 339.63 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.91 564.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 389.21 564.25 Td (at ) Tj ET Q q 0 0 0 rg BT 399.08 564.25 Td (a ) Tj ET Q q 0 0 0 rg BT 406.16 564.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 432.13 564.25 Td (price ) Tj ET Q q 0 0 0 rg BT 454.76 564.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 474.08 564.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 507.81 564.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 539.88 564.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.31 564.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 78.03 552.25 Td (In ) Tj ET Q q 0 0 0 rg BT 88.50 552.25 Td (a ) Tj ET Q q 0 0 0 rg BT 95.09 552.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 140.54 552.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 186.83 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.20 552.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.23 552.25 Td (sells ) Tj ET Q q 0 0 0 rg BT 262.16 552.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.29 552.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 348.10 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 358.03 552.25 Td (a ) Tj ET Q q 0 0 0 rg BT 364.62 552.25 Td (buyer) Tj ET Q q 0 0 0 rg BT 386.99 552.25 Td (, ) Tj ET Q q 0 0 0 rg BT 391.63 552.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 428.77 552.25 Td (for ) Tj ET Q q 0 0 0 rg BT 442.58 552.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 465.00 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.58 552.25 Td (agrees ) Tj ET Q q 0 0 0 rg BT 509.27 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.20 552.25 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.77 540.25 Td (same ) Tj ET Q q 0 0 0 rg BT 86.37 540.25 Td (or ) Tj ET Q q 0 0 0 rg BT 96.75 540.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 149.35 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.62 540.25 Td (same ) Tj ET Q q 0 0 0 rg BT 186.22 540.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.26 540.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 271.97 540.25 Td (from ) Tj ET Q q 0 0 0 rg BT 293.46 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.73 540.25 Td (buyer ) Tj ET Q q 0 0 0 rg BT 332.55 540.25 Td (at ) Tj ET Q q 0 0 0 rg BT 341.82 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 348.31 540.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 373.69 540.25 Td (price ) Tj ET Q q 0 0 0 rg BT 395.73 540.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 414.45 540.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 447.59 540.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 479.07 540.25 Td (at ) Tj ET Q q 0 0 0 rg BT 488.34 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 494.83 540.25 Td (future ) Tj ET Q q 0 0 0 rg BT 520.76 540.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 541.97 540.25 Td (Even ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (though ) Tj ET Q q 0 0 0 rg BT 80.13 528.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 126.30 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.59 528.25 Td (reverse ) Tj ET Q q 0 0 0 rg BT 175.32 528.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 221.48 528.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 269.87 528.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 302.72 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.79 528.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 340.08 528.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 373.47 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.66 528.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 429.18 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.36 528.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.20 528.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 530.22 528.25 Td (they ) Tj ET Q q 0 0 0 rg BT 550.30 528.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.37 516.25 Td (for ) Tj ET Q q 0 0 0 rg BT 106.37 516.25 Td (as ) Tj ET Q q 0 0 0 rg BT 117.04 516.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 157.14 516.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 213.34 516.25 Td (because ) Tj ET Q q 0 0 0 rg BT 247.33 516.25 Td (they ) Tj ET Q q 0 0 0 rg BT 266.88 516.25 Td (require ) Tj ET Q q 0 0 0 rg BT 297.54 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.09 516.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.41 516.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 398.42 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.53 516.25 Td (be ) Tj ET Q q 0 0 0 rg BT 420.31 516.25 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 470.96 516.25 Td (or ) Tj ET Q q 0 0 0 rg BT 481.62 516.25 Td (resold ) Tj ET Q q 0 0 0 rg BT 508.40 516.25 Td (at ) Tj ET Q q 0 0 0 rg BT 517.96 516.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 554.18 516.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 504.25 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.46 480.25 Td (a ) Tj ET Q q 0 0 0 rg BT 65.54 480.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 104.93 480.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 144.89 480.25 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 192.89 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.74 480.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.26 480.25 Td (borrows ) Tj ET Q q 0 0 0 rg BT 281.67 480.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 321.06 480.25 Td (from ) Tj ET Q q 0 0 0 rg BT 342.14 480.25 Td (a ) Tj ET Q q 0 0 0 rg BT 348.21 480.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 400.37 480.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.79 480.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 449.17 480.25 Td (for ) Tj ET Q q 0 0 0 rg BT 462.47 480.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 484.25 480.25 Td (When ) Tj ET Q q 0 0 0 rg BT 509.76 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 480.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 79.77 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.49 468.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 137.25 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.97 468.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 205.00 468.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 235.27 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.98 468.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 272.75 468.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 305.24 468.25 Td (is ) Tj ET Q q 0 0 0 rg BT 314.41 468.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 354.11 468.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 373.83 468.25 Td (periodically ) Tj ET Q q 0 0 0 rg BT 424.08 468.25 Td (over ) Tj ET Q q 0 0 0 rg BT 444.35 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 468.25 Td (life ) Tj ET Q q 0 0 0 rg BT 474.90 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.73 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.44 468.25 Td (transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.43 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.25 444.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.18 444.25 Td (course ) Tj ET Q q 0 0 0 rg BT 134.89 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.82 444.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 184.82 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.64 444.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 241.13 444.25 Td (obtains ) Tj ET Q q 0 0 0 rg BT 272.62 444.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 312.99 444.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 356.13 444.25 Td (under ) Tj ET Q q 0 0 0 rg BT 381.50 444.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.64 444.25 Td (to ) Tj ET Q q 0 0 0 rg BT 440.02 444.25 Td (resell, ) Tj ET Q q 0 0 0 rg BT 466.78 444.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 507.15 444.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 548.07 444.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 432.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 79.49 432.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 126.86 432.25 Td (on ) Tj ET Q q 0 0 0 rg BT 138.71 432.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 162.77 432.25 Td (that ) Tj ET Q q 0 0 0 rg BT 179.60 432.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 207.55 432.25 Td (it ) Tj ET Q q 0 0 0 rg BT 214.95 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.57 432.25 Td (repledge ) Tj ET Q q 0 0 0 rg BT 260.84 432.25 Td (or ) Tj ET Q q 0 0 0 rg BT 271.01 432.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 294.51 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.57 432.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.18 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 357.80 432.25 Td (others, ) Tj ET Q q 0 0 0 rg BT 386.58 432.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 423.42 432.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 459.70 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 469.32 432.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 432.25 Td (agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.13 420.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.11 420.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 144.63 420.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.48 420.25 Td (with ) Tj ET Q q 0 0 0 rg BT 204.35 420.25 Td (a ) Tj ET Q q 0 0 0 rg BT 210.87 420.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.84 420.25 Td (value ) Tj ET Q q 0 0 0 rg BT 250.58 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.00 420.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.84 420.25 Td ($192.2 ) Tj ET Q q 0 0 0 rg BT 350.43 420.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.32 420.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.41 420.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.94 420.25 Td ($185.8 ) Tj ET Q q 0 0 0 rg BT 427.52 420.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.41 420.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.50 420.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.81 420.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.98 420.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.98 420.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 420.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 408.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.25 408.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 121.92 408.25 Td (, ) Tj ET Q q 0 0 0 rg BT 126.67 408.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.26 408.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.95 408.25 Td ($185.2 ) Tj ET Q q 0 0 0 rg BT 193.70 408.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.60 408.25 Td ( ) Tj ET Q q 0 0 0 rg BT 224.85 408.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.54 408.25 Td ($175.8 ) Tj ET Q q 0 0 0 rg BT 271.30 408.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.19 408.25 Td (, ) Tj ET Q q 0 0 0 rg BT 304.95 408.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 352.61 408.25 Td (, ) Tj ET Q q 0 0 0 rg BT 357.36 408.25 Td (had ) Tj ET Q q 0 0 0 rg BT 374.05 408.25 Td (been ) Tj ET Q q 0 0 0 rg BT 395.19 408.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 429.10 408.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.68 408.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 480.81 408.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 526.37 408.25 Td (to ) Tj ET Q q 0 0 0 rg BT 536.41 408.25 Td (satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (its ) Tj ET Q q 0 0 0 rg BT 61.45 396.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 118.39 396.25 Td (under ) Tj ET Q q 0 0 0 rg BT 143.66 396.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.14 396.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 230.30 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 247.24 396.25 Td (other ) Tj ET Q q 0 0 0 rg BT 270.29 396.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 311.11 396.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 349.73 396.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 371.40 396.25 Td (but ) Tj ET Q q 0 0 0 rg BT 386.68 396.25 Td (not ) Tj ET Q q 0 0 0 rg BT 401.96 396.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 416.67 396.25 Td (purchased.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.38 372.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.61 372.25 Td (is ) Tj ET Q q 0 0 0 rg BT 117.61 372.25 Td (a ) Tj ET Q q 0 0 0 rg BT 124.39 372.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 163.94 372.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.61 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.16 372.25 Td (Company) Tj ET Q q 0 0 0 rg BT 230.83 372.25 Td (s ) Tj ET Q q 0 0 0 rg BT 237.05 372.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 277.15 372.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 296.16 372.25 Td (under ) Tj ET Q q 0 0 0 rg BT 321.27 372.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 369.13 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.25 372.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 424.89 372.25 Td (\("Repurchase ) Tj ET Q q 0 0 0 rg BT 481.28 372.25 Td (Liabilities"\), ) Tj ET Q q 0 0 0 rg BT 534.08 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.63 372.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (market ) Tj ET Q q 0 0 0 rg BT 80.06 360.25 Td (value ) Tj ET Q q 0 0 0 rg BT 104.51 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.64 360.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 155.64 360.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 190.09 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.33 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.34 360.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 254.57 360.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 272.36 360.25 Td (char) Tj ET Q q 0 0 0 rg BT 289.38 360.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 306.62 360.25 Td (by ) Tj ET Q q 0 0 0 rg BT 319.42 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.43 360.25 Td (Company) Tj ET Q q 0 0 0 rg BT 376.10 360.25 Td (s ) Tj ET Q q 0 0 0 rg BT 382.79 360.25 Td (counterparty) Tj ET Q q 0 0 0 rg BT 432.67 360.25 Td (, ) Tj ET Q q 0 0 0 rg BT 437.97 360.25 Td (which ) Tj ET Q q 0 0 0 rg BT 465.20 360.25 Td (is ) Tj ET Q q 0 0 0 rg BT 474.67 360.25 Td (based ) Tj ET Q q 0 0 0 rg BT 500.24 360.25 Td (on ) Tj ET Q q 0 0 0 rg BT 513.04 360.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 545.83 360.25 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 348.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 105.03 348.25 Td (mar) Tj ET Q q 0 0 0 rg BT 120.39 348.25 Td (gin, ) Tj ET Q q 0 0 0 rg BT 138.17 348.25 Td (as ) Tj ET Q q 0 0 0 rg BT 149.00 348.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.83 348.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 218.42 348.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.42 348.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 313.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 313.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 313.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 313.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 313.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 313.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 289.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 289.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 289.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 289.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 289.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 289.75 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 313.75 m 395.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 313.75 m 478.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 313.75 m 561.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 277.75 m 395.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 277.75 m 478.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 266.75 m 395.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 264.75 m 395.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 277.75 m 478.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 266.75 m 478.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 264.75 m 478.5 264.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.30 328.48 Td (Repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.05 328.48 Td (Fair Market) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 317.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.10 316.48 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.45 316.48 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 316.48 Td (InterestRate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 304.48 Td (On demand maturities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 292.37 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 292.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 292.37 Td (1,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 292.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 292.37 Td (1,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 292.37 Td (0.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 280.37 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 280.37 Td (15,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 280.37 Td (14,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 280.37 Td (0.00 - 0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 268.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 268.37 Td (16,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 268.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 268.37 Td (16,852) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 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0 rg BT 285.61 456.50 Td (These ) Tj ET Q q 0 0 0 rg BT 306.29 456.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.96 456.50 Td (ar) Tj ET Q q 0 0 0 rg BT 345.77 456.50 Td (e ) Tj ET Q q 0 0 0 rg BT 351.34 456.50 Td (not ) Tj ET Q q 0 0 0 rg BT 363.57 456.50 Td (included ) Tj ET Q q 0 0 0 rg BT 393.13 456.50 Td (on ) Tj ET Q q 0 0 0 rg BT 403.14 456.50 Td (the ) Tj ET Q q 0 0 0 rg BT 414.92 456.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 457.82 456.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 493.60 456.50 Td (of ) Tj ET Q q 0 0 0 rg BT 501.83 456.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 532.29 456.50 Td (condition ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 446.90 Td (unless ) Tj ET Q q 0 0 0 rg BT 89.50 446.90 Td (ther) Tj ET Q q 0 0 0 rg BT 102.09 446.90 Td (e ) Tj ET Q q 0 0 0 rg BT 107.64 446.90 Td (is ) Tj ET Q q 0 0 0 rg BT 114.98 446.90 Td (an ) Tj ET Q q 0 0 0 rg BT 124.98 446.90 Td (event ) Tj ET Q q 0 0 0 rg BT 143.85 446.90 Td (of ) Tj ET Q q 0 0 0 rg BT 152.07 446.90 Td (default.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 434.30 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 434.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.69 434.30 Td (the ) Tj ET Q q 0 0 0 rg BT 108.54 434.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 122.19 434.30 Td (value ) Tj ET Q q 0 0 0 rg BT 141.59 434.30 Td (of ) Tj ET Q q 0 0 0 rg BT 149.90 434.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.64 434.30 Td (pledged ) Tj ET Q q 0 0 0 rg BT 210.05 434.30 Td (by ) Tj ET Q q 0 0 0 rg BT 219.69 434.30 Td (the ) Tj ET Q q 0 0 0 rg BT 231.54 434.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.29 434.30 Td (to ) Tj ET Q q 0 0 0 rg BT 272.60 434.30 Td (the ) Tj ET Q q 0 0 0 rg BT 284.46 434.30 Td (counterparty) Tj ET Q q 0 0 0 rg BT 325.34 434.30 Td (. ) Tj ET Q q 0 0 0 rg BT 329.42 434.30 Td (These ) Tj ET Q q 0 0 0 rg BT 350.17 434.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.92 434.30 Td (ar) Tj ET Q q 0 0 0 rg BT 389.73 434.30 Td (e ) Tj ET Q q 0 0 0 rg BT 395.37 434.30 Td (included ) Tj ET Q q 0 0 0 rg BT 425.00 434.30 Td (on ) Tj ET Q q 0 0 0 rg BT 435.08 434.30 Td (the ) Tj ET Q q 0 0 0 rg BT 446.94 434.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 489.91 434.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 525.76 434.30 Td (of ) Tj ET Q q 0 0 0 rg BT 534.07 434.30 Td (financial ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 424.70 Td (condition ) Tj ET Q q 0 0 0 rg BT 99.72 424.70 Td (unless ) Tj ET Q q 0 0 0 rg BT 121.72 424.70 Td (the ) Tj ET Q q 0 0 0 rg BT 133.49 424.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.16 424.70 Td (defaults.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 412.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 96.89 412.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 112.50 412.10 Td (for ) Tj ET Q q 0 0 0 rg BT 123.22 412.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.27 412.10 Td (borr) Tj ET Q q 0 0 0 rg BT 169.20 412.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 187.47 412.10 Td (ar) Tj ET Q q 0 0 0 rg BT 194.29 412.10 Td (e ) Tj ET Q q 0 0 0 rg BT 199.22 412.10 Td (included ) Tj ET Q q 0 0 0 rg BT 228.16 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.77 412.10 Td (r) Tj ET Q q 0 0 0 rg BT 238.58 412.10 Td (eceivables ) Tj ET Q q 0 0 0 rg BT 273.28 412.10 Td (fr) Tj ET Q q 0 0 0 rg BT 278.32 412.10 Td (om ) Tj ET Q q 0 0 0 rg BT 289.48 412.10 Td (br) Tj ET Q q 0 0 0 rg BT 296.30 412.10 Td (okers, ) Tj ET Q q 0 0 0 rg BT 317.02 412.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 341.95 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.34 412.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 383.39 412.10 Td (or) Tj ET Q q 0 0 0 rg BT 390.20 412.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 428.48 412.10 Td (on ) Tj ET Q q 0 0 0 rg BT 437.87 412.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.03 412.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 491.30 412.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 526.46 412.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.07 412.10 Td (financial ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 402.50 Td (condition. ) Tj ET Q q 0 0 0 rg BT 101.72 402.50 Td (See ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.82 402.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 131.93 402.50 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 135.93 402.50 Td ( ) Tj ET Q q 0 0 0 rg BT 137.93 402.50 Td (for ) Tj ET Q q 0 0 0 rg BT 149.27 402.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 184.16 402.50 Td (information ) Tj ET Q q 0 0 0 rg BT 223.94 402.50 Td (on ) Tj ET Q q 0 0 0 rg BT 233.94 402.50 Td (r) Tj ET Q q 0 0 0 rg BT 236.75 402.50 Td (eceivables ) Tj ET Q q 0 0 0 rg BT 272.07 402.50 Td (fr) Tj ET Q q 0 0 0 rg BT 277.11 402.50 Td (om ) Tj ET Q q 0 0 0 rg BT 288.88 402.50 Td (br) Tj ET Q q 0 0 0 rg BT 295.70 402.50 Td (okers, ) Tj ET Q q 0 0 0 rg BT 317.03 402.50 Td (dealers ) Tj ET Q q 0 0 0 rg BT 342.58 402.50 Td (and ) Tj ET Q q 0 0 0 rg BT 356.58 402.50 Td (clearing ) Tj ET Q q 0 0 0 rg BT 385.24 402.50 Td (or) Tj ET Q q 0 0 0 rg BT 392.05 402.50 Td (ganizations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.50 Td (There ) Tj ET Q q 0 0 0 rg BT 76.24 378.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.09 378.50 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.09 378.50 Td ( ) Tj ET Q q 0 0 0 rg BT 112.51 378.50 Td (gross ) Tj ET Q q 0 0 0 rg BT 137.04 378.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 174.35 378.50 Td (of) Tj ET Q q 0 0 0 rg BT 182.50 378.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 200.36 378.50 Td (on ) Tj ET Q q 0 0 0 rg BT 213.79 378.50 Td (the ) Tj ET Q q 0 0 0 rg BT 229.42 378.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 283.39 378.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 329.02 378.50 Td (of ) Tj ET Q q 0 0 0 rg BT 340.77 378.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.18 378.50 Td (condition ) Tj ET Q q 0 0 0 rg BT 420.37 378.50 Td (for ) Tj ET Q q 0 0 0 rg BT 435.45 378.50 Td (reverse ) Tj ET Q q 0 0 0 rg BT 467.74 378.50 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 378.50 Td (agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.58 366.50 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 130.21 366.50 Td (or ) Tj ET Q q 0 0 0 rg BT 140.86 366.50 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 186.48 366.50 Td (agreements ) Tj ET Q q 0 0 0 rg BT 234.32 366.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.86 366.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 302.25 366.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.25 366.50 Td (, ) Tj ET Q q 0 0 0 rg BT 327.07 366.50 Td (as ) Tj ET Q q 0 0 0 rg BT 337.71 366.50 Td (a ) Tj ET Q q 0 0 0 rg BT 344.47 366.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 366.21 366.50 Td (right ) Tj ET Q q 0 0 0 rg BT 387.42 366.50 Td (of ) Tj ET Q q 0 0 0 rg BT 398.06 366.50 Td (of) Tj ET Q q 0 0 0 rg BT 406.21 366.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 422.96 366.50 Td (did ) Tj ET Q q 0 0 0 rg BT 438.05 366.50 Td (not ) Tj ET Q q 0 0 0 rg BT 453.15 366.50 Td (exist. ) Tj ET Q q 0 0 0 rg BT 476.68 366.50 Td (The ) Tj ET Q q 0 0 0 rg BT 494.54 366.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 535.74 366.50 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.50 366.50 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 366.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 97.92 354.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.44 354.50 Td (lending ) Tj ET Q q 0 0 0 rg BT 169.19 354.50 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 224.81 354.50 Td (as ) Tj ET Q q 0 0 0 rg BT 234.90 354.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.99 354.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 302.83 354.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.83 354.50 Td ( ) Tj ET Q q 0 0 0 rg BT 324.58 354.50 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.67 354.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.67 354.50 Td (. ) Tj ET Q q 0 0 0 rg BT 358.93 354.50 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.12 354.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 396.32 354.50 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.32 354.50 Td ( ) Tj ET Q q 0 0 0 rg BT 403.08 354.50 Td (for ) Tj ET Q q 0 0 0 rg BT 416.49 354.50 Td (information ) Tj ET Q q 0 0 0 rg BT 465.46 354.50 Td (related ) Tj ET Q q 0 0 0 rg BT 494.42 354.50 Td (to ) Tj ET Q q 0 0 0 rg BT 503.96 354.50 Td (the ) Tj ET Q q 0 0 0 rg BT 517.93 354.50 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.50 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 342.50 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 90.14 342.50 Td (of ) Tj ET Q q 0 0 0 rg BT 100.97 342.50 Td (derivative ) Tj ET Q q 0 0 0 rg BT 143.46 342.50 Td (contracts. ) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Note 1) Tj ET Q q 0 0 0 rg BT 76.44 717.75 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.44 717.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.94 717.75 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.15 717.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.48 693.75 Td (Company) Tj ET Q q 0 0 0 rg BT 110.15 693.75 Td (s ) Tj ET Q q 0 0 0 rg BT 117.48 693.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 168.69 693.75 Td (include ) Tj ET Q q 0 0 0 rg BT 201.56 693.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.77 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.99 693.75 Td (private ) Tj ET Q q 0 0 0 rg BT 295.19 693.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 341.39 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 359.27 693.75 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 414.08 693.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 456.94 693.75 Td (mutual ) Tj ET Q q 0 0 0 rg BT 488.15 693.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 516.31 693.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 554.18 693.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (public ) Tj ET Q q 0 0 0 rg BT 77.00 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 93.93 681.75 Td (private ) Tj ET Q q 0 0 0 rg BT 124.20 681.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 169.46 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 186.40 681.75 Td (private ) Tj ET Q q 0 0 0 rg BT 216.66 681.75 Td (company ) Tj ET Q q 0 0 0 rg BT 255.82 681.75 Td (debt.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 647.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 647.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 647.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 647.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 623.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 623.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 623.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 623.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 599.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 599.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 599.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 599.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 575.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 575.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 575.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 575.25 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 647.25 m 478.5 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 647.25 m 561.5 647.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 611.25 m 478.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 611.25 m 561.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 575.25 m 478.5 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 575.25 m 561.5 575.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 564.25 m 478.5 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 562.25 m 478.5 562.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 564.25 m 561.5 564.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 562.25 m 561.5 562.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 661.98 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 661.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 651.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 649.98 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 649.98 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 637.87 Td (Investments at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 637.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 637.98 Td (156,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 637.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 637.87 Td (144,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 625.87 Td (Investments at cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 625.98 Td (2,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 625.87 Td (3,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 613.87 Td (Investments accounted for under the equity method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 613.98 Td (9,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 613.87 Td (17,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 601.87 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 601.98 Td (168,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 601.87 Td (165,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 577.87 Td (Less investments attributable to noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 578.03 Td (\(45,123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 577.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 577.87 Td (\(41,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 577.87 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 565.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 565.98 Td (122,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 565.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 565.87 Td (124,390) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 551.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 551.15 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 551.15 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.25 551.15 Td (inter) Tj ET Q q 0 0 0 rg BT 133.06 551.15 Td (ests ) Tj ET Q q 0 0 0 rg BT 147.22 551.15 Td (ar) Tj ET Q q 0 0 0 rg BT 154.04 551.15 Td (e ) Tj ET Q q 0 0 0 rg BT 159.74 551.15 Td (attributable ) Tj ET Q q 0 0 0 rg BT 199.68 551.15 Td (to ) Tj ET Q q 0 0 0 rg BT 208.05 551.15 Td (thir) Tj ET Q q 0 0 0 rg BT 219.32 551.15 Td (d ) Tj ET Q q 0 0 0 rg BT 225.47 551.15 Td (party ) Tj ET Q q 0 0 0 rg BT 244.52 551.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 280.01 551.15 Td (in ) Tj ET Q q 0 0 0 rg BT 288.39 551.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 331.43 551.15 Td (mer) Tj ET Q q 0 0 0 rg BT 343.57 551.15 Td (chant ) Tj ET Q q 0 0 0 rg BT 363.50 551.15 Td (banking ) Tj ET Q q 0 0 0 rg BT 391.43 551.15 Td (and ) Tj ET Q q 0 0 0 rg BT 405.59 551.15 Td (senior ) Tj ET Q q 0 0 0 rg BT 427.74 551.15 Td (living ) Tj ET Q q 0 0 0 rg BT 448.12 551.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 467.61 551.15 Td (and ) Tj ET Q q 0 0 0 rg BT 481.77 551.15 Td (private ) Tj ET Q q 0 0 0 rg BT 506.58 551.15 Td (equity ) Tj ET Q q 0 0 0 rg BT 528.29 551.15 Td (investment ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 541.55 Td (vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.55 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.87 517.55 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.33 517.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.33 517.55 Td (, ) Tj ET Q q 0 0 0 rg BT 145.21 517.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 195.36 517.55 Td (carried ) Tj ET Q q 0 0 0 rg BT 225.48 517.55 Td (on ) Tj ET Q q 0 0 0 rg BT 237.86 517.55 Td (a ) Tj ET Q q 0 0 0 rg BT 244.67 517.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 263.15 517.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 285.53 517.55 Td (had ) Tj ET Q q 0 0 0 rg BT 302.34 517.55 Td (an ) Tj ET Q q 0 0 0 rg BT 314.15 517.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 354.85 517.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 371.10 517.55 Td (market ) Tj ET Q q 0 0 0 rg BT 401.24 517.55 Td (value ) Tj ET Q q 0 0 0 rg BT 425.27 517.55 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.97 517.55 Td ($4.4 ) Tj ET Q q 0 0 0 rg BT 455.85 517.55 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.74 517.55 Td (. ) Tj ET Q q 0 0 0 rg BT 489.61 517.55 Td (Because ) Tj ET Q q 0 0 0 rg BT 525.30 517.55 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.59 505.55 Td (were ) Tj ET Q q 0 0 0 rg BT 111.90 505.55 Td (based ) Tj ET Q q 0 0 0 rg BT 137.54 505.55 Td (upon ) Tj ET Q q 0 0 0 rg BT 160.42 505.55 Td (management) Tj ET Q q 0 0 0 rg BT 214.29 505.55 Td (s ) Tj ET Q q 0 0 0 rg BT 221.06 505.55 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 264.21 505.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 314.86 505.55 Td (carried ) Tj ET Q q 0 0 0 rg BT 345.49 505.55 Td (at ) Tj ET Q q 0 0 0 rg BT 355.58 505.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 374.57 505.55 Td (would ) Tj ET Q q 0 0 0 rg BT 402.45 505.55 Td (be ) Tj ET Q q 0 0 0 rg BT 414.76 505.55 Td (categorized ) Tj ET Q q 0 0 0 rg BT 463.72 505.55 Td (as ) Tj ET Q q 0 0 0 rg BT 474.93 505.55 Td (Level ) Tj ET Q q 0 0 0 rg BT 500.57 505.55 Td (III ) Tj ET Q q 0 0 0 rg BT 513.43 505.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.64 505.55 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 505.55 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.88 493.55 Td (value ) Tj ET Q q 0 0 0 rg BT 90.03 493.55 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 127.14 493.55 Td (, ) Tj ET Q q 0 0 0 rg BT 132.14 493.55 Td (if ) Tj ET Q q 0 0 0 rg BT 140.75 493.55 Td (they ) Tj ET Q q 0 0 0 rg BT 160.46 493.55 Td (were ) Tj ET Q q 0 0 0 rg BT 182.39 493.55 Td (carried ) Tj ET Q q 0 0 0 rg BT 212.64 493.55 Td (at ) Tj ET Q q 0 0 0 rg BT 222.36 493.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 238.74 493.55 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.23 469.55 Td (accounted ) Tj ET Q q 0 0 0 rg BT 143.17 469.55 Td (for ) Tj ET Q q 0 0 0 rg BT 157.23 469.55 Td (under ) Tj ET Q q 0 0 0 rg BT 182.40 469.55 Td (the ) Tj ET Q q 0 0 0 rg BT 197.02 469.55 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.42 469.55 Td (method ) Tj ET Q q 0 0 0 rg BT 256.82 469.55 Td (include ) Tj ET Q q 0 0 0 rg BT 288.66 469.55 Td (general ) Tj ET Q q 0 0 0 rg BT 320.48 469.55 Td (and ) Tj ET Q q 0 0 0 rg BT 337.33 469.55 Td (limited ) Tj ET Q q 0 0 0 rg BT 368.06 469.55 Td (partnership ) Tj ET Q q 0 0 0 rg BT 415.45 469.55 Td (interests. ) Tj ET Q q 0 0 0 rg BT 453.51 469.55 Td (The ) Tj ET Q q 0 0 0 rg BT 471.46 469.55 Td (carrying ) Tj ET Q q 0 0 0 rg BT 507.18 469.55 Td (value ) Tj ET Q q 0 0 0 rg BT 531.23 469.55 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 469.55 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.63 457.55 Td (is ) Tj ET Q q 0 0 0 rg BT 108.66 457.55 Td (based ) Tj ET Q q 0 0 0 rg BT 133.79 457.55 Td (on ) Tj ET Q q 0 0 0 rg BT 146.15 457.55 Td (the ) Tj ET Q q 0 0 0 rg BT 160.72 457.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.96 457.55 Td (vehicle) Tj ET Q q 0 0 0 rg BT 238.61 457.55 Td (s ) Tj ET Q q 0 0 0 rg BT 244.86 457.55 Td (net ) Tj ET Q q 0 0 0 rg BT 259.44 457.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 281.23 457.55 Td (value. ) Tj ET Q q 0 0 0 rg BT 307.58 457.55 Td (The ) Tj ET Q q 0 0 0 rg BT 325.48 457.55 Td (net ) Tj ET Q q 0 0 0 rg BT 340.06 457.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.75 457.55 Td (of ) Tj ET Q q 0 0 0 rg BT 376.43 457.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 422.67 457.55 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 473.91 457.55 Td (consist ) Tj ET Q q 0 0 0 rg BT 504.05 457.55 Td (of ) Tj ET Q q 0 0 0 rg BT 514.73 457.55 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.55 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 445.55 Td (both ) Tj ET Q q 0 0 0 rg BT 79.86 445.55 Td (marketable ) Tj ET Q q 0 0 0 rg BT 126.68 445.55 Td (and ) Tj ET Q q 0 0 0 rg BT 143.52 445.55 Td (non-marketable ) Tj ET Q q 0 0 0 rg BT 208.67 445.55 Td (securities. ) Tj ET Q q 0 0 0 rg BT 251.17 445.55 Td (The ) Tj ET Q q 0 0 0 rg BT 269.12 445.55 Td (underlying ) Tj ET Q q 0 0 0 rg BT 314.84 445.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 365.02 445.55 Td (held ) Tj ET Q q 0 0 0 rg BT 384.64 445.55 Td (by ) Tj ET Q q 0 0 0 rg BT 397.04 445.55 Td (such ) Tj ET Q q 0 0 0 rg BT 417.77 445.55 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 469.05 445.55 Td (are ) Tj ET Q q 0 0 0 rg BT 483.66 445.55 Td (valued ) Tj ET Q q 0 0 0 rg BT 512.72 445.55 Td (based ) Tj ET Q q 0 0 0 rg BT 537.89 445.55 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 445.55 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.55 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.52 433.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 107.10 433.55 Td (value ) Tj ET Q q 0 0 0 rg BT 131.46 433.55 Td (determined ) Tj ET Q q 0 0 0 rg BT 179.14 433.55 Td (by ) Tj ET Q q 0 0 0 rg BT 191.84 433.55 Td (management ) Tj ET Q q 0 0 0 rg BT 245.63 433.55 Td (in ) Tj ET Q q 0 0 0 rg BT 256.11 433.55 Td (our ) Tj ET Q q 0 0 0 rg BT 272.14 433.55 Td (capacity ) Tj ET Q q 0 0 0 rg BT 308.16 433.55 Td (as ) Tj ET Q q 0 0 0 rg BT 319.19 433.55 Td (general ) Tj ET Q q 0 0 0 rg BT 351.31 433.55 Td (partner ) Tj ET Q q 0 0 0 rg BT 382.33 433.55 Td (or ) Tj ET Q q 0 0 0 rg BT 393.36 433.55 Td (investor ) Tj ET Q q 0 0 0 rg BT 428.28 433.55 Td (and, ) Tj ET Q q 0 0 0 rg BT 447.92 433.55 Td (in ) Tj ET Q q 0 0 0 rg BT 458.40 433.55 Td (the ) Tj ET Q q 0 0 0 rg BT 473.32 433.55 Td (case ) Tj ET Q q 0 0 0 rg BT 493.23 433.55 Td (of ) Tj ET Q q 0 0 0 rg BT 504.26 433.55 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.73 433.55 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.55 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 421.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 97.91 421.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.29 421.55 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 198.17 421.55 Td (are ) Tj ET Q q 0 0 0 rg BT 212.87 421.55 Td (based ) Tj ET Q q 0 0 0 rg BT 238.14 421.55 Td (on ) Tj ET Q q 0 0 0 rg BT 250.64 421.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.12 421.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.83 421.55 Td (prepared ) Tj ET Q q 0 0 0 rg BT 370.31 421.55 Td (by ) Tj ET Q q 0 0 0 rg BT 382.81 421.55 Td (the ) Tj ET Q q 0 0 0 rg BT 397.53 421.55 Td (unaf) Tj ET Q q 0 0 0 rg BT 415.12 421.55 Td (filiated ) Tj ET Q q 0 0 0 rg BT 445.94 421.55 Td (general ) Tj ET Q q 0 0 0 rg BT 477.86 421.55 Td (partners.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.55 Td (Note 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 397.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 397.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 110.64 397.55 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.64 397.55 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.05 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 351.05 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 351.05 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 351.05 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.05 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 327.05 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 327.05 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 327.05 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.05 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 303.05 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 303.05 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 303.05 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.05 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 279.05 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 279.05 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 279.05 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 351.04999999999995 m 479.5 351.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 351.04999999999995 m 562.5 351.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 351.04999999999995 m 479.5 351.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 351.04999999999995 m 562.5 351.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 267.04999999999995 m 479.5 267.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 267.04999999999995 m 562.5 267.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 256.04999999999995 m 479.5 256.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 254.04999999999995 m 479.5 254.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 256.04999999999995 m 562.5 256.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 254.04999999999995 m 562.5 254.04999999999995 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 365.78 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 365.78 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 355.00 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 353.78 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 353.78 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.67 Td (Net deferred income tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 341.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 341.78 Td (97,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 341.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 341.67 Td (66,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.67 Td (Fee receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 329.78 Td (22,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 329.67 Td (18,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.67 Td (Accrued interest receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 317.78 Td (9,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 317.67 Td (6,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 305.67 Td (Forgivable loans, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 305.78 Td (9,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 305.67 Td (10,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.67 Td (Prepaid expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 293.78 Td (6,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 293.67 Td (6,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 281.67 Td (Secured loan receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 281.78 Td (6,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 281.67 Td (3,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 269.67 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 269.78 Td (13,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 269.67 Td (6,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 257.67 Td (Total other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 257.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 257.78 Td (164,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 257.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 257.67 Td (117,665) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.55 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 231.55 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.88 231.55 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.88 231.55 Td ( ) Tj ET Q q 0 0 0 rg BT 101.38 231.55 Td (for ) Tj ET Q q 0 0 0 rg BT 115.54 231.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.03 231.55 Td (details ) Tj ET Q q 0 0 0 rg BT 186.63 231.55 Td (concerning ) Tj ET Q q 0 0 0 rg BT 233.55 231.55 Td (the ) Tj ET Q q 0 0 0 rg BT 248.27 231.55 Td (Company's ) Tj ET Q q 0 0 0 rg BT 295.35 231.55 Td (net ) Tj ET Q q 0 0 0 rg BT 310.07 231.55 Td (deferred ) Tj ET Q q 0 0 0 rg BT 345.87 231.55 Td (income ) Tj ET Q q 0 0 0 rg BT 377.81 231.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.52 231.55 Td (assets.) Tj ET Q endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Note 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 708.25 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 185.14 708.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.14 708.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 661.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 661.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 661.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 661.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 661.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 661.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 637.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 637.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 637.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 637.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 637.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 637.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 613.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 613.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 613.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 613.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 613.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 613.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 589.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 589.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 589.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 589.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 589.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 589.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 565.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 565.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 565.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 565.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 565.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 541.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 541.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 541.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 541.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 541.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 517.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 517.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 517.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 517.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 517.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 493.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 493.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 493.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 493.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 493.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 493.75 74.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 661.75 m 397.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 661.75 m 479.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 661.75 m 561.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 625.75 m 397.5 625.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 625.75 m 479.5 625.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 625.75 m 561.5 625.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 589.75 m 397.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 578.75 m 397.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 576.75 m 397.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 589.75 m 479.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 578.75 m 479.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 576.75 m 479.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 589.75 m 561.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 578.75 m 561.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 576.75 m 561.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 517.75 m 397.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 517.75 m 479.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 517.75 m 561.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 481.75 m 397.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 481.75 m 479.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 481.75 m 561.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 470.75 m 397.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 468.75 m 397.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 470.75 m 479.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 468.75 m 479.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 481.75 m 561.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 470.75 m 561.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 468.75 m 561.5 468.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 676.48 Td (Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.60 676.48 Td (Asset) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 665.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.95 664.48 Td (Markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.95 664.48 Td (Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 664.48 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 652.48 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 640.48 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 640.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 640.48 Td (15,034) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 640.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 640.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 640.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 640.48 Td (211,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.37 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 628.37 Td (6,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 628.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 628.37 Td (6,098) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 616.48 Td (Balance at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 616.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 616.48 Td (21,132) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 616.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 616.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 616.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 616.48 Td (217,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.37 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 604.37 Td (60,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 604.37 Td (419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 604.37 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.37 Td (Impairment charge) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 592.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 592.37 Td (\(82,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 592.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 592.37 Td (\(82,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 592.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 580.48 Td (Balance at December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 580.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 580.48 Td (81,855) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 580.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 580.48 Td (114,363) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 580.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 580.48 Td (196,218) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 556.48 Td (Intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 544.48 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 544.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 544.48 Td (2,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 544.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 544.48 Td (28,314) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 544.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 544.48 Td (30,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 532.37 Td (Intangible assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 532.37 Td (7,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 532.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 532.37 Td (7,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.37 Td (Amortization of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 520.37 Td (\(1,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 520.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 520.37 Td (\(6,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 520.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 520.37 Td (\(7,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 520.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 508.48 Td (Balance at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 508.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 508.48 Td (8,256) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 508.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 508.48 Td (22,274) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 508.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 508.48 Td (30,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 496.37 Td (Intangible assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 496.37 Td (26,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 496.37 Td (1,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 496.37 Td (27,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 484.37 Td (Amortization of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 484.37 Td (\(15,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 484.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 484.37 Td (\(5,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 484.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 484.37 Td (\(21,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 484.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 472.48 Td (Balance at December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 472.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 472.48 Td (19,320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 472.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 472.48 Td (17,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 472.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 472.48 Td (37,234) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.38 446.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.59 446.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 128.70 446.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 166.58 446.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.35 446.25 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 240.65 446.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 282.97 446.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 308.63 446.25 Td (for ) Tj ET Q q 0 0 0 rg BT 322.62 446.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 371.04 446.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.37 446.25 Td (an ) Tj ET Q q 0 0 0 rg BT 395.14 446.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 424.12 446.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 446.45 446.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.22 446.25 Td (on ) Tj ET Q q 0 0 0 rg BT 475.54 446.25 Td (an ) Tj ET Q q 0 0 0 rg BT 487.31 446.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 518.52 446.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 540.85 446.25 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 108.46 434.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 129.66 434.25 Td (that ) Tj ET Q q 0 0 0 rg BT 146.98 434.25 Td (could ) Tj ET Q q 0 0 0 rg BT 171.51 434.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 205.48 434.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 240.58 434.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 291.33 434.25 Td (The ) Tj ET Q q 0 0 0 rg BT 309.19 434.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.40 434.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 370.49 434.25 Td (for ) Tj ET Q q 0 0 0 rg BT 384.47 434.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 432.89 434.25 Td (at ) Tj ET Q q 0 0 0 rg BT 442.42 434.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.96 434.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 495.93 434.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 513.81 434.25 Td (level, ) Tj ET Q q 0 0 0 rg BT 538.06 434.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.06 422.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 99.14 422.25 Td (one ) Tj ET Q q 0 0 0 rg BT 116.47 422.25 Td (level ) Tj ET Q q 0 0 0 rg BT 138.79 422.25 Td (below ) Tj ET Q q 0 0 0 rg BT 166.11 422.25 Td (its ) Tj ET Q q 0 0 0 rg BT 178.45 422.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.09 422.25 Td (segments. ) Tj ET Q q 0 0 0 rg BT 261.49 422.25 Td (The ) Tj ET Q q 0 0 0 rg BT 279.92 422.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 321.69 422.25 Td (has ) Tj ET Q q 0 0 0 rg BT 337.91 422.25 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.12 422.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.12 422.25 Td ( ) Tj ET Q q 0 0 0 rg BT 397.00 422.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 436.54 422.25 Td (units: ) Tj ET Q q 0 0 0 rg BT 461.65 422.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 491.19 422.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 525.73 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.06 422.25 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 105.32 410.25 Td (When ) Tj ET Q q 0 0 0 rg BT 131.60 410.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 160.68 410.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.74 410.25 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 225.75 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.37 410.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 281.66 410.25 Td (has ) Tj ET Q q 0 0 0 rg BT 297.40 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.02 410.25 Td (option ) Tj ET Q q 0 0 0 rg BT 339.98 410.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.17 410.25 Td (first ) Tj ET Q q 0 0 0 rg BT 368.68 410.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 395.53 410.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 440.15 410.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 469.76 410.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.94 410.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 522.33 410.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 556.94 410.25 Td (it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.88 398.25 Td (more ) Tj ET Q q 0 0 0 rg BT 82.14 398.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 107.63 398.25 Td (than ) Tj ET Q q 0 0 0 rg BT 127.56 398.25 Td (not ) Tj ET Q q 0 0 0 rg BT 143.05 398.25 Td (that ) Tj ET Q q 0 0 0 rg BT 160.75 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.68 398.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.27 398.25 Td (value ) Tj ET Q q 0 0 0 rg BT 216.64 398.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.68 398.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.83 398.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 274.20 398.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 292.47 398.25 Td (is ) Tj ET Q q 0 0 0 rg BT 301.85 398.25 Td (less ) Tj ET Q q 0 0 0 rg BT 319.57 398.25 Td (than ) Tj ET Q q 0 0 0 rg BT 339.50 398.25 Td (its ) Tj ET Q q 0 0 0 rg BT 351.66 398.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 387.68 398.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 422.89 398.25 Td (If, ) Tj ET Q q 0 0 0 rg BT 434.76 398.25 Td (after ) Tj ET Q q 0 0 0 rg BT 455.79 398.25 Td (making ) Tj ET Q q 0 0 0 rg BT 488.50 398.25 Td (an ) Tj ET Q q 0 0 0 rg BT 500.65 398.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 550.30 398.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.55 386.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 138.59 386.25 Td (it ) Tj ET Q q 0 0 0 rg BT 147.31 386.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.15 386.25 Td (not ) Tj ET Q q 0 0 0 rg BT 173.10 386.25 Td (more ) Tj ET Q q 0 0 0 rg BT 196.81 386.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 222.75 386.25 Td (than ) Tj ET Q q 0 0 0 rg BT 243.13 386.25 Td (not ) Tj ET Q q 0 0 0 rg BT 259.08 386.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.24 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.62 386.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 309.67 386.25 Td (value ) Tj ET Q q 0 0 0 rg BT 334.49 386.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.98 386.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.59 386.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 393.41 386.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 412.13 386.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.97 386.25 Td (less ) Tj ET Q q 0 0 0 rg BT 440.14 386.25 Td (than ) Tj ET Q q 0 0 0 rg BT 460.52 386.25 Td (its ) Tj ET Q q 0 0 0 rg BT 473.14 386.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 509.62 386.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 545.28 386.25 Td (then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.72 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.16 374.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 150.83 374.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 200.16 374.25 Td (test ) Tj ET Q q 0 0 0 rg BT 217.28 374.25 Td (is ) Tj ET Q q 0 0 0 rg BT 227.18 374.25 Td (unnecessary) Tj ET Q q 0 0 0 rg BT 275.39 374.25 Td (. ) Tj ET Q q 0 0 0 rg BT 281.12 374.25 Td (However) Tj ET Q q 0 0 0 rg BT 317.37 374.25 Td (, ) Tj ET Q q 0 0 0 rg BT 323.10 374.25 Td (if ) Tj ET Q q 0 0 0 rg BT 332.44 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.89 374.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 390.01 374.25 Td (concludes ) Tj ET Q q 0 0 0 rg BT 433.22 374.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 477.83 374.25 Td (then ) Tj ET Q q 0 0 0 rg BT 498.27 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.72 374.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 555.84 374.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.25 Td (required ) Tj ET Q q 0 0 0 rg BT 84.49 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.94 362.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 127.81 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.70 362.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 177.81 362.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 225.58 362.25 Td (test, ) Tj ET Q q 0 0 0 rg BT 243.64 362.25 Td (which ) Tj ET Q q 0 0 0 rg BT 269.75 362.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 303.63 362.25 Td (management ) Tj ET Q q 0 0 0 rg BT 356.39 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.84 362.25 Td (make ) Tj ET Q q 0 0 0 rg BT 389.17 362.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 432.50 362.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.95 362.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 491.94 362.25 Td (what ) Tj ET Q q 0 0 0 rg BT 513.05 362.25 Td (assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 350.25 Td (use ) Tj ET Q q 0 0 0 rg BT 75.25 350.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.34 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.88 350.25 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 148.40 350.25 Td (The ) Tj ET Q q 0 0 0 rg BT 166.27 350.25 Td (first ) Tj ET Q q 0 0 0 rg BT 184.69 350.25 Td (step ) Tj ET Q q 0 0 0 rg BT 203.12 350.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 237.65 350.25 Td (a ) Tj ET Q q 0 0 0 rg BT 244.41 350.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 293.38 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.03 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.57 350.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 334.76 350.25 Td (value ) Tj ET Q q 0 0 0 rg BT 358.74 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.39 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.92 350.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 422.90 350.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 440.77 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.87 350.25 Td (its ) Tj ET Q q 0 0 0 rg BT 462.64 350.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 498.27 350.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 524.75 350.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 87.56 338.25 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 127.45 338.25 Td (The ) Tj ET Q q 0 0 0 rg BT 144.97 338.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 185.26 338.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.11 338.25 Td (value ) Tj ET Q q 0 0 0 rg BT 224.74 338.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.04 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.23 338.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 287.86 338.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 305.39 338.25 Td (is ) Tj ET Q q 0 0 0 rg BT 314.03 338.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 345.99 338.25 Td (based ) Tj ET Q q 0 0 0 rg BT 370.73 338.25 Td (on ) Tj ET Q q 0 0 0 rg BT 382.70 338.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 421.89 338.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 466.62 338.25 Td (that ) Tj ET Q q 0 0 0 rg BT 483.59 338.25 Td (a ) Tj ET Q q 0 0 0 rg BT 490.00 338.25 Td (market ) Tj ET Q q 0 0 0 rg BT 519.74 338.25 Td (participant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (would ) Tj ET Q q 0 0 0 rg BT 76.82 326.25 Td (use. ) Tj ET Q q 0 0 0 rg BT 94.81 326.25 Td (The ) Tj ET Q q 0 0 0 rg BT 112.68 326.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 153.89 326.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 193.42 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.96 326.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 224.16 326.25 Td (value ) Tj ET Q q 0 0 0 rg BT 248.14 326.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.80 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.34 326.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 312.31 326.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 330.19 326.25 Td (using ) Tj ET Q q 0 0 0 rg BT 354.19 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.73 326.25 Td (income ) Tj ET Q q 0 0 0 rg BT 400.48 326.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 439.45 326.25 Td (\(discounted ) Tj ET Q q 0 0 0 rg BT 488.43 326.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 508.52 326.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 529.18 326.25 Td (method\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.42 314.25 Td (market ) Tj ET Q q 0 0 0 rg BT 96.66 314.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 135.78 314.25 Td (\(earnings ) Tj ET Q q 0 0 0 rg BT 175.47 314.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 203.49 314.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 249.84 314.25 Td (multiples\). ) Tj ET Q q 0 0 0 rg BT 295.37 314.25 Td (If ) Tj ET Q q 0 0 0 rg BT 304.51 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.20 314.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 360.00 314.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 376.36 314.25 Td (value ) Tj ET Q q 0 0 0 rg BT 400.49 314.25 Td (is ) Tj ET Q q 0 0 0 rg BT 409.64 314.25 Td (less ) Tj ET Q q 0 0 0 rg BT 427.12 314.25 Td (than ) Tj ET Q q 0 0 0 rg BT 446.81 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.51 314.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 497.30 314.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 527.83 314.25 Td (a ) Tj ET Q q 0 0 0 rg BT 534.74 314.25 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td (step ) Tj ET Q q 0 0 0 rg BT 68.07 302.25 Td (is ) Tj ET Q q 0 0 0 rg BT 77.20 302.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 121.30 302.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.54 302.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 167.31 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.99 302.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 214.44 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.23 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.90 302.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 288.46 302.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 308.98 302.25 Td (if ) Tj ET Q q 0 0 0 rg BT 317.55 302.25 Td (any) Tj ET Q q 0 0 0 rg BT 331.34 302.25 Td (. ) Tj ET Q q 0 0 0 rg BT 335.75 302.25 Td (An ) Tj ET Q q 0 0 0 rg BT 350.43 302.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 398.99 302.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 417.01 302.25 Td (is ) Tj ET Q q 0 0 0 rg BT 426.14 302.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 450.25 302.25 Td (to ) Tj ET Q q 0 0 0 rg BT 460.49 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.16 302.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 503.72 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.51 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.18 302.25 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 290.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 290.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 130.88 290.25 Td (over ) Tj ET Q q 0 0 0 rg BT 151.15 290.25 Td (its ) Tj ET Q q 0 0 0 rg BT 163.10 290.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.48 290.25 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 266.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.71 266.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 152.75 266.25 Td (its ) Tj ET Q q 0 0 0 rg BT 164.58 266.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 193.63 266.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 231.57 266.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 280.06 266.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 314.67 266.25 Td (as ) Tj ET Q q 0 0 0 rg BT 325.39 266.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.11 266.25 Td (October31, ) Tj ET Q q 0 0 0 rg BT 385.70 266.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.70 266.25 Td (, ) Tj ET Q q 0 0 0 rg BT 410.59 266.25 Td (which ) Tj ET Q q 0 0 0 rg BT 437.42 266.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 471.46 266.25 Td (in ) Tj ET Q q 0 0 0 rg BT 481.63 266.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.46 266.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 526.95 266.25 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 97.87 254.25 Td (char) Tj ET Q q 0 0 0 rg BT 114.90 254.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 126.61 254.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.21 254.25 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 161.99 254.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.88 254.25 Td (. ) Tj ET Q q 0 0 0 rg BT 195.49 254.25 Td (The ) Tj ET Q q 0 0 0 rg BT 213.31 254.25 Td (char) Tj ET Q q 0 0 0 rg BT 230.33 254.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 242.04 254.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 270.41 254.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.46 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.95 254.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 316.66 254.25 Td (management ) Tj ET Q q 0 0 0 rg BT 370.02 254.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 408.95 254.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 426.78 254.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.49 254.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 482.98 254.25 Td (pertains ) Tj ET Q q 0 0 0 rg BT 516.91 254.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.96 254.25 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.25 Td (created ) Tj ET Q q 0 0 0 rg BT 80.74 242.25 Td (from ) Tj ET Q q 0 0 0 rg BT 102.55 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.14 242.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 139.52 242.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 185.77 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.95 242.25 Td (ARI. ) Tj ET Q q 0 0 0 rg BT 217.88 242.25 Td (The ) Tj ET Q q 0 0 0 rg BT 235.80 242.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 252.05 242.25 Td (value ) Tj ET Q q 0 0 0 rg BT 276.08 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.78 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.38 242.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.19 242.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.65 242.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 415.68 242.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 433.61 242.25 Td (was ) Tj ET Q q 0 0 0 rg BT 451.54 242.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 494.44 242.25 Td (using ) Tj ET Q q 0 0 0 rg BT 518.48 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 533.08 242.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 89.16 230.25 Td (\(discounted ) Tj ET Q q 0 0 0 rg BT 138.82 230.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 159.60 230.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 180.95 230.25 Td (method ) Tj ET Q q 0 0 0 rg BT 213.95 230.25 Td (based ) Tj ET Q q 0 0 0 rg BT 239.73 230.25 Td (on ) Tj ET Q q 0 0 0 rg BT 252.75 230.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 287.40 230.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.85 230.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 340.96 230.25 Td ( ) Tj ET Q q 0 0 0 rg BT 343.97 230.25 Td (forecasts\) ) Tj ET Q q 0 0 0 rg BT 385.85 230.25 Td (and ) Tj ET Q q 0 0 0 rg BT 403.30 230.25 Td (market ) Tj ET Q q 0 0 0 rg BT 434.08 230.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 473.73 230.25 Td (\(earnings ) Tj ET Q q 0 0 0 rg BT 513.95 230.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 554.19 230.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 98.26 218.25 Td (public ) Tj ET Q q 0 0 0 rg BT 125.38 218.25 Td (companies\). ) Tj ET Q q 0 0 0 rg BT 175.95 218.25 Td (The ) Tj ET Q q 0 0 0 rg BT 193.62 218.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 241.84 218.25 Td (char) Tj ET Q q 0 0 0 rg BT 258.87 218.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 270.43 218.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 304.21 218.25 Td (from ) Tj ET Q q 0 0 0 rg BT 325.77 218.25 Td (net ) Tj ET Q q 0 0 0 rg BT 340.11 218.25 Td (outflows ) Tj ET Q q 0 0 0 rg BT 377.24 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.69 218.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 413.15 218.25 Td (under ) Tj ET Q q 0 0 0 rg BT 438.04 218.25 Td (management ) Tj ET Q q 0 0 0 rg BT 491.25 218.25 Td (in ) Tj ET Q q 0 0 0 rg BT 501.15 218.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 523.28 218.25 Td (as ) Tj ET Q q 0 0 0 rg BT 533.73 218.25 Td (a ) Tj ET Q q 0 0 0 rg BT 540.29 218.25 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.71 206.25 Td (an ) Tj ET Q q 0 0 0 rg BT 71.03 206.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 109.01 206.25 Td (cycle ) Tj ET Q q 0 0 0 rg BT 131.99 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.20 206.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 180.19 206.25 Td (favoring ) Tj ET Q q 0 0 0 rg BT 215.95 206.25 Td (passive ) Tj ET Q q 0 0 0 rg BT 247.27 206.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 293.03 206.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 327.68 206.25 Td (over ) Tj ET Q q 0 0 0 rg BT 347.33 206.25 Td (active ) Tj ET Q q 0 0 0 rg BT 373.08 206.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 428.56 206.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 469.87 206.25 Td (with ) Tj ET Q q 0 0 0 rg BT 489.53 206.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 518.62 206.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 90.91 194.25 Td (having ) Tj ET Q q 0 0 0 rg BT 121.77 194.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 175.94 194.25 Td (below ) Tj ET Q q 0 0 0 rg BT 204.02 194.25 Td (their ) Tj ET Q q 0 0 0 rg BT 225.99 194.25 Td (benchmarks, ) Tj ET Q q 0 0 0 rg BT 280.45 194.25 Td (which ) Tj ET Q q 0 0 0 rg BT 308.53 194.25 Td (led ) Tj ET Q q 0 0 0 rg BT 324.39 194.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.81 194.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 371.10 194.25 Td (management ) Tj ET Q q 0 0 0 rg BT 425.83 194.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 445.58 194.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.66 194.25 Td (profitability) Tj ET Q q 0 0 0 rg BT 510.78 194.25 Td (. ) Tj ET Q q 0 0 0 rg BT 516.66 194.25 Td (The ) Tj ET Q q 0 0 0 rg BT 535.85 194.25 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 87.56 182.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 136.16 182.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 165.32 182.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 199.48 182.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.75 182.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.75 182.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.25 182.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 270.85 182.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 314.45 182.25 Td (with ) Tj ET Q q 0 0 0 rg BT 334.72 182.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.44 182.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.59 182.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 412.75 182.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 451.90 182.25 Td (unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 158.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.72 158.25 Td (also ) Tj ET Q q 0 0 0 rg BT 127.22 158.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 167.92 158.25 Td (its ) Tj ET Q q 0 0 0 rg BT 179.76 158.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 222.14 158.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.86 158.25 Td (\(indefinite ) Tj ET Q q 0 0 0 rg BT 291.90 158.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.73 158.25 Td (definite-lived\) ) Tj ET Q q 0 0 0 rg BT 368.32 158.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.15 158.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 428.64 158.25 Td (there ) Tj ET Q q 0 0 0 rg BT 451.02 158.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.96 158.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.96 158.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.35 158.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 529.84 158.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 158.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 158.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 146.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.93 146.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 152.53 146.25 Td (there ) Tj ET Q q 0 0 0 rg BT 175.01 146.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.06 146.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.06 146.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.56 146.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 243.62 146.25 Td (or ) Tj ET Q q 0 0 0 rg BT 254.45 146.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 296.94 146.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 318.88 146.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 367.48 146.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.76 146.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.76 146.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.26 146.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.20 146.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.20 146.25 Td (, ) Tj ET Q q 0 0 0 rg BT 442.20 146.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 489.86 146.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.88 122.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 103.48 122.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.64 122.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 153.03 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.29 122.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 213.11 122.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 239.27 122.25 Td (during ) Tj ET Q q 0 0 0 rg BT 268.21 122.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.26 122.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.46 122.25 Td ( ) Tj ET Q q 0 0 0 rg BT 303.29 122.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 122.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 388.91 122.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.91 122.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.74 122.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 451.79 122.25 Td (related ) Tj ET Q q 0 0 0 rg BT 481.82 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.42 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.47 122.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 554.18 122.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.25 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 92.20 110.25 Td (as ) Tj ET Q q 0 0 0 rg BT 102.95 110.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 143.69 110.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.88 110.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 175.74 110.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.74 110.25 Td (. ) Tj ET Q q 0 0 0 rg BT 185.65 110.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 240.27 110.25 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 110.25 Td ($26.6 ) Tj ET Q q 0 0 0 rg BT 305.92 110.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.81 110.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.22 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.97 110.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 390.37 110.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 418.62 110.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 461.59 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.33 110.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 511.40 110.25 Td (relationships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 98.25 Td ($17.5 ) Tj ET Q q 0 0 0 rg BT 77.44 98.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.33 98.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 111.77 98.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.32 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.64 98.25 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 182.54 98.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 204.63 98.25 Td (name ) Tj ET Q q 0 0 0 rg BT 228.39 98.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.72 98.25 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 251.33 98.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.22 98.25 Td (\), ) Tj ET Q q 0 0 0 rg BT 288.16 98.25 Td (which ) Tj ET Q q 0 0 0 rg BT 314.71 98.25 Td (will ) Tj ET Q q 0 0 0 rg BT 332.38 98.25 Td (be ) Tj ET Q q 0 0 0 rg BT 343.92 98.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 386.01 98.25 Td (over ) Tj ET Q q 0 0 0 rg BT 405.89 98.25 Td (a ) Tj ET Q q 0 0 0 rg BT 412.43 98.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 451.20 98.25 Td (average ) Tj ET Q q 0 0 0 rg BT 484.39 98.25 Td (life ) Tj ET Q q 0 0 0 rg BT 499.82 98.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.26 98.25 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 524.87 98.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.97 98.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 98.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (4.0 ) Tj ET Q q 0 0 0 rg BT 64.50 86.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 86.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.60 86.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 138.26 86.25 Td (. ) Tj ET Q endstream endobj 197 0 obj <>] /Rotate 0 /Contents 198 0 R>> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.79 708.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 101.31 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.38 708.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 148.69 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.87 708.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 206.60 708.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 231.68 708.10 Td (during ) Tj ET Q q 0 0 0 rg BT 259.53 708.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.49 708.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.70 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.44 708.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.07 708.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 375.89 708.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.89 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.64 708.10 Td (related ) Tj ET Q q 0 0 0 rg BT 426.59 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.11 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.07 708.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 499.59 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.66 708.10 Td (River ) Tj ET Q q 0 0 0 rg BT 533.62 708.10 Td (Branch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.58 696.10 Td (BMO ) Tj ET Q q 0 0 0 rg BT 94.00 696.10 Td (GKST) Tj ET Q q 0 0 0 rg BT 119.38 696.10 Td (, ) Tj ET Q q 0 0 0 rg BT 125.52 696.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.49 696.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 179.46 696.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.88 696.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 213.96 696.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.96 696.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.10 696.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 280.95 696.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 322.91 696.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 366.54 696.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 393.51 696.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 437.71 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.68 696.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 489.98 696.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 544.72 696.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 115.87 684.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 132.24 684.10 Td (values ) Tj ET Q q 0 0 0 rg BT 160.29 684.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.12 684.10 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 191.12 684.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.01 684.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.01 684.10 Td (which ) Tj ET Q q 0 0 0 rg BT 251.95 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 266.66 684.10 Td (being ) Tj ET Q q 0 0 0 rg BT 291.38 684.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 333.86 684.10 Td (over ) Tj ET Q q 0 0 0 rg BT 354.12 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.06 684.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 400.22 684.10 Td (average ) Tj ET Q q 0 0 0 rg BT 433.80 684.10 Td (life ) Tj ET Q q 0 0 0 rg BT 449.63 684.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.46 684.10 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 475.46 684.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.56 684.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 93.43 660.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.15 660.10 Td (with ) Tj 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0.8 0.9333333333333333 1 rg /GS0 gs 486.50 565.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 553.6 m 561.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 542.6 m 561.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 540.6 m 561.5 540.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 617.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.22 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 604.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 604.22 Td (15,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.22 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 592.22 Td (9,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 580.22 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 580.22 Td (7,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.22 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 568.22 Td (1,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 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0.9333333333333333 1 rg /GS0 gs 404.00 448.80 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 448.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 448.80 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 424.80 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 424.80 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 424.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 424.80 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 472.8 m 479 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 472.8 m 562 472.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 436.8 m 479 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 436.8 m 562 436.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 412.8 m 479 412.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 412.8 m 562 412.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 401.8 m 479 401.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 399.8 m 479 399.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 401.8 m 562 401.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 399.8 m 562 399.8 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 487.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 487.53 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 476.75 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 475.53 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 475.53 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 463.42 Td (Furniture and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 463.53 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 463.53 Td (37,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 463.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 463.42 Td (31,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 451.42 Td (Leasehold improvements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 451.53 Td (31,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 451.42 Td (25,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 439.42 Td (Software) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 439.53 Td (13,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 439.42 Td (13,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 427.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 427.53 Td (83,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 427.42 Td (70,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 415.42 Td (Accumulated depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 415.58 Td (\(58,308) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 415.53 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 415.42 Td (\(51,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 415.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 403.53 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 403.53 Td (25,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 403.42 Td (18,984) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.63 377.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.08 377.30 Td (years ) Tj ET Q q 0 0 0 rg BT 106.42 377.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.53 377.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 192.85 377.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.85 377.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.59 377.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.59 377.30 Td ( ) Tj ET Q q 0 0 0 rg BT 241.82 377.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 377.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 377.30 Td (, ) Tj ET Q q 0 0 0 rg BT 285.23 377.30 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 337.89 377.30 Td (and ) Tj ET Q q 0 0 0 rg BT 355.56 377.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 409.34 377.30 Td (of ) Tj ET Q q 0 0 0 rg BT 420.90 377.30 Td (furniture ) Tj ET Q q 0 0 0 rg BT 459.13 377.30 Td (and ) Tj ET Q q 0 0 0 rg BT 476.80 377.30 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 524.75 377.30 Td (leasehold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.30 Td (improvements ) Tj ET Q q 0 0 0 rg BT 109.35 365.30 Td (and ) Tj ET Q q 0 0 0 rg BT 126.43 365.30 Td (software ) Tj ET Q q 0 0 0 rg BT 163.50 365.30 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.35 365.30 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 213.49 365.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.39 365.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.53 365.30 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 267.67 365.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.56 365.30 Td ( ) Tj ET Q q 0 0 0 rg BT 299.20 365.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.28 365.30 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 336.42 365.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.31 365.30 Td (, ) Tj ET Q q 0 0 0 rg BT 370.45 365.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 418.11 365.30 Td (, ) Tj ET Q q 0 0 0 rg BT 423.25 365.30 Td (and ) Tj ET Q q 0 0 0 rg BT 440.33 365.30 Td (are ) Tj ET Q q 0 0 0 rg BT 455.18 365.30 Td (included ) Tj ET Q q 0 0 0 rg BT 492.25 365.30 Td (in ) Tj ET Q q 0 0 0 rg BT 502.67 365.30 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 548.07 365.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.30 Td (equipment ) Tj ET Q q 0 0 0 rg BT 94.21 353.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 128.92 353.30 Td (on ) Tj ET Q q 0 0 0 rg BT 141.42 353.30 Td (the ) Tj ET Q q 0 0 0 rg BT 156.14 353.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 209.18 353.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 253.89 353.30 Td (of ) Tj ET Q q 0 0 0 rg BT 264.72 353.30 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 329.30 Td (Note 15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 329.30 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 329.30 Td (Short-T) Tj ET Q q 0 0 0 rg BT 114.63 329.30 Td (erm Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.79 329.30 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 258.80 208.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 258.80 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 258.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 258.80 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 258.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 258.80 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 258.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 258.80 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 294.79999999999995 m 328.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 294.79999999999995 m 336.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 294.79999999999995 m 406.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 294.79999999999995 m 484.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 294.79999999999995 m 492.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 294.79999999999995 m 562.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 270.79999999999995 m 328.5 270.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 270.79999999999995 m 406.5 270.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 270.79999999999995 m 484.5 270.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 270.79999999999995 m 562.5 270.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 246.79999999999995 m 328.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 235.79999999999995 m 328.5 235.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 233.79999999999995 m 328.5 233.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 246.79999999999995 m 406.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 235.79999999999995 m 406.5 235.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 233.79999999999995 m 406.5 233.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 298.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.10 297.53 Td (OutstandingBalance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.25 297.53 Td (Weighted Average Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.90 285.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.90 285.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.90 285.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 285.53 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 274.75 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.00 273.53 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 273.53 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 273.53 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 273.53 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.42 Td (Commercial paper \(secured\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.00 261.53 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 261.53 Td (147,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 261.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 261.42 Td (276,894) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.50 261.53 Td (2.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 261.53 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 261.42 Td (1.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 261.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 249.42 Td (Prime broker arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 249.53 Td (271,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 249.42 Td (169,296) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.50 249.53 Td (1.49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 249.53 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 249.42 Td (1.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 249.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 237.42 Td (Total short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.00 237.53 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 237.53 Td (418,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 237.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 237.42 Td (446,190) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.52 211.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.37 211.30 Td (issues ) Tj ET Q q 0 0 0 rg BT 137.24 211.30 Td (secured ) Tj ET Q q 0 0 0 rg BT 170.74 211.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 220.91 211.30 Td (paper ) Tj ET Q q 0 0 0 rg BT 246.09 211.30 Td (to ) Tj ET Q q 0 0 0 rg BT 256.84 211.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 278.14 211.30 Td (a ) Tj ET Q q 0 0 0 rg BT 285.55 211.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 317.40 211.30 Td (of ) Tj ET Q q 0 0 0 rg BT 328.70 211.30 Td (its ) Tj ET Q q 0 0 0 rg BT 341.12 211.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 381.85 211.30 Td (inventory) Tj ET Q q 0 0 0 rg BT 419.53 211.30 Td (. ) Tj ET Q q 0 0 0 rg BT 424.79 211.30 Td (The ) Tj ET Q q 0 0 0 rg BT 443.30 211.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 493.47 211.30 Td (paper ) Tj ET Q q 0 0 0 rg BT 518.65 211.30 Td (notes ) Tj ET Q q 0 0 0 rg BT 542.73 211.30 Td (\("CP) Tj ET Q q 0 0 0 rg BT 562.00 211.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.30 Td (Notes"\) ) Tj ET Q q 0 0 0 rg BT 83.96 199.30 Td (can ) Tj ET Q q 0 0 0 rg BT 101.05 199.30 Td (be ) Tj ET Q q 0 0 0 rg BT 113.70 199.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 141.92 199.30 Td (with ) Tj ET Q q 0 0 0 rg BT 162.91 199.30 Td (maturities ) Tj ET Q q 0 0 0 rg BT 206.11 199.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.66 199.30 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.66 199.30 Td ( ) Tj ET Q q 0 0 0 rg BT 230.87 199.30 Td (days ) Tj ET Q q 0 0 0 rg BT 252.42 199.30 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.41 199.30 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.41 199.30 Td ( ) Tj ET Q q 0 0 0 rg BT 281.62 199.30 Td (days ) Tj ET Q q 0 0 0 rg BT 303.17 199.30 Td (from ) Tj ET Q q 0 0 0 rg BT 325.82 199.30 Td (the ) Tj ET Q q 0 0 0 rg BT 341.25 199.30 Td (date ) Tj ET Q q 0 0 0 rg BT 361.12 199.30 Td (of ) Tj ET Q q 0 0 0 rg BT 372.67 199.30 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 412.02 199.30 Td (The ) Tj ET Q q 0 0 0 rg BT 430.79 199.30 Td (CP) Tj ET Q q 0 0 0 rg BT 442.65 199.30 Td ( ) Tj ET Q q 0 0 0 rg BT 445.86 199.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 472.40 199.30 Td (are ) Tj ET Q q 0 0 0 rg BT 487.83 199.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 516.04 199.30 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.02 199.30 Td (three) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.30 Td (separate ) Tj ET Q q 0 0 0 rg BT 86.70 187.30 Td (programs, ) Tj ET Q q 0 0 0 rg BT 130.92 187.30 Td (CP) Tj ET Q q 0 0 0 rg BT 142.78 187.30 Td ( ) Tj ET Q q 0 0 0 rg BT 146.73 187.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 174.25 187.30 Td (A, ) Tj ET Q q 0 0 0 rg BT 187.92 187.30 Td (CP) Tj ET Q q 0 0 0 rg BT 199.78 187.30 Td ( ) Tj ET Q q 0 0 0 rg BT 203.73 187.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 232.12 187.30 Td (II ) Tj ET Q q 0 0 0 rg BT 241.86 187.30 Td (A) Tj ET Q q 0 0 0 rg BT 248.53 187.30 Td ( ) Tj ET Q q 0 0 0 rg BT 252.48 187.30 Td (and ) Tj ET Q q 0 0 0 rg BT 270.87 187.30 Td (CP) Tj ET Q q 0 0 0 rg BT 282.73 187.30 Td ( ) Tj ET Q q 0 0 0 rg BT 286.68 187.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 315.07 187.30 Td (III ) Tj ET Q q 0 0 0 rg BT 328.14 187.30 Td (A, ) Tj ET Q q 0 0 0 rg BT 341.81 187.30 Td (and ) Tj ET Q q 0 0 0 rg BT 360.20 187.30 Td (are ) Tj ET Q q 0 0 0 rg BT 376.35 187.30 Td (secured ) Tj ET Q q 0 0 0 rg BT 410.84 187.30 Td (by ) Tj ET Q q 0 0 0 rg BT 424.79 187.30 Td (dif) Tj ET Q q 0 0 0 rg BT 435.72 187.30 Td (ferent ) Tj ET Q q 0 0 0 rg BT 462.98 187.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 505.26 187.30 Td (classes. ) Tj ET Q q 0 0 0 rg BT 538.61 187.30 Td (As ) Tj ET Q q 0 0 0 rg BT 553.67 187.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.61 175.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.61 175.30 Td (, ) Tj ET Q q 0 0 0 rg BT 133.65 175.30 Td (the ) Tj ET Q q 0 0 0 rg BT 148.39 175.30 Td (weighted ) Tj ET Q q 0 0 0 rg BT 187.58 175.30 Td (average ) Tj ET Q q 0 0 0 rg BT 221.19 175.30 Td (maturity ) Tj ET Q q 0 0 0 rg BT 257.61 175.30 Td (of ) Tj ET Q q 0 0 0 rg BT 268.47 175.30 Td (CP) Tj ET Q q 0 0 0 rg BT 280.33 175.30 Td ( ) Tj ET Q q 0 0 0 rg BT 282.86 175.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 309.27 175.30 Td (A, ) Tj ET Q q 0 0 0 rg BT 321.52 175.30 Td (CP) Tj ET Q q 0 0 0 rg BT 333.38 175.30 Td ( ) Tj ET Q q 0 0 0 rg BT 335.91 175.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 362.88 175.30 Td (II ) Tj ET Q q 0 0 0 rg BT 371.51 175.30 Td (A) Tj ET Q q 0 0 0 rg BT 378.18 175.30 Td ( ) Tj ET Q q 0 0 0 rg BT 380.71 175.30 Td (and ) Tj ET Q q 0 0 0 rg BT 397.68 175.30 Td (CP) Tj ET Q q 0 0 0 rg BT 409.54 175.30 Td ( ) Tj ET Q q 0 0 0 rg BT 412.08 175.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 439.04 175.30 Td (III ) Tj ET Q q 0 0 0 rg BT 451.01 175.30 Td (A) Tj ET Q q 0 0 0 rg BT 457.68 175.30 Td ( ) Tj ET Q q 0 0 0 rg BT 460.21 175.30 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.29 175.30 Td (45 ) Tj ET Q q 0 0 0 rg BT 490.82 175.30 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.15 175.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.18 175.30 Td (13 ) Tj ET Q q 0 0 0 rg BT 526.71 175.30 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.04 175.30 Td ( ) Tj ET Q q 0 0 0 rg BT 547.57 175.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.30 Td (15 ) Tj ET Q q 0 0 0 rg BT 62.38 163.30 Td (days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.71 163.30 Td (, ) Tj ET Q q 0 0 0 rg BT 85.60 163.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 133.26 163.30 Td (. ) Tj ET Q q 0 0 0 rg BT 137.97 163.30 Td (The ) Tj ET Q q 0 0 0 rg BT 155.90 163.30 Td (CP) Tj ET Q q 0 0 0 rg BT 167.76 163.30 Td ( ) Tj ET Q q 0 0 0 rg BT 170.15 163.30 Td (Notes ) Tj ET Q q 0 0 0 rg BT 195.86 163.30 Td (are ) Tj ET Q q 0 0 0 rg BT 210.45 163.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 242.27 163.30 Td (bearing ) Tj ET Q q 0 0 0 rg BT 274.64 163.30 Td (or ) Tj ET Q q 0 0 0 rg BT 285.35 163.30 Td (sold ) Tj ET Q q 0 0 0 rg BT 304.41 163.30 Td (at ) Tj ET Q q 0 0 0 rg BT 314.01 163.30 Td (a ) Tj ET Q q 0 0 0 rg BT 320.83 163.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 357.10 163.30 Td (to ) Tj ET Q q 0 0 0 rg BT 367.27 163.30 Td (par ) Tj ET Q q 0 0 0 rg BT 382.42 163.30 Td (with ) Tj ET Q q 0 0 0 rg BT 402.58 163.30 Td (an ) Tj ET Q q 0 0 0 rg BT 414.40 163.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 446.22 163.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 463.59 163.30 Td (based ) Tj ET Q q 0 0 0 rg BT 488.75 163.30 Td (on ) Tj ET Q q 0 0 0 rg BT 501.13 163.30 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 533.51 163.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 552.57 163.30 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 94.26 151.30 Td (mar) Tj ET Q q 0 0 0 rg BT 109.62 151.30 Td (gin. ) Tj ET Q q 0 0 0 rg BT 128.07 151.30 Td (CP) Tj ET Q q 0 0 0 rg BT 139.93 151.30 Td ( ) Tj ET Q q 0 0 0 rg BT 143.09 151.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 170.70 151.30 Td (III ) Tj ET Q q 0 0 0 rg BT 183.16 151.30 Td (A) Tj ET Q q 0 0 0 rg BT 189.83 151.30 Td ( ) Tj ET Q q 0 0 0 rg BT 192.99 151.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 229.48 151.30 Td (a ) Tj ET Q q 0 0 0 rg BT 237.09 151.30 Td (covenant ) Tj ET Q q 0 0 0 rg BT 276.35 151.30 Td (that ) Tj ET Q q 0 0 0 rg BT 294.51 151.30 Td (requires ) Tj ET Q q 0 0 0 rg BT 329.88 151.30 Td (the ) Tj ET Q q 0 0 0 rg BT 345.27 151.30 Td (Company) Tj ET Q q 0 0 0 rg BT 386.93 151.30 Td (s ) Tj ET Q q 0 0 0 rg BT 393.99 151.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 414.94 151.30 Td (broker ) Tj ET Q q 0 0 0 rg BT 444.21 151.30 Td (dealer ) Tj ET Q q 0 0 0 rg BT 471.80 151.30 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 516.07 151.30 Td (to ) Tj ET Q q 0 0 0 rg BT 527.02 151.30 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.60 139.30 Td (net ) Tj ET Q q 0 0 0 rg BT 93.32 139.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.47 139.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.30 139.30 Td ($120 ) Tj ET Q q 0 0 0 rg BT 155.80 139.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.69 139.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.30 Td (The ) Tj ET Q q 0 0 0 rg BT 69.50 115.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 112.33 115.30 Td (has ) Tj ET Q q 0 0 0 rg BT 129.61 115.30 Td (established ) Tj ET Q q 0 0 0 rg BT 177.99 115.30 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 235.80 115.30 Td (to ) Tj ET Q q 0 0 0 rg BT 247.53 115.30 Td (obtain ) Tj ET Q q 0 0 0 rg BT 276.47 115.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 318.18 115.30 Td (with ) Tj ET Q q 0 0 0 rg BT 339.91 115.30 Td (prime ) Tj ET Q q 0 0 0 rg BT 367.18 115.30 Td (brokers ) Tj ET Q q 0 0 0 rg BT 401.12 115.30 Td (related ) Tj ET Q q 0 0 0 rg BT 432.27 115.30 Td (to ) Tj ET Q q 0 0 0 rg BT 444.00 115.30 Td (its ) Tj ET Q q 0 0 0 rg BT 457.39 115.30 Td (municipal ) Tj ET Q q 0 0 0 rg BT 501.33 115.30 Td (bond ) Tj ET Q q 0 0 0 rg BT 525.28 115.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 547.56 115.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.30 Td (convertible ) Tj ET Q q 0 0 0 rg BT 97.16 103.30 Td (securities. ) Tj ET Q q 0 0 0 rg BT 139.60 103.30 Td (Financing ) Tj ET Q q 0 0 0 rg BT 181.78 103.30 Td (under ) Tj ET Q q 0 0 0 rg BT 206.72 103.30 Td (these ) Tj ET Q q 0 0 0 rg BT 229.45 103.30 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 285.49 103.30 Td (is ) Tj ET Q q 0 0 0 rg BT 294.34 103.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 333.73 103.30 Td (secured ) Tj ET Q q 0 0 0 rg BT 366.45 103.30 Td (by ) Tj ET Q q 0 0 0 rg BT 378.63 103.30 Td (municipal ) Tj ET Q q 0 0 0 rg BT 420.80 103.30 Td (securities, ) Tj ET Q q 0 0 0 rg BT 463.24 103.30 Td (and ) Tj ET Q q 0 0 0 rg BT 479.86 103.30 Td (collateral ) Tj ET Q q 0 0 0 rg BT 519.23 103.30 Td (limitations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.30 Td (could ) Tj ET Q q 0 0 0 rg BT 75.89 91.30 Td (reduce ) Tj ET Q q 0 0 0 rg BT 106.21 91.30 Td (the ) Tj ET Q q 0 0 0 rg BT 122.11 91.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 155.78 91.30 Td (of ) Tj ET Q q 0 0 0 rg BT 167.78 91.30 Td (funding ) Tj ET Q q 0 0 0 rg BT 202.57 91.30 Td (available ) Tj ET Q q 0 0 0 rg BT 242.33 91.30 Td (under ) Tj ET Q q 0 0 0 rg BT 268.78 91.30 Td (the ) Tj ET Q q 0 0 0 rg BT 284.67 91.30 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 344.71 91.30 Td (Prime ) Tj ET Q q 0 0 0 rg BT 372.27 91.30 Td (broker ) Tj ET Q q 0 0 0 rg BT 402.04 91.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 443.48 91.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 483.26 91.30 Td (are ) Tj ET Q q 0 0 0 rg BT 499.14 91.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 537.79 91.30 Td (net ) Tj ET Q q 0 0 0 rg BT 553.68 91.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.30 Td (receivables ) Tj ET Q q 0 0 0 rg BT 97.47 79.30 Td (from ) Tj ET Q q 0 0 0 rg BT 119.41 79.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 150.23 79.30 Td (activity) Tj ET Q q 0 0 0 rg BT 179.58 79.30 Td (. ) Tj ET Q q 0 0 0 rg BT 184.39 79.30 Td (The ) Tj ET Q q 0 0 0 rg BT 202.44 79.30 Td (funding ) Tj ET Q q 0 0 0 rg BT 236.05 79.30 Td (is ) Tj ET Q q 0 0 0 rg BT 245.22 79.30 Td (at ) Tj ET Q q 0 0 0 rg BT 254.94 79.30 Td (the ) Tj ET Q q 0 0 0 rg BT 269.65 79.30 Td (discretion ) Tj ET Q q 0 0 0 rg BT 311.59 79.30 Td (of ) Tj ET Q q 0 0 0 rg BT 322.42 79.30 Td (the ) Tj ET Q q 0 0 0 rg BT 337.13 79.30 Td (prime ) Tj ET Q q 0 0 0 rg BT 362.96 79.30 Td (brokers ) Tj ET Q q 0 0 0 rg BT 395.45 79.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 426.27 79.30 Td (to ) Tj ET Q q 0 0 0 rg BT 436.55 79.30 Td (a ) Tj ET Q q 0 0 0 rg BT 443.49 79.30 Td (notice ) Tj ET Q q 0 0 0 rg BT 470.42 79.30 Td (period. ) Tj ET Q endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.09 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.52 708.10 Td (has ) Tj ET Q q 0 0 0 rg BT 125.40 708.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 170.71 708.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 214.91 708.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 236.90 708.10 Td (line ) Tj ET Q q 0 0 0 rg BT 254.44 708.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 294.75 708.10 Td (available ) Tj ET Q q 0 0 0 rg BT 333.38 708.10 Td (on ) Tj ET Q q 0 0 0 rg BT 345.93 708.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.91 708.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 385.99 708.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 408.54 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.52 708.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 480.84 708.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 525.04 708.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 547.02 708.10 Td (line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 90.95 696.10 Td (available ) Tj ET Q q 0 0 0 rg BT 130.22 696.10 Td (on ) Tj ET Q q 0 0 0 rg BT 143.40 696.10 Td (both ) Tj ET Q q 0 0 0 rg BT 164.36 696.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.98 696.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 205.70 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.32 696.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 267.04 696.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 292.50 696.10 Td (The ) Tj ET Q q 0 0 0 rg BT 311.23 696.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 353.29 696.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 373.70 696.10 Td (these ) Tj ET Q q 0 0 0 rg BT 397.43 696.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 423.37 696.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 460.99 696.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.95 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.35 696.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 524.41 696.10 Td (course ) Tj ET Q q 0 0 0 rg BT 553.69 696.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (business ) Tj ET Q q 0 0 0 rg BT 86.51 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.90 684.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 117.84 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.90 684.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 156.40 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.34 684.10 Td (its ) Tj ET Q q 0 0 0 rg BT 179.41 684.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 202.02 684.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 246.29 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.34 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.17 684.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 310.78 684.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 351.72 684.10 Td (under ) Tj ET Q q 0 0 0 rg BT 377.10 684.10 Td (these ) Tj ET Q q 0 0 0 rg BT 400.26 684.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 425.64 684.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 462.68 684.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 489.17 684.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 511.78 684.10 Td (based ) Tj ET Q q 0 0 0 rg BT 537.17 684.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.78 684.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 672.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.06 672.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 131.67 672.10 Td (needs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 648.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.36 648.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.40 648.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 160.31 648.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 204.12 648.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 225.70 648.10 Td (line ) Tj ET Q q 0 0 0 rg BT 242.85 648.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 282.76 648.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.12 648.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.35 648.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.35 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.50 648.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 411.86 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.34 648.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.93 648.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.37 648.10 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.05 648.10 Td ($200 ) Tj ET Q q 0 0 0 rg BT 488.20 648.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.09 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.24 648.10 Td (committed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 91.06 636.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.55 636.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 147.60 636.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.11 636.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 188.63 636.10 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 214.96 636.10 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 239.64 636.10 Td (which ) Tj ET Q q 0 0 0 rg BT 266.81 636.10 Td (was ) Tj ET Q q 0 0 0 rg BT 285.09 636.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 321.69 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.20 636.10 Td (December ) Tj ET Q q 0 0 0 rg BT 376.01 636.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 400.64 636.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 442.80 636.10 Td (under ) Tj ET Q q 0 0 0 rg BT 468.30 636.10 Td (this ) Tj ET Q q 0 0 0 rg BT 485.48 636.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 516.53 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 531.47 636.10 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.97 624.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 93.14 624.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 140.52 624.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 183.54 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 202.06 624.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 233.34 624.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 269.64 624.10 Td (a ) Tj ET Q q 0 0 0 rg BT 277.04 624.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 316.10 624.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.07 624.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 369.24 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.43 624.10 Td (Company) Tj ET Q q 0 0 0 rg BT 426.09 624.10 Td (s ) Tj ET Q q 0 0 0 rg BT 432.95 624.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 453.70 624.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 482.77 624.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 510.16 624.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 554.24 624.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.38 612.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 128.66 612.10 Td (net ) Tj ET Q q 0 0 0 rg BT 143.27 612.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.31 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.03 612.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 205.42 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.31 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.20 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.03 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.64 612.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 300.24 612.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 338.18 612.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 370.56 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.28 612.10 Td (all ) Tj ET Q q 0 0 0 rg BT 393.67 612.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 432.70 612.10 Td (under ) Tj ET Q q 0 0 0 rg BT 457.86 612.10 Td (this ) Tj ET Q q 0 0 0 rg BT 474.70 612.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 505.41 612.10 Td (will ) Tj ET Q q 0 0 0 rg BT 523.36 612.10 Td (be ) Tj ET Q q 0 0 0 rg BT 535.19 612.10 Td (due ) Tj ET Q q 0 0 0 rg BT 552.01 612.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (December16, ) Tj ET Q q 0 0 0 rg BT 109.26 600.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.26 600.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.70 600.10 Td (The ) Tj ET Q q 0 0 0 rg BT 153.42 600.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.48 600.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 216.98 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 224.59 600.10 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 285.52 600.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 339.24 600.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 354.62 600.10 Td (on ) Tj ET Q q 0 0 0 rg BT 367.79 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.18 600.10 Td (unused ) Tj ET Q q 0 0 0 rg BT 414.69 600.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 446.75 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.25 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.64 600.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 505.13 600.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.30 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 525.92 600.10 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 74.45 588.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.95 588.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 145.53 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.53 588.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.53 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.25 588.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.64 588.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.57 588.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.57 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.07 588.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 295.22 588.10 Td (against ) Tj ET Q q 0 0 0 rg BT 326.04 588.10 Td (this ) Tj ET Q q 0 0 0 rg BT 342.99 588.10 Td (line ) Tj ET Q q 0 0 0 rg BT 360.49 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.32 588.10 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.81 564.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.47 564.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.63 564.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 173.66 564.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 207.46 564.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 229.60 564.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.08 564.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 299.43 564.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.43 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.69 564.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.16 564.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 376.43 564.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.32 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.58 564.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.62 564.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.62 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.88 564.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 474.47 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.17 564.10 Td (are ) Tj ET Q q 0 0 0 rg BT 507.64 564.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 552.00 564.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (having ) Tj ET Q q 0 0 0 rg BT 79.93 552.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 128.18 552.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 170.59 552.10 Td (as ) Tj ET Q q 0 0 0 rg BT 181.64 552.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 229.33 552.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.05 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.98 552.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 279.13 552.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 325.99 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.48 552.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 364.73 552.10 Td (an ) Tj ET Q q 0 0 0 rg BT 376.88 552.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 412.35 552.10 Td (under ) Tj ET Q q 0 0 0 rg BT 437.84 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.77 552.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 472.78 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 491.04 552.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 538.74 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 552.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 540.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.77 540.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 154.75 540.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 176.85 540.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.27 540.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 223.81 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.80 540.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 273.00 540.10 Td (by ) Tj ET Q q 0 0 0 rg BT 286.21 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.64 540.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 345.41 540.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 371.95 540.10 Td (each ) Tj ET Q q 0 0 0 rg BT 393.48 540.10 Td (time ) Tj ET Q q 0 0 0 rg BT 414.46 540.10 Td (an ) Tj ET Q q 0 0 0 rg BT 427.11 540.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 463.08 540.10 Td (is ) Tj ET Q q 0 0 0 rg BT 472.96 540.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 514.49 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.14 540.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.57 540.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 81.10 528.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.60 528.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 152.19 528.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.19 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 177.19 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.90 528.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.29 528.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.23 528.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.23 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.73 528.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 301.88 528.10 Td (against ) Tj ET Q q 0 0 0 rg BT 332.70 528.10 Td (these ) Tj ET Q q 0 0 0 rg BT 355.75 528.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 377.13 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.96 528.10 Td (credit. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (Note 16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 504.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 504.10 Td (Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.38 504.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 480.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.07 480.10 Td (has ) Tj ET Q q 0 0 0 rg BT 123.22 480.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 154.46 480.10 Td (into ) Tj ET Q q 0 0 0 rg BT 171.84 480.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 205.86 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.12 480.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 244.48 480.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 261.29 480.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 287.54 480.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 310.47 480.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.07 480.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 359.09 480.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 389.79 480.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 422.16 480.10 Td (by ) Tj ET Q q 0 0 0 rg BT 433.97 480.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 463.56 480.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 509.81 480.10 Td (Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.39 468.10 Td (\("PIMCO"\). ) Tj ET Q q 0 0 0 rg BT 142.71 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 160.75 468.10 Td (following ) Tj ET Q q 0 0 0 rg BT 202.14 468.10 Td (table ) Tj ET Q q 0 0 0 rg BT 224.07 468.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 259.34 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.06 468.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 323.22 468.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 356.25 468.10 Td (by ) Tj ET Q q 0 0 0 rg BT 368.75 468.10 Td (note ) Tj ET Q q 0 0 0 rg BT 388.47 468.10 Td (class:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 409.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 409.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 409.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 409.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 385.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 385.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 385.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 385.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 433.6 m 480.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 433.6 m 488.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 433.6 m 563.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 409.6 m 480.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 409.6 m 563.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 409.6 m 480.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 409.6 m 563.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 385.6 m 480.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 385.6 m 563.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 385.6 m 480.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 374.6 m 480.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 372.6 m 480.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 385.6 m 563.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 374.6 m 563.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 372.6 m 563.5 372.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.10 436.33 Td (Outstanding Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.40 424.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 424.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 413.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 412.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 412.33 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.22 Td (Class A Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 400.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 400.33 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 400.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 400.22 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 388.22 Td (Class C Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 388.33 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 388.22 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 376.22 Td (Total senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 376.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 376.33 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 376.22 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.64 350.10 Td (October8, ) Tj ET Q q 0 0 0 rg BT 109.27 350.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.27 350.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.19 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.82 350.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.13 350.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 221.97 350.10 Td (into ) Tj ET Q q 0 0 0 rg BT 239.95 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.81 350.10 Td (second ) Tj ET Q q 0 0 0 rg BT 276.99 350.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 315.51 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.37 350.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 365.88 350.10 Td (note ) Tj ET Q q 0 0 0 rg BT 385.52 350.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 423.47 350.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 467.53 350.10 Td (\("Second ) Tj ET Q q 0 0 0 rg BT 506.27 350.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 547.56 350.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 87.43 338.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 109.87 338.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 148.30 338.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 203.14 338.10 Td (under ) Tj ET Q q 0 0 0 rg BT 228.90 338.10 Td (which ) Tj ET Q q 0 0 0 rg BT 256.34 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.56 338.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 313.44 338.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.44 338.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 364.44 338.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.33 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.33 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.65 338.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 431.20 338.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 449.18 338.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 473.85 338.10 Td (C ) Tj ET Q q 0 0 0 rg BT 483.52 338.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 512.13 338.10 Td (The ) Tj ET Q q 0 0 0 rg BT 530.67 338.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 555.34 338.10 Td (C ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 76.13 326.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 96.14 326.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.38 326.10 Td (at ) Tj ET Q q 0 0 0 rg BT 138.39 326.10 Td (an ) Tj ET Q q 0 0 0 rg BT 150.63 326.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 180.09 326.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 203.44 326.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 221.23 326.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.36 326.10 Td (5.06 ) Tj ET Q q 0 0 0 rg BT 252.66 326.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.08 326.10 Td (, ) Tj ET Q q 0 0 0 rg BT 287.39 326.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 321.28 326.10 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 380.73 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.97 326.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 428.54 326.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.34 326.10 Td (October9, ) Tj ET Q q 0 0 0 rg BT 486.35 326.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.35 326.10 Td (. ) Tj ET Q q 0 0 0 rg BT 511.45 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 529.80 326.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.94 314.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 90.12 314.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.79 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.74 314.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 124.02 314.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 143.18 314.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.56 314.10 Td (at ) Tj ET Q q 0 0 0 rg BT 183.73 314.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.12 314.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 207.05 314.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 230.66 314.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.39 314.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.37 314.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 291.21 314.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 323.16 314.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.78 314.10 Td (3.00 ) Tj ET Q q 0 0 0 rg BT 361.23 314.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 314.10 Td (, ) Tj ET Q q 0 0 0 rg BT 395.10 314.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 430.38 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.76 314.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 479.81 314.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 517.85 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.24 314.10 Td (mature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.85 302.10 Td (May31, ) Tj ET Q q 0 0 0 rg BT 99.02 302.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.02 302.10 Td (. ) Tj ET Q q 0 0 0 rg BT 124.16 302.10 Td (The ) Tj ET Q q 0 0 0 rg BT 142.56 302.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 172.62 302.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 211.01 302.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 247.74 302.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.80 302.10 Td (due ) Tj ET Q q 0 0 0 rg BT 280.08 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.71 302.10 Td (full ) Tj ET Q q 0 0 0 rg BT 307.44 302.10 Td (on ) Tj ET Q q 0 0 0 rg BT 320.29 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.35 302.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 378.73 302.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 415.46 302.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 438.85 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.14 302.10 Td (may ) Tj ET Q q 0 0 0 rg BT 476.20 302.10 Td (not ) Tj ET Q q 0 0 0 rg BT 491.83 302.10 Td (be ) Tj ET Q q 0 0 0 rg BT 504.11 302.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 536.94 302.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 302.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 290.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.35 266.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 99.97 266.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 141.64 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.88 266.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 196.11 266.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 218.35 266.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 256.63 266.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 303.85 266.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 339.98 266.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 384.43 266.10 Td (events ) Tj ET Q q 0 0 0 rg BT 412.78 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.91 266.10 Td (default ) Tj ET Q q 0 0 0 rg BT 454.47 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.71 266.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 514.49 266.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 534.79 266.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.47 254.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 103.35 254.10 Td (require ) Tj ET Q q 0 0 0 rg BT 134.59 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.74 254.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.55 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.26 254.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 240.17 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 247.54 254.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 289.36 254.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 342.83 254.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 377.97 254.10 Td (net ) Tj ET Q q 0 0 0 rg BT 393.11 254.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 419.37 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.73 254.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 480.75 254.10 Td (net ) Tj ET Q q 0 0 0 rg BT 495.90 254.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 527.98 254.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.79 254.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.97 242.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 135.21 242.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 156.93 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.75 242.10 Td (require ) Tj ET Q q 0 0 0 rg BT 206.45 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.06 242.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.33 242.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.49 242.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 313.87 242.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.69 242.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 363.97 242.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 385.68 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.40 242.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 438.55 242.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 459.70 242.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 481.42 242.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.59 242.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 516.52 242.10 Td (char) Tj ET Q q 0 0 0 rg BT 533.54 242.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 552.01 242.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 230.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 230.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.58 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.30 230.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.69 230.10 Td (was ) Tj ET Q q 0 0 0 rg BT 207.74 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.02 230.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 266.61 230.10 Td (with ) Tj ET Q q 0 0 0 rg BT 286.88 230.10 Td (all ) Tj ET Q q 0 0 0 rg BT 299.38 230.10 Td (covenants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 206.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 95.17 206.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 118.87 206.10 Td (are ) Tj ET Q q 0 0 0 rg BT 133.67 206.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 171.24 206.10 Td (at ) Tj ET Q q 0 0 0 rg BT 181.05 206.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 223.62 206.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 244.25 206.10 Td (As ) Tj ET Q q 0 0 0 rg BT 257.96 206.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.88 206.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 327.56 206.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.56 206.10 Td (, ) Tj ET Q q 0 0 0 rg BT 352.65 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.46 206.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 403.37 206.10 Td (value ) Tj ET Q q 0 0 0 rg BT 427.62 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.54 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.35 206.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 488.14 206.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 505.72 206.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 529.41 206.10 Td (A) Tj ET Q q 0 0 0 rg BT 536.08 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.67 206.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (approximated ) Tj ET Q q 0 0 0 rg BT 106.66 194.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 122.22 194.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 147.69 194.10 Td (As ) Tj ET Q q 0 0 0 rg BT 160.48 194.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.50 194.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 228.26 194.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.26 194.10 Td (, ) Tj ET Q q 0 0 0 rg BT 252.44 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.34 194.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 281.90 194.10 Td (value ) Tj ET Q q 0 0 0 rg BT 305.24 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.25 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.15 194.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 351.38 194.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.05 194.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 391.40 194.10 Td (C ) Tj ET Q q 0 0 0 rg BT 399.75 194.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 424.76 194.10 Td (was ) Tj ET Q q 0 0 0 rg BT 442.00 194.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.44 194.10 Td ($126.5 ) Tj ET Q q 0 0 0 rg BT 530.62 194.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 194.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td ( ) Tj ET Q endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 708.25 Td (Contingencies, Commitments and Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.86 708.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (Legal ) Tj ET Q q 0 0 0 rg BT 76.39 684.25 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.89 660.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.12 660.25 Td (has ) Tj ET Q q 0 0 0 rg BT 124.79 660.25 Td (been ) Tj ET Q q 0 0 0 rg BT 146.01 660.25 Td (named ) Tj ET Q q 0 0 0 rg BT 175.00 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 185.67 660.25 Td (a ) Tj ET Q q 0 0 0 rg BT 192.45 660.25 Td (defendant ) Tj ET Q q 0 0 0 rg BT 234.22 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.34 660.25 Td (various ) Tj ET Q q 0 0 0 rg BT 276.12 660.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 297.89 660.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 331.06 660.25 Td (including ) Tj ET Q q 0 0 0 rg BT 371.17 660.25 Td (complaints ) Tj ET Q q 0 0 0 rg BT 417.40 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.18 660.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 472.63 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.41 660.25 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 533.40 660.25 Td (claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 79.57 648.25 Td (from ) Tj ET Q q 0 0 0 rg BT 101.37 648.25 Td (its ) Tj ET Q q 0 0 0 rg BT 113.17 648.25 Td (business ) Tj ET Q q 0 0 0 rg BT 149.42 648.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 190.37 648.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 212.73 648.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 243.41 648.25 Td (include ) Tj ET Q q 0 0 0 rg BT 275.20 648.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 303.66 648.25 Td (related ) Tj ET Q q 0 0 0 rg BT 333.22 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.35 648.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.47 648.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 425.80 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.60 648.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.84 648.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 523.41 648.25 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.86 636.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.48 636.25 Td (class ) Tj ET Q q 0 0 0 rg BT 115.33 636.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 145.07 636.25 Td (that ) Tj ET Q q 0 0 0 rg BT 161.49 636.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 200.12 636.25 Td (allege ) Tj ET Q q 0 0 0 rg BT 225.41 636.25 Td (violations ) Tj ET Q q 0 0 0 rg BT 266.27 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.01 636.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.20 636.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 334.94 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.80 636.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 369.98 636.25 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 417.50 636.25 Td (damages, ) Tj ET Q q 0 0 0 rg BT 456.40 636.25 Td (which ) Tj ET Q q 0 0 0 rg BT 482.25 636.25 Td (could ) Tj ET Q q 0 0 0 rg BT 505.89 636.25 Td (be ) Tj ET Q q 0 0 0 rg BT 516.75 636.25 Td (substantial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 73.53 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.88 624.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.90 624.25 Td (is ) Tj ET Q q 0 0 0 rg BT 137.71 624.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 174.84 624.25 Td (from ) Tj ET Q q 0 0 0 rg BT 196.41 624.25 Td (time ) Tj ET Q q 0 0 0 rg BT 216.32 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.23 624.25 Td (time ) Tj ET Q q 0 0 0 rg BT 246.14 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 256.05 624.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 313.74 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.32 624.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 380.77 624.25 Td (by ) Tj ET Q q 0 0 0 rg BT 392.90 624.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 450.02 624.25 Td (agencies ) Tj ET Q q 0 0 0 rg BT 486.58 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.15 624.25 Td (self-regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 612.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 106.19 612.25 Td (\("SROs"\) ) Tj ET Q q 0 0 0 rg BT 146.86 612.25 Td (which ) Tj ET Q q 0 0 0 rg BT 173.80 612.25 Td (could ) Tj ET Q q 0 0 0 rg BT 198.52 612.25 Td (result ) Tj ET Q q 0 0 0 rg BT 223.23 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.51 612.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 266.55 612.25 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 313.21 612.25 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 359.31 612.25 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 399.85 612.25 Td (fines ) Tj ET Q q 0 0 0 rg BT 421.79 612.25 Td (or ) Tj ET Q q 0 0 0 rg BT 432.62 612.25 Td (other ) Tj ET Q q 0 0 0 rg BT 455.67 612.25 Td (relief.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.33 588.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.01 588.25 Td (has ) Tj ET Q q 0 0 0 rg BT 123.13 588.25 Td (established ) Tj ET Q q 0 0 0 rg BT 169.35 588.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 203.89 588.25 Td (for ) Tj ET Q q 0 0 0 rg BT 217.34 588.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 254.12 588.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 279.79 588.25 Td (that ) Tj ET Q q 0 0 0 rg BT 296.58 588.25 Td (are ) Tj ET Q q 0 0 0 rg BT 310.57 588.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 347.34 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.57 588.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 408.67 588.25 Td (estimable ) Tj ET Q q 0 0 0 rg BT 448.78 588.25 Td (that ) Tj ET Q q 0 0 0 rg BT 465.56 588.25 Td (may ) Tj ET Q q 0 0 0 rg BT 484.57 588.25 Td (result ) Tj ET Q q 0 0 0 rg BT 508.57 588.25 Td (from ) Tj ET Q q 0 0 0 rg BT 529.79 588.25 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.10 576.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 104.75 576.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 126.85 576.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 160.33 576.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 218.54 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.64 576.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 279.40 576.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 332.88 576.25 Td (Reasonably ) Tj ET Q q 0 0 0 rg BT 382.19 576.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 417.63 576.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 444.18 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.62 576.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 483.38 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.38 576.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 530.92 576.25 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.28 564.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 117.44 564.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.44 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.50 564.25 Td (are ) Tj ET Q q 0 0 0 rg BT 153.78 564.25 Td (not ) Tj ET Q q 0 0 0 rg BT 168.63 564.25 Td (material. ) Tj ET Q q 0 0 0 rg BT 205.95 564.25 Td (In ) Tj ET Q q 0 0 0 rg BT 216.35 564.25 Td (many ) Tj ET Q q 0 0 0 rg BT 240.63 564.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 266.30 564.25 Td (however) Tj ET Q q 0 0 0 rg BT 300.33 564.25 Td (, ) Tj ET Q q 0 0 0 rg BT 304.90 564.25 Td (it ) Tj ET Q q 0 0 0 rg BT 312.52 564.25 Td (is ) Tj ET Q q 0 0 0 rg BT 321.26 564.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 363.87 564.25 Td (dif) Tj ET Q q 0 0 0 rg BT 374.80 564.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 397.97 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.81 564.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 449.86 564.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 484.14 564.25 Td (any ) Tj ET Q q 0 0 0 rg BT 500.64 564.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 518.27 564.25 Td (is ) Tj ET Q q 0 0 0 rg BT 527.01 564.25 Td (probable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.38 552.25 Td (even ) Tj ET Q q 0 0 0 rg BT 81.30 552.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 116.13 552.25 Td (or ) Tj ET Q q 0 0 0 rg BT 126.51 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.34 552.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 171.70 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.97 552.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.01 552.25 Td (or ) Tj ET Q q 0 0 0 rg BT 228.39 552.25 Td (range ) Tj ET Q q 0 0 0 rg BT 252.65 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.02 552.25 Td (any ) Tj ET Q q 0 0 0 rg BT 279.51 552.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 316.55 552.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 336.66 552.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 384.80 552.25 Td (where ) Tj ET Q q 0 0 0 rg BT 411.27 552.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 461.64 552.25 Td (may ) Tj ET Q q 0 0 0 rg BT 480.90 552.25 Td (be ) Tj ET Q q 0 0 0 rg BT 492.39 552.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.22 552.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 542.02 552.25 Td (early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (stages ) Tj ET Q q 0 0 0 rg BT 76.65 540.25 Td (or ) Tj ET Q q 0 0 0 rg BT 87.20 540.25 Td (where ) Tj ET Q q 0 0 0 rg BT 113.84 540.25 Td (plaintif) Tj ET Q q 0 0 0 rg BT 142.55 540.25 Td (fs ) Tj ET Q q 0 0 0 rg BT 151.98 540.25 Td (are ) Tj ET Q q 0 0 0 rg BT 166.41 540.25 Td (seeking ) Tj ET Q q 0 0 0 rg BT 199.17 540.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 244.16 540.25 Td (or ) Tj ET Q q 0 0 0 rg BT 254.70 540.25 Td (indeterminate ) Tj ET Q q 0 0 0 rg BT 311.90 540.25 Td (damages. ) Tj ET Q q 0 0 0 rg BT 351.60 540.25 Td (Matters ) Tj ET Q q 0 0 0 rg BT 384.36 540.25 Td (frequently ) Tj ET Q q 0 0 0 rg BT 427.67 540.25 Td (need ) Tj ET Q q 0 0 0 rg BT 448.76 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 458.76 540.25 Td (be ) Tj ET Q q 0 0 0 rg BT 470.41 540.25 Td (more ) Tj ET Q q 0 0 0 rg BT 493.17 540.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 536.48 540.25 Td (before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.94 528.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 75.00 528.25 Td (or ) Tj ET Q q 0 0 0 rg BT 85.83 528.25 Td (range ) Tj ET Q q 0 0 0 rg BT 110.54 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.37 528.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 139.43 528.25 Td (can ) Tj ET Q q 0 0 0 rg BT 155.81 528.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 201.62 528.25 Td (be ) Tj ET Q q 0 0 0 rg BT 213.56 528.25 Td (estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.12 504.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 130.90 504.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 171.90 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.80 504.25 Td (timing, ) Tj ET Q q 0 0 0 rg BT 218.10 504.25 Td (scope, ) Tj ET Q q 0 0 0 rg BT 246.05 504.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 278.74 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.86 504.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 332.98 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.99 504.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 378.90 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.02 504.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 433.70 504.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 455.82 504.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 489.33 504.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 547.56 504.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 92.75 492.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 142.73 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.83 492.25 Td (other ) Tj ET Q q 0 0 0 rg BT 181.03 492.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 212.40 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.27 492.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.82 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.81 492.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 306.23 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.32 492.25 Td (ranges ) Tj ET Q q 0 0 0 rg BT 350.08 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.07 492.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 405.05 492.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 439.48 492.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 465.03 492.25 Td (are ) Tj ET Q q 0 0 0 rg BT 478.90 492.25 Td (dif) Tj ET Q q 0 0 0 rg BT 489.83 492.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 512.59 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.03 492.25 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.32 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.53 480.25 Td (necessity ) Tj ET Q q 0 0 0 rg BT 118.07 480.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 149.28 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.94 480.25 Td (future ) Tj ET Q q 0 0 0 rg BT 186.70 480.25 Td (revision. ) Tj ET Q q 0 0 0 rg BT 224.30 480.25 Td (Subject ) Tj ET Q q 0 0 0 rg BT 257.17 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.84 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.93 480.25 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 327.19 480.25 Td (management ) Tj ET Q q 0 0 0 rg BT 381.17 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.38 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.48 480.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.25 480.25 Td (believes, ) Tj ET Q q 0 0 0 rg BT 487.39 480.25 Td (based ) Tj ET Q q 0 0 0 rg BT 513.04 480.25 Td (on ) Tj ET Q q 0 0 0 rg BT 525.92 480.25 Td (currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (available ) Tj ET Q q 0 0 0 rg BT 88.58 468.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 140.79 468.25 Td (after ) Tj ET Q q 0 0 0 rg BT 161.60 468.25 Td (consultation ) Tj ET Q q 0 0 0 rg BT 212.98 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 233.25 468.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 264.63 468.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 286.56 468.25 Td (counsel ) Tj ET Q q 0 0 0 rg BT 319.60 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.54 468.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 364.03 468.25 Td (into ) Tj ET Q q 0 0 0 rg BT 382.08 468.25 Td (account ) Tj ET Q q 0 0 0 rg BT 415.67 468.25 Td (its ) Tj ET Q q 0 0 0 rg BT 427.61 468.25 Td (established ) Tj ET Q q 0 0 0 rg BT 474.54 468.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 512.29 468.25 Td (that ) Tj ET Q q 0 0 0 rg BT 529.79 468.25 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 73.00 456.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 107.39 456.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 166.51 456.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.52 456.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 229.18 456.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 281.06 456.25 Td (will ) Tj ET Q q 0 0 0 rg BT 300.18 456.25 Td (be ) Tj ET Q q 0 0 0 rg BT 313.19 456.25 Td (resolved ) Tj ET Q q 0 0 0 rg BT 350.63 456.25 Td (with ) Tj ET Q q 0 0 0 rg BT 371.98 456.25 Td (no ) Tj ET Q q 0 0 0 rg BT 385.54 456.25 Td (material ) Tj ET Q q 0 0 0 rg BT 421.87 456.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 455.97 456.25 Td (ef) Tj ET Q q 0 0 0 rg BT 463.56 456.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 482.11 456.25 Td (on ) Tj ET Q q 0 0 0 rg BT 495.68 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 456.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.85 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.82 444.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.44 444.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 186.35 444.25 Td (results ) Tj ET Q q 0 0 0 rg BT 215.10 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.06 444.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.36 444.25 Td (or ) Tj ET Q q 0 0 0 rg BT 281.33 444.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.73 444.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 326.59 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.56 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.42 444.25 Td (Company) Tj ET Q q 0 0 0 rg BT 390.65 444.25 Td (. ) Tj ET Q q 0 0 0 rg BT 395.79 444.25 Td (However) Tj ET Q q 0 0 0 rg BT 432.04 444.25 Td (, ) Tj ET Q q 0 0 0 rg BT 437.18 444.25 Td (if ) Tj ET Q q 0 0 0 rg BT 445.93 444.25 Td (during ) Tj ET Q q 0 0 0 rg BT 474.67 444.25 Td (any ) Tj ET Q q 0 0 0 rg BT 491.75 444.25 Td (period ) Tj ET Q q 0 0 0 rg BT 519.93 444.25 Td (a ) Tj ET Q q 0 0 0 rg BT 527.01 444.25 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 84.19 432.25 Td (contingency ) Tj ET Q q 0 0 0 rg BT 136.72 432.25 Td (should ) Tj ET Q q 0 0 0 rg BT 167.04 432.25 Td (become ) Tj ET Q q 0 0 0 rg BT 201.79 432.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 240.43 432.25 Td (or ) Tj ET Q q 0 0 0 rg BT 252.41 432.25 Td (resolved ) Tj ET Q q 0 0 0 rg BT 289.94 432.25 Td (for ) Tj ET Q q 0 0 0 rg BT 305.26 432.25 Td (an ) Tj ET Q q 0 0 0 rg BT 318.35 432.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 352.00 432.25 Td (in ) Tj ET Q q 0 0 0 rg BT 363.43 432.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 393.18 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.17 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.04 432.25 Td (established ) Tj ET Q q 0 0 0 rg BT 469.12 432.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 508.04 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.91 432.25 Td (results ) Tj ET Q q 0 0 0 rg BT 553.67 432.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.77 420.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.33 420.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.22 420.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 158.56 420.25 Td (in ) Tj ET Q q 0 0 0 rg BT 169.46 420.25 Td (that ) Tj ET Q q 0 0 0 rg BT 187.57 420.25 Td (period ) Tj ET Q q 0 0 0 rg BT 216.24 420.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.80 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.13 420.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.23 420.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 328.12 420.25 Td (as ) Tj ET Q q 0 0 0 rg BT 339.57 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.02 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.36 420.25 Td (end ) Tj ET Q q 0 0 0 rg BT 383.92 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.37 420.25 Td (that ) Tj ET Q q 0 0 0 rg BT 413.48 420.25 Td (period ) Tj ET Q q 0 0 0 rg BT 442.15 420.25 Td (could ) Tj ET Q q 0 0 0 rg BT 467.48 420.25 Td (be ) Tj ET Q q 0 0 0 rg BT 480.04 420.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 523.70 420.25 Td (adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 408.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 86.54 408.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.90 408.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.20 408.25 Td (there ) Tj ET Q q 0 0 0 rg BT 156.21 408.25 Td (can ) Tj ET Q q 0 0 0 rg BT 172.12 408.25 Td (be ) Tj ET Q q 0 0 0 rg BT 183.58 408.25 Td (no ) Tj ET Q q 0 0 0 rg BT 195.61 408.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 236.51 408.25 Td (that ) Tj ET Q q 0 0 0 rg BT 253.53 408.25 Td (material ) Tj ET Q q 0 0 0 rg BT 288.32 408.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 314.23 408.25 Td (will ) Tj ET Q q 0 0 0 rg BT 331.82 408.25 Td (not ) Tj ET Q q 0 0 0 rg BT 346.63 408.25 Td (be ) Tj ET Q q 0 0 0 rg BT 358.09 408.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 393.44 408.25 Td (from ) Tj ET Q q 0 0 0 rg BT 414.90 408.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 443.03 408.25 Td (that ) Tj ET Q q 0 0 0 rg BT 460.06 408.25 Td (have ) Tj ET Q q 0 0 0 rg BT 480.96 408.25 Td (not ) Tj ET Q q 0 0 0 rg BT 495.77 408.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 510.01 408.25 Td (been ) Tj ET Q q 0 0 0 rg BT 530.92 408.25 Td (brought ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 396.25 Td (Company) Tj ET Q q 0 0 0 rg BT 116.66 396.25 Td (s ) Tj ET Q q 0 0 0 rg BT 123.05 396.25 Td (attention ) Tj ET Q q 0 0 0 rg BT 160.54 396.25 Td (or ) Tj ET Q q 0 0 0 rg BT 171.37 396.25 Td (are ) Tj ET Q q 0 0 0 rg BT 186.08 396.25 Td (not ) Tj ET Q q 0 0 0 rg BT 201.36 396.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 216.07 396.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 263.55 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.83 396.25 Td (be ) Tj ET Q q 0 0 0 rg BT 285.77 396.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 331.59 396.25 Td (possible.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (Litigation-related ) Tj ET Q q 0 0 0 rg BT 123.54 372.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 155.97 372.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 189.53 372.25 Td (included ) Tj ET Q q 0 0 0 rg BT 227.54 372.25 Td (within ) Tj ET Q q 0 0 0 rg BT 256.66 372.25 Td (other ) Tj ET Q q 0 0 0 rg BT 280.78 372.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 322.11 372.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 361.77 372.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 397.00 372.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.34 372.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 444.12 372.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.02 372.25 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 477.09 372.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.98 372.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 372.25 Td ($9.7 ) Tj ET Q q 0 0 0 rg BT 533.12 372.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 91.94 360.25 Td (related ) Tj ET Q q 0 0 0 rg BT 120.55 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.73 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 135.57 360.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 176.96 360.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 222.23 360.25 Td (class ) Tj ET Q q 0 0 0 rg BT 243.07 360.25 Td (action ) Tj ET Q q 0 0 0 rg BT 268.91 360.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 311.41 360.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 330.02 360.25 Td (in ) Tj ET Q q 0 0 0 rg BT 339.20 360.25 Td (2016\), ) Tj ET Q q 0 0 0 rg BT 366.44 360.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.28 360.25 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 401.18 360.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.07 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 431.47 360.25 Td (for ) Tj ET Q q 0 0 0 rg BT 444.53 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.15 360.25 Td (years ) Tj ET Q q 0 0 0 rg BT 480.65 360.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 360.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 348.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 348.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 97.50 348.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 348.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 348.25 Td (, ) Tj ET Q q 0 0 0 rg BT 139.44 348.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 187.10 348.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (Operating Lease Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 300.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.60 300.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 134.56 300.25 Td (of) Tj ET Q q 0 0 0 rg BT 142.70 300.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 159.77 300.25 Td (space ) Tj ET Q q 0 0 0 rg BT 184.06 300.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 230.03 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.33 300.25 Td (United ) Tj ET Q q 0 0 0 rg BT 273.63 300.25 Td (States ) Tj ET Q q 0 0 0 rg BT 299.59 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 316.11 300.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.97 300.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.49 300.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 362.90 300.25 Td (number ) Tj ET Q q 0 0 0 rg BT 395.53 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.94 300.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 436.90 300.25 Td (countries ) Tj ET Q q 0 0 0 rg BT 475.64 300.25 Td (where ) Tj ET Q q 0 0 0 rg BT 502.15 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 300.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.11 300.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (international ) Tj ET Q q 0 0 0 rg BT 103.30 288.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 147.71 288.25 Td (reside. ) Tj ET Q q 0 0 0 rg BT 176.24 288.25 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 220.65 288.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 262.30 288.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 285.04 288.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 342.24 288.25 Td (under ) Tj ET Q q 0 0 0 rg BT 367.77 288.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.30 288.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 434.93 288.25 Td (as ) Tj ET Q q 0 0 0 rg BT 446.02 288.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.11 288.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 515.96 288.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.96 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.72 288.25 Td (are ) Tj ET Q q 0 0 0 rg BT 553.69 288.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 253.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 253.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 229.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 229.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 205.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 205.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 181.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 181.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 181.75 m 561.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 181.75 m 561.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 170.75 m 561.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 168.75 m 561.5 168.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 257.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 257.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 244.37 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 244.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 244.37 Td (14,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 232.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 232.37 Td (13,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 220.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 220.37 Td (11,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 208.37 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 208.37 Td (11,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 196.37 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 196.37 Td (7,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 184.37 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 184.37 Td (20,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 172.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 172.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 172.37 Td (78,440) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 146.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.62 146.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 113.72 146.25 Td (rentals ) Tj ET Q q 0 0 0 rg BT 142.58 146.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.57 146.25 Td (be ) Tj ET Q q 0 0 0 rg BT 164.22 146.25 Td (received ) Tj ET Q q 0 0 0 rg BT 200.30 146.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.95 146.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.95 146.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.16 146.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.48 146.25 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.48 146.25 Td ( ) Tj ET Q q 0 0 0 rg BT 299.69 146.25 Td (under ) Tj ET Q q 0 0 0 rg BT 324.67 146.25 Td (noncancelable ) Tj ET Q q 0 0 0 rg BT 384.07 146.25 Td (subleases ) Tj ET Q q 0 0 0 rg BT 424.04 146.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.68 146.25 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 465.40 146.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.29 146.25 Td ( ) Tj ET Q q 0 0 0 rg BT 496.50 146.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 146.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 134.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (Rental ) Tj ET Q q 0 0 0 rg BT 78.67 110.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 115.95 110.25 Td (including ) Tj ET Q q 0 0 0 rg BT 156.29 110.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.62 110.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 219.18 110.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.19 110.25 Td (real ) Tj ET Q q 0 0 0 rg BT 253.74 110.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 279.07 110.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 304.69 110.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.81 110.25 Td ($17.3 ) Tj ET Q q 0 0 0 rg BT 347.88 110.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.77 110.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.83 110.25 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 406.90 110.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.79 110.25 Td ( ) Tj ET Q q 0 0 0 rg BT 438.36 110.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.37 110.25 Td ($13.8 ) Tj ET Q q 0 0 0 rg BT 480.43 110.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.33 110.25 Td ( ) Tj ET Q q 0 0 0 rg BT 511.89 110.25 Td (for ) Tj ET Q q 0 0 0 rg BT 526.12 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.90 110.25 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 98.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.96 98.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 98.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.96 98.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.96 98.25 Td ( ) Tj ET Q q 0 0 0 rg BT 182.46 98.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.40 98.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.40 98.25 Td (, ) Tj ET Q q 0 0 0 rg BT 224.40 98.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 272.06 98.25 Td (.) Tj ET Q endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Fund Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.97 684.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.15 684.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.09 684.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.09 684.25 Td (, ) Tj ET Q q 0 0 0 rg BT 155.45 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.52 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 210.26 684.25 Td (had ) Tj ET Q q 0 0 0 rg BT 226.56 684.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 282.85 684.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.49 684.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 318.23 684.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.84 684.25 Td ($22.8 ) Tj ET Q q 0 0 0 rg BT 402.20 684.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.09 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 432.94 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 442.58 684.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 472.76 684.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 523.50 684.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.35 684.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.27 672.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.55 672.25 Td (private ) Tj ET Q q 0 0 0 rg BT 140.82 672.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 168.31 672.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 213.57 672.25 Td (or ) Tj ET Q q 0 0 0 rg BT 224.40 672.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 257.45 672.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 297.71 672.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.88 672.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 338.81 672.25 Td (living ) Tj ET Q q 0 0 0 rg BT 364.65 672.25 Td (facilities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 648.25 Td ( Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 624.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.19 624.25 Td (is ) Tj ET Q q 0 0 0 rg BT 119.74 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 127.05 624.25 Td (member ) Tj ET Q q 0 0 0 rg BT 162.69 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.90 624.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 216.22 624.25 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 260.74 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.06 624.25 Td (clearinghouses. ) Tj ET Q q 0 0 0 rg BT 342.86 624.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 370.72 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.82 624.25 Td (membership ) Tj ET Q q 0 0 0 rg BT 438.13 624.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 486.54 624.25 Td (with ) Tj ET Q q 0 0 0 rg BT 507.19 624.25 Td (these ) Tj ET Q q 0 0 0 rg BT 530.62 624.25 Td (entities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (members ) Tj ET Q q 0 0 0 rg BT 89.42 612.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 129.38 612.25 Td (are ) Tj ET Q q 0 0 0 rg BT 144.35 612.25 Td (required ) Tj ET Q q 0 0 0 rg BT 180.43 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.97 612.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 232.60 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.58 612.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 300.86 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.95 612.25 Td (other ) Tj ET Q q 0 0 0 rg BT 335.26 612.25 Td (members, ) Tj ET Q q 0 0 0 rg BT 377.18 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.38 612.25 Td (if ) Tj ET Q q 0 0 0 rg BT 403.25 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 410.46 612.25 Td (member ) Tj ET Q q 0 0 0 rg BT 445.98 612.25 Td (becomes ) Tj ET Q q 0 0 0 rg BT 483.73 612.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 513.15 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.69 612.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 552.56 612.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 97.39 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.11 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.26 600.25 Td (clearinghouse, ) Tj ET Q q 0 0 0 rg BT 184.24 600.25 Td (other ) Tj ET Q q 0 0 0 rg BT 207.73 600.25 Td (members ) Tj ET Q q 0 0 0 rg BT 247.32 600.25 Td (would ) Tj ET Q q 0 0 0 rg BT 275.27 600.25 Td (be ) Tj ET Q q 0 0 0 rg BT 287.65 600.25 Td (required ) Tj ET Q q 0 0 0 rg BT 323.90 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.62 600.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 357.00 600.25 Td (shortfalls. ) Tj ET Q q 0 0 0 rg BT 399.45 600.25 Td (T) Tj ET Q q 0 0 0 rg BT 404.86 600.25 Td (o ) Tj ET Q q 0 0 0 rg BT 412.80 600.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 448.51 600.25 Td (these ) Tj ET Q q 0 0 0 rg BT 472.00 600.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 525.46 600.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 549.79 600.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 93.55 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.90 588.25 Td (clearinghouses ) Tj ET Q q 0 0 0 rg BT 171.23 588.25 Td (often ) Tj ET Q q 0 0 0 rg BT 193.69 588.25 Td (require ) Tj ET Q q 0 0 0 rg BT 223.91 588.25 Td (members ) Tj ET Q q 0 0 0 rg BT 262.47 588.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.16 588.25 Td (post ) Tj ET Q q 0 0 0 rg BT 290.74 588.25 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 332.34 588.25 Td (In ) Tj ET Q q 0 0 0 rg BT 342.58 588.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 379.76 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.89 588.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 434.68 588.25 Td (identifies ) Tj ET Q q 0 0 0 rg BT 473.80 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.15 588.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 534.81 588.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 85.80 576.25 Td (agents ) Tj ET Q q 0 0 0 rg BT 114.95 576.25 Td (against ) Tj ET Q q 0 0 0 rg BT 146.87 576.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 186.56 576.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 225.15 576.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 252.64 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.02 576.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 311.49 576.25 Td (with ) Tj ET Q q 0 0 0 rg BT 332.87 576.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 375.35 576.25 Td (services ) Tj ET Q q 0 0 0 rg BT 411.16 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.53 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.35 576.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 480.83 576.25 Td (or ) Tj ET Q q 0 0 0 rg BT 492.76 576.25 Td (its ) Tj ET Q q 0 0 0 rg BT 505.81 576.25 Td (af) Tj ET Q q 0 0 0 rg BT 513.40 576.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 546.45 576.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 564.25 Td (s ) Tj ET Q q 0 0 0 rg BT 99.30 564.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 143.60 564.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 182.33 564.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 217.18 564.25 Td (under ) Tj ET Q q 0 0 0 rg BT 243.70 564.25 Td (these ) Tj ET Q q 0 0 0 rg BT 267.99 564.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 325.59 564.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 355.99 564.25 Td (be ) Tj ET Q q 0 0 0 rg BT 369.18 564.25 Td (quantified. ) Tj ET Q q 0 0 0 rg BT 415.96 564.25 Td (However) Tj ET Q q 0 0 0 rg BT 452.21 564.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.46 564.25 Td (management ) Tj ET Q q 0 0 0 rg BT 513.29 564.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 549.80 564.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 93.10 552.25 Td (that ) Tj ET Q q 0 0 0 rg BT 110.65 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.41 552.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.85 552.25 Td (would ) Tj ET Q q 0 0 0 rg BT 194.40 552.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.39 552.25 Td (required ) Tj ET Q q 0 0 0 rg BT 242.26 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.58 552.25 Td (make ) Tj ET Q q 0 0 0 rg BT 276.79 552.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 317.67 552.25 Td (under ) Tj ET Q q 0 0 0 rg BT 342.98 552.25 Td (these ) Tj ET Q q 0 0 0 rg BT 366.08 552.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 422.49 552.25 Td (is ) Tj ET Q q 0 0 0 rg BT 431.71 552.25 Td (remote. ) Tj ET Q q 0 0 0 rg BT 463.97 552.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 513.30 552.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.35 552.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.35 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 530.90 552.25 Td (liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 540.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.65 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.92 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.64 540.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 174.68 540.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.16 540.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 256.88 540.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.04 540.25 Td (these ) Tj ET Q q 0 0 0 rg BT 294.08 540.25 Td (arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 136.47 516.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.70 492.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.75 492.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 148.34 492.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 197.88 492.25 Td (capital-raising ) Tj ET Q q 0 0 0 rg BT 258.23 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.82 492.25 Td (related ) Tj ET Q q 0 0 0 rg BT 306.18 492.25 Td (services ) Tj ET Q q 0 0 0 rg BT 341.54 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.48 492.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.07 492.25 Td (diverse ) Tj ET Q q 0 0 0 rg BT 392.11 492.25 Td (group ) Tj ET Q q 0 0 0 rg BT 418.59 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.08 492.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 469.34 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.93 492.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 518.96 492.25 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.78 480.25 Td (governments, ) Tj ET Q q 0 0 0 rg BT 145.94 480.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 200.43 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.88 480.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 266.66 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.10 480.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 325.66 480.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 366.13 480.25 Td (The ) Tj ET Q q 0 0 0 rg BT 383.68 480.25 Td (Company) Tj ET Q q 0 0 0 rg BT 425.35 480.25 Td (s ) Tj ET Q q 0 0 0 rg BT 431.25 480.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 469.35 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.14 480.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 503.90 480.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 520.91 480.25 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.79 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.02 468.25 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 154.88 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.22 468.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 207.78 468.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.57 468.25 Td (fulfilling ) Tj ET Q q 0 0 0 rg BT 255.13 468.25 Td (their ) Tj ET Q q 0 0 0 rg BT 275.47 468.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 321.90 468.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 368.35 468.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 404.80 468.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.59 468.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 454.36 468.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 504.14 468.25 Td (can ) Tj ET Q q 0 0 0 rg BT 520.02 468.25 Td (be ) Tj ET Q q 0 0 0 rg BT 531.47 468.25 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.03 456.25 Td (by ) Tj ET Q q 0 0 0 rg BT 99.40 456.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 130.77 456.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.91 456.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 205.44 456.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 229.58 456.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.61 456.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.42 456.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 320.89 456.25 Td (changes. ) Tj ET Q q 0 0 0 rg BT 356.88 456.25 Td (This ) Tj ET Q q 0 0 0 rg BT 376.03 456.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 413.51 456.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.55 456.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 461.24 456.25 Td (on ) Tj ET Q q 0 0 0 rg BT 472.62 456.25 Td (an ) Tj ET Q q 0 0 0 rg BT 483.43 456.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 525.36 456.25 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 71.82 444.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.09 444.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.91 444.25 Td (a ) Tj ET Q q 0 0 0 rg BT 106.17 444.25 Td (group ) Tj ET Q q 0 0 0 rg BT 131.33 444.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 153.15 444.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.63 444.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 209.00 444.25 Td (that ) Tj ET Q q 0 0 0 rg BT 225.82 444.25 Td (share ) Tj ET Q q 0 0 0 rg BT 248.75 444.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 278.34 444.25 Td (attributes. ) Tj ET Q q 0 0 0 rg BT 319.75 444.25 Td (T) Tj ET Q q 0 0 0 rg BT 325.16 444.25 Td (o ) Tj ET Q q 0 0 0 rg BT 331.98 444.25 Td (alleviate ) Tj ET Q q 0 0 0 rg BT 367.67 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.71 444.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 418.53 444.25 Td (for ) Tj ET Q q 0 0 0 rg BT 432.01 444.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 448.83 444.25 Td (concentrations, ) Tj ET Q q 0 0 0 rg BT 511.47 444.25 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.01 432.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 100.05 432.25 Td (have ) Tj ET Q q 0 0 0 rg BT 121.17 432.25 Td (been ) Tj ET Q q 0 0 0 rg BT 142.30 432.25 Td (implemented ) Tj ET Q q 0 0 0 rg BT 196.76 432.25 Td (for ) Tj ET Q q 0 0 0 rg BT 210.67 432.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 240.12 432.25 Td (products ) Tj ET Q q 0 0 0 rg BT 276.81 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.50 432.25 Td (are ) Tj ET Q q 0 0 0 rg BT 307.95 432.25 Td (continually ) Tj ET Q q 0 0 0 rg BT 355.19 432.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 398.55 432.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.58 432.25 Td (light ) Tj ET Q q 0 0 0 rg BT 429.16 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.74 432.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 478.65 432.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 517.55 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.24 432.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (Note 18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 396.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 396.25 Td (Restructuring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.49 396.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.68 372.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.19 372.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 145.14 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.98 372.25 Td (following ) Tj ET Q q 0 0 0 rg BT 201.50 372.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 232.44 372.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 286.17 372.25 Td (char) Tj ET Q q 0 0 0 rg BT 303.19 372.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 319.15 372.25 Td (within ) Tj ET Q q 0 0 0 rg BT 347.34 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.19 372.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 393.70 372.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 429.09 372.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 465.05 372.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 504.89 372.25 Td (in ) Tj ET Q q 0 0 0 rg BT 515.30 372.25 Td (conjunction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 360.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 134.77 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.60 360.25 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 188.39 360.25 Td (River ) Tj ET Q q 0 0 0 rg BT 213.10 360.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 244.48 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.42 360.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 286.70 360.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 312.63 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 315.13 360.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 355.96 360.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.24 360.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 388.18 360.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.18 360.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 313.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 313.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 313.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 313.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 289.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 289.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 289.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 289.75 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 337.75 m 479 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 337.75 m 487 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 337.75 m 562 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 337.75 m 479 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 325.75 m 479 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 337.75 m 562 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 325.75 m 562 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 325.75 m 479 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 325.75 m 562 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 289.75 m 479 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 289.75 m 562 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 289.75 m 479 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 278.75 m 479 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 276.75 m 479 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 289.75 m 562 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 278.75 m 562 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 276.75 m 562 276.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.10 340.48 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 329.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 328.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 328.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 316.37 Td (Severance, benefits and outplacement costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 316.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 316.37 Td (6,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 316.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 316.37 Td (8,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 304.37 Td (Vacated redundant leased office space) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 304.37 Td (1,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 304.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 292.37 Td (Contract termination costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 292.37 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 292.37 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 280.37 Td (Total pre-tax restructuring charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 280.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 280.37 Td (8,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 280.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 280.37 Td (9,352) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (Note 19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 254.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 254.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 103.51 254.25 Td (eholders) Tj ET Q q 0 0 0 rg BT 140.17 254.25 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.77 254.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 230.25 Td (certificate ) Tj ET Q q 0 0 0 rg BT 111.70 230.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.12 230.25 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 180.08 230.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.51 230.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 215.71 230.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 227.19 230.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 246.38 230.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 294.46 230.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 332.00 230.25 Td (for ) Tj ET Q q 0 0 0 rg BT 346.75 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.06 230.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 399.03 230.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.45 230.25 Td (up ) Tj ET Q q 0 0 0 rg BT 423.54 230.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.41 230.25 Td (100,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.41 230.25 Td ( ) Tj ET Q q 0 0 0 rg BT 487.50 230.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.59 230.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.01 230.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.33 218.25 Td (with ) Tj ET Q q 0 0 0 rg BT 93.33 218.25 Td (a ) Tj ET Q q 0 0 0 rg BT 99.99 218.25 Td (par ) Tj ET Q q 0 0 0 rg BT 114.98 218.25 Td (value ) Tj ET Q q 0 0 0 rg BT 138.85 218.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.40 218.25 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.90 218.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.12 218.25 Td (per ) Tj ET Q q 0 0 0 rg BT 189.11 218.25 Td (share ) Tj ET Q q 0 0 0 rg BT 212.43 218.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.09 218.25 Td (up ) Tj ET Q q 0 0 0 rg BT 241.31 218.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.31 218.25 Td (5,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.31 218.25 Td ( ) Tj ET Q q 0 0 0 rg BT 293.53 218.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 320.74 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.29 218.25 Td (undesignated ) Tj ET Q q 0 0 0 rg BT 386.28 218.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 425.13 218.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 448.46 218.25 Td (with ) Tj ET Q q 0 0 0 rg BT 468.46 218.25 Td (a ) Tj ET Q q 0 0 0 rg BT 475.12 218.25 Td (par ) Tj ET Q q 0 0 0 rg BT 490.11 218.25 Td (value ) Tj ET Q q 0 0 0 rg BT 513.99 218.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.54 218.25 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.04 218.25 Td ( ) Tj ET Q q 0 0 0 rg BT 549.26 218.25 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.26 158.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 100.41 158.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.45 158.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 135.26 158.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 146.74 158.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 165.55 158.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 213.26 158.25 Td (common ) Tj ET Q q 0 0 0 rg BT 250.96 158.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 274.78 158.25 Td (are ) Tj ET Q q 0 0 0 rg BT 289.70 158.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 322.40 158.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.89 158.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.32 158.25 Td ( ) Tj ET Q q 0 0 0 rg BT 350.03 158.25 Td (vote ) Tj ET Q q 0 0 0 rg BT 369.96 158.25 Td (per ) Tj ET Q q 0 0 0 rg BT 385.44 158.25 Td (share ) Tj ET Q q 0 0 0 rg BT 409.25 158.25 Td (on ) Tj ET Q q 0 0 0 rg BT 421.96 158.25 Td (all ) Tj ET Q q 0 0 0 rg BT 434.66 158.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 466.81 158.25 Td (to ) Tj ET Q q 0 0 0 rg BT 477.29 158.25 Td (be ) Tj ET Q q 0 0 0 rg BT 489.44 158.25 Td (voted ) Tj ET Q q 0 0 0 rg BT 514.37 158.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 537.08 158.25 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 158.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 105.92 146.25 Td (Subject ) Tj ET Q q 0 0 0 rg BT 138.80 146.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.46 146.25 Td (preferences ) Tj ET Q q 0 0 0 rg BT 198.42 146.25 Td (that ) Tj ET Q q 0 0 0 rg BT 216.30 146.25 Td (may ) Tj ET Q q 0 0 0 rg BT 236.41 146.25 Td (be ) Tj ET Q q 0 0 0 rg BT 248.73 146.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 292.70 146.25 Td (to ) Tj ET Q q 0 0 0 rg BT 303.37 146.25 Td (any ) Tj ET Q q 0 0 0 rg BT 320.69 146.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 370.24 146.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 409.76 146.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 433.75 146.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.97 146.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 468.96 146.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 480.44 146.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 499.42 146.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 549.80 146.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 82.31 134.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.52 134.25 Td (its ) Tj ET Q q 0 0 0 rg BT 105.84 134.25 Td (common ) Tj ET Q q 0 0 0 rg BT 143.72 134.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 167.70 134.25 Td (are ) Tj ET Q q 0 0 0 rg BT 182.78 134.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 215.65 134.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.30 134.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 258.04 134.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 288.68 134.25 Td (such ) Tj ET Q q 0 0 0 rg BT 309.89 134.25 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 354.15 134.25 Td (if ) Tj ET Q q 0 0 0 rg BT 363.13 134.25 Td (any) Tj ET Q q 0 0 0 rg BT 376.92 134.25 Td (, ) Tj ET Q q 0 0 0 rg BT 382.30 134.25 Td (as ) Tj ET Q q 0 0 0 rg BT 393.51 134.25 Td (may ) Tj ET Q q 0 0 0 rg BT 413.60 134.25 Td (be ) Tj ET Q q 0 0 0 rg BT 425.91 134.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 462.65 134.25 Td (from ) Tj ET Q q 0 0 0 rg BT 484.97 134.25 Td (time ) Tj ET Q q 0 0 0 rg BT 505.62 134.25 Td (to ) Tj ET Q q 0 0 0 rg BT 516.27 134.25 Td (time ) Tj ET Q q 0 0 0 rg BT 536.92 134.25 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 134.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.80 122.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.28 122.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 104.07 122.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.75 122.25 Td (board ) Tj ET Q q 0 0 0 rg BT 177.21 122.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.23 122.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 225.91 122.25 Td (out ) Tj ET Q q 0 0 0 rg BT 241.38 122.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.40 122.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 277.31 122.25 Td (legally ) Tj ET Q q 0 0 0 rg BT 307.21 122.25 Td (available ) Tj ET Q q 0 0 0 rg BT 345.99 122.25 Td (for ) Tj ET Q q 0 0 0 rg BT 360.34 122.25 Td (that ) Tj ET Q q 0 0 0 rg BT 378.03 122.25 Td (purpose. ) Tj ET Q q 0 0 0 rg BT 414.88 122.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 438.68 122.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 450.16 122.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 468.95 122.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 516.63 122.25 Td (did ) Tj ET Q q 0 0 0 rg BT 532.10 122.25 Td (not ) Tj ET Q q 0 0 0 rg BT 547.57 122.25 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.47 110.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 110.05 110.25 Td (on ) Tj ET Q q 0 0 0 rg BT 121.75 110.25 Td (its ) Tj ET Q q 0 0 0 rg BT 132.90 110.25 Td (common ) Tj ET Q q 0 0 0 rg BT 169.59 110.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 192.40 110.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.87 110.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.87 110.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.07 110.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.07 110.25 Td ( ) Tj ET Q q 0 0 0 rg BT 247.77 110.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.80 110.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.80 110.25 Td (. ) Tj ET Q q 0 0 0 rg BT 282.00 110.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 325.36 110.25 Td (in ) Tj ET Q q 0 0 0 rg BT 334.84 110.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 359.03 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.95 110.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.53 110.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.90 110.25 Td (initiating ) Tj ET Q q 0 0 0 rg BT 459.71 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.62 110.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 509.76 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.78 110.25 Td (a ) Tj ET Q q 0 0 0 rg BT 525.92 110.25 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.27 98.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 107.76 98.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.04 98.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 149.98 98.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.81 98.25 Td (its ) Tj ET Q q 0 0 0 rg BT 172.76 98.25 Td (common ) Tj ET Q q 0 0 0 rg BT 210.25 98.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 235.81 98.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 285.71 98.25 Td (, ) Tj ET Q q 0 0 0 rg BT 290.71 98.25 Td (there ) Tj ET Q q 0 0 0 rg BT 313.20 98.25 Td (are ) Tj ET Q q 0 0 0 rg BT 327.91 98.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 365.40 98.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 412.33 98.25 Td (as ) Tj ET Q q 0 0 0 rg BT 423.16 98.25 Td (set ) Tj ET Q q 0 0 0 rg BT 436.77 98.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 458.71 98.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.99 98.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 490.93 98.25 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.93 98.25 Td (.) 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696.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 143.21 696.10 Td (after ) Tj ET Q q 0 0 0 rg BT 164.42 696.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 201.75 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.97 696.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 255.58 696.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 286.80 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.47 696.10 Td (any ) Tj ET Q q 0 0 0 rg BT 314.80 696.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 337.13 696.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 386.13 696.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 411.80 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.02 696.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 447.03 696.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 458.50 696.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 477.50 696.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 525.38 696.10 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 77.06 684.10 Td (if ) Tj ET Q q 0 0 0 rg BT 86.62 684.10 Td (any) Tj ET Q q 0 0 0 rg BT 100.41 684.10 Td (, 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672.10 Td (preemptive ) Tj ET Q q 0 0 0 rg BT 98.01 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 109.37 672.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 156.28 672.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 182.08 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.44 672.10 Td (other ) Tj ET Q q 0 0 0 rg BT 217.02 672.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 268.94 672.10 Td (rights. ) Tj ET Q q 0 0 0 rg BT 297.03 672.10 Td (There ) Tj ET Q q 0 0 0 rg BT 323.37 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 338.61 672.10 Td (no ) Tj ET Q q 0 0 0 rg BT 351.64 672.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 400.21 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.57 672.10 Td (sinking ) Tj ET Q q 0 0 0 rg BT 444.05 672.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 465.41 672.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 510.11 672.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 554.23 672.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.61 660.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.09 660.10 Td 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600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.48 600.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 392.13 600.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.21 600.10 Td (1,536,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.21 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.97 600.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 510.73 600.10 Td (at ) Tj ET Q q 0 0 0 rg BT 519.72 600.10 Td (an ) Tj ET Q q 0 0 0 rg BT 530.92 600.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.60 588.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.55 588.10 Td ($38.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.05 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.67 588.10 Td (per ) Tj ET Q q 0 0 0 rg BT 129.06 588.10 Td (share ) Tj ET Q q 0 0 0 rg BT 152.78 588.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.05 588.10 Td (an ) Tj ET Q q 0 0 0 rg BT 179.11 588.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 220.59 588.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 258.75 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10.00 Tf ET q 0 0 0 rg BT 535.59 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.12 552.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (December ) Tj ET Q q 0 0 0 rg BT 93.58 540.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.58 540.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 540.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 516.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.75 516.10 Td (also ) Tj ET Q q 0 0 0 rg BT 127.01 516.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 168.60 516.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 195.75 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.23 516.10 Td (common ) Tj ET Q q 0 0 0 rg BT 243.39 516.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 266.65 516.10 Td (from ) Tj ET Q q 0 0 0 rg BT 288.25 516.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 327.61 516.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 350.87 516.10 Td (award ) Tj ET Q q 0 0 0 rg BT 377.46 516.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 418.49 516.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 440.65 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.02 516.10 Td (award ) Tj ET Q q 0 0 0 rg BT 481.61 516.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 512.65 516.10 Td (as ) Tj ET Q q 0 0 0 rg BT 523.14 516.10 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 66.64 504.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 94.39 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.92 504.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 127.11 504.10 Td (their ) Tj ET Q q 0 0 0 rg BT 148.19 504.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 200.94 504.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 215.91 504.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 265.41 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 283.71 504.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 325.35 504.10 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 504.10 Td (261,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.90 504.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 431.65 504.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 504.10 Td ($1) Tj ET Q q 0 0 0 rg BT 452.36 504.10 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 467.62 504.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.51 504.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.76 504.10 Td (281,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.26 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 537.02 504.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.20 492.10 Td ($14.5 ) Tj ET Q q 0 0 0 rg BT 86.57 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.46 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.32 492.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.63 492.10 Td (256,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.13 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.00 492.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 198.86 492.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.05 492.10 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 235.42 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.31 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.18 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.38 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.46 492.10 Td (Company) Tj ET Q q 0 0 0 rg BT 335.13 492.10 Td (s ) Tj ET Q q 0 0 0 rg BT 341.89 492.10 Td (common ) Tj ET Q q 0 0 0 rg BT 379.75 492.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 403.73 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 418.25 492.10 Td (this ) Tj ET Q q 0 0 0 rg BT 435.57 492.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 470.10 492.10 Td (during ) Tj ET Q q 0 0 0 rg BT 499.07 492.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.16 492.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.26 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.13 492.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 480.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 480.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 480.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.08 480.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 480.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.02 480.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 245.68 480.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (Issuance ) Tj ET Q q 0 0 0 rg BT 89.17 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.00 456.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 120.39 456.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.39 432.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.11 432.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 133.84 432.10 Td (common ) Tj ET Q q 0 0 0 rg BT 170.67 432.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 197.50 432.10 Td (out ) Tj ET Q q 0 0 0 rg BT 212.12 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.29 432.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 256.33 432.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 279.28 432.10 Td (as ) Tj ET Q q 0 0 0 rg BT 289.45 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.73 432.10 Td (result ) Tj ET Q q 0 0 0 rg BT 319.78 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.95 432.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 370.66 432.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 409.70 432.10 Td (share ) Tj ET Q q 0 0 0 rg BT 432.64 432.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 463.36 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.64 432.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 514.23 432.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.22 420.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 100.45 420.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.12 420.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 131.46 420.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.46 420.10 Td (. ) Tj ET Q q 0 0 0 rg BT 145.85 420.10 Td (During ) Tj ET Q q 0 0 0 rg BT 176.07 420.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.19 420.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.28 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.18 420.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.95 420.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 296.93 420.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.93 420.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.32 420.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.32 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.22 420.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.55 420.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.55 420.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.95 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.06 420.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.84 420.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.73 420.10 Td (854,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.23 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.13 420.10 Td (shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.51 420.10 Td (784,751) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.57 408.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.58 408.10 Td (1,030,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.58 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.16 408.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 167.23 408.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 214.89 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 219.97 408.10 Td (related ) Tj ET Q q 0 0 0 rg BT 249.75 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.10 408.10 Td (these ) Tj ET Q q 0 0 0 rg BT 283.22 408.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 332.56 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 350.68 408.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 392.15 408.10 Td (also ) Tj ET Q q 0 0 0 rg BT 410.83 408.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 438.41 408.10 Td (common ) Tj ET Q q 0 0 0 rg BT 475.98 408.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 503.55 408.10 Td (out ) Tj ET Q q 0 0 0 rg BT 518.90 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.81 408.10 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.78 396.10 Td (related ) Tj ET Q q 0 0 0 rg BT 103.66 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.12 396.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 161.24 396.10 Td (under ) Tj ET Q q 0 0 0 rg BT 186.68 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.57 396.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 225.36 396.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 236.84 396.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 255.61 396.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 303.28 396.10 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 350.39 396.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 373.34 396.10 Td (During ) Tj ET Q q 0 0 0 rg BT 404.35 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.24 396.10 Td (year ) Tj ET Q q 0 0 0 rg BT 439.12 396.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.67 396.10 Td (December ) Tj ET Q q 0 0 0 rg BT 509.43 396.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 524.61 396.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.61 396.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.79 396.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.39 384.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.89 384.10 Td (103,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.39 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.89 384.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 181.38 384.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.21 384.10 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 212.21 384.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.10 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.60 384.10 Td (out ) Tj ET Q q 0 0 0 rg BT 258.88 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.71 384.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 304.41 384.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 328.02 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.30 384.10 Td (fulfillment ) Tj ET Q q 0 0 0 rg BT 383.57 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.40 384.10 Td (these ) Tj ET Q q 0 0 0 rg BT 417.45 384.10 Td (obligations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 360.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 81.27 360.10 Td (ed Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.08 336.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 89.72 336.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 101.20 336.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 118.83 336.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 165.36 336.10 Td (board ) Tj ET Q q 0 0 0 rg BT 189.66 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.52 336.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 236.04 336.10 Td (has ) Tj ET Q q 0 0 0 rg BT 250.90 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.65 336.10 Td (authority) Tj ET Q q 0 0 0 rg BT 300.10 336.10 Td (, ) Tj ET Q q 0 0 0 rg BT 304.14 336.10 Td (without ) Tj ET Q q 0 0 0 rg BT 336.22 336.10 Td (action ) Tj ET Q q 0 0 0 rg BT 362.19 336.10 Td (by ) Tj ET Q q 0 0 0 rg BT 373.72 336.10 Td (its ) Tj ET Q q 0 0 0 rg BT 384.70 336.10 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 439.27 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.58 336.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 487.88 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.85 336.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 525.38 336.10 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.81 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.29 324.10 Td (one ) Tj ET Q q 0 0 0 rg BT 101.43 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 112.46 324.10 Td (more ) Tj ET Q q 0 0 0 rg BT 135.71 324.10 Td (series ) Tj ET Q q 0 0 0 rg BT 161.18 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.32 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.80 324.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 229.27 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.18 324.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 272.16 324.10 Td (preferences ) Tj ET Q q 0 0 0 rg BT 320.94 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.08 324.10 Td (privileges ) Tj ET Q q 0 0 0 rg BT 380.22 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.25 324.10 Td (each ) Tj ET Q q 0 0 0 rg BT 412.26 324.10 Td (series, ) Tj ET Q q 0 0 0 rg BT 440.23 324.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.38 324.10 Td (may ) Tj ET Q q 0 0 0 rg BT 487.29 324.10 Td (be ) Tj ET Q q 0 0 0 rg BT 499.43 324.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 529.89 324.10 Td (than ) Tj ET Q q 0 0 0 rg BT 549.81 324.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 74.87 312.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 118.06 312.10 Td (with ) Tj ET Q q 0 0 0 rg BT 137.93 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.25 312.10 Td (common ) Tj ET Q q 0 0 0 rg BT 189.34 312.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 215.04 312.10 Td (It ) Tj ET Q q 0 0 0 rg BT 223.24 312.10 Td (is ) Tj ET Q q 0 0 0 rg BT 232.01 312.10 Td (not ) Tj ET Q q 0 0 0 rg BT 246.88 312.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 281.75 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.63 312.10 Td (state ) Tj ET Q q 0 0 0 rg BT 312.05 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.36 312.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 352.32 312.10 Td (ef) Tj ET Q q 0 0 0 rg BT 359.91 312.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 376.99 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.42 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.73 312.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 437.70 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.13 312.10 Td (any ) Tj ET Q q 0 0 0 rg BT 464.66 312.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 491.74 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.17 312.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 540.90 312.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.31 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.84 300.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 111.92 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.56 300.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 154.31 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.95 300.10 Td (common ) Tj ET Q q 0 0 0 rg BT 202.26 300.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 225.67 300.10 Td (until ) Tj ET Q q 0 0 0 rg BT 246.32 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.84 300.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 284.26 300.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 295.74 300.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 314.15 300.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 361.46 300.10 Td (board ) Tj ET Q q 0 0 0 rg BT 386.53 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.17 300.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 434.47 300.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 480.65 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.18 300.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 528.58 300.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 553.67 300.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.53 288.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 96.28 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.92 288.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 145.87 288.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 171.78 288.10 Td (However) Tj ET Q q 0 0 0 rg BT 208.03 288.10 Td (, ) Tj ET Q q 0 0 0 rg BT 212.85 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.37 288.10 Td (ef) Tj ET Q q 0 0 0 rg BT 234.96 288.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 256.15 288.10 Td (might ) Tj ET Q q 0 0 0 rg BT 281.80 288.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 316.04 288.10 Td (among ) Tj ET Q q 0 0 0 rg BT 345.57 288.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.43 288.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 397.69 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.21 288.10 Td (following: ) Tj ET Q q 0 0 0 rg BT 456.19 288.10 Td (restricting ) Tj ET Q q 0 0 0 rg BT 499.04 288.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 540.24 288.10 Td (on ) Tj ET Q q 0 0 0 rg BT 552.55 288.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.27 276.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 113.15 276.10 Td (diluting ) Tj ET Q q 0 0 0 rg BT 146.54 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.03 276.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 188.85 276.10 Td (power ) Tj ET Q q 0 0 0 rg BT 216.12 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 276.10 Td (its ) Tj ET Q q 0 0 0 rg BT 238.44 276.10 Td (common ) Tj ET Q q 0 0 0 rg BT 275.71 276.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 301.59 276.10 Td (impairing ) Tj ET Q q 0 0 0 rg BT 342.75 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.24 276.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 402.84 276.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 427.89 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.49 276.10 Td (its ) Tj ET Q q 0 0 0 rg BT 450.21 276.10 Td (common ) Tj ET Q q 0 0 0 rg BT 487.48 276.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 510.86 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.58 276.10 Td (delaying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 264.10 Td (preventing ) Tj ET Q q 0 0 0 rg BT 106.09 264.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.03 264.10 Td (change ) Tj ET Q q 0 0 0 rg BT 143.85 264.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.13 264.10 Td (control ) Tj ET Q q 0 0 0 rg BT 184.95 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.78 264.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 219.39 264.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 230.87 264.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 249.47 264.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 296.96 264.10 Td (without ) Tj ET Q q 0 0 0 rg BT 330.02 264.10 Td (further ) Tj ET Q q 0 0 0 rg BT 359.73 264.10 Td (action ) Tj ET Q q 0 0 0 rg BT 386.66 264.10 Td (by ) Tj ET Q q 0 0 0 rg BT 399.16 264.10 Td (its ) Tj ET Q q 0 0 0 rg BT 411.11 264.10 Td (shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 90.37 240.10 Td (olling ) Tj ET Q q 0 0 0 rg BT 116.77 240.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 138.25 240.10 Td (ests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.80 240.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 216.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 121.27 216.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.85 216.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 203.65 216.10 Td (include ) Tj ET Q q 0 0 0 rg BT 235.68 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.49 216.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.07 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.99 216.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 322.69 216.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 334.17 216.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 352.86 216.10 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 402.95 216.10 Td (its ) Tj ET Q q 0 0 0 rg BT 414.99 216.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 445.36 216.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 474.61 216.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 524.42 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 216.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.35 204.10 Td (in ) Tj ET Q q 0 0 0 rg BT 89.60 204.10 Td (which ) Tj ET Q q 0 0 0 rg BT 115.51 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.19 204.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.55 204.10 Td (has ) Tj ET Q q 0 0 0 rg BT 184.35 204.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.26 204.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 235.61 204.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.06 204.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 305.46 204.10 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 368.04 204.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 402.83 204.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 440.95 204.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.41 204.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.21 204.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.46 204.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 82.21 192.10 Td (that ) Tj ET Q q 0 0 0 rg BT 100.54 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 116.07 192.10 Td (not ) Tj ET Q q 0 0 0 rg BT 132.18 192.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 183.54 192.10 Td (either ) Tj ET Q q 0 0 0 rg BT 209.64 192.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 243.51 192.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.17 192.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 292.84 192.10 Td (, ) Tj ET Q q 0 0 0 rg BT 298.67 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.78 192.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 334.21 192.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.69 192.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 365.12 192.10 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 415.94 192.10 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 480.38 192.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.03 192.10 Td (include ) Tj ET Q q 0 0 0 rg BT 549.79 192.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 87.34 180.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 115.24 180.10 Td (holders) Tj ET Q q 0 0 0 rg BT 147.26 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.16 180.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 206.93 180.10 Td (share ) Tj ET Q q 0 0 0 rg BT 230.93 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.16 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.28 180.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 285.17 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.85 180.10 Td (a ) Tj ET Q q 0 0 0 rg BT 303.19 180.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 343.29 180.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 378.41 180.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 399.64 180.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.87 180.10 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 436.26 180.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.16 180.10 Td (, ) Tj ET Q q 0 0 0 rg BT 470.56 180.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.89 180.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 520.78 180.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 543.68 180.10 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (with ) Tj ET Q q 0 0 0 rg BT 71.31 168.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 113.71 168.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 153.35 168.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.21 168.10 Td ($9.2 ) Tj ET Q q 0 0 0 rg BT 186.24 168.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.13 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.66 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.62 168.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.59 168.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 272.56 168.10 Td (living ) Tj ET Q q 0 0 0 rg BT 299.42 168.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 321.28 168.10 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.01 168.10 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 398.04 168.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.94 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.46 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 442.32 168.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.18 168.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 513.80 168.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 168.10 Td (. ) Tj ET Q q 0 0 0 rg BT 539.05 168.10 Td (As ) Tj ET Q q 0 0 0 rg BT 553.69 168.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.16 156.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.16 156.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.73 156.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 193.68 156.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 229.08 156.10 Td (included ) Tj ET Q q 0 0 0 rg BT 265.59 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.88 156.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 316.39 156.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 343.46 156.10 Td (holders) Tj ET Q q 0 0 0 rg BT 375.49 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.56 156.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 433.51 156.10 Td (share ) Tj ET Q q 0 0 0 rg BT 456.68 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.08 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.37 156.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 508.44 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.29 156.10 Td (a ) Tj ET Q q 0 0 0 rg BT 524.80 156.10 Td (merchant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 85.00 144.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 106.12 144.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.23 144.10 Td ($31.8 ) Tj ET Q q 0 0 0 rg BT 142.52 144.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.41 144.10 Td (, ) Tj ET Q q 0 0 0 rg BT 176.70 144.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.92 144.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 226.70 144.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 249.48 144.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 270.60 144.10 Td (with ) Tj ET Q q 0 0 0 rg BT 291.16 144.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 332.82 144.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 371.71 144.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.83 144.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 403.12 144.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.01 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.79 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.02 144.10 Td (private ) Tj ET Q q 0 0 0 rg BT 482.57 144.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.23 144.10 Td (vehicles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.70 132.10 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 124.70 132.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.59 132.10 Td (.) Tj ET Q endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 96.72 696.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 132.89 696.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.51 696.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 175.23 696.10 Td (held ) Tj ET Q q 0 0 0 rg BT 195.29 696.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.13 696.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 237.63 696.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.02 696.10 Td (than ) Tj ET Q q 0 0 0 rg BT 281.08 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.14 696.10 Td (Company) Tj ET Q q 0 0 0 rg BT 337.80 696.10 Td (s ) Tj ET Q q 0 0 0 rg BT 344.54 696.10 Td (common ) Tj ET Q q 0 0 0 rg BT 382.37 696.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 435.75 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 450.80 696.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 491.96 696.10 Td (as ) Tj ET Q q 0 0 0 rg BT 503.13 696.10 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 86.23 684.10 Td (within ) Tj ET Q q 0 0 0 rg BT 114.70 684.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 167.83 684.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.73 684.10 Td (equity) Tj ET Q q 0 0 0 rg BT 195.08 684.10 Td (, ) Tj ET Q q 0 0 0 rg BT 200.49 684.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 236.15 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.50 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.63 684.10 Td (Company) Tj ET Q q 0 0 0 rg BT 315.29 684.10 Td (s ) Tj ET Q q 0 0 0 rg BT 322.09 684.10 Td (own ) Tj ET Q q 0 0 0 rg BT 342.22 684.10 Td (equity) Tj ET Q q 0 0 0 rg BT 366.57 684.10 Td (. ) Tj ET Q q 0 0 0 rg BT 371.98 684.10 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 416.26 684.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 455.27 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.62 684.10 Td (net ) Tj ET Q q 0 0 0 rg BT 487.75 684.10 Td (income ) Tj ET Q q 0 0 0 rg BT 520.09 684.10 Td (or ) Tj ET Q q 0 0 0 rg BT 531.33 684.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 549.80 684.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 86.33 672.10 Td (on ) Tj ET Q q 0 0 0 rg BT 99.35 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.58 672.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 168.14 672.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 213.37 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.72 672.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 269.39 672.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.41 672.10 Td (a ) Tj ET Q q 0 0 0 rg BT 289.87 672.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 343.43 672.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 368.95 672.10 Td (which ) Tj ET Q q 0 0 0 rg BT 396.40 672.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 432.74 672.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 469.65 672.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 518.20 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.00 672.10 Td (both ) Tj ET Q q 0 0 0 rg BT 549.79 672.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 660.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.38 660.10 Td (common ) Tj ET Q q 0 0 0 rg BT 136.20 660.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 189.56 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.82 660.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 268.53 660.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 307.18 660.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 324.44 660.10 Td (income ) Tj ET Q q 0 0 0 rg BT 356.70 660.10 Td (or ) Tj ET Q q 0 0 0 rg BT 367.85 660.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 386.24 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 395.73 660.10 Td (then ) Tj ET Q q 0 0 0 rg BT 415.77 660.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 454.68 660.10 Td (between ) Tj ET Q q 0 0 0 rg BT 490.82 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.86 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 547.57 660.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.45 648.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 145.34 648.10 Td (based ) Tj ET Q q 0 0 0 rg BT 169.68 648.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.25 648.10 Td (their ) Tj ET Q q 0 0 0 rg BT 211.15 648.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 242.69 648.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 285.92 648.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 323.32 648.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 339.32 648.10 Td (income ) Tj ET Q q 0 0 0 rg BT 370.33 648.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 412.98 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.33 648.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 482.78 648.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.68 648.10 Td (is ) Tj ET Q q 0 0 0 rg BT 525.92 648.10 Td (deducted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.75 636.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 124.60 636.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.13 636.10 Td (income ) Tj ET Q q 0 0 0 rg BT 170.88 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.96 636.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 223.26 636.10 Td (net ) Tj ET Q q 0 0 0 rg BT 237.78 636.10 Td (income ) Tj ET Q q 0 0 0 rg BT 269.53 636.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 312.93 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.02 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.55 636.10 Td (Company) Tj ET Q q 0 0 0 rg BT 375.78 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.43 636.10 Td (There ) Tj ET Q q 0 0 0 rg BT 406.05 636.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.92 636.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.92 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.23 636.10 Td (other ) Tj ET Q q 0 0 0 rg BT 459.08 636.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 521.93 636.10 Td (income ) Tj ET Q q 0 0 0 rg BT 553.67 636.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.06 624.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 108.88 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.16 624.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 180.54 624.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 216.37 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.53 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.24 624.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.34 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.84 624.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.22 624.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 353.80 624.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 624.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 624.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.30 624.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.24 624.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.24 624.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (Note 20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 600.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 600.10 Td (Employee Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.01 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.09 576.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.02 576.10 Td (has ) Tj ET Q q 0 0 0 rg BT 126.39 576.10 Td (various ) Tj ET Q q 0 0 0 rg BT 158.88 576.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 200.79 576.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 231.60 576.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 258.25 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.73 576.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 329.33 576.10 Td (all ) Tj ET Q q 0 0 0 rg BT 342.37 576.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 388.17 576.10 Td (are ) Tj ET Q q 0 0 0 rg BT 403.42 576.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 438.11 576.10 Td (by ) Tj ET Q q 0 0 0 rg BT 451.16 576.10 Td (at ) Tj ET Q q 0 0 0 rg BT 461.42 576.10 Td (least ) Tj ET Q q 0 0 0 rg BT 482.79 576.10 Td (one ) Tj ET Q q 0 0 0 rg BT 500.27 576.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 522.81 576.10 Td (The ) Tj ET Q q 0 0 0 rg BT 541.40 576.10 Td (plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (include ) Tj ET Q q 0 0 0 rg BT 80.82 564.10 Td (health ) Tj ET Q q 0 0 0 rg BT 107.13 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.45 564.10 Td (welfare ) Tj ET Q q 0 0 0 rg BT 155.31 564.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 178.30 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.62 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.94 564.10 Td (tax-qualified ) Tj ET Q q 0 0 0 rg BT 253.91 564.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 296.89 564.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 315.98 564.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 333.41 564.10 Td ("Retirement ) Tj ET Q q 0 0 0 rg BT 383.81 564.10 Td (Plan"\). ) Tj ET Q q 0 0 0 rg BT 413.38 564.10 Td (During ) Tj ET Q q 0 0 0 rg BT 443.59 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.69 564.10 Td (years ) Tj ET Q q 0 0 0 rg BT 480.67 564.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.43 564.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 552.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.56 552.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.56 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.13 552.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.13 552.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.13 552.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.19 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.97 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.42 552.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 238.30 552.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 280.74 552.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 315.96 552.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 355.62 552.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.51 552.10 Td ($17.6 ) Tj ET Q q 0 0 0 rg BT 393.58 552.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.47 552.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.53 552.10 Td ($15.1 ) Tj ET Q q 0 0 0 rg BT 454.59 552.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.49 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.05 552.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.05 552.10 Td ($13.2 ) Tj ET Q q 0 0 0 rg BT 531.11 552.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 552.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 540.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Health and ) Tj ET Q q 0 0 0 rg BT 99.33 516.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.78 516.10 Td (elfar) Tj ET Q q 0 0 0 rg BT 128.58 516.10 Td (e Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.44 492.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 135.25 492.10 Td (who ) Tj ET Q q 0 0 0 rg BT 154.52 492.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 176.00 492.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.26 492.10 Td (work ) Tj ET Q q 0 0 0 rg BT 227.86 492.10 Td (schedule ) Tj ET Q q 0 0 0 rg BT 264.89 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.38 492.10 Td (service ) Tj ET Q q 0 0 0 rg BT 311.75 492.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 366.00 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 380.26 492.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 412.30 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.12 492.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 466.37 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.20 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.47 492.10 Td (Company) Tj ET Q q 0 0 0 rg BT 532.13 492.10 Td (s ) Tj ET Q q 0 0 0 rg BT 538.07 492.10 Td (health ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.83 480.10 Td (welfare ) Tj ET Q q 0 0 0 rg BT 99.70 480.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 125.99 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 144.42 480.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.20 480.10 Td (subsidizes ) Tj ET Q q 0 0 0 rg BT 230.20 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.31 480.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 264.31 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.53 480.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 314.50 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 329.05 480.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 377.00 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 395.43 480.10 Td (health ) Tj ET Q q 0 0 0 rg BT 422.76 480.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 446.76 480.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 479.08 480.10 Td (cost-sharing ) Tj ET Q q 0 0 0 rg BT 530.85 480.10 Td (features ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 468.10 Td (as ) Tj ET Q q 0 0 0 rg BT 81.16 468.10 Td (deductibles ) Tj ET Q q 0 0 0 rg BT 129.20 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.14 468.10 Td (coinsurance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.97 444.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.79 444.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.39 444.10 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 169.52 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.11 444.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 210.93 444.10 Td (related ) Tj ET Q q 0 0 0 rg BT 241.06 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.76 444.10 Td (health ) Tj ET Q q 0 0 0 rg BT 279.12 444.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 310.65 444.10 Td (although ) Tj ET Q q 0 0 0 rg BT 348.57 444.10 Td (it ) Tj ET Q q 0 0 0 rg BT 357.06 444.10 Td (obtains ) Tj ET Q q 0 0 0 rg BT 388.87 444.10 Td (third ) Tj ET Q q 0 0 0 rg BT 410.69 444.10 Td (party ) Tj ET Q q 0 0 0 rg BT 434.16 444.10 Td (stop ) Tj ET Q q 0 0 0 rg BT 453.76 444.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 472.25 444.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 513.49 444.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 552.50 444.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (both ) Tj ET Q q 0 0 0 rg BT 70.34 432.10 Td (an ) Tj ET Q q 0 0 0 rg BT 82.83 432.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 126.45 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.94 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.44 432.10 Td (group ) Tj ET Q q 0 0 0 rg BT 177.83 432.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 198.11 432.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 223.67 432.10 Td (Self-insured ) Tj ET Q q 0 0 0 rg BT 275.60 432.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 315.88 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.14 432.10 Td (based ) Tj ET Q q 0 0 0 rg BT 356.97 432.10 Td (on ) Tj ET Q q 0 0 0 rg BT 370.03 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.53 432.10 Td (number ) Tj ET Q q 0 0 0 rg BT 411.13 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.52 432.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 455.29 432.10 Td (including ) Tj ET Q q 0 0 0 rg BT 496.12 432.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 536.39 432.10 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 97.84 420.10 Td (an ) Tj ET Q q 0 0 0 rg BT 109.81 420.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 145.67 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.54 420.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 185.18 420.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 221.03 420.10 Td (but ) Tj ET Q q 0 0 0 rg BT 236.34 420.10 Td (not ) Tj ET Q q 0 0 0 rg BT 251.66 420.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 287.51 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.49 420.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 348.13 420.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 386.21 420.10 Td (by ) Tj ET Q q 0 0 0 rg BT 398.75 420.10 Td (third ) Tj ET Q q 0 0 0 rg BT 420.17 420.10 Td (party ) Tj ET Q q 0 0 0 rg BT 443.25 420.10 Td (actuaries. ) Tj ET Q q 0 0 0 rg BT 483.82 420.10 Td (For ) Tj ET Q q 0 0 0 rg BT 500.25 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.00 420.10 Td (years ) Tj ET Q q 0 0 0 rg BT 538.64 420.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.24 408.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.24 408.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.40 408.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.40 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.06 408.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.16 408.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.16 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 193.32 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.19 408.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.74 408.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 293.26 408.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 327.13 408.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.12 408.10 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 361.28 408.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.17 408.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.33 408.10 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 413.49 408.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.38 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.04 408.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.13 408.10 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 479.29 408.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.19 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.34 408.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.01 408.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 396.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 117.82 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.76 396.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 168.91 396.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 203.62 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 216.12 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.84 396.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 283.88 396.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 328.59 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.42 396.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 383.58 396.10 Td (related ) Tj ET Q q 0 0 0 rg BT 413.28 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.56 396.10 Td (its ) Tj ET Q q 0 0 0 rg BT 435.51 396.10 Td (health ) Tj ET Q q 0 0 0 rg BT 462.44 396.10 Td (plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (Retir) Tj ET Q q 0 0 0 rg BT 71.53 372.10 Td (ement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 348.10 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 114.30 348.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 134.49 348.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 168.57 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.31 348.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.17 348.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 218.56 348.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 269.86 348.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 313.36 348.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 345.77 348.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 367.72 348.10 Td (The ) Tj ET Q q 0 0 0 rg BT 385.68 348.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 418.08 348.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 469.37 348.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 512.88 348.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 545.29 348.10 Td (plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 78.01 336.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 115.95 336.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 163.62 336.10 Td (at ) Tj ET Q q 0 0 0 rg BT 173.24 336.10 Td (their ) Tj ET Q q 0 0 0 rg BT 193.96 336.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 224.42 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.60 336.10 Td (make ) Tj ET Q q 0 0 0 rg BT 258.66 336.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 313.83 336.10 Td (through ) Tj ET Q q 0 0 0 rg BT 347.34 336.10 Td (salary ) Tj ET Q q 0 0 0 rg BT 373.62 336.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 419.35 336.10 Td (under ) Tj ET Q q 0 0 0 rg BT 444.52 336.10 Td (Section401\(k\) ) Tj ET Q q 0 0 0 rg BT 506.07 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.80 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.42 336.10 Td (Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 87.55 324.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 114.22 324.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 157.82 324.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 213.66 324.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.92 324.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 246.99 324.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.41 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.47 324.10 Td (matched ) Tj ET Q q 0 0 0 rg BT 316.40 324.10 Td (by ) Tj ET Q q 0 0 0 rg BT 329.47 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.74 324.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 386.69 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.53 324.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.03 324.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 448.65 324.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.04 324.10 Td (six ) Tj ET Q q 0 0 0 rg BT 474.77 324.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.19 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.25 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.65 324.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.85 312.10 Td (up ) Tj ET Q q 0 0 0 rg BT 120.66 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.25 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.27 312.10 Td (social ) Tj ET Q q 0 0 0 rg BT 172.41 312.10 Td (security ) Tj ET Q q 0 0 0 rg BT 206.87 312.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 238.55 312.10 Td (wage ) Tj ET Q q 0 0 0 rg BT 262.46 312.10 Td (base. ) Tj ET Q q 0 0 0 rg BT 284.92 312.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 325.51 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.53 312.10 Td (Company) Tj ET Q q 0 0 0 rg BT 382.20 312.10 Td (s ) Tj ET Q q 0 0 0 rg BT 388.90 312.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 428.92 312.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 480.61 312.10 Td (vests ) Tj ET Q q 0 0 0 rg BT 503.42 312.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 552.75 312.10 Td (, ) Tj ET Q q 0 0 0 rg BT 558.06 312.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 94.76 300.10 Td (must ) Tj ET Q q 0 0 0 rg BT 116.71 300.10 Td (be ) Tj ET Q q 0 0 0 rg BT 128.65 300.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 170.58 300.10 Td (on ) Tj ET Q q 0 0 0 rg BT 183.08 300.10 Td (December31 ) Tj ET Q q 0 0 0 rg BT 239.16 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.44 300.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 280.80 300.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.30 300.10 Td (year) Tj ET Q q 0 0 0 rg BT 315.88 300.10 Td () Tj ET Q q 0 0 0 rg BT 318.66 300.10 Td (s ) Tj ET Q q 0 0 0 rg BT 325.05 300.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 364.76 300.10 Td (contribution. ) Tj ET Q endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 708.25 Td (Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.05 708.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 660.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.14 660.25 Td (maintains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.37 660.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.37 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.73 660.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 217.29 660.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 275.18 660.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 301.14 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.71 660.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 339.17 660.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 350.65 660.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 369.10 660.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 415.93 660.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 457.16 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.95 660.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 510.74 660.25 Td (2003 ) Tj ET Q q 0 0 0 rg BT 532.57 660.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.41 648.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 96.25 648.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 113.77 648.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 152.94 648.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 172.69 648.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 190.20 648.25 Td ("Incentive ) Tj ET Q q 0 0 0 rg BT 233.45 648.25 Td (Plan"\) ) Tj ET Q q 0 0 0 rg BT 260.61 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.02 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.20 648.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 313.17 648.25 Td (Employment ) Tj ET Q q 0 0 0 rg BT 366.80 648.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 415.53 648.25 Td (A) Tj ET Q q 0 0 0 rg BT 421.84 648.25 Td (ward ) Tj ET Q q 0 0 0 rg BT 443.79 648.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 463.54 648.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 481.06 648.25 Td ("Inducement ) Tj ET Q q 0 0 0 rg BT 534.31 648.25 Td (Plan"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.56 636.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.23 636.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.14 636.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.15 636.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 172.49 636.25 Td (are ) Tj ET Q q 0 0 0 rg BT 186.71 636.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 232.59 636.25 Td (on ) Tj ET Q q 0 0 0 rg BT 244.60 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.84 636.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 311.40 636.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 355.63 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.97 636.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 409.64 636.25 Td (at ) Tj ET Q q 0 0 0 rg BT 418.88 636.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 441.44 636.25 Td (date ) Tj ET Q q 0 0 0 rg BT 460.11 636.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.01 636.25 Td (value ) Tj ET Q q 0 0 0 rg BT 499.68 636.25 Td (over ) Tj ET Q q 0 0 0 rg BT 519.46 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 533.70 636.25 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (period ) Tj ET Q q 0 0 0 rg BT 78.05 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.88 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.59 624.25 Td (award, ) Tj ET Q q 0 0 0 rg BT 133.02 624.25 Td (net ) Tj ET Q q 0 0 0 rg BT 147.74 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.57 624.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 199.39 624.25 Td (forfeitures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 600.25 Td (following ) Tj ET Q q 0 0 0 rg BT 110.66 600.25 Td (table ) Tj ET Q q 0 0 0 rg BT 133.20 600.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 170.75 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 178.30 600.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 218.63 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.07 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.40 600.25 Td (Company) Tj ET Q q 0 0 0 rg BT 287.07 600.25 Td (s ) Tj ET Q q 0 0 0 rg BT 294.07 600.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 343.85 600.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 371.95 600.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 403.39 600.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 417.61 600.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 445.71 600.25 Td (or ) Tj ET Q q 0 0 0 rg BT 457.15 600.25 Td (units\) ) Tj ET Q q 0 0 0 rg BT 483.04 600.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.48 600.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 600.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 588.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 565.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 541.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 517.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 493.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 493.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 469.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 469.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 445.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 445.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 421.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 421.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 397.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 397.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 373.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 373.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 349.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 349.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 529.75 m 561.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 493.75 m 561.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 469.75 m 561.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 445.75 m 561.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 422.75 m 561.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 420.75 m 561.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 374.75 m 561.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 372.75 m 561.5 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 338.75 m 561.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 336.75 m 561.5 336.75 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 568.48 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 556.48 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 544.37 Td (Annual grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 544.37 Td (1,309,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 532.37 Td (Sign-on grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 532.37 Td (280,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 520.37 Td (1,590,385) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 508.48 Td (Inducement Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 496.48 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 496.37 Td (269,491) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 472.48 Td (Total restricted stock related to compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 472.37 Td (1,859,876) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 448.48 Td (Simmons Deal Consideration \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 448.37 Td (1,014,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 424.48 Td (Total restricted stock outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 424.37 Td (2,874,117) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 400.48 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 388.48 Td (Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 376.37 Td (Market condition leadership grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 376.37 Td (374,460) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 352.48 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 340.48 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 340.37 Td (30,613) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 324.45 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 324.45 Td (The ) Tj ET Q q 0 0 0 rg BT 83.86 324.45 Td (Company ) Tj ET Q q 0 0 0 rg BT 120.72 324.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 145.59 324.45 Td (r) Tj ET Q q 0 0 0 rg BT 148.76 324.45 Td (estricted ) Tj ET Q q 0 0 0 rg BT 182.11 324.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 202.96 324.45 Td (with ) Tj ET Q q 0 0 0 rg BT 220.83 324.45 Td (service ) Tj ET Q q 0 0 0 rg BT 248.68 324.45 Td (conditions ) Tj ET Q q 0 0 0 rg BT 288.54 324.45 Td (as ) Tj ET Q q 0 0 0 rg BT 298.91 324.45 Td (part ) Tj ET Q q 0 0 0 rg BT 316.27 324.45 Td (of ) Tj ET Q q 0 0 0 rg BT 325.64 324.45 Td (deal ) Tj ET Q q 0 0 0 rg BT 343.49 324.45 Td (consideration ) Tj ET Q q 0 0 0 rg BT 395.35 324.45 Td (for ) Tj ET Q q 0 0 0 rg BT 408.22 324.45 Td (the ) Tj ET Q q 0 0 0 rg BT 421.58 324.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 463.94 324.45 Td (of ) Tj ET Q q 0 0 0 rg BT 473.30 324.45 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 510.42 324.45 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.27 324.45 Td (Note ) Tj ET Q q 0 0 0 rg BT 544.63 324.45 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.13 324.45 Td ( ) Tj ET Q q 0 0 0 rg BT 551.50 324.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 313.65 Td (further ) Tj ET Q q 0 0 0 rg BT 95.25 313.65 Td (discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 289.65 Td (Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.65 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 265.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 108.49 265.65 Td (Plan ) Tj ET Q q 0 0 0 rg BT 129.14 265.65 Td (permits ) Tj ET Q q 0 0 0 rg BT 162.01 265.65 Td (the ) Tj ET Q q 0 0 0 rg BT 177.09 265.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 200.51 265.65 Td (of ) Tj ET Q q 0 0 0 rg BT 211.71 265.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.58 265.65 Td (awards, ) Tj ET Q q 0 0 0 rg BT 273.27 265.65 Td (including ) Tj ET Q q 0 0 0 rg BT 313.92 265.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 353.99 265.65 Td (stock, ) Tj ET Q q 0 0 0 rg BT 380.47 265.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 420.54 265.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 444.52 265.65 Td (units ) Tj ET Q q 0 0 0 rg BT 466.84 265.65 Td (and ) Tj ET Q q 0 0 0 rg BT 484.15 265.65 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 540.89 265.65 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.65 Td (options, ) Tj ET Q q 0 0 0 rg BT 84.85 253.65 Td (to ) Tj ET Q q 0 0 0 rg BT 95.53 253.65 Td (the ) Tj ET Q q 0 0 0 rg BT 110.65 253.65 Td (Company) Tj ET Q q 0 0 0 rg BT 152.32 253.65 Td (s ) Tj ET Q q 0 0 0 rg BT 159.11 253.65 Td (employees ) Tj ET Q q 0 0 0 rg BT 204.78 253.65 Td (and ) Tj ET Q q 0 0 0 rg BT 222.12 253.65 Td (directors ) Tj ET Q q 0 0 0 rg BT 260.01 253.65 Td (for ) Tj ET Q q 0 0 0 rg BT 274.57 253.65 Td (up ) Tj ET Q q 0 0 0 rg BT 287.47 253.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 253.65 Td (8.2 ) Tj ET Q q 0 0 0 rg BT 313.56 253.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.45 253.65 Td ( ) Tj ET Q q 0 0 0 rg BT 345.35 253.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 373.24 253.65 Td (of ) Tj ET Q q 0 0 0 rg BT 384.48 253.65 Td (common ) Tj ET Q q 0 0 0 rg BT 422.38 253.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.39 253.65 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.72 253.65 Td (0.9 ) Tj ET Q q 0 0 0 rg BT 465.12 253.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.01 253.65 Td ( ) Tj ET Q q 0 0 0 rg BT 496.91 253.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 524.81 253.65 Td (remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.65 Td (available ) Tj ET Q q 0 0 0 rg BT 88.98 241.65 Td (for ) Tj ET Q q 0 0 0 rg BT 103.54 241.65 Td (future ) Tj ET Q q 0 0 0 rg BT 130.31 241.65 Td (issuance ) Tj ET Q q 0 0 0 rg BT 167.08 241.65 Td (under ) Tj ET Q q 0 0 0 rg BT 192.75 241.65 Td (the ) Tj ET Q q 0 0 0 rg BT 207.86 241.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 247.96 241.65 Td (Plan ) Tj ET Q q 0 0 0 rg BT 268.63 241.65 Td (as ) Tj ET Q q 0 0 0 rg BT 279.86 241.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.08 241.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.06 241.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.06 241.65 Td (\). ) Tj ET Q q 0 0 0 rg BT 378.58 241.65 Td (The ) Tj ET Q q 0 0 0 rg BT 397.02 241.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.80 241.65 Td (believes ) Tj ET Q q 0 0 0 rg BT 474.46 241.65 Td (that ) Tj ET Q q 0 0 0 rg BT 492.35 241.65 Td (such ) Tj ET Q q 0 0 0 rg BT 513.58 241.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 544.80 241.65 Td (help ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.65 Td (align ) Tj ET Q q 0 0 0 rg BT 72.62 229.65 Td (the ) Tj ET Q q 0 0 0 rg BT 87.46 229.65 Td (interests ) Tj ET Q q 0 0 0 rg BT 123.41 229.65 Td (of ) Tj ET Q q 0 0 0 rg BT 134.37 229.65 Td (employees ) Tj ET Q q 0 0 0 rg BT 179.75 229.65 Td (and ) Tj ET Q q 0 0 0 rg BT 196.82 229.65 Td (directors ) Tj ET Q q 0 0 0 rg BT 234.43 229.65 Td (with ) Tj ET Q q 0 0 0 rg BT 254.83 229.65 Td (those ) Tj ET Q q 0 0 0 rg BT 278.56 229.65 Td (of ) Tj ET Q q 0 0 0 rg BT 289.52 229.65 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 342.68 229.65 Td (and ) Tj ET Q q 0 0 0 rg BT 359.74 229.65 Td (serve ) Tj ET Q q 0 0 0 rg BT 383.46 229.65 Td (as ) Tj ET Q q 0 0 0 rg BT 394.42 229.65 Td (an ) Tj ET Q q 0 0 0 rg BT 406.48 229.65 Td (employee ) Tj ET Q q 0 0 0 rg BT 447.98 229.65 Td (retention ) Tj ET Q q 0 0 0 rg BT 486.15 229.65 Td (tool. ) Tj ET Q q 0 0 0 rg BT 506.64 229.65 Td (The ) Tj ET Q q 0 0 0 rg BT 524.81 229.65 Td (Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.65 Td (Plan ) Tj ET Q q 0 0 0 rg BT 70.47 217.65 Td (provides ) Tj ET Q q 0 0 0 rg BT 107.60 217.65 Td (for ) Tj ET Q q 0 0 0 rg BT 121.95 217.65 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 169.59 217.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 201.17 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 212.19 217.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 243.20 217.65 Td (if ) Tj ET Q q 0 0 0 rg BT 251.99 217.65 Td (there ) Tj ET Q q 0 0 0 rg BT 274.67 217.65 Td (is ) Tj ET Q q 0 0 0 rg BT 284.03 217.65 Td (a ) Tj ET Q q 0 0 0 rg BT 291.16 217.65 Td (severance ) Tj ET Q q 0 0 0 rg BT 333.26 217.65 Td (event, ) Tj ET Q q 0 0 0 rg BT 360.10 217.65 Td (a ) Tj ET Q q 0 0 0 rg BT 367.23 217.65 Td (change ) Tj ET Q q 0 0 0 rg BT 398.24 217.65 Td (in ) Tj ET Q q 0 0 0 rg BT 408.71 217.65 Td (control ) Tj ET Q q 0 0 0 rg BT 439.72 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 450.74 217.65 Td (the ) Tj ET Q q 0 0 0 rg BT 465.65 217.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.22 217.65 Td (\(as ) Tj ET Q q 0 0 0 rg BT 521.57 217.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 554.25 217.65 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.65 Td (the ) Tj ET Q q 0 0 0 rg BT 64.88 205.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 104.75 205.65 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 131.02 205.65 Td (in ) Tj ET Q q 0 0 0 rg BT 141.46 205.65 Td (the ) Tj ET Q q 0 0 0 rg BT 156.34 205.65 Td (event ) Tj ET Q q 0 0 0 rg BT 180.66 205.65 Td (of ) Tj ET Q q 0 0 0 rg BT 191.65 205.65 Td (a ) Tj ET Q q 0 0 0 rg BT 198.75 205.65 Td (participant) Tj ET Q q 0 0 0 rg BT 244.29 205.65 Td (s ) Tj ET Q q 0 0 0 rg BT 250.85 205.65 Td (death, ) Tj ET Q q 0 0 0 rg BT 277.67 205.65 Td (and ) Tj ET Q q 0 0 0 rg BT 294.77 205.65 Td (at ) Tj ET Q q 0 0 0 rg BT 304.65 205.65 Td (the ) Tj ET Q q 0 0 0 rg BT 319.53 205.65 Td (discretion ) Tj ET Q q 0 0 0 rg BT 361.63 205.65 Td (of ) Tj ET Q q 0 0 0 rg BT 372.62 205.65 Td (the ) Tj ET Q q 0 0 0 rg BT 387.50 205.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.71 205.65 Td (committee ) Tj ET Q q 0 0 0 rg BT 490.58 205.65 Td (of ) Tj ET Q q 0 0 0 rg BT 501.57 205.65 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 205.65 Td (Company) Tj ET Q q 0 0 0 rg BT 558.12 205.65 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.65 Td (board ) Tj ET Q q 0 0 0 rg BT 75.27 193.65 Td (of ) Tj ET Q q 0 0 0 rg BT 86.10 193.65 Td (directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 169.65 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 117.02 169.65 Td (A) Tj ET Q q 0 0 0 rg BT 122.57 169.65 Td (war) Tj ET Q q 0 0 0 rg BT 137.76 169.65 Td (ds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.65 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.61 145.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.79 145.65 Td (grants ) Tj ET Q q 0 0 0 rg BT 142.30 145.65 Td (are ) Tj ET Q q 0 0 0 rg BT 156.57 145.65 Td (valued ) Tj ET Q q 0 0 0 rg BT 185.30 145.65 Td (at ) Tj ET Q q 0 0 0 rg BT 194.58 145.65 Td (the ) Tj ET Q q 0 0 0 rg BT 208.87 145.65 Td (market ) Tj ET Q q 0 0 0 rg BT 238.70 145.65 Td (price ) Tj ET Q q 0 0 0 rg BT 260.76 145.65 Td (of ) Tj ET Q q 0 0 0 rg BT 271.16 145.65 Td (the ) Tj ET Q q 0 0 0 rg BT 285.44 145.65 Td (Company) Tj ET Q q 0 0 0 rg BT 327.11 145.65 Td (s ) Tj ET Q q 0 0 0 rg BT 333.07 145.65 Td (common ) Tj ET Q q 0 0 0 rg BT 370.13 145.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 393.31 145.65 Td (on ) Tj ET Q q 0 0 0 rg BT 405.38 145.65 Td (the ) Tj ET Q q 0 0 0 rg BT 419.67 145.65 Td (date ) Tj ET Q q 0 0 0 rg BT 438.39 145.65 Td (of ) Tj ET Q q 0 0 0 rg BT 448.79 145.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 471.41 145.65 Td (and ) Tj ET Q q 0 0 0 rg BT 487.92 145.65 Td (are ) Tj ET Q q 0 0 0 rg BT 502.19 145.65 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.24 145.65 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.65 Td (the ) Tj ET Q q 0 0 0 rg BT 63.81 133.65 Td (requisite ) Tj ET Q q 0 0 0 rg BT 99.84 133.65 Td (service ) Tj ET Q q 0 0 0 rg BT 129.75 133.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 159.27 133.65 Td (The ) Tj ET Q q 0 0 0 rg BT 176.42 133.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 216.90 133.65 Td (grants ) Tj ET Q q 0 0 0 rg BT 242.93 133.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 269.51 133.65 Td (of ) Tj ET Q q 0 0 0 rg BT 279.44 133.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 318.23 133.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 340.94 133.65 Td (to ) Tj ET Q q 0 0 0 rg BT 350.31 133.65 Td (employees ) Tj ET Q q 0 0 0 rg BT 394.67 133.65 Td (as ) Tj ET Q q 0 0 0 rg BT 404.59 133.65 Td (part ) Tj ET Q q 0 0 0 rg BT 421.73 133.65 Td (of ) Tj ET Q q 0 0 0 rg BT 431.66 133.65 Td (year) Tj ET Q q 0 0 0 rg BT 448.66 133.65 Td (-end ) Tj ET Q q 0 0 0 rg BT 468.03 133.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 525.16 133.65 Td (\("Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.65 Td (Grants"\) ) Tj ET Q q 0 0 0 rg BT 86.57 121.65 Td (and ) Tj ET Q q 0 0 0 rg BT 103.51 121.65 Td (upon ) Tj ET Q q 0 0 0 rg BT 126.01 121.65 Td (initial ) Tj ET Q q 0 0 0 rg BT 151.84 121.65 Td (hiring ) Tj ET Q q 0 0 0 rg BT 178.23 121.65 Td (or ) Tj ET Q q 0 0 0 rg BT 189.06 121.65 Td (as ) Tj ET Q q 0 0 0 rg BT 199.89 121.65 Td (a ) Tj ET Q q 0 0 0 rg BT 206.83 121.65 Td (retention ) Tj ET Q q 0 0 0 rg BT 244.87 121.65 Td (award ) Tj ET Q q 0 0 0 rg BT 271.80 121.65 Td (\("Sign-on ) Tj ET Q q 0 0 0 rg BT 313.38 121.65 Td (Grants"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.65 Td (The ) Tj ET Q q 0 0 0 rg BT 67.73 97.65 Td (Company) Tj ET Q q 0 0 0 rg BT 109.40 97.65 Td (s ) Tj ET Q q 0 0 0 rg BT 115.00 97.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 146.62 97.65 Td (Grants ) Tj ET Q q 0 0 0 rg BT 175.47 97.65 Td (are ) Tj ET Q q 0 0 0 rg BT 189.86 97.65 Td (made ) Tj ET Q q 0 0 0 rg BT 213.71 97.65 Td (each ) Tj ET Q q 0 0 0 rg BT 234.21 97.65 Td (year ) Tj ET Q q 0 0 0 rg BT 253.60 97.65 Td (in ) Tj ET Q q 0 0 0 rg BT 263.57 97.65 Td (February) Tj ET Q q 0 0 0 rg BT 299.02 97.65 Td (. ) Tj ET Q q 0 0 0 rg BT 303.22 97.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 334.85 97.65 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.70 97.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 381.99 97.65 Td (ratably ) Tj ET Q q 0 0 0 rg BT 411.94 97.65 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.90 97.65 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.89 97.65 Td ( ) Tj ET Q q 0 0 0 rg BT 454.07 97.65 Td (years ) Tj ET Q q 0 0 0 rg BT 477.36 97.65 Td (in ) Tj ET Q q 0 0 0 rg BT 487.33 97.65 Td (equal ) Tj ET Q q 0 0 0 rg BT 511.17 97.65 Td (installments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.65 Td (The ) Tj ET Q q 0 0 0 rg BT 66.88 85.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 98.04 85.65 Td (Grants ) Tj ET Q q 0 0 0 rg BT 126.41 85.65 Td (provide ) Tj ET Q q 0 0 0 rg BT 158.67 85.65 Td (for ) Tj ET Q q 0 0 0 rg BT 172.05 85.65 Td (continued ) Tj ET Q q 0 0 0 rg BT 213.20 85.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 243.80 85.65 Td (after ) Tj ET Q q 0 0 0 rg BT 263.83 85.65 Td (termination ) Tj ET Q q 0 0 0 rg BT 311.65 85.65 Td (of ) Tj ET Q q 0 0 0 rg BT 321.69 85.65 Td (employment, ) Tj ET Q q 0 0 0 rg BT 375.90 85.65 Td (so ) Tj ET Q q 0 0 0 rg BT 386.50 85.65 Td (long ) Tj ET Q q 0 0 0 rg BT 406.00 85.65 Td (as ) Tj ET Q q 0 0 0 rg BT 416.04 85.65 Td (the ) Tj ET Q q 0 0 0 rg BT 429.98 85.65 Td (employee ) Tj ET Q q 0 0 0 rg BT 470.56 85.65 Td (does ) Tj ET Q q 0 0 0 rg BT 490.61 85.65 Td (not ) Tj ET Q q 0 0 0 rg BT 505.10 85.65 Td (violatecertain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.65 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 119.15 73.65 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 166.63 73.65 Td (set ) Tj ET Q q 0 0 0 rg BT 180.79 73.65 Td (forth ) Tj ET Q q 0 0 0 rg BT 203.27 73.65 Td (in ) Tj ET Q q 0 0 0 rg BT 214.10 73.65 Td (the ) Tj ET Q q 0 0 0 rg BT 229.36 73.65 Td (award ) Tj ET Q q 0 0 0 rg BT 256.84 73.65 Td (agreement ) Tj ET Q q 0 0 0 rg BT 301.53 73.65 Td (or ) Tj ET Q q 0 0 0 rg BT 312.91 73.65 Td (any ) Tj ET Q q 0 0 0 rg BT 330.40 73.65 Td (agreements ) Tj ET Q q 0 0 0 rg BT 378.98 73.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 411.45 73.65 Td (into ) Tj ET Q q 0 0 0 rg BT 430.05 73.65 Td (upon ) Tj ET Q q 0 0 0 rg BT 453.10 73.65 Td (termination. ) Tj ET Q q 0 0 0 rg BT 504.53 73.65 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 73.65 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.65 Td (determined ) Tj ET Q q 0 0 0 rg BT 97.43 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 112.10 61.65 Td (service ) Tj ET Q q 0 0 0 rg BT 142.87 61.65 Td (inception ) Tj ET Q q 0 0 0 rg BT 182.53 61.65 Td (date ) Tj ET Q q 0 0 0 rg BT 201.64 61.65 Td (precedes ) Tj ET Q q 0 0 0 rg BT 239.06 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 253.73 61.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 276.73 61.65 Td (date ) Tj ET Q q 0 0 0 rg BT 295.83 61.65 Td (for ) Tj ET Q q 0 0 0 rg BT 309.95 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 324.07 61.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 355.96 61.65 Td (Grants, ) Tj ET Q q 0 0 0 rg BT 387.57 61.65 Td (and ) Tj ET Q q 0 0 0 rg BT 404.46 61.65 Td (that ) Tj ET Q q 0 0 0 rg BT 421.91 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 436.58 61.65 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 505.13 61.65 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 552.01 61.65 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.65 Td (not ) Tj ET Q q 0 0 0 rg BT 65.49 49.65 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.63 49.65 Td (the ) Tj ET Q q 0 0 0 rg BT 102.56 49.65 Td (criteria ) Tj ET Q q 0 0 0 rg BT 133.58 49.65 Td (for ) Tj ET Q q 0 0 0 rg BT 147.96 49.65 Td (an ) Tj ET Q q 0 0 0 rg BT 160.11 49.65 Td (in-substance ) Tj ET Q q 0 0 0 rg BT 212.80 49.65 Td (service ) Tj ET Q q 0 0 0 rg BT 243.83 49.65 Td (condition, ) Tj ET Q q 0 0 0 rg BT 286.81 49.65 Td (as ) Tj ET Q q 0 0 0 rg BT 297.86 49.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 330.55 49.65 Td (by ) Tj ET Q q 0 0 0 rg BT 342.67 49.65 Td (ASC ) Tj ET Q q 0 0 0 rg BT 364.83 49.65 Td (718. ) Tj ET Q q 0 0 0 rg BT 384.44 49.65 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 433.78 49.65 Td (, ) Tj ET Q q 0 0 0 rg BT 438.99 49.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 478.90 49.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 502.72 49.65 Td (granted ) Tj ET Q q 0 0 0 rg BT 535.42 49.65 Td (as ) Tj ET Q q 0 0 0 rg BT 546.46 49.65 Td (part ) Tj ET Q endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.04 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.38 708.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 107.53 708.10 Td (Grants ) Tj ET Q q 0 0 0 rg BT 136.91 708.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.29 708.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 186.21 708.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.71 708.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.64 708.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.08 708.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 249.33 708.10 Td (period ) Tj ET Q q 0 0 0 rg BT 277.59 708.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.08 708.10 Td (which ) Tj ET Q q 0 0 0 rg BT 315.24 708.10 Td (those ) Tj ET Q q 0 0 0 rg BT 339.06 708.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 370.09 708.10 Td (are ) Tj ET Q q 0 0 0 rg BT 385.02 708.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 418.82 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.32 708.10 Td (be ) Tj ET Q q 0 0 0 rg BT 441.47 708.10 Td (earned, ) Tj ET Q q 0 0 0 rg BT 473.33 708.10 Td (which ) Tj ET Q q 0 0 0 rg BT 500.48 708.10 Td (is ) Tj ET Q q 0 0 0 rg BT 509.87 708.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 549.79 708.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 85.91 696.10 Td (year ) Tj ET Q q 0 0 0 rg BT 105.16 696.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 146.64 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.90 696.10 Td (February ) Tj ET Q q 0 0 0 rg BT 199.05 696.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 221.64 696.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 242.84 696.10 Td (For ) Tj ET Q q 0 0 0 rg BT 258.78 696.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 297.20 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.46 696.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 352.40 696.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 398.31 696.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 455.90 696.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 490.15 696.10 Td (during ) Tj ET Q q 0 0 0 rg BT 518.31 696.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 542.01 696.10 Td (2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.28 684.10 Td (its ) Tj ET Q q 0 0 0 rg BT 76.35 684.10 Td (February ) Tj ET Q q 0 0 0 rg BT 115.07 684.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 137.11 684.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 169.17 684.10 Td (Grant. ) Tj ET Q q 0 0 0 rg BT 197.05 684.10 Td (If ) Tj ET Q q 0 0 0 rg BT 206.33 684.10 Td (an ) Tj ET Q q 0 0 0 rg BT 218.39 684.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 246.01 684.10 Td (award ) Tj ET Q q 0 0 0 rg BT 273.05 684.10 Td (related ) Tj ET Q q 0 0 0 rg BT 302.88 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.27 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.53 684.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 359.59 684.10 Td (Grants ) Tj ET Q q 0 0 0 rg BT 388.87 684.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.16 684.10 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 435.20 684.10 Td (as ) Tj ET Q q 0 0 0 rg BT 446.15 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 453.21 684.10 Td (result ) Tj ET Q q 0 0 0 rg BT 478.05 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.00 684.10 Td (violating ) Tj ET Q q 0 0 0 rg BT 527.17 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 684.10 Td (post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 98.31 672.10 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 147.46 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.88 672.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 186.87 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.41 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.84 672.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.92 672.10 Td (value ) Tj ET Q q 0 0 0 rg BT 251.79 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.33 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.76 672.10 Td (award ) Tj ET Q q 0 0 0 rg BT 303.40 672.10 Td (at ) Tj ET Q q 0 0 0 rg BT 312.83 672.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 335.59 672.10 Td (date ) Tj ET Q q 0 0 0 rg BT 354.46 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 365.00 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.43 672.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.52 672.10 Td (value ) Tj ET Q q 0 0 0 rg BT 419.38 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.93 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.36 672.10 Td (award ) Tj ET Q q 0 0 0 rg BT 471.00 672.10 Td (at ) Tj ET Q q 0 0 0 rg BT 480.42 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.85 672.10 Td (date ) Tj ET Q q 0 0 0 rg BT 513.72 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.26 672.10 Td (forfeiture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 660.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.65 660.10 Td (within ) Tj ET Q q 0 0 0 rg BT 124.70 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.42 660.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 192.46 660.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.17 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.00 660.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 292.16 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 302.99 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.93 660.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 344.07 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.90 660.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 412.94 660.10 Td (expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (Sign-on ) Tj ET Q q 0 0 0 rg BT 84.73 636.10 Td (Grants ) Tj ET Q q 0 0 0 rg BT 114.46 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 129.73 636.10 Td (used ) Tj ET Q q 0 0 0 rg BT 151.12 636.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.52 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 170.02 636.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 211.96 636.10 Td (tool ) Tj ET Q q 0 0 0 rg BT 230.58 636.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.30 636.10 Td (new ) Tj ET Q q 0 0 0 rg BT 265.02 636.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 310.85 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.35 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 343.63 636.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 371.69 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.53 636.10 Td (current ) Tj ET Q q 0 0 0 rg BT 413.91 636.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 459.74 636.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.13 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.64 636.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 517.24 636.10 Td (tool. ) Tj ET Q q 0 0 0 rg BT 538.14 636.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.48 624.10 Td (have ) Tj ET Q q 0 0 0 rg BT 101.52 624.10 Td (both ) Tj ET Q q 0 0 0 rg BT 121.45 624.10 Td (clif) Tj ET Q q 0 0 0 rg BT 134.60 624.10 Td (f ) Tj ET Q q 0 0 0 rg BT 140.09 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.69 624.10 Td (ratable ) Tj ET Q q 0 0 0 rg BT 186.05 624.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 217.10 624.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 243.97 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.57 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.95 624.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 319.87 624.10 Td (must ) Tj ET Q q 0 0 0 rg BT 341.48 624.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 366.41 624.10 Td (service ) Tj ET Q q 0 0 0 rg BT 396.89 624.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 451.25 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.19 624.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 501.10 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.92 624.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 539.86 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.79 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 82.76 612.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 142.48 612.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 176.63 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 185.24 612.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 227.16 612.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.11 612.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.49 612.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 295.75 612.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 317.69 612.10 Td (from ) Tj ET Q q 0 0 0 rg BT 339.07 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.23 612.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 375.72 612.10 Td (date ) Tj ET Q q 0 0 0 rg BT 394.32 612.10 Td (over ) Tj ET Q q 0 0 0 rg BT 414.03 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.19 612.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 464.56 612.10 Td (service ) Tj ET Q q 0 0 0 rg BT 494.82 612.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 524.81 612.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.44 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.83 600.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 600.10 Td (five ) Tj ET Q q 0 0 0 rg BT 94.93 600.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.03 600.10 Td (. ) Tj ET Q q 0 0 0 rg BT 120.92 600.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 167.74 600.10 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 195.12 600.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 233.05 600.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.43 600.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 282.82 600.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 331.31 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.03 600.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 394.41 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.23 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.06 600.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 452.10 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.82 600.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 520.75 600.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 555.34 600.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (recorded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (Annually) Tj ET Q q 0 0 0 rg BT 86.57 564.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.00 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.16 564.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 145.98 564.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 172.35 564.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.40 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.11 564.10 Td (its ) Tj ET Q q 0 0 0 rg BT 216.50 564.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 275.63 564.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 314.92 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 332.40 564.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 381.54 564.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 439.02 564.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 458.17 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.89 564.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 527.03 564.10 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 552.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 80.56 552.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 120.26 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.76 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.48 552.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 170.53 552.10 Td (date ) Tj ET Q q 0 0 0 rg BT 189.68 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.62 552.10 Td (included ) Tj ET Q q 0 0 0 rg BT 243.55 552.10 Td (within ) Tj ET Q q 0 0 0 rg BT 271.61 552.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 303.00 552.10 Td (services ) Tj ET Q q 0 0 0 rg BT 337.71 552.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 372.41 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 384.91 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.63 552.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 452.67 552.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 497.38 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.21 552.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.94 504.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.23 504.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 136.06 504.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 175.66 504.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 199.17 504.10 Td (units ) Tj ET Q q 0 0 0 rg BT 221.01 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.18 504.10 Td (its ) Tj ET Q q 0 0 0 rg BT 243.03 504.10 Td (leadership ) Tj ET Q q 0 0 0 rg BT 286.52 504.10 Td (team ) Tj ET Q q 0 0 0 rg BT 308.35 504.10 Td (\("Leadership ) Tj ET Q q 0 0 0 rg BT 362.58 504.10 Td (Grants"\). ) Tj ET Q q 0 0 0 rg BT 401.38 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.32 504.10 Td (units ) Tj ET Q q 0 0 0 rg BT 441.17 504.10 Td (will ) Tj ET Q q 0 0 0 rg BT 459.12 504.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 477.62 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.46 504.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 526.84 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.02 504.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.99 492.10 Td (common ) Tj ET Q q 0 0 0 rg BT 96.64 492.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 119.40 492.10 Td (at ) Tj ET Q q 0 0 0 rg BT 128.28 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.15 492.10 Td (end ) Tj ET Q q 0 0 0 rg BT 158.25 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.23 492.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.21 492.10 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.21 492.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 228.75 492.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 280.93 492.10 Td (period ) Tj ET Q q 0 0 0 rg BT 308.13 492.10 Td (only ) Tj ET Q q 0 0 0 rg BT 327.57 492.10 Td (if ) Tj ET Q q 0 0 0 rg BT 335.33 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.21 492.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 395.44 492.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 418.21 492.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 470.39 492.10 Td (satisfies ) Tj ET Q q 0 0 0 rg BT 504.26 492.10 Td (predetermined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.51 480.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 124.92 480.10 Td (over ) Tj ET Q q 0 0 0 rg BT 145.44 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.41 480.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 213.68 480.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 244.47 480.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 272.21 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.17 480.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 312.14 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.22 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.18 480.10 Td (grants, ) Tj ET Q q 0 0 0 rg BT 367.87 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.83 480.10 Td (number ) Tj ET Q q 0 0 0 rg BT 416.13 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.21 480.10 Td (units ) Tj ET Q q 0 0 0 rg BT 449.40 480.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.15 480.10 Td (will ) Tj ET Q q 0 0 0 rg BT 485.45 480.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 504.31 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.49 480.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 554.23 480.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 76.89 468.10 Td (will ) Tj ET Q q 0 0 0 rg BT 94.34 468.10 Td (be ) Tj ET Q q 0 0 0 rg BT 105.68 468.10 Td (based ) Tj ET Q q 0 0 0 rg BT 130.34 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 142.24 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.35 468.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 202.83 468.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 225.83 468.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 278.25 468.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 319.02 468.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 357.01 468.10 Td (tar) Tj ET Q q 0 0 0 rg BT 367.38 468.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 385.39 468.10 Td (during ) Tj ET Q q 0 0 0 rg BT 413.39 468.10 Td (each ) Tj ET Q q 0 0 0 rg BT 433.60 468.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 486.02 468.10 Td (period ) Tj ET Q q 0 0 0 rg BT 513.47 468.10 Td (as ) Tj ET Q q 0 0 0 rg BT 523.69 468.10 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 456.10 Td (. ) Tj ET Q q 0 0 0 rg BT 78.99 456.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 139.47 456.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 174.38 456.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.76 456.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 226.44 456.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.14 456.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.29 456.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 297.31 456.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 320.02 456.10 Td (over ) Tj ET Q q 0 0 0 rg BT 340.49 456.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.41 456.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.39 456.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 398.64 456.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 435.77 456.10 Td (service ) Tj ET Q q 0 0 0 rg BT 466.79 456.10 Td (period ) Tj ET Q q 0 0 0 rg BT 495.04 456.10 Td (based ) Tj ET Q q 0 0 0 rg BT 520.52 456.10 Td (on ) Tj ET Q q 0 0 0 rg BT 533.22 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.14 456.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.77 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.21 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.53 444.10 Td (award ) Tj ET Q q 0 0 0 rg BT 129.07 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 142.18 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.51 444.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 181.17 444.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 203.21 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 221.87 444.10 Td (market ) Tj ET Q q 0 0 0 rg BT 252.74 444.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 293.62 444.10 Td (must ) Tj ET Q q 0 0 0 rg BT 316.18 444.10 Td (be ) Tj ET Q q 0 0 0 rg BT 328.73 444.10 Td (met ) Tj ET Q q 0 0 0 rg BT 346.84 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.61 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.93 444.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 408.36 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.25 444.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 438.47 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.02 444.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 514.67 444.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 533.89 444.10 Td (will ) Tj ET Q q 0 0 0 rg BT 552.56 444.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.82 432.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 138.31 432.10 Td (if ) Tj ET Q q 0 0 0 rg BT 146.38 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.55 432.10 Td (market ) Tj ET Q q 0 0 0 rg BT 190.27 432.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 230.00 432.10 Td (is ) Tj ET Q q 0 0 0 rg BT 238.63 432.10 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 276.41 432.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 322.80 432.10 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 349.75 432.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 387.25 432.10 Td (share ) Tj ET Q q 0 0 0 rg BT 410.31 432.10 Td (units ) Tj ET Q q 0 0 0 rg BT 431.71 432.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 453.67 432.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 501.72 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.01 432.10 Td (employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.22 420.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 136.92 420.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 171.07 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.90 420.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 239.94 420.10 Td (expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (Up ) Tj ET Q q 0 0 0 rg BT 63.76 396.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.08 396.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 84.62 396.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.04 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.58 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.45 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.21 396.10 Td (award ) Tj ET Q q 0 0 0 rg BT 165.18 396.10 Td (can ) Tj ET Q q 0 0 0 rg BT 180.59 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.57 396.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 219.76 396.10 Td (based ) Tj ET Q q 0 0 0 rg BT 244.06 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 255.60 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.36 396.10 Td (Company) Tj ET Q q 0 0 0 rg BT 311.02 396.10 Td (s ) Tj ET Q q 0 0 0 rg BT 316.46 396.10 Td (total ) Tj ET Q q 0 0 0 rg BT 335.77 396.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 383.95 396.10 Td (return ) Tj ET Q q 0 0 0 rg BT 409.37 396.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 440.89 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.21 396.10 Td (members ) Tj ET Q q 0 0 0 rg BT 488.40 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.27 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 504.25 396.10 Td (predetermined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 70.00 384.10 Td (group ) Tj ET Q q 0 0 0 rg BT 96.13 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.37 384.10 Td (up ) Tj ET Q q 0 0 0 rg BT 126.17 384.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.74 384.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 149.54 384.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.96 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.76 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.89 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.91 384.10 Td (award ) Tj ET Q q 0 0 0 rg BT 235.13 384.10 Td (can ) Tj ET Q q 0 0 0 rg BT 251.81 384.10 Td (be ) Tj ET Q q 0 0 0 rg BT 264.04 384.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 293.49 384.10 Td (based ) Tj ET Q q 0 0 0 rg BT 319.05 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 331.85 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.87 384.10 Td (Company) Tj ET Q q 0 0 0 rg BT 388.53 384.10 Td (s ) Tj ET Q q 0 0 0 rg BT 395.22 384.10 Td (total ) Tj ET Q q 0 0 0 rg BT 415.79 384.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 465.23 384.10 Td (return. ) Tj ET Q q 0 0 0 rg BT 494.21 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 512.55 384.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.23 384.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 384.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 372.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 95.54 372.10 Td (on ) Tj ET Q q 0 0 0 rg BT 108.04 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.75 372.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 145.80 372.10 Td (date ) Tj ET Q q 0 0 0 rg BT 164.96 372.10 Td (was ) Tj ET Q q 0 0 0 rg BT 183.01 372.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 230.49 372.10 Td (using ) Tj ET Q q 0 0 0 rg BT 254.66 372.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.60 372.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 290.21 372.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 314.92 372.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 359.64 372.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.92 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.64 372.10 Td (following ) Tj ET Q q 0 0 0 rg BT 436.03 372.10 Td (assumptions: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 337.60 300.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 337.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 337.60 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 337.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 337.60 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 313.60 300.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 313.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 313.60 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 313.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 313.60 72.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 337.6 m 349.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 337.6 m 455.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 337.6 m 561.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 337.6 m 349.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 337.6 m 455.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 337.6 m 561.5 337.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.35 352.33 Td (Risk-free) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 352.33 Td (Expected Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 340.33 Td (Grant Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 340.33 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.20 340.33 Td (Price Volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 328.22 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 328.22 Td (0.98%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 328.22 Td (34.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 316.22 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 316.22 Td (0.90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 316.22 Td (29.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 304.22 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 304.22 Td (0.82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 304.22 Td (41.3%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.72 278.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.55 278.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 123.84 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.57 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.19 278.10 Td (award ) Tj ET Q q 0 0 0 rg BT 176.02 278.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 207.30 278.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 242.47 278.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.87 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.49 278.10 Td (Company) Tj ET Q q 0 0 0 rg BT 311.15 278.10 Td (s ) Tj ET Q q 0 0 0 rg BT 317.44 278.10 Td (total ) Tj ET Q q 0 0 0 rg BT 337.62 278.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 386.66 278.10 Td (return ) Tj ET Q q 0 0 0 rg BT 412.94 278.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 445.32 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.50 278.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.34 278.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 481.94 278.10 Td (group, ) Tj ET Q q 0 0 0 rg BT 510.17 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.79 278.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (modeled ) Tj ET Q q 0 0 0 rg BT 87.40 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.59 266.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.08 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.38 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.56 266.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 202.74 266.10 Td (group ) Tj ET Q q 0 0 0 rg BT 229.04 266.10 Td (as ) Tj ET Q q 0 0 0 rg BT 240.34 266.10 Td (well ) Tj ET Q q 0 0 0 rg BT 260.52 266.10 Td (as ) Tj ET Q q 0 0 0 rg BT 271.82 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.01 266.10 Td (correlation ) Tj ET Q q 0 0 0 rg BT 333.29 266.10 Td (between ) Tj ET Q q 0 0 0 rg BT 369.57 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.76 266.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.61 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.02 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.20 266.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 479.38 266.10 Td (group. ) Tj ET Q q 0 0 0 rg BT 507.96 266.10 Td (The ) Tj ET Q q 0 0 0 rg BT 526.48 266.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.03 254.10 Td (price ) Tj ET Q q 0 0 0 rg BT 96.94 254.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 135.97 254.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 188.34 254.10 Td (were ) Tj ET Q q 0 0 0 rg BT 210.69 254.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 258.59 254.10 Td (using ) Tj ET Q q 0 0 0 rg BT 283.18 254.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 323.31 254.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 358.77 254.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.19 254.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.44 254.10 Td (correlation ) Tj ET Q q 0 0 0 rg BT 421.68 254.10 Td (coef) Tj ET Q q 0 0 0 rg BT 438.70 254.10 Td (ficients ) Tj ET Q q 0 0 0 rg BT 471.06 254.10 Td (can ) Tj ET Q q 0 0 0 rg BT 487.86 254.10 Td (only ) Tj ET Q q 0 0 0 rg BT 508.56 254.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.92 254.10 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.61 242.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 123.32 242.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 158.78 242.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.60 242.10 Td (The ) Tj ET Q q 0 0 0 rg BT 181.65 242.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 218.01 242.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 249.95 242.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 271.32 242.10 Td (were ) Tj ET Q q 0 0 0 rg BT 293.25 242.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 340.73 242.10 Td (based ) Tj ET Q q 0 0 0 rg BT 366.00 242.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 242.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.49 242.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 421.52 242.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.63 242.10 Td (T) Tj ET Q q 0 0 0 rg BT 447.38 242.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 479.31 242.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 501.81 242.10 Td (yields.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.26 194.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.85 194.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 154.78 194.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 187.47 194.10 Td (options ) Tj ET Q q 0 0 0 rg BT 219.63 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.12 194.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 268.36 194.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 292.18 194.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 303.66 194.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 322.47 194.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 370.17 194.10 Td (common ) Tj ET Q q 0 0 0 rg BT 407.88 194.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 431.69 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.18 194.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 487.65 194.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.80 194.10 Td (non-employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.93 182.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.64 182.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 120.24 182.10 Td (years ) Tj ET Q q 0 0 0 rg BT 143.28 182.10 Td (2004 ) Tj ET Q q 0 0 0 rg BT 165.22 182.10 Td (through ) Tj ET Q q 0 0 0 rg BT 198.27 182.10 Td (2008. ) Tj ET Q q 0 0 0 rg BT 222.71 182.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 265.19 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.57 182.10 Td (director ) Tj ET Q q 0 0 0 rg BT 314.60 182.10 Td (options ) Tj ET Q q 0 0 0 rg BT 345.99 182.10 Td (were ) Tj ET Q q 0 0 0 rg BT 367.36 182.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 406.50 182.10 Td (by ) Tj ET Q q 0 0 0 rg BT 418.44 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.60 182.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 473.43 182.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.37 182.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.75 182.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 542.01 182.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (over ) Tj ET Q q 0 0 0 rg BT 69.95 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.35 170.10 Td (required ) Tj ET Q q 0 0 0 rg BT 119.85 170.10 Td (service ) Tj ET Q q 0 0 0 rg BT 150.35 170.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 180.58 170.10 Td (based ) Tj ET Q q 0 0 0 rg BT 205.53 170.10 Td (on ) Tj ET Q q 0 0 0 rg BT 217.71 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.11 170.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 272.61 170.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 288.67 170.10 Td (value ) Tj ET Q q 0 0 0 rg BT 312.51 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.02 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.42 170.10 Td (award ) Tj ET Q q 0 0 0 rg BT 364.03 170.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.22 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.62 170.10 Td (date ) Tj ET Q q 0 0 0 rg BT 409.45 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.97 170.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 442.70 170.10 Td (using ) Tj ET Q q 0 0 0 rg BT 466.55 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 473.17 170.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 533.12 170.10 Td (option-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.91 158.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 112.20 158.10 Td (As ) Tj ET Q q 0 0 0 rg BT 126.89 158.10 Td (described ) Tj ET Q q 0 0 0 rg BT 168.79 158.10 Td (above ) Tj ET Q q 0 0 0 rg BT 196.25 158.10 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 240.38 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.74 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.54 158.10 Td (Company) Tj ET Q q 0 0 0 rg BT 309.21 158.10 Td (s ) Tj ET Q q 0 0 0 rg BT 315.89 158.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 348.92 158.10 Td (Grants ) Tj ET Q q 0 0 0 rg BT 379.16 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.07 158.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 431.86 158.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 462.93 158.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 487.63 158.10 Td (options ) Tj ET Q q 0 0 0 rg BT 520.66 158.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 554.23 158.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 95.25 146.10 Td (were ) Tj ET Q q 0 0 0 rg BT 117.16 146.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 156.85 146.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.11 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.81 146.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 218.15 146.10 Td (year ) Tj ET Q q 0 0 0 rg BT 237.84 146.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 279.75 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.45 146.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 323.59 146.10 Td (February ) Tj ET Q q 0 0 0 rg BT 362.17 146.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 385.20 146.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 406.84 146.10 Td (For ) Tj ET Q q 0 0 0 rg BT 423.21 146.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 462.07 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.77 146.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.14 146.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.05 134.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 142.76 134.10 Td (during ) Tj ET Q q 0 0 0 rg BT 171.37 134.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 195.53 134.10 Td (2007 ) Tj ET Q q 0 0 0 rg BT 218.03 134.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.20 134.10 Td (its ) Tj ET Q q 0 0 0 rg BT 244.15 134.10 Td (February ) Tj ET Q q 0 0 0 rg BT 282.75 134.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 305.25 134.10 Td (option ) Tj ET Q q 0 0 0 rg BT 333.32 134.10 Td (grant. ) Tj ET Q q 0 0 0 rg BT 358.69 134.10 Td (The ) Tj ET Q q 0 0 0 rg BT 376.74 134.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 419.79 134.10 Td (term ) Tj ET Q q 0 0 0 rg BT 440.62 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.45 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.18 134.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 489.79 134.10 Td (options ) Tj ET Q q 0 0 0 rg BT 521.74 134.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 554.23 134.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 95.26 122.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.20 122.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 149.69 122.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.86 122.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.07 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.57 122.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 199.49 122.10 Td (The ) Tj ET Q q 0 0 0 rg BT 217.54 122.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.93 122.10 Td (has ) Tj ET Q q 0 0 0 rg BT 274.76 122.10 Td (not ) Tj ET Q q 0 0 0 rg BT 290.03 122.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 322.52 122.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 346.13 122.10 Td (options ) Tj ET Q q 0 0 0 rg BT 378.08 122.10 Td (since ) Tj ET Q q 0 0 0 rg BT 401.12 122.10 Td (2008.) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (Stock-Based Compensation ) Tj ET Q q 0 0 0 rg BT 165.20 624.25 Td (Activity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.34 600.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.02 600.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.79 600.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 202.12 600.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 236.12 600.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.24 600.25 Td ($53.7 ) Tj ET Q q 0 0 0 rg BT 270.53 600.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.42 600.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.72 600.25 Td ($48.2 ) Tj ET Q q 0 0 0 rg BT 328.01 600.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.90 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 358.69 600.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.92 600.25 Td ($28.2 ) Tj ET Q q 0 0 0 rg BT 399.21 600.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.11 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 429.90 600.25 Td (for ) Tj ET Q q 0 0 0 rg BT 443.35 600.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.36 600.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.46 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.25 600.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 600.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 588.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.46 588.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.46 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.42 588.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.82 588.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.82 588.25 Td (, ) Tj ET Q q 0 0 0 rg BT 141.27 588.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 188.94 588.25 Td (, ) Tj ET Q q 0 0 0 rg BT 194.39 588.25 Td (related ) Tj ET Q q 0 0 0 rg BT 224.56 588.25 Td (to ) Tj ET Q q 0 0 0 rg BT 235.29 588.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 277.12 588.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 317.29 588.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.35 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.75 588.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 398.91 588.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 422.98 588.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 441.49 588.25 Td (awards. ) Tj ET Q q 0 0 0 rg BT 475.27 588.25 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 522.11 588.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.50 588.25 Td ($1.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 576.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.30 576.25 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 102.71 576.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.60 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.51 576.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.86 576.25 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 169.27 576.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.16 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.07 576.25 Td (for ) Tj ET Q q 0 0 0 rg BT 213.64 576.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.76 576.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.86 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.77 576.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.56 576.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 334.55 576.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.55 576.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.96 576.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.96 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.87 576.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.22 576.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.22 576.25 Td (, ) Tj ET Q q 0 0 0 rg BT 421.63 576.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 469.29 576.25 Td (. ) Tj ET Q q 0 0 0 rg BT 473.56 576.25 Td (The ) Tj ET Q q 0 0 0 rg BT 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/F2 10.00 Tf ET q 0 0 0 rg BT 480.00 472.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 472.48 Td (35.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 460.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 460.37 Td (421,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 460.37 Td (40.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 448.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 448.37 Td (\(883,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 448.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 448.37 Td (36.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 436.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 436.37 Td (\(24,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 436.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 436.37 Td (36.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 424.48 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 424.48 Td (1,095,305) Tj 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10.00 Tf ET q 0 0 0 rg BT 433.15 640.22 Td (115,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 640.22 Td (23.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 628.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 628.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 616.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 616.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 616.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 604.33 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 604.33 Td (405,826) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 604.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 604.33 Td (17.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 592.22 Td (123,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 592.22 Td (21.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 580.22 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 580.22 Td (\(149,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 580.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 580.22 Td (12.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 568.22 Td (\(23,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 568.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 568.22 Td (12.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 556.33 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 556.33 Td (356,242) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 556.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 556.33 Td (22.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 544.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 544.22 Td (135,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 544.22 Td (19.93) Tj ET Q BT /F1 10.00 Tf 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) Tj ET Q q 0 0 0 rg BT 95.56 470.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 133.59 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.87 470.10 Td (be ) Tj ET Q q 0 0 0 rg BT 155.81 470.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 202.17 470.10 Td (over ) Tj ET Q q 0 0 0 rg BT 222.44 470.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.38 470.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 268.53 470.10 Td (average ) Tj ET Q q 0 0 0 rg BT 302.11 470.10 Td (period ) Tj ET Q q 0 0 0 rg BT 330.16 470.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.99 470.10 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 355.99 470.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.09 470.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 446.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.43 446.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.37 446.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.63 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.35 446.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 231.05 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.33 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.05 446.10 Td (Company) Tj ET Q q 0 0 0 rg BT 297.71 446.10 Td (s ) Tj ET Q q 0 0 0 rg BT 304.11 446.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 353.27 446.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 376.88 446.10 Td (options:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 387.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 387.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 387.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 387.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 387.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 387.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 387.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 387.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 363.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 363.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 363.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 363.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 363.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 363.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 363.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 363.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 339.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 339.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 339.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 339.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 339.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 315.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 315.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 315.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 315.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 315.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 291.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 291.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 291.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 291.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 291.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 291.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 291.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 267.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 267.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 267.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 267.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 267.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 267.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 267.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 267.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 243.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 243.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 243.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 243.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 243.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 243.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 243.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 243.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 219.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 219.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 219.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 219.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 219.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 219.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 219.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 219.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 195.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 195.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 195.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 195.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 195.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 195.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 195.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 195.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 171.60 193.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 171.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 171.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 171.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 171.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 171.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 171.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 171.60 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 387.6 m 313 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 387.6 m 391 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 387.6 m 483 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 387.6 m 561 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 387.6 m 313 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 387.6 m 391 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 387.6 m 483 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 387.6 m 561 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 327.6 m 313 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 267.6 m 313 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 267.6 m 313 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 207.60000000000002 m 313 207.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.85 426.33 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.20 414.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 414.33 Td (Remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 402.33 Td (Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.10 402.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.00 402.33 Td (Contractual Term) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 402.33 Td (Aggregate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.80 390.33 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 390.33 Td (ExercisePrice) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.95 390.33 Td (\(inYears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.95 390.33 Td (Intrinsic Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 378.33 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 378.33 Td (469,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 378.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 378.33 Td (44.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 378.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 378.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 378.33 Td (288,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 366.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 366.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 366.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 354.22 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 354.22 Td (\(137,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 354.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 354.22 Td (39.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 342.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 342.22 Td (\(55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 342.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 342.22 Td (39.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 330.22 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 330.22 Td (\(113,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 330.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 330.22 Td (47.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 318.33 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 318.33 Td (217,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 318.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 318.33 Td (46.66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 318.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 318.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 318.33 Td (3,066,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 306.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 306.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 306.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 294.22 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.30 294.22 Td (\(50,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 294.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 294.22 Td (36.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 282.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 282.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 282.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 270.22 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.30 270.22 Td (\(10,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 270.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 270.22 Td (39.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 258.33 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 258.33 Td (157,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 258.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 258.33 Td (50.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 258.33 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 258.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 258.33 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 246.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 246.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 246.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 234.22 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 234.22 Td (\(104,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 234.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 234.22 Td (43.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 222.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 222.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 222.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 210.22 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.30 210.22 Td (\(22,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 210.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 210.22 Td (59.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 198.33 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.65 198.33 Td (30,613) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 198.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 198.33 Td (65.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 198.33 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 198.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 198.33 Td (203,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 174.33 Td (Options exercisable at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 174.33 Td (217,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 174.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 174.33 Td (46.66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 174.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 174.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 174.33 Td (3,066,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 162.33 Td (Options exercisable at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 162.33 Td (157,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 162.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 162.33 Td (50.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 162.33 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 162.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 162.33 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 150.33 Td (Options exercisable at December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.65 150.33 Td (30,613) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 150.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 150.33 Td (65.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 150.33 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 150.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 150.33 Td (203,291) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 95.27 708.10 Td (information ) Tj ET Q q 0 0 0 rg BT 144.99 708.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 185.80 708.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 209.41 708.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 220.89 708.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 239.49 708.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 286.98 708.10 Td (options ) Tj ET Q q 0 0 0 rg BT 318.93 708.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 368.10 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 378.93 708.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.76 708.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 448.34 708.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.34 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.84 708.10 Td (is ) Tj ET Q q 0 0 0 rg BT 480.01 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.84 708.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.60 88.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 625.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 625.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 685.6 m 221.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 685.6 m 229.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 685.6 m 313.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 685.6 m 321.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 685.6 m 396.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 685.6 m 479.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 685.6 m 487.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 685.6 m 562.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 637.6 m 138.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 637.6 m 221.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 637.6 m 313.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 637.6 m 396.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 637.6 m 479.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 637.6 m 562.5 637.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.10 688.33 Td (Options Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 688.33 Td (Exercisable Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.35 676.33 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.65 664.33 Td (Remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.20 664.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.20 664.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 652.33 Td (Range of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.15 652.33 Td (Contractual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.10 652.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.10 652.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 640.33 Td (Exercise Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.10 640.33 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.60 640.33 Td (Life\(inYears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 640.33 Td (Exercise Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.10 640.33 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 640.33 Td (Exercise Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.22 Td ($41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.15 628.22 Td (4,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 628.22 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 628.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 628.22 Td (41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 628.22 Td (4,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 628.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 628.22 Td (41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.22 Td ($70.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 616.22 Td (26,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 616.22 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 616.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 616.22 Td (70.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 616.22 Td (26,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 616.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 616.22 Td (70.13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.50 590.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.22 590.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.69 590.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.69 590.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.58 590.10 Td (there ) Tj ET Q q 0 0 0 rg BT 179.96 590.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.90 590.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.90 590.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.29 590.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 266.54 590.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 324.47 590.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 342.97 590.10 Td (related ) Tj ET Q q 0 0 0 rg BT 372.56 590.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.73 590.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 406.23 590.10 Td (options ) Tj ET Q q 0 0 0 rg BT 438.06 590.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 475.98 590.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.15 590.10 Td (be ) Tj ET Q q 0 0 0 rg BT 497.98 590.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.23 590.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (future ) Tj ET Q q 0 0 0 rg BT 77.07 578.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 103.63 578.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.38 578.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 158.34 578.10 Td (value ) Tj ET Q q 0 0 0 rg BT 183.19 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.72 578.10 Td (options ) Tj ET Q q 0 0 0 rg BT 227.36 578.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 268.31 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.94 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.36 578.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 339.55 578.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 354.96 578.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 385.92 578.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 420.75 578.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 578.10 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 460.19 578.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.08 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.28 578.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.91 578.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 530.61 578.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 578.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 566.10 Td (, ) Tj ET Q q 0 0 0 rg BT 101.85 566.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.19 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.10 566.10 Td (year ) Tj ET Q q 0 0 0 rg BT 147.99 566.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.55 566.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 231.32 566.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.32 566.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.51 566.10 Td (For ) Tj ET Q q 0 0 0 rg BT 271.09 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.99 566.10 Td (year ) Tj ET Q q 0 0 0 rg BT 303.88 566.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.44 566.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 387.21 566.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.21 566.10 Td (, ) Tj ET Q q 0 0 0 rg BT 411.40 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.30 566.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 459.76 566.10 Td (value ) Tj ET Q q 0 0 0 rg BT 483.10 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.12 566.10 Td (options ) Tj ET Q q 0 0 0 rg BT 524.25 566.10 Td (exercised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.82 554.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.42 554.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 118.80 554.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 133.40 554.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 163.55 554.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 197.58 554.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.51 554.10 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 235.40 554.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.29 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 266.67 554.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 554.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 303.38 554.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.27 554.10 Td (, ) Tj ET Q q 0 0 0 rg BT 337.16 554.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 384.82 554.10 Td (. ) Tj ET Q q 0 0 0 rg BT 389.70 554.10 Td (For ) Tj ET Q q 0 0 0 rg BT 405.98 554.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.58 554.10 Td (year ) Tj ET Q q 0 0 0 rg BT 440.17 554.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.43 554.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 524.90 554.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.90 554.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.78 554.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 85.27 542.10 Td (value ) Tj ET Q q 0 0 0 rg BT 109.43 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.26 542.10 Td (options ) Tj ET Q q 0 0 0 rg BT 152.21 542.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 192.46 542.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.40 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.12 542.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 261.61 542.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 276.33 542.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 306.59 542.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 340.73 542.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.78 542.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 378.78 542.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.68 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.18 542.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.11 542.10 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 447.11 542.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.01 542.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.01 542.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 528.67 542.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 518.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.61 518.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.03 518.10 Td (a ) Tj ET Q q 0 0 0 rg BT 130.55 518.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 157.63 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.05 518.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 198.48 518.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 225.56 518.10 Td (out ) Tj ET Q q 0 0 0 rg BT 240.42 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.84 518.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 285.13 518.10 Td (\(to ) Tj ET Q q 0 0 0 rg BT 298.33 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.63 518.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 339.16 518.10 Td (available\) ) Tj ET Q q 0 0 0 rg BT 380.66 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.53 518.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 418.72 518.10 Td (share ) Tj ET Q q 0 0 0 rg BT 441.91 518.10 Td (option ) Tj ET Q q 0 0 0 rg BT 469.55 518.10 Td (exercises ) Tj ET Q q 0 0 0 rg BT 508.29 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.81 518.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.28 506.10 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 106.69 506.10 Td (The ) Tj ET Q q 0 0 0 rg BT 124.41 506.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 165.47 506.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 197.63 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.59 506.10 Td (withhold ) Tj ET Q q 0 0 0 rg BT 245.32 506.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.25 506.10 Td (0.3 ) Tj ET Q q 0 0 0 rg BT 319.93 506.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.82 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.00 506.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 378.16 506.10 Td (from ) Tj ET Q q 0 0 0 rg BT 399.77 506.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 440.82 506.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.99 506.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 498.49 506.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 529.55 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.50 506.10 Td (2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (related ) Tj ET Q q 0 0 0 rg BT 78.49 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.56 494.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 127.72 494.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 169.56 494.10 Td (income ) Tj ET Q q 0 0 0 rg BT 200.28 494.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 213.78 494.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 263.41 494.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 309.14 494.10 Td (on ) Tj ET Q q 0 0 0 rg BT 320.43 494.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 358.92 494.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 381.31 494.10 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 413.99 494.10 Td (For ) Tj ET Q q 0 0 0 rg BT 429.17 494.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 474.33 494.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 513.67 494.10 Td (withholding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.49 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.77 482.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 112.48 482.10 Td (employees) Tj ET Q q 0 0 0 rg BT 157.83 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.33 482.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 175.04 482.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 221.99 482.10 Td (is ) Tj ET Q q 0 0 0 rg BT 231.16 482.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 264.75 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.03 482.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.97 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.91 482.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 339.71 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.54 482.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 378.03 482.10 Td (by ) Tj ET Q q 0 0 0 rg BT 390.53 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.25 482.10 Td (Company) Tj ET Q q 0 0 0 rg BT 443.49 482.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 78.13 458.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.63 458.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 154.80 458.10 Td (Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 434.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.43 434.10 Td (maintains ) Tj ET Q q 0 0 0 rg BT 150.82 434.10 Td (various ) Tj ET Q q 0 0 0 rg BT 182.75 434.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 218.56 434.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 276.60 434.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 332.96 434.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.12 434.10 Td (employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.20 410.10 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 121.39 410.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 157.35 410.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 215.55 410.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 235.42 410.10 Td (is ) Tj ET Q q 0 0 0 rg BT 244.74 410.10 Td (an ) Tj ET Q q 0 0 0 rg BT 256.83 410.10 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 297.25 410.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 317.12 410.10 Td (which ) Tj ET Q q 0 0 0 rg BT 344.21 410.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 372.98 410.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 402.83 410.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 431.04 410.10 Td (compensated ) Tj ET Q q 0 0 0 rg BT 485.89 410.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 533.81 410.10 Td (at ) Tj ET Q q 0 0 0 rg BT 543.68 410.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (election, ) Tj ET Q q 0 0 0 rg BT 86.25 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.13 398.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 118.77 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.31 398.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 170.72 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.15 398.10 Td (their ) Tj ET Q q 0 0 0 rg BT 201.57 398.10 Td (base ) Tj ET Q q 0 0 0 rg BT 221.45 398.10 Td (salary) Tj ET Q q 0 0 0 rg BT 244.67 398.10 Td (, ) Tj ET Q q 0 0 0 rg BT 249.27 398.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 303.60 398.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 331.25 398.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 351.12 398.10 Td (bonuses. ) Tj ET Q q 0 0 0 rg BT 387.79 398.10 Td (The ) Tj ET Q q 0 0 0 rg BT 405.44 398.10 Td (deferrals ) Tj ET Q q 0 0 0 rg BT 442.52 398.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 460.73 398.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 512.82 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.36 398.10 Td (are ) Tj ET Q q 0 0 0 rg BT 543.67 398.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (forfeitable. ) Tj ET Q q 0 0 0 rg BT 96.42 386.10 Td (The ) Tj ET Q q 0 0 0 rg BT 114.43 386.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 150.77 386.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 186.54 386.10 Td (under ) Tj ET Q q 0 0 0 rg BT 211.76 386.10 Td (this ) Tj ET Q q 0 0 0 rg BT 228.67 386.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 248.35 386.10 Td (are ) Tj ET Q q 0 0 0 rg BT 263.01 386.10 Td (held ) Tj ET Q q 0 0 0 rg BT 282.69 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.92 386.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.82 386.10 Td (grantor ) Tj ET Q q 0 0 0 rg BT 331.16 386.10 Td (trust. ) Tj ET Q q 0 0 0 rg BT 353.71 386.10 Td (The ) Tj ET Q q 0 0 0 rg BT 371.72 386.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.06 386.10 Td (invests, ) Tj ET Q q 0 0 0 rg BT 445.80 386.10 Td (as ) Tj ET Q q 0 0 0 rg BT 456.59 386.10 Td (a ) Tj ET Q q 0 0 0 rg BT 463.49 386.10 Td (principal, ) Tj ET Q q 0 0 0 rg BT 503.99 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.22 386.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.30 374.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 114.69 374.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 140.09 374.10 Td (its ) Tj ET Q q 0 0 0 rg BT 151.06 374.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 193.13 374.10 Td (under ) Tj ET Q q 0 0 0 rg BT 217.43 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.17 374.10 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 283.23 374.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 318.06 374.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.12 374.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 396.36 374.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 446.21 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.51 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.25 374.10 Td (grantor ) Tj ET Q q 0 0 0 rg BT 499.65 374.10 Td (trust, ) Tj ET Q q 0 0 0 rg BT 521.45 374.10 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.39 362.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 92.21 362.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 119.99 362.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.26 362.10 Td ($24.4 ) Tj ET Q q 0 0 0 rg BT 175.82 362.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.71 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.76 362.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.26 362.10 Td ($14.6 ) Tj ET Q q 0 0 0 rg BT 250.81 362.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.70 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.76 362.10 Td (as ) Tj ET Q q 0 0 0 rg BT 294.15 362.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.53 362.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 364.67 362.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.67 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.73 362.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.22 362.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.22 362.10 Td (, ) Tj ET Q q 0 0 0 rg BT 430.78 362.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 478.44 362.10 Td (, ) Tj ET Q q 0 0 0 rg BT 483.99 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.49 362.10 Td (are ) Tj ET Q q 0 0 0 rg BT 516.75 362.10 Td (included ) Tj ET Q q 0 0 0 rg BT 554.24 362.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.58 350.10 Td (on ) Tj ET Q q 0 0 0 rg BT 113.38 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.40 350.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 181.74 350.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 226.76 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.89 350.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.67 350.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 318.55 350.10 Td (The ) Tj ET Q q 0 0 0 rg BT 336.90 350.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 395.24 350.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 431.35 350.10 Td (by ) Tj ET Q q 0 0 0 rg BT 444.15 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.17 350.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 504.74 350.10 Td (is ) Tj ET Q q 0 0 0 rg BT 514.21 350.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 554.22 350.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.85 338.10 Td (period ) Tj ET Q q 0 0 0 rg BT 93.02 338.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 124.61 338.10 Td (The ) Tj ET Q q 0 0 0 rg BT 142.78 338.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 178.72 338.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 236.89 338.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 270.63 338.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.81 338.10 Td ($24.5 ) Tj ET Q q 0 0 0 rg BT 313.94 338.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.83 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.46 338.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.53 338.10 Td ($14.5 ) Tj ET Q q 0 0 0 rg BT 387.66 338.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.55 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.18 338.10 Td (as ) Tj ET Q q 0 0 0 rg BT 430.14 338.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.10 338.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 499.81 338.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.81 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.44 338.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 338.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 338.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 326.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.66 326.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 139.60 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.89 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.60 326.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 180.98 326.10 Td (value ) Tj ET Q q 0 0 0 rg BT 205.14 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.97 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.69 326.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 280.97 326.10 Td (made ) Tj ET Q q 0 0 0 rg BT 305.13 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 317.63 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.35 326.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.74 326.10 Td (are ) Tj ET Q q 0 0 0 rg BT 388.45 326.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 424.27 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.55 326.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 480.93 326.10 Td (income ) Tj ET Q q 0 0 0 rg BT 512.87 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.81 326.10 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.29 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.03 314.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 137.75 314.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 174.57 314.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 233.63 314.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 268.25 314.10 Td (are ) Tj ET Q q 0 0 0 rg BT 283.97 314.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 322.46 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.31 314.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 393.36 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.32 314.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 446.49 314.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 482.21 314.10 Td (on ) Tj ET Q q 0 0 0 rg BT 495.73 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 314.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.71 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.54 302.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 278.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 91.31 278.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 102.79 278.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 121.21 278.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 168.53 278.10 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 199.74 278.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 222.63 278.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 265.50 278.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 290.59 278.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 337.35 278.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 357.46 278.10 Td (is ) Tj ET Q q 0 0 0 rg BT 366.45 278.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.22 278.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 394.43 278.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 424.52 278.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 460.15 278.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 518.02 278.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 537.56 278.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 78.41 266.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 110.71 266.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 155.77 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.86 266.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 187.03 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.11 266.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 228.28 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.02 266.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 266.21 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.85 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.37 266.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 330.32 266.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 388.17 266.10 Td (they ) Tj ET Q q 0 0 0 rg BT 407.69 266.10 Td (would ) Tj ET Q q 0 0 0 rg BT 434.99 266.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 476.17 266.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 507.34 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.42 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.94 266.10 Td (form ) Tj ET Q q 0 0 0 rg BT 553.68 266.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 90.07 254.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 116.54 254.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 147.73 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.38 254.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 198.44 254.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 229.08 254.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 250.28 254.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.13 254.10 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 314.46 254.10 Td (A) Tj ET Q q 0 0 0 rg BT 320.77 254.10 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 354.92 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.12 254.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 412.87 254.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 440.45 254.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 469.37 254.10 Td (A) Tj ET Q q 0 0 0 rg BT 475.67 254.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 502.42 254.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.49 254.10 Td (awarded ) Tj ET Q q 0 0 0 rg BT 554.23 254.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 93.89 242.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 139.43 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.00 242.10 Td (February ) Tj ET Q q 0 0 0 rg BT 188.88 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.99 242.10 Td (each ) Tj ET Q q 0 0 0 rg BT 221.09 242.10 Td (year) Tj ET Q q 0 0 0 rg BT 237.90 242.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.18 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.40 242.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 299.83 242.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.05 242.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 338.72 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.83 242.10 Td (their ) Tj ET Q q 0 0 0 rg BT 370.94 242.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 429.27 242.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.71 242.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 497.02 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.58 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.58 242.10 Td (preceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (year ) Tj ET Q q 0 0 0 rg BT 69.89 230.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 100.35 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.82 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.72 230.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 172.39 230.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 204.51 230.10 Td (Grants. ) Tj ET Q q 0 0 0 rg BT 236.36 230.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 265.14 230.10 Td (A) Tj ET Q q 0 0 0 rg BT 271.44 230.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 298.01 230.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 316.80 230.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 347.25 230.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.71 230.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.69 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.38 230.10 Td (years ) Tj ET Q q 0 0 0 rg BT 414.16 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.63 230.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 448.97 230.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 499.98 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.11 230.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.34 230.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 91.86 218.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 123.17 218.10 Td (after ) Tj ET Q q 0 0 0 rg BT 143.91 218.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 192.44 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.19 218.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 255.61 218.10 Td (so ) Tj ET Q q 0 0 0 rg BT 266.93 218.10 Td (long ) Tj ET Q q 0 0 0 rg BT 287.13 218.10 Td (as ) Tj ET Q q 0 0 0 rg BT 297.89 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.53 218.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 353.83 218.10 Td (does ) Tj ET Q q 0 0 0 rg BT 374.58 218.10 Td (not ) Tj ET Q q 0 0 0 rg BT 389.79 218.10 Td (violate ) Tj ET Q q 0 0 0 rg BT 419.42 218.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 449.05 218.10 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 517.58 218.10 Td (restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (set ) Tj ET Q q 0 0 0 rg BT 64.66 206.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 87.65 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.98 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.75 206.10 Td (award ) Tj ET Q q 0 0 0 rg BT 142.73 206.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.92 206.10 Td (or ) Tj ET Q q 0 0 0 rg BT 199.81 206.10 Td (any ) Tj ET Q q 0 0 0 rg BT 217.80 206.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 262.99 206.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 295.97 206.10 Td (into ) Tj ET Q q 0 0 0 rg BT 315.08 206.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 338.63 206.10 Td (termination. ) Tj ET Q q 0 0 0 rg BT 390.78 206.10 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 438.21 206.10 Td (are ) Tj ET Q q 0 0 0 rg BT 453.97 206.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 492.50 206.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.38 206.10 Td (a ) Tj ET Q q 0 0 0 rg BT 512.37 206.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 553.68 206.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.96 194.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.82 194.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 161.89 194.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 197.52 194.10 Td (within ) Tj ET Q q 0 0 0 rg BT 226.50 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.13 194.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 296.09 194.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 341.73 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.48 194.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 401.05 194.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 430.40 194.10 Td (A) Tj ET Q q 0 0 0 rg BT 436.70 194.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 464.00 194.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.63 194.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 509.71 194.10 Td (by ) Tj ET Q q 0 0 0 rg BT 523.13 194.10 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 92.30 182.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 127.38 182.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.59 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.23 182.10 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 220.41 182.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 252.72 182.10 Td (restrictions\) ) Tj ET Q q 0 0 0 rg BT 303.92 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.78 182.10 Td (as ) Tj ET Q q 0 0 0 rg BT 333.54 182.10 Td (such ) Tj ET Q q 0 0 0 rg BT 355.30 182.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.93 182.10 Td (not ) Tj ET Q q 0 0 0 rg BT 387.14 182.10 Td (included ) Tj ET Q q 0 0 0 rg BT 425.00 182.10 Td (on ) Tj ET Q q 0 0 0 rg BT 438.43 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.07 182.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.04 182.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 553.68 182.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.48 170.10 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.64 146.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.62 146.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.04 146.10 Td (also ) Tj ET Q q 0 0 0 rg BT 142.24 146.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 174.32 146.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 202.63 146.10 Td (A) Tj ET Q q 0 0 0 rg BT 208.94 146.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 234.91 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.78 146.10 Td (new ) Tj ET Q q 0 0 0 rg BT 263.53 146.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 308.39 146.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.81 146.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.34 146.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 366.31 146.10 Td (tool. ) Tj ET Q q 0 0 0 rg BT 386.46 146.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 432.98 146.10 Td (must ) Tj ET Q q 0 0 0 rg BT 454.52 146.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 479.39 146.10 Td (service ) Tj ET Q q 0 0 0 rg BT 509.80 146.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.04 134.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 100.05 134.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.97 134.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 139.01 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.05 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.53 134.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 196.61 134.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 256.65 134.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 291.11 134.10 Td (from ) Tj ET Q q 0 0 0 rg BT 312.81 134.10 Td (these ) Tj ET Q q 0 0 0 rg BT 335.62 134.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 366.20 134.10 Td (will ) Tj ET Q q 0 0 0 rg BT 384.02 134.10 Td (be ) Tj ET Q q 0 0 0 rg BT 395.72 134.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 437.96 134.10 Td (on ) Tj ET Q q 0 0 0 rg BT 450.22 134.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.92 134.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 507.50 134.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 529.76 134.10 Td (over ) Tj ET Q q 0 0 0 rg BT 549.79 134.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 86.93 122.10 Td (service ) Tj ET Q q 0 0 0 rg BT 117.75 122.10 Td (period ) Tj ET Q q 0 0 0 rg BT 145.80 122.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.63 122.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.63 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.13 122.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.40 122.10 Td (five ) Tj ET Q q 0 0 0 rg BT 202.45 122.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.55 122.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.34 98.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.02 98.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.79 98.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 202.12 98.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 236.12 98.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.24 98.10 Td ($17.5 ) Tj ET Q q 0 0 0 rg BT 270.53 98.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.42 98.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.72 98.10 Td ($26.6 ) Tj ET Q q 0 0 0 rg BT 328.01 98.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.90 98.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.69 98.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.92 98.10 Td ($20.0 ) Tj ET Q q 0 0 0 rg BT 399.21 98.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.11 98.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.90 98.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.35 98.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.36 98.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.46 98.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.25 98.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 98.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 86.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.78 86.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.78 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.05 86.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.77 86.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.77 86.10 Td (, ) Tj ET Q q 0 0 0 rg BT 138.55 86.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 186.21 86.10 Td (, ) Tj ET Q q 0 0 0 rg BT 190.98 86.10 Td (related ) Tj ET Q q 0 0 0 rg BT 220.46 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.52 86.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 271.67 86.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 300.13 86.10 Td (A) Tj ET Q q 0 0 0 rg BT 306.43 86.10 Td (wards. ) Tj ET Q q 0 0 0 rg BT 334.92 86.10 Td (T) Tj ET Q q 0 0 0 rg BT 340.33 86.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 357.61 86.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 415.42 86.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 433.81 86.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 469.41 86.10 Td (year) Tj ET Q q 0 0 0 rg BT 486.42 86.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 506.46 86.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.60 74.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 91.79 74.10 Td (A) Tj ET Q q 0 0 0 rg BT 98.09 74.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 123.91 74.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.28 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.43 74.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 206.91 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.17 74.10 Td (sign-on ) Tj ET Q q 0 0 0 rg BT 249.11 74.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 277.30 74.10 Td (A) Tj ET Q q 0 0 0 rg BT 283.60 74.10 Td (wards, ) Tj ET Q q 0 0 0 rg BT 311.92 74.10 Td (less ) Tj ET Q q 0 0 0 rg BT 328.85 74.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 374.93 74.10 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 420.75 74.10 Td (were ) Tj ET Q q 0 0 0 rg BT 442.11 74.10 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 487.36 74.10 Td (for ) Tj ET Q q 0 0 0 rg BT 500.96 74.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.11 74.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.21 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.14 74.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 62.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 62.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 62.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.08 62.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 62.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 62.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.02 62.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 245.68 62.10 Td (.) Tj ET Q endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 708.25 Td (Earnings Per Shar) Tj ET Q q 0 0 0 rg BT 159.62 708.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.06 708.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.97 684.25 Td (calculates ) Tj ET Q q 0 0 0 rg BT 149.16 684.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 184.81 684.25 Td (per ) Tj ET Q q 0 0 0 rg BT 199.35 684.25 Td (share ) Tj ET Q q 0 0 0 rg BT 222.22 684.25 Td (using ) Tj ET Q q 0 0 0 rg BT 245.66 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.64 684.25 Td (two-class ) Tj ET Q q 0 0 0 rg BT 299.18 684.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 333.45 684.25 Td (Basic ) Tj ET Q q 0 0 0 rg BT 357.43 684.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 393.08 684.25 Td (per ) Tj ET Q q 0 0 0 rg BT 407.62 684.25 Td (common ) Tj ET Q q 0 0 0 rg BT 444.38 684.25 Td (share ) Tj ET Q q 0 0 0 rg BT 467.25 684.25 Td (is ) Tj ET Q q 0 0 0 rg BT 475.69 684.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 516.90 684.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.67 684.25 Td (dividing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (net ) Tj ET Q q 0 0 0 rg BT 63.83 672.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 119.88 672.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 162.59 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.98 672.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 194.71 672.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 206.19 672.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 223.90 672.25 Td (Companies) Tj ET Q q 0 0 0 rg BT 271.48 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 273.10 672.25 Td (common ) Tj ET Q q 0 0 0 rg BT 309.71 672.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 361.87 672.25 Td (by ) Tj ET Q q 0 0 0 rg BT 373.48 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.31 672.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 425.59 672.25 Td (average ) Tj ET Q q 0 0 0 rg BT 458.29 672.25 Td (number ) Tj ET Q q 0 0 0 rg BT 490.45 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.40 672.25 Td (common ) Tj ET Q q 0 0 0 rg BT 537.01 672.25 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.59 660.25 Td (for ) Tj ET Q q 0 0 0 rg BT 112.18 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.33 660.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 156.30 660.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 172.67 660.25 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 229.03 660.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 272.04 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.75 660.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 304.79 660.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 316.27 660.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 334.29 660.25 Td (Companies) Tj ET Q q 0 0 0 rg BT 381.88 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.80 660.25 Td (common ) Tj ET Q q 0 0 0 rg BT 420.73 660.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 473.19 660.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 515.66 660.25 Td (net ) Tj ET Q q 0 0 0 rg BT 529.80 660.25 Td (income/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 75.81 648.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 120.48 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.85 648.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 156.54 648.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 168.02 648.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 187.70 648.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 236.28 648.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 271.51 648.25 Td (by ) Tj ET Q q 0 0 0 rg BT 285.10 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.90 648.25 Td (allocation ) Tj ET Q q 0 0 0 rg BT 343.92 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.83 648.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 393.29 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 404.66 648.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 458.78 648.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 502.63 648.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 533.44 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 549.23 648.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 88.69 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 99.06 636.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 152.19 636.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 194.48 636.25 Td (All ) Tj ET Q q 0 0 0 rg BT 209.86 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.78 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.60 636.25 Td (Company) Tj ET Q q 0 0 0 rg BT 277.26 636.25 Td (s ) Tj ET Q q 0 0 0 rg BT 283.75 636.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 321.89 636.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 361.69 636.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 389.28 636.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.08 636.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 437.77 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 448.15 636.25 Td (be ) Tj ET Q q 0 0 0 rg BT 460.18 636.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 513.32 636.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 553.68 636.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (they ) Tj ET Q q 0 0 0 rg BT 69.89 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 84.77 624.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 117.43 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 127.88 624.25 Td (share ) Tj ET Q q 0 0 0 rg BT 151.65 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.10 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.99 624.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 205.77 624.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 228.71 624.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 260.25 624.25 Td (dividends\) ) Tj ET Q q 0 0 0 rg BT 305.14 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.14 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.03 624.25 Td (Company) Tj ET Q q 0 0 0 rg BT 369.27 624.25 Td (. ) Tj ET Q q 0 0 0 rg BT 374.25 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 392.47 624.25 Td (Company) Tj ET Q q 0 0 0 rg BT 434.13 624.25 Td (s ) Tj ET Q q 0 0 0 rg BT 440.69 624.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 478.91 624.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 518.79 624.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 542.57 624.25 Td (units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.55 612.25 Td (not ) Tj ET Q q 0 0 0 rg BT 79.67 612.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 132.55 612.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 172.66 612.25 Td (as ) Tj ET Q q 0 0 0 rg BT 183.33 612.25 Td (they ) Tj ET Q q 0 0 0 rg BT 202.89 612.25 Td (are ) Tj ET Q q 0 0 0 rg BT 217.44 612.25 Td (not ) Tj ET Q q 0 0 0 rg BT 232.56 612.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 264.89 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.01 612.25 Td (share ) Tj ET Q q 0 0 0 rg BT 298.46 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 308.58 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.14 612.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 351.59 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.26 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.82 612.25 Td (Company) Tj ET Q q 0 0 0 rg BT 415.06 612.25 Td (. ) Tj ET Q q 0 0 0 rg BT 419.90 612.25 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 452.24 612.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 488.46 612.25 Td (per ) Tj ET Q q 0 0 0 rg BT 503.57 612.25 Td (common ) Tj ET Q q 0 0 0 rg BT 540.91 612.25 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.21 600.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 102.28 600.25 Td (by ) Tj ET Q q 0 0 0 rg BT 114.83 600.25 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 154.03 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.79 600.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 207.99 600.25 Td (average ) Tj ET Q q 0 0 0 rg BT 241.62 600.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 290.83 600.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 318.36 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.68 600.25 Td (assume ) Tj ET Q q 0 0 0 rg BT 360.66 600.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 407.08 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.96 600.25 Td (all ) Tj ET Q q 0 0 0 rg BT 430.49 600.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 475.81 600.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 508.90 600.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 532.55 600.25 Td (options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 588.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 106.64 588.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 130.25 588.25 Td (units. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 564.25 Td (computation ) Tj ET Q q 0 0 0 rg BT 120.54 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.37 564.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 167.74 564.25 Td (per ) Tj ET Q q 0 0 0 rg BT 183.01 564.25 Td (share ) Tj ET Q q 0 0 0 rg BT 206.61 564.25 Td (is ) Tj ET Q q 0 0 0 rg BT 215.78 564.25 Td (as ) Tj ET Q q 0 0 0 rg BT 226.61 564.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.75 279.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 517.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 517.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 517.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 517.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 517.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 483.75 279.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 483.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 483.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 483.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 483.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 483.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 459.75 279.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 459.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 459.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 459.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 459.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 459.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 435.75 279.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 435.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 435.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 435.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 435.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 435.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 411.75 279.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 411.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 411.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 411.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 411.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 411.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 387.75 279.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 387.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 387.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 387.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 387.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 387.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 541.75 m 398.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 541.75 m 413.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 541.75 m 483.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 541.75 m 491.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 541.75 m 561.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 541.75 m 398.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 529.75 m 398.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 541.75 m 483.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 529.75 m 483.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 541.75 m 491.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 541.75 m 561.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 529.75 m 398.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 529.75 m 483.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 529.75 m 561.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 505.75 m 398.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 505.75 m 483.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 505.75 m 561.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 484.75 m 398.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 482.75 m 398.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 484.75 m 483.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 482.75 m 483.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 484.75 m 561.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 482.75 m 561.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 423.75 m 398.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 411.75 m 398.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 423.75 m 483.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 411.75 m 483.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 423.75 m 561.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 411.75 m 561.5 411.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 545.70 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.10 544.48 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 533.70 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 532.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 532.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 532.48 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.37 Td (Net income/\(loss\) applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 520.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.80 520.53 Td (\(21,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 520.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 520.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 520.37 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 520.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 520.37 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 508.37 Td (Earnings allocated to participating securities \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.65 508.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 508.37 Td (\(4,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 508.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 508.37 Td (\(5,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 508.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 496.32 Td (Net income/\(loss\) applicable to Piper Jaffray Companies common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 486.37 Td (shareholders \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 488.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.80 488.48 Td (\(21,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 488.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 488.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 488.42 Td (48,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 488.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 488.42 Td (58,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 462.37 Td (Shares for basic and diluted calculations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 450.37 Td (Average shares used in basic computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.15 450.48 Td (12,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 450.37 Td (14,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 450.37 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 438.37 Td (Stock options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.65 438.48 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 438.37 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 438.37 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 426.37 Td (Restricted stock units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.65 426.48 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 426.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 426.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 414.37 Td (Average shares used in diluted computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.15 414.48 Td (12,779) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.00 415.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 414.37 Td (14,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 414.37 Td (15,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 390.37 Td (Earnings/\(loss\) per common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 378.37 Td (Basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 378.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.80 378.53 Td (\(1.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 378.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 378.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 378.37 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 378.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 378.37 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 366.37 Td (Diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 366.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.80 366.53 Td (\(1.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 366.48 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.00 367.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 366.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 366.37 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 366.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 366.37 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 350.45 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 350.45 Td (Repr) Tj ET Q q 0 0 0 rg BT 85.16 350.45 Td (esents ) Tj ET Q q 0 0 0 rg BT 108.67 350.45 Td (the ) Tj ET Q q 0 0 0 rg BT 121.18 350.45 Td (allocation ) Tj ET Q q 0 0 0 rg BT 159.19 350.45 Td (of ) Tj ET Q q 0 0 0 rg BT 167.70 350.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 200.72 350.45 Td (to ) Tj ET Q q 0 0 0 rg BT 209.23 350.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 257.75 350.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 296.00 350.45 Td (Losses ) Tj ET Q q 0 0 0 rg BT 321.52 350.45 Td (ar) Tj ET Q q 0 0 0 rg BT 329.19 350.45 Td (e ) Tj ET Q q 0 0 0 rg BT 334.70 350.45 Td (not ) Tj ET Q q 0 0 0 rg BT 347.72 350.45 Td (allocated ) Tj ET Q q 0 0 0 rg BT 382.72 350.45 Td (to ) Tj ET Q q 0 0 0 rg BT 391.24 350.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 439.75 350.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 478.01 350.45 Td (Participating ) Tj ET Q q 0 0 0 rg BT 527.52 350.45 Td (securities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 339.65 Td (include ) Tj ET Q q 0 0 0 rg BT 96.32 339.65 Td (all ) Tj ET Q q 0 0 0 rg BT 107.65 339.65 Td (of ) Tj ET Q q 0 0 0 rg BT 116.49 339.65 Td (the ) Tj ET Q q 0 0 0 rg BT 129.31 339.65 Td (Company) Tj ET Q q 0 0 0 rg BT 165.65 339.65 Td (s ) Tj ET Q q 0 0 0 rg BT 170.98 339.65 Td (unvested ) Tj ET Q q 0 0 0 rg BT 204.30 339.65 Td (r) Tj ET Q q 0 0 0 rg BT 207.47 339.65 Td (estricted ) Tj ET Q q 0 0 0 rg BT 240.29 339.65 Td (shar) Tj ET Q q 0 0 0 rg BT 255.96 339.65 Td (es. ) Tj ET Q q 0 0 0 rg BT 267.54 339.65 Td (The ) Tj ET Q q 0 0 0 rg BT 282.87 339.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 317.20 339.65 Td (average ) Tj ET Q q 0 0 0 rg BT 348.01 339.65 Td (participating ) Tj ET Q q 0 0 0 rg BT 396.84 339.65 Td (shar) Tj ET Q q 0 0 0 rg BT 412.52 339.65 Td (es ) Tj ET Q q 0 0 0 rg BT 421.84 339.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 466.18 339.65 Td (wer) Tj ET Q q 0 0 0 rg BT 479.35 339.65 Td (e ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.17 339.65 Td (2,691,728) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.17 339.65 Td (; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.00 339.65 Td (1,201,610) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 328.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.75 328.85 Td (1,299,827) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.75 328.85 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 328.85 Td (for ) Tj ET Q q 0 0 0 rg BT 134.75 328.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.00 328.85 Td (years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.49 328.85 Td ( ) Tj ET Q q 0 0 0 rg BT 169.74 328.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.48 328.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.21 328.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.21 328.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.71 328.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.71 328.85 Td ( ) Tj ET Q q 0 0 0 rg BT 288.96 328.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.71 328.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.71 328.85 Td (, ) Tj ET Q q 0 0 0 rg BT 327.21 328.85 Td (r) Tj ET Q q 0 0 0 rg BT 330.38 328.85 Td (espectively) Tj ET Q q 0 0 0 rg BT 369.35 328.85 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 315.05 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 315.05 Td (Net ) Tj ET Q q 0 0 0 rg BT 82.66 315.05 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 133.31 315.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 173.46 315.05 Td (to ) Tj ET Q q 0 0 0 rg BT 182.62 315.05 Td (Piper ) Tj ET Q q 0 0 0 rg BT 204.78 315.05 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 232.43 315.05 Td (Companies) Tj ET Q q 0 0 0 rg BT 274.93 315.05 Td ( ) Tj ET Q q 0 0 0 rg BT 277.09 315.05 Td (common ) Tj ET Q q 0 0 0 rg BT 309.75 315.05 Td (shar) Tj ET Q q 0 0 0 rg BT 325.42 315.05 Td (eholders ) Tj ET Q q 0 0 0 rg BT 358.58 315.05 Td (for ) Tj ET Q q 0 0 0 rg BT 371.24 315.05 Td (diluted ) Tj ET Q q 0 0 0 rg BT 398.40 315.05 Td (and ) Tj ET Q q 0 0 0 rg BT 414.06 315.05 Td (basic ) Tj ET Q q 0 0 0 rg BT 435.22 315.05 Td (EPS ) Tj ET Q q 0 0 0 rg BT 452.87 315.05 Td (may ) Tj ET Q q 0 0 0 rg BT 470.03 315.05 Td (differ ) Tj ET Q q 0 0 0 rg BT 491.69 315.05 Td (under ) Tj ET Q q 0 0 0 rg BT 514.85 315.05 Td (the ) Tj ET Q q 0 0 0 rg BT 528.00 315.05 Td (two-class ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 304.25 Td (method ) Tj ET Q q 0 0 0 rg BT 96.81 304.25 Td (as ) Tj ET Q q 0 0 0 rg BT 107.13 304.25 Td (a ) Tj ET Q q 0 0 0 rg BT 113.95 304.25 Td (r) Tj ET Q q 0 0 0 rg BT 117.12 304.25 Td (esult ) Tj ET Q q 0 0 0 rg BT 136.44 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.76 304.25 Td (adding ) Tj ET Q q 0 0 0 rg BT 173.07 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.39 304.25 Td (effect ) Tj ET Q q 0 0 0 rg BT 208.19 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.51 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.82 304.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 264.14 304.25 Td (exer) Tj ET Q q 0 0 0 rg BT 279.29 304.25 Td (cise ) Tj ET Q q 0 0 0 rg BT 295.60 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.92 304.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 325.73 304.25 Td (options ) Tj ET Q q 0 0 0 rg BT 354.56 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.87 304.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 393.18 304.25 Td (shar) Tj ET Q q 0 0 0 rg BT 408.85 304.25 Td (es ) Tj ET Q q 0 0 0 rg BT 418.67 304.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 465.74 304.25 Td (which ) Tj ET Q q 0 0 0 rg BT 489.56 304.25 Td (alters ) Tj ET Q q 0 0 0 rg BT 512.38 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.69 304.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 545.51 304.25 Td (used ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 293.45 Td (to ) Tj ET Q q 0 0 0 rg BT 76.79 293.45 Td (allocate ) Tj ET Q q 0 0 0 rg BT 107.57 293.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 140.85 293.45 Td (to ) Tj ET Q q 0 0 0 rg BT 149.64 293.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 171.42 293.45 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 198.71 293.45 Td (Companies) Tj ET Q q 0 0 0 rg BT 241.20 293.45 Td ( ) Tj ET Q q 0 0 0 rg BT 242.99 293.45 Td (common ) Tj ET Q q 0 0 0 rg BT 275.27 293.45 Td (shar) Tj ET Q q 0 0 0 rg BT 290.94 293.45 Td (eholders ) Tj ET Q q 0 0 0 rg BT 323.73 293.45 Td (and ) Tj ET Q q 0 0 0 rg BT 339.01 293.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 387.80 293.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.08 293.45 Td (for ) Tj ET Q q 0 0 0 rg BT 436.37 293.45 Td (purposes ) Tj ET Q q 0 0 0 rg BT 470.66 293.45 Td (of ) Tj ET Q q 0 0 0 rg BT 479.45 293.45 Td (calculating ) Tj ET Q q 0 0 0 rg BT 521.73 293.45 Td (diluted ) Tj ET Q q 0 0 0 rg BT 548.51 293.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 282.65 Td (basic ) Tj ET Q q 0 0 0 rg BT 89.25 282.65 Td (EPS.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 268.85 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 268.85 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 103.33 268.85 Td (per ) Tj ET Q q 0 0 0 rg BT 117.65 268.85 Td (diluted ) Tj ET Q q 0 0 0 rg BT 144.98 268.85 Td (common ) Tj ET Q q 0 0 0 rg BT 177.80 268.85 Td (shar) Tj ET Q q 0 0 0 rg BT 193.47 268.85 Td (e ) Tj ET Q q 0 0 0 rg BT 199.79 268.85 Td (is ) Tj ET Q q 0 0 0 rg BT 208.12 268.85 Td (calculated ) Tj ET Q q 0 0 0 rg BT 247.93 268.85 Td (using ) Tj ET Q q 0 0 0 rg BT 269.76 268.85 Td (the ) Tj ET Q q 0 0 0 rg BT 283.09 268.85 Td (basic ) Tj ET Q q 0 0 0 rg BT 304.41 268.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 339.23 268.85 Td (average ) Tj ET Q q 0 0 0 rg BT 370.54 268.85 Td (number ) Tj ET Q q 0 0 0 rg BT 400.37 268.85 Td (of ) Tj ET Q q 0 0 0 rg BT 409.70 268.85 Td (common ) Tj ET Q q 0 0 0 rg BT 442.52 268.85 Td (shar) Tj ET Q q 0 0 0 rg BT 458.19 268.85 Td (es ) Tj ET Q q 0 0 0 rg BT 468.01 268.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 512.84 268.85 Td (for ) Tj ET Q q 0 0 0 rg BT 525.67 268.85 Td (periods ) Tj ET Q q 0 0 0 rg BT 555.00 268.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 258.05 Td (which ) Tj ET Q q 0 0 0 rg BT 91.75 258.05 Td (a ) Tj ET Q q 0 0 0 rg BT 98.50 258.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 114.75 258.05 Td (is ) Tj ET Q q 0 0 0 rg BT 123.01 258.05 Td (incurr) Tj ET Q q 0 0 0 rg BT 145.17 258.05 Td (ed. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.17 258.05 Td (2,874,1) Tj ET Q q 0 0 0 rg BT 184.50 258.05 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.50 258.05 Td ( ) Tj ET Q q 0 0 0 rg BT 195.75 258.05 Td (common ) Tj ET Q q 0 0 0 rg BT 228.49 258.05 Td (shar) Tj ET Q q 0 0 0 rg BT 244.16 258.05 Td (es ) Tj ET Q q 0 0 0 rg BT 253.91 258.05 Td (wer) Tj ET Q q 0 0 0 rg BT 267.08 258.05 Td (e ) Tj ET Q q 0 0 0 rg BT 273.32 258.05 Td (excluded ) Tj ET Q q 0 0 0 rg BT 307.55 258.05 Td (fr) Tj ET Q q 0 0 0 rg BT 313.22 258.05 Td (om ) Tj ET Q q 0 0 0 rg BT 326.47 258.05 Td (diluted ) Tj ET Q q 0 0 0 rg BT 353.71 258.05 Td (EPS ) Tj ET Q q 0 0 0 rg BT 371.46 258.05 Td (as ) Tj ET Q q 0 0 0 rg BT 381.71 258.05 Td (the ) Tj ET Q q 0 0 0 rg BT 394.96 258.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 431.70 258.05 Td (had ) Tj ET Q q 0 0 0 rg BT 447.45 258.05 Td (a ) Tj ET Q q 0 0 0 rg BT 454.20 258.05 Td (net ) Tj ET Q q 0 0 0 rg BT 467.45 258.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 483.71 258.05 Td (for ) Tj ET Q q 0 0 0 rg BT 496.46 258.05 Td (the ) Tj ET Q q 0 0 0 rg BT 509.70 258.05 Td (year) Tj ET Q q 0 0 0 rg BT 524.70 258.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.05 Td (The ) Tj ET Q q 0 0 0 rg BT 68.41 234.05 Td (anti-dilutive ) Tj ET Q q 0 0 0 rg BT 120.16 234.05 Td (ef) Tj ET Q q 0 0 0 rg BT 127.75 234.05 Td (fects ) Tj ET Q q 0 0 0 rg BT 149.49 234.05 Td (from ) Tj ET Q q 0 0 0 rg BT 171.80 234.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.77 234.05 Td (options ) Tj ET Q q 0 0 0 rg BT 228.09 234.05 Td (and ) Tj ET Q q 0 0 0 rg BT 245.40 234.05 Td (restricted ) Tj ET Q q 0 0 0 rg BT 285.47 234.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 309.44 234.05 Td (units ) Tj ET Q q 0 0 0 rg BT 331.76 234.05 Td (were ) Tj ET Q q 0 0 0 rg BT 354.05 234.05 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 400.24 234.05 Td (for ) Tj ET Q q 0 0 0 rg BT 414.77 234.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.85 234.05 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 234.05 Td ( ) Tj ET Q q 0 0 0 rg BT 453.82 234.05 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.56 234.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 539.51 234.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 234.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 222.05 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 222.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 222.05 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 222.05 Td (.) Tj ET Q endstream endobj 221 0 obj <>] /Rotate 0 /Contents 222 0 R>> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 51.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 51.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 708.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 708.75 Td (Segment Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.86 708.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Basis for) Tj ET Q q 0 0 0 rg BT 86.82 684.75 Td ( Pr) Tj ET Q q 0 0 0 rg BT 99.69 684.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.01 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.86 660.75 Td (structures ) Tj ET Q q 0 0 0 rg BT 148.70 660.75 Td (its ) Tj ET Q q 0 0 0 rg BT 160.12 660.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 199.30 660.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 238.47 660.75 Td (based ) Tj ET Q q 0 0 0 rg BT 263.21 660.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 285.17 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 299.35 660.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 326.30 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 336.60 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.78 660.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.72 660.75 Td (products ) Tj ET Q q 0 0 0 rg BT 424.13 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 440.53 660.75 Td (services ) Tj ET Q q 0 0 0 rg BT 474.70 660.75 Td (provided ) Tj ET Q q 0 0 0 rg BT 512.21 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 521.95 660.75 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 82.18 648.75 Td (Company) Tj ET Q q 0 0 0 rg BT 123.85 648.75 Td (s ) Tj ET Q q 0 0 0 rg BT 130.75 648.75 Td (management ) Tj ET Q q 0 0 0 rg BT 184.86 648.75 Td (or) Tj ET Q q 0 0 0 rg BT 193.01 648.75 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 239.95 648.75 Td (The ) Tj ET Q q 0 0 0 rg BT 258.51 648.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 300.42 648.75 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 340.63 648.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 394.17 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.62 648.75 Td (allocates ) Tj ET Q q 0 0 0 rg BT 449.62 648.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 490.39 648.75 Td (based ) Tj ET Q q 0 0 0 rg BT 516.17 648.75 Td (on ) Tj ET Q q 0 0 0 rg BT 529.19 648.75 Td (segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 81.06 636.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.08 636.75 Td (income ) Tj ET Q q 0 0 0 rg BT 154.76 636.75 Td (or ) Tj ET Q q 0 0 0 rg BT 166.34 636.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 185.15 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 202.83 636.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 239.41 636.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 270.97 636.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 311.98 636.75 Td (mar) Tj ET Q q 0 0 0 rg BT 327.35 636.75 Td (gin. ) Tj ET Q q 0 0 0 rg BT 345.88 636.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 388.00 636.75 Td (and ) Tj ET Q q 0 0 0 rg BT 405.69 636.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 445.04 636.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 478.83 636.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 523.17 636.75 Td (with ) Tj ET Q q 0 0 0 rg BT 544.20 636.75 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 91.61 624.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 126.51 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 140.30 624.75 Td (included ) Tj ET Q q 0 0 0 rg BT 176.31 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 185.66 624.75 Td (determining ) Tj ET Q q 0 0 0 rg BT 235.56 624.75 Td (their ) Tj ET Q q 0 0 0 rg BT 255.46 624.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 294.80 624.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 324.99 624.75 Td (Other ) Tj ET Q q 0 0 0 rg BT 349.33 624.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 386.45 624.75 Td (and ) Tj ET Q q 0 0 0 rg BT 402.46 624.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 440.14 624.75 Td (that ) Tj ET Q q 0 0 0 rg BT 456.71 624.75 Td (are ) Tj ET Q q 0 0 0 rg BT 470.50 624.75 Td (not ) Tj ET Q q 0 0 0 rg BT 484.85 624.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 516.97 624.75 Td (attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 612.75 Td (a ) Tj ET Q q 0 0 0 rg BT 67.43 612.75 Td (particular ) Tj ET Q q 0 0 0 rg BT 108.60 612.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 144.79 612.75 Td (are ) Tj ET Q q 0 0 0 rg BT 159.85 612.75 Td (allocated ) Tj ET Q q 0 0 0 rg BT 198.80 612.75 Td (based ) Tj ET Q q 0 0 0 rg BT 224.43 612.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 247.29 612.75 Td (the ) Tj ET Q q 0 0 0 rg BT 262.36 612.75 Td (Company) Tj ET Q q 0 0 0 rg BT 304.03 612.75 Td (s ) Tj ET Q q 0 0 0 rg BT 310.78 612.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 353.07 612.75 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 417.31 612.75 Td (including ) Tj ET Q q 0 0 0 rg BT 457.94 612.75 Td (each ) Tj ET Q q 0 0 0 rg BT 479.11 612.75 Td (segment) Tj ET Q q 0 0 0 rg BT 515.22 612.75 Td (s ) Tj ET Q q 0 0 0 rg BT 521.97 612.75 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (net ) Tj ET Q q 0 0 0 rg BT 63.76 600.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 103.84 600.75 Td (use ) Tj ET Q q 0 0 0 rg BT 119.22 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.59 600.75 Td (shared ) Tj ET Q q 0 0 0 rg BT 157.74 600.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 200.04 600.75 Td (headcount ) Tj ET Q q 0 0 0 rg BT 243.18 600.75 Td (or ) Tj ET Q q 0 0 0 rg BT 253.55 600.75 Td (other ) Tj ET Q q 0 0 0 rg BT 276.15 600.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 310.39 600.75 Td (measures. ) Tj ET Q q 0 0 0 rg BT 352.15 600.75 Td (Segment ) Tj ET Q q 0 0 0 rg BT 389.19 600.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.56 600.75 Td (are ) Tj ET Q q 0 0 0 rg BT 428.81 600.75 Td (based ) Tj ET Q q 0 0 0 rg BT 453.63 600.75 Td (on ) Tj ET Q q 0 0 0 rg BT 465.67 600.75 Td (those ) Tj ET Q q 0 0 0 rg BT 488.82 600.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 521.41 600.75 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (with ) Tj ET Q q 0 0 0 rg BT 69.12 588.75 Td (each ) Tj ET Q q 0 0 0 rg BT 89.28 588.75 Td (segment, ) Tj ET Q q 0 0 0 rg BT 126.95 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.23 588.75 Td (include ) Tj ET Q q 0 0 0 rg BT 174.51 588.75 Td (an ) Tj ET Q q 0 0 0 rg BT 185.79 588.75 Td (allocation ) Tj ET Q q 0 0 0 rg BT 227.06 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 237.23 588.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 266.28 588.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 291.45 588.75 Td (based ) Tj ET Q q 0 0 0 rg BT 316.06 588.75 Td (on ) Tj ET Q q 0 0 0 rg BT 327.91 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.97 588.75 Td (most ) Tj ET Q q 0 0 0 rg BT 363.26 588.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 397.31 588.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 436.36 588.75 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 481.79 588.75 Td (including ) Tj ET Q q 0 0 0 rg BT 521.40 588.75 Td (headcount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 576.75 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 576.75 Td (factors. ) Tj ET Q q 0 0 0 rg BT 121.51 576.75 Td (The ) Tj ET Q q 0 0 0 rg BT 139.56 576.75 Td (substantial ) Tj ET Q q 0 0 0 rg BT 184.83 576.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 221.21 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 232.04 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 246.76 576.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 293.84 576.75 Td (net ) Tj ET Q q 0 0 0 rg BT 308.56 576.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 346.59 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.53 576.75 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 407.14 576.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.97 576.75 Td (are ) Tj ET Q q 0 0 0 rg BT 447.67 576.75 Td (located ) Tj ET Q q 0 0 0 rg BT 479.05 576.75 Td (in ) Tj ET Q q 0 0 0 rg BT 489.32 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.04 576.75 Td (U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.75 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 95.87 552.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 131.70 552.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.18 552.75 Td (results ) Tj ET Q q 0 0 0 rg BT 197.79 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 212.49 552.75 Td (as ) Tj ET Q q 0 0 0 rg BT 223.32 552.75 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 506.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 506.25 70.00 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0.9333333333333333 1 rg /GS0 gs 337.00 242.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 242.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 242.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 242.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 242.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 218.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 218.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 218.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 218.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 218.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 218.25 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 530.25 m 415 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 530.25 m 493 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 530.25 m 407 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 518.25 m 407 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 530.25 m 485 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 518.25 m 485 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 530.25 m 563 530.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 518.25 m 563 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 446.25 m 407 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 446.25 m 485 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 446.25 m 563 446.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 386.25 m 407 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 386.25 m 485 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 386.25 m 563 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 302.25 m 407 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 302.25 m 485 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 302.25 m 563 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 254.25 m 407 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 254.25 m 485 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 254.25 m 563 254.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 230.25 m 407 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 230.25 m 485 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 230.25 m 563 230.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.10 532.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 522.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 520.98 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 520.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 520.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 508.98 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 496.87 Td (Investment banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 484.87 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 472.87 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 472.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 472.98 Td (71,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 472.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 472.87 Td (114,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 472.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 472.87 Td (109,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 460.87 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 460.98 Td (115,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 460.87 Td (91,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 460.87 Td (63,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 448.87 Td (Advisory services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 448.98 Td (304,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 448.87 Td (209,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 448.87 Td (197,880) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 436.86 Td (Total investment banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 436.98 Td (490,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 436.87 Td (414,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 436.87 Td (370,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 412.87 Td (Institutional sales and trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 400.87 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 400.98 Td (87,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 400.87 Td (78,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 400.87 Td (82,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 388.87 Td (Fixed income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 388.98 Td (91,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 388.87 Td (94,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 388.87 Td (92,200) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 376.86 Td (Total institutional sales and trading) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 376.98 Td (179,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 376.87 Td (172,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 376.87 Td (174,411) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 352.86 Td (Management and performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 352.98 Td (6,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 352.87 Td (4,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 352.87 Td (5,398) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 328.86 Td (Investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 328.98 Td (24,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 328.87 Td (24,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 328.87 Td (24,046) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 304.86 Td (Long-term financing expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.30 305.03 Td (\(9,136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 304.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 304.87 Td (\(7,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 304.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 304.87 Td (\(6,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 304.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 280.87 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 280.98 Td (692,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 280.87 Td (609,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 280.87 Td (567,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 256.87 Td (Operating expenses \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 256.98 Td (645,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 256.87 Td (530,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 256.87 Td (478,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 232.87 Td (Segment pre-tax operating income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 232.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 232.98 Td (46,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 232.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 232.87 Td (78,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 232.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 232.87 Td (89,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 208.87 Td (Segment pre-tax operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 208.98 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 208.98 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 208.87 Td (12.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 208.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 208.87 Td (15.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 208.87 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.35 184.86 Td (Continued on 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 534 m 563 534 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 438 m 407 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 438 m 485 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 438 m 563 438 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 415 m 407 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 413 m 407 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 415 m 485 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 413 m 485 413 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 415 m 563 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 413 m 563 413 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 680.73 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 668.62 Td (Management and performance fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 656.62 Td (Management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 656.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 656.73 Td (53,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 656.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 656.62 Td (70,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 656.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 656.62 Td (78,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 644.62 Td (Performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 644.73 Td (584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 644.62 Td (208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 644.62 Td (892) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 632.61 Td (Total management and performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 632.73 Td (54,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 632.62 Td (70,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 632.62 Td (79,664) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 608.61 Td (Investment income/\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 608.73 Td (736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 608.62 Td (\(6,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 608.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 608.62 Td (683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 584.62 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 584.73 Td (55,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 584.62 Td (63,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 584.62 Td (80,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 560.62 Td (Operating expenses \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 560.73 Td (132,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 560.62 Td (55,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 560.62 Td (59,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 536.62 Td (Segment pre-tax operating income/\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 536.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.30 536.78 Td (\(77,315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 536.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 536.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 536.62 Td (8,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 536.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 536.62 Td (21,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 512.62 Td (Segment pre-tax operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.30 512.78 Td (\(140.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 512.73 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 512.62 Td (12.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 512.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 512.62 Td (26.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 512.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 476.73 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 464.62 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 464.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 464.73 Td (747,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 464.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 464.62 Td (672,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 464.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 464.62 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 440.62 Td (Operating expenses \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.65 440.73 Td (778,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 440.62 Td (586,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 440.62 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 416.62 Td (Pre-tax operating income/\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 416.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.30 416.78 Td (\(30,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 416.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 416.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 416.62 Td (86,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 416.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 416.62 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 392.62 Td (Pre-tax operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.30 392.78 Td (\(4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 392.73 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 392.62 Td (12.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 392.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 392.62 Td (17.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 392.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 376.70 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 376.70 Td (Operating expenses include a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.47 376.70 Td ($82.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.47 376.70 Td ( goodwill impairment char) Tj ET Q q 0 0 0 rg BT 320.39 376.70 Td (ge for the ) Tj ET Q q 0 0 0 rg BT 356.97 376.70 Td (Asset Management segment, as well as intangible asset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 364.70 Td (amortization expense as set forth in the table below: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.23 364.70 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 334.20 270.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 334.20 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 334.20 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 334.20 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 334.20 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 334.20 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 314.20 270.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 314.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 314.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 314.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 314.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 314.20 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 344.2 m 408 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 344.2 m 416 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 344.2 m 486 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 344.2 m 494 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 344.2 m 564 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 344.2 m 408 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 334.2 m 408 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 344.2 m 416 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 344.2 m 486 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 334.2 m 486 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 344.2 m 564 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 334.2 m 564 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 334.2 m 408 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 334.2 m 486 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 334.2 m 564 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 314.2 m 408 314.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 303.2 m 408 303.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 301.2 m 408 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 314.2 m 486 314.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 303.2 m 486 303.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 301.2 m 486 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 314.2 m 564 314.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 303.2 m 564 303.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 301.2 m 564 301.2 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.65 345.65 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 336.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.50 335.65 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.50 335.65 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.50 335.65 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 325.51 Td (Capital Markets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.50 325.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.75 325.65 Td (15,587) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.50 325.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 325.51 Td (1,622) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 325.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 325.51 Td (2,972) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 315.51 Td (Asset Management) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.25 315.65 Td (5,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 315.51 Td (6,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 315.51 Td (6,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 305.46 Td (Total intangible asset amortization expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.50 305.60 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.75 305.60 Td (21,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.50 305.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 305.46 Td (7,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 305.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 305.46 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.70 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 95.87 278.70 Td (segment ) Tj ET Q q 0 0 0 rg BT 131.70 278.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.53 278.70 Td (are ) Tj ET Q q 0 0 0 rg BT 172.23 278.70 Td (as ) Tj ET Q q 0 0 0 rg BT 183.06 278.70 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 244.20 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 244.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 244.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 244.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 220.20 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 220.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 220.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 220.20 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 244.20000000000005 m 485 244.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 244.20000000000005 m 563 244.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 220.20000000000005 m 485 220.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 220.20000000000005 m 563 220.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 209.20000000000005 m 485 209.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 207.20000000000005 m 485 207.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 209.20000000000005 m 563 209.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 207.20000000000005 m 563 207.20000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.40 258.93 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.40 258.93 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 248.15 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 246.93 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 246.93 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 234.82 Td (Capital Markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.50 234.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 234.93 Td (1,934,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 234.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 234.82 Td (1,870,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 222.82 Td (Asset Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 222.93 Td (190,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 222.82 Td (268,246) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.50 210.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 210.93 Td (2,125,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 210.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 210.82 Td (2,138,518) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Note 24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 708.25 Td (Net Capital Requir) Tj ET Q q 0 0 0 rg BT 160.23 708.25 Td (ements and Other Regulatory Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.87 708.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.14 684.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.61 684.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.24 684.25 Td (is ) Tj ET Q q 0 0 0 rg BT 112.44 684.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 154.39 684.25 Td (as ) Tj ET Q q 0 0 0 rg BT 165.24 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 172.21 684.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.50 684.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 241.13 684.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 268.08 684.25 Td (with ) Tj ET Q q 0 0 0 rg BT 288.38 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.13 684.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 323.99 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.96 684.25 Td (is ) Tj ET Q q 0 0 0 rg BT 350.15 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 357.12 684.25 Td (member ) Tj ET Q q 0 0 0 rg BT 392.41 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.27 684.25 Td (various ) Tj ET Q q 0 0 0 rg BT 435.23 684.25 Td (SROs ) Tj ET Q q 0 0 0 rg BT 461.10 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.07 684.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 518.36 684.25 Td (exchanges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 672.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 107.97 672.25 Td (Industry ) Tj ET Q q 0 0 0 rg BT 144.16 672.25 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 190.81 672.25 Td (Authority) Tj ET Q q 0 0 0 rg BT 229.05 672.25 Td (, ) Tj ET Q q 0 0 0 rg BT 234.41 672.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 252.53 672.25 Td (\("FINRA"\) ) Tj ET Q q 0 0 0 rg BT 300.22 672.25 Td (serves ) Tj ET Q q 0 0 0 rg BT 328.06 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 339.25 672.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 363.21 672.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 374.69 672.25 Td (fray) Tj ET Q q 0 0 0 rg BT 393.57 672.25 Td (s ) Tj ET Q q 0 0 0 rg BT 400.31 672.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 434.82 672.25 Td (SRO. ) Tj ET Q q 0 0 0 rg BT 459.63 672.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 483.60 672.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 495.08 672.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 514.03 672.25 Td (is ) Tj ET Q q 0 0 0 rg BT 523.56 672.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.74 672.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 660.25 Td (uniform ) Tj ET Q q 0 0 0 rg BT 98.94 660.25 Td (net ) Tj ET Q q 0 0 0 rg BT 113.65 660.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 142.81 660.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 160.85 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.69 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.40 660.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 207.25 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.19 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.90 660.25 Td (net ) Tj ET Q q 0 0 0 rg BT 253.62 660.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 282.77 660.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 300.82 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.65 660.25 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 346.66 660.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 370.27 660.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 381.75 660.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 400.35 660.25 Td (has ) Tj ET Q q 0 0 0 rg BT 416.18 660.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 446.99 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 457.27 660.25 Td (use ) Tj ET Q q 0 0 0 rg BT 473.10 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.82 660.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 532.52 660.25 Td (method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 91.09 648.25 Td (by ) Tj ET Q q 0 0 0 rg BT 104.37 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.86 648.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 141.47 648.25 Td (rule, ) Tj ET Q q 0 0 0 rg BT 162.79 648.25 Td (which ) Tj ET Q q 0 0 0 rg BT 190.51 648.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 225.99 648.25 Td (that ) Tj ET Q q 0 0 0 rg BT 244.26 648.25 Td (it ) Tj ET Q q 0 0 0 rg BT 253.09 648.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 291.35 648.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 333.52 648.25 Td (net ) Tj ET Q q 0 0 0 rg BT 349.01 648.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.93 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.54 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.03 648.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 437.05 648.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.66 648.25 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 469.43 648.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.32 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 501.60 648.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 648.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 521.48 648.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.17 648.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 90.62 636.25 Td (debit ) Tj ET Q q 0 0 0 rg BT 112.87 636.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 149.55 636.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 179.02 636.25 Td (from ) Tj ET Q q 0 0 0 rg BT 200.71 636.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 239.62 636.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 292.14 636.25 Td (as ) Tj ET Q q 0 0 0 rg BT 302.72 636.25 Td (such ) Tj ET Q q 0 0 0 rg BT 323.31 636.25 Td (term ) Tj ET Q q 0 0 0 rg BT 343.89 636.25 Td (is ) Tj ET Q q 0 0 0 rg BT 352.81 636.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 385.05 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 395.09 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.56 636.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 430.15 636.25 Td (rule. ) Tj ET Q q 0 0 0 rg BT 450.46 636.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 477.70 636.25 Td (its ) Tj ET Q q 0 0 0 rg BT 489.40 636.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 513.60 636.25 Td (FINRA) Tj ET Q q 0 0 0 rg BT 543.05 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 545.31 636.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 83.96 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 91.19 624.25 Td (member ) Tj ET Q q 0 0 0 rg BT 126.75 624.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 146.76 624.25 Td (from ) Tj ET Q q 0 0 0 rg BT 168.99 624.25 Td (expanding ) Tj ET Q q 0 0 0 rg BT 213.44 624.25 Td (its ) Tj ET Q q 0 0 0 rg BT 225.69 624.25 Td (business ) Tj ET Q q 0 0 0 rg BT 262.37 624.25 Td (or ) Tj ET Q q 0 0 0 rg BT 273.50 624.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 303.51 624.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 345.19 624.25 Td (if ) Tj ET Q q 0 0 0 rg BT 354.09 624.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 391.88 624.25 Td (net ) Tj ET Q q 0 0 0 rg BT 406.89 624.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 436.34 624.25 Td (would ) Tj ET Q q 0 0 0 rg BT 464.13 624.25 Td (be ) Tj ET Q q 0 0 0 rg BT 476.37 624.25 Td (less ) Tj ET Q q 0 0 0 rg BT 494.16 624.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.17 624.25 Td (5 ) Tj ET Q q 0 0 0 rg BT 521.97 624.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.39 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 624.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 90.30 612.25 Td (debit ) Tj ET Q q 0 0 0 rg BT 112.23 612.25 Td (balances. ) Tj ET Q q 0 0 0 rg BT 150.67 612.25 Td (Advances ) Tj ET Q q 0 0 0 rg BT 192.03 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.75 612.25 Td (af) Tj ET Q q 0 0 0 rg BT 209.34 612.25 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 240.99 612.25 Td (repayment ) Tj ET Q q 0 0 0 rg BT 285.13 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.39 612.25 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 348.99 612.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 370.64 612.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 407.57 612.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 447.83 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.21 612.25 Td (other ) Tj ET Q q 0 0 0 rg BT 486.70 612.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 513.63 612.25 Td (withdrawals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 600.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 85.61 600.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 97.09 600.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 115.69 600.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.39 600.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 161.22 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.50 600.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 201.20 600.25 Td (notification ) Tj ET Q q 0 0 0 rg BT 249.80 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.74 600.25 Td (other ) Tj ET Q q 0 0 0 rg BT 289.78 600.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 333.95 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.78 600.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 365.62 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.56 600.25 Td (FINRA) Tj ET Q q 0 0 0 rg BT 412.01 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.51 600.25 Td (rules. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.84 576.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 122.26 576.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.26 576.25 Td (, ) Tj ET Q q 0 0 0 rg BT 148.10 576.25 Td (net ) Tj ET Q q 0 0 0 rg BT 163.66 576.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.65 576.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 237.51 576.25 Td (under ) Tj ET Q q 0 0 0 rg BT 263.62 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.17 576.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 300.85 576.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 319.74 576.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.63 576.25 Td ($191.1 ) Tj ET Q q 0 0 0 rg BT 369.47 576.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.36 576.25 Td (, ) Tj ET Q q 0 0 0 rg BT 404.20 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.98 576.25 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 462.51 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 478.06 576.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 520.29 576.25 Td (net ) Tj ET Q q 0 0 0 rg BT 535.85 576.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (required ) Tj ET Q q 0 0 0 rg BT 85.32 564.25 Td (under ) Tj ET Q q 0 0 0 rg BT 110.58 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.30 564.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 146.14 564.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 164.19 564.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.69 564.25 Td ($190.1 ) Tj ET Q q 0 0 0 rg BT 206.69 564.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.58 564.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 540.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.80 540.25 Td (s ) Tj ET Q q 0 0 0 rg BT 116.78 540.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 162.64 540.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 207.39 540.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 233.24 540.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 264.65 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.18 540.25 Td (its ) Tj ET Q q 0 0 0 rg BT 294.72 540.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 322.25 540.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 346.44 540.25 Td (include ) Tj ET Q q 0 0 0 rg BT 378.97 540.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 422.04 540.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 461.79 540.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 485.99 540.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 497.46 540.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 516.65 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 540.25 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 91.57 528.25 Td (net ) Tj ET Q q 0 0 0 rg BT 106.96 528.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 136.78 528.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.29 528.25 Td ($120 ) Tj ET Q q 0 0 0 rg BT 171.47 528.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.36 528.25 Td (. ) Tj ET Q q 0 0 0 rg BT 206.03 528.25 Td (CP) Tj ET Q q 0 0 0 rg BT 217.89 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.07 528.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 247.57 528.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 275.75 528.25 Td (under ) Tj ET Q q 0 0 0 rg BT 301.69 528.25 Td (CP) Tj ET Q q 0 0 0 rg BT 313.55 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.73 528.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 344.34 528.25 Td (III ) Tj ET Q q 0 0 0 rg BT 356.81 528.25 Td (A) Tj ET Q q 0 0 0 rg BT 363.48 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 366.65 528.25 Td (include ) Tj ET Q q 0 0 0 rg BT 399.26 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 406.87 528.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 446.14 528.25 Td (that ) Tj ET Q q 0 0 0 rg BT 464.31 528.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 499.70 528.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 523.98 528.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 535.46 528.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 554.73 528.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 86.99 516.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 115.59 516.25 Td (net ) Tj ET Q q 0 0 0 rg BT 130.31 516.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.46 516.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.29 516.25 Td ($120 ) Tj ET Q q 0 0 0 rg BT 192.79 516.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.68 516.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.12 492.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.60 492.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.22 492.25 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 122.12 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.08 492.25 Td (SCIL, ) Tj ET Q q 0 0 0 rg BT 165.76 492.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 194.38 492.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 221.32 492.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 271.05 492.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 312.99 492.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.28 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.02 492.25 Td (United ) Tj ET Q q 0 0 0 rg BT 367.75 492.25 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 410.54 492.25 Td (are ) Tj ET Q q 0 0 0 rg BT 425.27 492.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 456.11 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 466.40 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.14 492.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.30 492.25 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.63 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.65 480.25 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 116.56 480.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 161.85 480.25 Td (Authority ) Tj ET Q q 0 0 0 rg BT 202.54 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.78 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.80 480.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 271.81 480.25 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 307.11 480.25 Td (Authority) Tj ET Q q 0 0 0 rg BT 345.34 480.25 Td (. ) Tj ET Q q 0 0 0 rg BT 349.25 480.25 Td (As ) Tj ET Q q 0 0 0 rg BT 362.17 480.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 480.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.19 480.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.19 480.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.49 480.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 477.40 480.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 488.88 480.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 506.78 480.25 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 524.97 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.21 480.25 Td (SCIL) Tj ET Q q 0 0 0 rg BT 562.51 480.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (were ) Tj ET Q q 0 0 0 rg BT 71.43 468.25 Td (in ) Tj ET Q q 0 0 0 rg BT 81.71 468.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 130.30 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 150.57 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.29 468.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 194.44 468.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 249.14 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.97 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.69 468.25 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 318.29 468.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 364.12 468.25 Td (Authority ) Tj ET Q q 0 0 0 rg BT 405.51 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.45 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.17 468.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 476.88 468.25 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 512.71 468.25 Td (Authority) Tj ET Q q 0 0 0 rg BT 550.95 468.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.73 444.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.21 444.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.43 444.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 126.77 444.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 151.12 444.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 184.90 444.25 Td (is ) Tj ET Q q 0 0 0 rg BT 193.69 444.25 Td (licensed ) Tj ET Q q 0 0 0 rg BT 228.57 444.25 Td (by ) Tj ET Q q 0 0 0 rg BT 240.70 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.03 444.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 279.38 444.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 303.72 444.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 345.28 444.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.84 444.25 Td (Futures ) Tj ET Q q 0 0 0 rg BT 393.96 444.25 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 449.15 444.25 Td (which ) Tj ET Q q 0 0 0 rg BT 475.71 444.25 Td (is ) Tj ET Q q 0 0 0 rg BT 484.50 444.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 514.94 444.25 Td (to ) Tj ET Q q 0 0 0 rg BT 524.84 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 539.18 444.25 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.92 432.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 135.88 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.98 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.96 432.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.16 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.36 432.25 Td (Futures ) Tj ET Q q 0 0 0 rg BT 259.12 432.25 Td (\(Financial ) Tj ET Q q 0 0 0 rg BT 303.43 432.25 Td (Resources\) ) Tj ET Q q 0 0 0 rg BT 351.62 432.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 374.28 432.25 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 428.58 432.25 Td (under ) Tj ET Q q 0 0 0 rg BT 455.12 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 432.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 514.29 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 532.50 432.25 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (Ordinance. ) Tj ET Q q 0 0 0 rg BT 95.76 420.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.48 420.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 167.27 420.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.27 420.25 Td (, ) Tj ET Q q 0 0 0 rg BT 192.49 420.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 216.31 420.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 227.79 420.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 246.61 420.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 271.54 420.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 296.48 420.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 330.85 420.25 Td (was ) Tj ET Q q 0 0 0 rg BT 349.12 420.25 Td (in ) Tj ET Q q 0 0 0 rg BT 359.61 420.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 408.42 420.25 Td (with ) Tj ET Q q 0 0 0 rg BT 428.91 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.84 420.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 469.89 420.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.26 420.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 554.17 420.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 408.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 88.94 408.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 113.66 408.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 155.59 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.53 408.25 Td (Futures ) Tj ET Q q 0 0 0 rg BT 205.03 408.25 Td (Commission.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (Note 25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 384.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 384.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 121.56 384.25 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 384.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.81 360.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 97.85 360.25 Td (expense/\(benefit\) ) Tj ET Q q 0 0 0 rg BT 170.09 360.25 Td (is ) Tj ET Q q 0 0 0 rg BT 179.58 360.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 217.95 360.25 Td (using ) Tj ET Q q 0 0 0 rg BT 242.45 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.49 360.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 279.75 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.01 360.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 330.95 360.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 366.27 360.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 404.62 360.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.66 360.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 445.82 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.08 360.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 503.12 360.25 Td (are ) Tj ET Q q 0 0 0 rg BT 518.15 360.25 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.75 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.06 348.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 115.69 348.25 Td (future ) Tj ET Q q 0 0 0 rg BT 141.66 348.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 155.97 348.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 213.04 348.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 260.67 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 270.54 348.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 313.73 348.25 Td (dif) Tj ET Q q 0 0 0 rg BT 324.66 348.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 360.06 348.25 Td (between ) Tj ET Q q 0 0 0 rg BT 395.47 348.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 431.45 348.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 466.86 348.25 Td (for ) Tj ET Q q 0 0 0 rg BT 480.61 348.25 Td (income ) Tj ET Q q 0 0 0 rg BT 512.14 348.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 526.45 348.25 Td (purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.23 336.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 103.00 336.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 143.11 336.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 182.95 336.25 Td (using ) Tj ET Q q 0 0 0 rg BT 206.41 336.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 238.73 336.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 252.74 336.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 273.40 336.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 310.73 336.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.29 336.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 344.30 336.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.87 336.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 384.53 336.25 Td (income ) Tj ET Q q 0 0 0 rg BT 415.75 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 425.32 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.33 336.25 Td (years ) Tj ET Q q 0 0 0 rg BT 462.21 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 471.78 336.25 Td (which ) Tj ET Q q 0 0 0 rg BT 498.01 336.25 Td (those ) Tj ET Q q 0 0 0 rg BT 520.91 336.25 Td (temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 324.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 96.73 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 111.44 324.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 149.47 324.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.75 324.25 Td (be ) Tj ET Q q 0 0 0 rg BT 171.69 324.25 Td (recovered ) Tj ET Q q 0 0 0 rg BT 213.60 324.25 Td (or ) Tj ET Q q 0 0 0 rg BT 224.43 324.25 Td (settled.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 300.25 Td (components ) Tj ET Q q 0 0 0 rg BT 118.87 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.70 300.25 Td (income ) Tj ET Q q 0 0 0 rg BT 161.64 300.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 176.35 300.25 Td (expense/\(benefit\) ) Tj ET Q q 0 0 0 rg BT 248.26 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.97 300.25 Td (as ) Tj ET Q q 0 0 0 rg BT 273.80 300.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 253.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 253.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 253.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 253.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 253.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 253.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 229.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 229.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 229.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 229.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 229.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 229.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 205.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 205.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 205.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 205.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 205.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 205.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 181.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 181.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 181.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 181.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 181.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 181.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 157.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 157.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 157.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 157.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 157.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 157.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 133.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 133.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 133.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 133.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 133.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 133.75 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 277.75 m 396.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 277.75 m 404.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 277.75 m 479.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 277.75 m 487.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 277.75 m 562.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 277.75 m 396.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 265.75 m 396.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 277.75 m 404.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 277.75 m 479.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 265.75 m 479.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 277.75 m 487.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 277.75 m 562.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 265.75 m 562.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 217.75 m 396.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 217.75 m 479.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 217.75 m 562.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 205.75 m 396.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 205.75 m 479.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 205.75 m 562.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 157.75 m 396.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 157.75 m 479.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 157.75 m 562.5 157.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 145.75 m 396.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 145.75 m 479.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 145.75 m 562.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 122.75 m 396.5 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 120.75 m 396.5 120.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 122.75 m 479.5 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 120.75 m 479.5 120.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 122.75 m 562.5 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 120.75 m 562.5 120.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 281.70 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.10 280.48 Td (Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 269.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.50 268.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 268.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 268.48 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 256.37 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 244.37 Td (Federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 244.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 244.48 Td (11,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 244.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 244.37 Td (33,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 244.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 244.37 Td (37,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 232.37 Td (State) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.15 232.48 Td (2,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 232.37 Td (7,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 232.37 Td (8,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 220.37 Td (Foreign) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.30 220.53 Td (\(703) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 220.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 220.37 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 220.37 Td (161) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 208.48 Td (13,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 208.37 Td (40,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 208.37 Td (45,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 196.37 Td (Deferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 184.37 Td (Federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 184.53 Td (\(27,764) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 184.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 184.37 Td (\(11,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 184.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 184.37 Td (\(8,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 184.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 172.37 Td (State) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 172.53 Td (\(3,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 172.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 172.37 Td (\(1,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 172.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 172.37 Td (\(1,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 172.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 160.37 Td (Foreign) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 160.48 Td (939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 160.37 Td (556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 160.37 Td (335) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 148.53 Td (\(30,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 148.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 148.37 Td (\(12,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 148.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 148.37 Td (\(9,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 148.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 124.37 Td (Total income tax expense/\(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 124.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 124.53 Td (\(17,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 124.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 124.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 124.37 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 124.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 124.37 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.17 708.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 116.65 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.48 708.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 157.73 708.10 Td (income ) Tj ET Q q 0 0 0 rg BT 189.66 708.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 212.71 708.10 Td (at ) Tj ET Q q 0 0 0 rg BT 222.43 708.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 259.92 708.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 281.30 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.58 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.29 708.10 Td (Company) Tj ET Q q 0 0 0 rg BT 347.96 708.10 Td (s ) Tj ET Q q 0 0 0 rg BT 354.35 708.10 Td (ef) Tj ET Q q 0 0 0 rg BT 361.94 708.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 391.64 708.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 406.36 708.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 427.73 708.10 Td (is ) Tj ET Q q 0 0 0 rg BT 436.90 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 447.73 708.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 673.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 673.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 673.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 673.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 673.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 649.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 649.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 649.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 649.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 649.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 649.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 601.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 601.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 601.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 601.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 601.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 577.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 577.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 577.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 577.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 577.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 685.6 m 396.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 685.6 m 404.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 685.6 m 479.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 685.6 m 487.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 685.6 m 562.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 673.6 m 396.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 673.6 m 479.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 673.6 m 396.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 673.6 m 479.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 577.6 m 396.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 577.6 m 479.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 566.6 m 396.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 564.6 m 396.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 566.6 m 479.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 564.6 m 479.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 566.6 m 562.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 564.6 m 562.5 564.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.10 688.33 Td (Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 677.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.50 676.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 676.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 676.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.22 Td (Federal income tax expense/\(benefit\) at statutory rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 664.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 664.38 Td (\(10,806) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 664.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 664.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 664.22 Td (30,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 664.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 664.22 Td (38,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.22 Td (Increase/\(reduction\) in taxes resulting from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 640.22 Td (State income taxes, net of federal tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 640.38 Td (\(1,110) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 640.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 640.22 Td (3,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 640.22 Td (3,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 628.22 Td (Net tax-exempt interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 628.38 Td (\(4,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 628.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 628.22 Td (\(4,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 628.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 628.22 Td (\(3,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 628.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 616.22 Td (Foreign jurisdictions tax rate differential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.15 616.33 Td (1,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 616.22 Td (191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 616.22 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 616.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 604.22 Td (Change in valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 604.33 Td (362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 604.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 604.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 592.22 Td (Income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 592.38 Td (\(2,872) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 592.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 592.22 Td (\(2,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 592.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 592.22 Td (\(3,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 592.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 580.22 Td (Other, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 580.33 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 580.22 Td (889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 580.22 Td (1,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.22 Td (Total income tax expense/\(benefit\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 568.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 568.38 Td (\(17,128) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 568.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 568.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 568.22 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 568.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 568.22 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.90 544.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.44 544.50 Td (with ) Tj ET Q q 0 0 0 rg BT 128.22 544.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.25 544.50 Td (740, ) Tj ET Q q 0 0 0 rg BT 170.32 544.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 190.68 544.50 Td (income ) Tj ET Q q 0 0 0 rg BT 222.68 544.50 Td (taxes ) Tj ET Q q 0 0 0 rg BT 245.80 544.50 Td (are ) Tj ET Q q 0 0 0 rg BT 260.58 544.50 Td (not ) Tj ET Q q 0 0 0 rg BT 275.94 544.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 314.06 544.50 Td (on ) Tj ET Q q 0 0 0 rg BT 326.63 544.50 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 381.98 544.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 418.43 544.50 Td (of ) Tj ET Q q 0 0 0 rg BT 429.33 544.50 Td (international ) Tj ET Q q 0 0 0 rg BT 482.44 544.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 532.23 544.50 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 544.50 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.50 Td (permanently ) Tj ET Q q 0 0 0 rg BT 103.76 532.50 Td (reinvested. ) Tj ET Q q 0 0 0 rg BT 150.29 532.50 Td (As ) Tj ET Q q 0 0 0 rg BT 165.18 532.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.29 532.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.15 532.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 532.50 Td (, ) Tj ET Q q 0 0 0 rg BT 263.42 532.50 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 319.97 532.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 357.62 532.50 Td (permanently ) Tj ET Q q 0 0 0 rg BT 411.38 532.50 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 456.25 532.50 Td (in ) Tj ET Q q 0 0 0 rg BT 467.80 532.50 Td (the ) Tj ET Q q 0 0 0 rg BT 483.79 532.50 Td (Company) Tj ET Q q 0 0 0 rg BT 525.46 532.50 Td (s ) Tj ET Q q 0 0 0 rg BT 533.12 532.50 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.72 520.50 Td (were ) Tj ET Q q 0 0 0 rg BT 121.65 520.50 Td (not ) Tj ET Q q 0 0 0 rg BT 136.92 520.50 Td (material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.50 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 88.48 496.50 Td (income ) Tj ET Q q 0 0 0 rg BT 120.87 496.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 136.04 496.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 162.32 496.50 Td (and ) Tj ET Q q 0 0 0 rg BT 179.71 496.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 219.88 496.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 248.37 496.50 Td (the ) Tj ET Q q 0 0 0 rg BT 263.54 496.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 278.71 496.50 Td (ef) Tj ET Q q 0 0 0 rg BT 286.29 496.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 304.23 496.50 Td (of ) Tj ET Q q 0 0 0 rg BT 315.52 496.50 Td (temporary ) Tj ET Q q 0 0 0 rg BT 359.56 496.50 Td (dif) Tj ET Q q 0 0 0 rg BT 370.49 496.50 Td (ferences ) Tj ET Q q 0 0 0 rg BT 406.75 496.50 Td (between ) Tj ET Q q 0 0 0 rg BT 443.02 496.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.19 496.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 494.46 496.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.41 496.50 Td (of ) Tj ET Q q 0 0 0 rg BT 538.69 496.50 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.24 484.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 107.25 484.50 Td (for ) Tj ET Q q 0 0 0 rg BT 121.71 484.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.49 484.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 198.95 484.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 237.30 484.50 Td (and ) Tj ET Q q 0 0 0 rg BT 254.54 484.50 Td (the ) Tj ET Q q 0 0 0 rg BT 269.55 484.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.24 484.50 Td (used ) Tj ET Q q 0 0 0 rg BT 327.37 484.50 Td (for ) Tj ET Q q 0 0 0 rg BT 341.83 484.50 Td (the ) Tj ET Q q 0 0 0 rg BT 356.84 484.50 Td (same ) Tj ET Q q 0 0 0 rg BT 380.19 484.50 Td (items ) Tj ET Q q 0 0 0 rg BT 404.65 484.50 Td (for ) Tj ET Q q 0 0 0 rg BT 419.11 484.50 Td (income ) Tj ET Q q 0 0 0 rg BT 451.35 484.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 466.36 484.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 505.82 484.50 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 546.47 484.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.50 Td (net ) Tj ET Q q 0 0 0 rg BT 65.64 472.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 102.37 472.50 Td (income ) Tj ET Q q 0 0 0 rg BT 135.22 472.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.86 472.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.61 472.50 Td (included ) Tj ET Q q 0 0 0 rg BT 215.47 472.50 Td (in ) Tj ET Q q 0 0 0 rg BT 226.67 472.50 Td (other ) Tj ET Q q 0 0 0 rg BT 250.64 472.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.39 472.50 Td (on ) Tj ET Q q 0 0 0 rg BT 290.81 472.50 Td (the ) Tj ET Q q 0 0 0 rg BT 306.45 472.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 360.41 472.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 406.05 472.50 Td (of ) Tj ET Q q 0 0 0 rg BT 417.80 472.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.20 472.50 Td (condition ) Tj ET Q q 0 0 0 rg BT 497.40 472.50 Td (consisted ) Tj ET Q q 0 0 0 rg BT 538.04 472.50 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 472.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.50 Td (following ) Tj ET Q q 0 0 0 rg BT 91.39 460.50 Td (items:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 414.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 414.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 414.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 390.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 390.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 390.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 390.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 366.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 366.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 366.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 366.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 342.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 342.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 342.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 342.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 318.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 318.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 318.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 318.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 294.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 294.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 294.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 270.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 270.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 270.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 270.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 246.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 246.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 246.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 246.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 222.00 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 222.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 222.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 222.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 198.00 354.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 198.00 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 198.00 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 198.00 75.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 426 m 479.5 426 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 426 m 562.5 426 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 354 m 479.5 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 354 m 562.5 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 330 m 479.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 330 m 562.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 306 m 479.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 306 m 562.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 234 m 479.5 234 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 234 m 562.5 234 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 210 m 479.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 210 m 562.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 186 m 479.5 186 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 184 m 479.5 184 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 186 m 562.5 186 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 184 m 562.5 184 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 440.73 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 440.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 429.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 428.73 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 428.73 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.62 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 404.62 Td (Deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 404.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 404.73 Td (79,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 404.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 404.62 Td (74,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 392.62 Td (Goodwill tax basis in excess of book basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 392.73 Td (18,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 392.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 380.62 Td (Net operating loss carry forwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 380.73 Td (3,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 380.62 Td (3,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 368.62 Td (Liabilities/accruals not currently deductible) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 368.73 Td (1,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 368.62 Td (5,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 356.62 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 356.73 Td (5,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 356.62 Td (5,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 344.62 Td (Total deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 344.73 Td (108,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 344.62 Td (88,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 332.62 Td (Valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.30 332.78 Td (\(911) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 332.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 332.62 Td (\(159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 332.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 308.62 Td (Deferred tax assets after valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 308.73 Td (107,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 308.62 Td (88,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.62 Td (Deferred tax liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 272.62 Td (Goodwill book basis in excess of tax basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 272.73 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 272.62 Td (16,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 260.62 Td (Unrealized gains on firm investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 260.73 Td (6,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 260.62 Td (2,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 248.62 Td (Fixed assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 248.73 Td (2,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 248.62 Td (1,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 236.62 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 236.73 Td (796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 236.62 Td (677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 212.62 Td (Total deferred tax liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 212.73 Td (9,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 212.62 Td (21,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 188.57 Td (Net deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 188.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 188.73 Td (97,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 188.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 188.57 Td (66,810) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.86 161.50 Td (realization ) Tj ET Q q 0 0 0 rg BT 112.38 161.50 Td (of ) Tj ET Q q 0 0 0 rg BT 123.02 161.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 158.65 161.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 173.18 161.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 198.83 161.50 Td (is ) Tj ET Q q 0 0 0 rg BT 207.81 161.50 Td (assessed ) Tj ET Q q 0 0 0 rg BT 244.01 161.50 Td (and ) Tj ET Q q 0 0 0 rg BT 260.77 161.50 Td (a ) Tj ET Q q 0 0 0 rg BT 267.52 161.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 307.05 161.50 Td (allowance ) Tj ET Q q 0 0 0 rg BT 349.90 161.50 Td (is ) Tj ET Q q 0 0 0 rg BT 358.89 161.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 396.18 161.50 Td (to ) Tj ET Q q 0 0 0 rg BT 406.28 161.50 Td (the ) Tj ET Q q 0 0 0 rg BT 420.81 161.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 447.56 161.50 Td (that ) Tj ET Q q 0 0 0 rg BT 464.87 161.50 Td (it ) Tj ET Q q 0 0 0 rg BT 472.75 161.50 Td (is ) Tj ET Q q 0 0 0 rg BT 481.73 161.50 Td (more ) Tj ET Q q 0 0 0 rg BT 504.60 161.50 Td (likely ) Tj ET Q q 0 0 0 rg BT 529.69 161.50 Td (than ) Tj ET Q q 0 0 0 rg BT 549.22 161.50 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.50 Td (that ) Tj ET Q q 0 0 0 rg BT 67.72 149.50 Td (any ) Tj ET Q q 0 0 0 rg BT 84.89 149.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 116.51 149.50 Td (of ) Tj ET Q q 0 0 0 rg BT 127.57 149.50 Td (the ) Tj ET Q q 0 0 0 rg BT 142.51 149.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 178.55 149.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 193.50 149.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 215.66 149.50 Td (will ) Tj ET Q q 0 0 0 rg BT 233.95 149.50 Td (not ) Tj ET Q q 0 0 0 rg BT 249.46 149.50 Td (be ) Tj ET Q q 0 0 0 rg BT 261.63 149.50 Td (realized. ) Tj ET Q q 0 0 0 rg BT 298.30 149.50 Td (The ) Tj ET Q q 0 0 0 rg BT 316.58 149.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 358.19 149.50 Td (believes ) Tj ET Q q 0 0 0 rg BT 393.68 149.50 Td (that ) Tj ET Q q 0 0 0 rg BT 411.41 149.50 Td (its ) Tj ET Q q 0 0 0 rg BT 423.59 149.50 Td (future ) Tj ET Q q 0 0 0 rg BT 450.19 149.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 465.14 149.50 Td (profits ) Tj ET Q q 0 0 0 rg BT 493.98 149.50 Td (will ) Tj ET Q q 0 0 0 rg BT 512.26 149.50 Td (be ) Tj ET Q q 0 0 0 rg BT 524.43 149.50 Td (suf) Tj ET Q q 0 0 0 rg BT 536.47 149.50 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.50 Td (to ) Tj ET Q q 0 0 0 rg BT 59.74 137.50 Td (recognize ) Tj ET Q q 0 0 0 rg BT 100.57 137.50 Td (its ) Tj ET Q q 0 0 0 rg BT 111.98 137.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 147.25 137.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 161.43 137.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 189.22 137.50 Td (with ) Tj ET Q q 0 0 0 rg BT 208.96 137.50 Td (the ) Tj ET Q q 0 0 0 rg BT 223.14 137.50 Td (exception ) Tj ET Q q 0 0 0 rg BT 263.97 137.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.27 137.50 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 293.73 137.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.62 137.50 Td ( ) Tj ET Q q 0 0 0 rg BT 324.58 137.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 363.76 137.50 Td (related ) Tj ET Q q 0 0 0 rg BT 392.92 137.50 Td (to ) Tj ET Q q 0 0 0 rg BT 402.67 137.50 Td (SCIL's ) Tj ET Q q 0 0 0 rg BT 431.99 137.50 Td (net ) Tj ET Q q 0 0 0 rg BT 446.17 137.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 485.90 137.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 503.42 137.50 Td (carryforwards. ) Tj ET Q endstream endobj 229 0 obj <>] /Rotate 0 /Contents 230 0 R>> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.15 708.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 146.49 708.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.50 708.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 216.72 708.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 231.29 708.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 265.31 708.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.44 708.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 322.76 708.10 Td (with ) Tj ET Q q 0 0 0 rg BT 342.89 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.46 708.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 401.49 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.66 708.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 433.46 708.10 Td (740, ) Tj ET Q q 0 0 0 rg BT 453.32 708.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.11 708.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 514.68 708.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 529.25 708.10 Td (reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.13 696.10 Td (be ) Tj ET Q q 0 0 0 rg BT 71.93 696.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.26 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 123.27 696.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 162.83 696.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 177.40 696.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 215.87 696.10 Td (on ) Tj ET Q q 0 0 0 rg BT 228.23 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.80 696.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 295.70 696.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 340.27 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.95 696.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.29 696.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 430.39 696.10 Td (A) Tj ET Q q 0 0 0 rg BT 437.06 696.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.42 696.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 496.75 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.43 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.01 696.10 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 684.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 96.66 684.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 129.15 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.98 684.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 196.34 684.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 211.06 684.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 245.21 684.10 Td (is ) Tj ET Q q 0 0 0 rg BT 254.38 684.10 Td (as ) Tj ET Q q 0 0 0 rg BT 265.21 684.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 661.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 661.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 637.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 637.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 613.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 613.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 589.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 589.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 565.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 541.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 517.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 493.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 493.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 601.6 m 561.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 601.6 m 561.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 541.6 m 561.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 481.6 m 561.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 481.6 m 561.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 470.6 m 561.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 468.6 m 561.5 468.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 665.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.00 665.55 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 652.33 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 142.34 652.33 Td ( 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 652.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 652.33 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.22 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 640.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.22 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 628.22 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 616.22 Td (Reductions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 616.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.22 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 604.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 592.33 Td (Balance at December) Tj ET Q q 0 0 0 rg BT 142.34 592.33 Td ( 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 592.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 592.33 Td (2,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 580.22 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 580.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.22 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 568.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 556.22 Td (Reductions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 556.22 Td (\(2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 556.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 544.22 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 544.22 Td (\(200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 544.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 532.33 Td (Balance at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 532.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 532.33 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.22 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 508.22 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 508.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 496.22 Td (Reductions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 484.22 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 484.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 472.33 Td (Balance at December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 472.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 472.33 Td (123) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.61 446.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.43 446.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 136.01 446.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.01 446.10 Td (, ) Tj ET Q q 0 0 0 rg BT 162.00 446.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.25 446.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 244.24 446.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.13 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.63 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.45 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.16 446.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 352.23 446.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 409.59 446.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 425.30 446.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 460.44 446.10 Td (would ) Tj ET Q q 0 0 0 rg BT 488.94 446.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 519.64 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.35 446.10 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 434.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.29 434.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 107.28 434.10 Td (if ) Tj ET Q q 0 0 0 rg BT 115.88 434.10 Td (recognized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 410.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.73 410.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 152.14 410.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 183.22 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.31 410.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 236.50 410.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 269.24 410.10 Td (related ) Tj ET Q q 0 0 0 rg BT 298.09 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.52 410.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 363.03 410.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 376.90 410.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 410.21 410.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.19 410.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.27 410.10 Td (component ) Tj ET Q q 0 0 0 rg BT 472.36 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.34 410.10 Td (income ) Tj ET Q q 0 0 0 rg BT 513.42 410.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 527.29 410.10 Td (expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.93 398.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.19 398.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.01 398.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.01 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.39 398.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 173.53 398.10 Td (related ) Tj ET Q q 0 0 0 rg BT 203.11 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.27 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.87 398.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 264.68 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.39 398.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 307.20 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.02 398.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 361.95 398.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.54 398.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.01 398.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.01 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.39 398.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.21 398.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.21 398.10 Td (, ) Tj ET Q q 0 0 0 rg BT 494.09 398.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 541.75 398.10 Td (. ) Tj ET Q q 0 0 0 rg BT 546.46 398.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.10 386.10 Td (had ) Tj ET Q q 0 0 0 rg BT 107.75 386.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.72 386.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 187.43 386.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.32 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.54 386.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.41 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.84 386.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 283.48 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.02 386.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 325.67 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.32 386.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 380.07 386.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 413.37 386.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 386.10 Td (December ) Tj ET Q q 0 0 0 rg BT 466.09 386.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.81 386.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.81 386.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.36 386.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 386.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.53 374.10 Td (one ) Tj ET Q q 0 0 0 rg BT 77.18 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.71 374.10 Td (its ) Tj ET Q q 0 0 0 rg BT 99.36 374.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 148.78 374.10 Td (files ) Tj ET Q q 0 0 0 rg BT 168.20 374.10 Td (income ) Tj ET Q q 0 0 0 rg BT 199.84 374.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 214.26 374.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 244.23 374.10 Td (with ) Tj ET Q q 0 0 0 rg BT 264.21 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.63 374.10 Td (various ) Tj ET Q q 0 0 0 rg BT 310.28 374.10 Td (states ) Tj ET Q q 0 0 0 rg BT 334.70 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.34 374.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 382.42 374.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 434.07 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.05 374.10 Td (which ) Tj ET Q q 0 0 0 rg BT 470.69 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.11 374.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.20 374.10 Td (operates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 362.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.40 362.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.56 362.10 Td (not ) Tj ET Q q 0 0 0 rg BT 133.82 362.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 164.63 362.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.89 362.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 195.16 362.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 225.40 362.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 240.10 362.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 284.79 362.10 Td (for ) Tj ET Q q 0 0 0 rg BT 298.94 362.10 Td (years ) Tj ET Q q 0 0 0 rg BT 322.52 362.10 Td (before ) Tj ET Q q 0 0 0 rg BT 350.54 362.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 373.03 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.95 362.10 Td (is ) Tj ET Q q 0 0 0 rg BT 399.11 362.10 Td (not ) Tj ET Q q 0 0 0 rg BT 414.37 362.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 445.18 362.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.44 362.10 Td (state ) Tj ET Q q 0 0 0 rg BT 476.25 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.17 362.10 Td (local ) Tj ET Q q 0 0 0 rg BT 515.09 362.10 Td (or ) Tj ET Q q 0 0 0 rg BT 525.91 362.10 Td (non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.52 350.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 109.03 350.10 Td (for ) Tj ET Q q 0 0 0 rg BT 122.99 350.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 154.17 350.10 Td (years ) Tj ET Q q 0 0 0 rg BT 177.57 350.10 Td (before ) Tj ET Q q 0 0 0 rg BT 205.40 350.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 230.04 350.10 Td (The ) Tj ET Q q 0 0 0 rg BT 247.89 350.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 289.08 350.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 334.14 350.10 Td (all ) Tj ET Q q 0 0 0 rg BT 346.43 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.06 350.10 Td (its ) Tj ET Q q 0 0 0 rg BT 368.81 350.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 408.32 350.10 Td (income ) Tj ET Q q 0 0 0 rg BT 440.05 350.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 454.57 350.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 498.54 350.10 Td (will ) Tj ET Q q 0 0 0 rg BT 516.40 350.10 Td (be ) Tj ET Q q 0 0 0 rg BT 528.14 350.10 Td (resolved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (within ) Tj ET Q q 0 0 0 rg BT 78.06 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.77 338.10 Td (next ) Tj ET Q q 0 0 0 rg BT 112.49 338.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 141.65 338.10 Td (months.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (Note 26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 314.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 314.10 Td (Piper Jaffray Companies \(Par) Tj ET Q q 0 0 0 rg BT 205.49 314.10 Td (ent Company only\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.58 314.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (Condensed Statements of Financial Condition) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.09 290.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 243.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 243.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 243.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 243.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 219.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 219.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 219.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 219.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 195.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 195.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 195.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 195.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 171.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 171.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 171.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 171.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 147.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 147.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 147.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 147.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 123.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 123.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 123.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 123.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 99.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 99.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 99.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 99.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 255.60000000000002 m 479 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 255.60000000000002 m 562 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 207.60000000000002 m 479 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 207.60000000000002 m 562 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 196.60000000000002 m 479 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 194.60000000000002 m 479 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 196.60000000000002 m 562 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 194.60000000000002 m 562 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 135.60000000000002 m 479 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 135.60000000000002 m 562 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 99.60000000000002 m 479 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 99.60000000000002 m 562 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 88.60000000000002 m 479 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 86.60000000000002 m 479 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 88.60000000000002 m 562 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 86.60000000000002 m 562 86.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 270.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 270.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 259.55 Td (\(Amounts in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 258.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 258.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 246.33 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 234.22 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 234.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 234.33 Td (1,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 234.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 234.22 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 222.22 Td (Investment in and advances to subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 222.33 Td (941,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 222.22 Td (982,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 210.22 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 210.33 Td (22,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 210.22 Td (15,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 198.22 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 198.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 198.33 Td (964,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 198.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 198.22 Td (998,317) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 174.33 Td (Liabilities and Shareholders Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 162.22 Td (Senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 162.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 162.33 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 162.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 162.22 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 150.22 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 150.33 Td (27,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 150.22 Td (36,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 138.22 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 138.33 Td (2,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 138.22 Td (3,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 126.22 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 126.33 Td (205,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 126.22 Td (214,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 102.22 Td (Shareholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 102.33 Td (759,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 102.22 Td (783,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 90.22 Td (Total liabilities and shareholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 90.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 90.33 Td (964,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 90.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 90.22 Td (998,317) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 231 0 obj <>] /Rotate 0 /Contents 232 0 R>> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 757.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 757.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.80 736.60 Td (Notes to the Consolidated Financial Statements Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Condensed Statements of Operations) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 674.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 674.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 674.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 674.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 674.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 674.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 650.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 650.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 650.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 650.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 650.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 650.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 626.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 626.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 626.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 626.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 626.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 626.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 602.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 602.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 602.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 602.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 602.25 8.00 -12.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 50.00 530.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 530.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 530.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 530.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 530.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 530.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 496.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 496.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 496.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 496.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 496.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 496.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 472.25 271.00 -12.00 re f /GS0 gs 0.8 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 389.25 m 479 389.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 391.25 m 562 391.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 389.25 m 562 389.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.60 688.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 678.20 Td (\(Amounts in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 676.98 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 676.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 676.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 664.98 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 652.87 Td (Dividends from subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 652.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 652.98 Td (104,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 652.87 Td (37,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 652.87 Td (50,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 640.87 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 640.98 Td (994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 640.87 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 640.87 Td (662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 628.87 Td (Investment income/\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 628.98 Td (1,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 628.87 Td (\(2,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 628.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 628.87 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 616.87 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 616.98 Td (106,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 616.87 Td (36,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 616.87 Td (51,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 592.87 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 592.98 Td (8,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 592.87 Td (6,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 592.87 Td (5,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 568.87 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 568.98 Td (98,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 568.87 Td (29,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 568.87 Td (45,807) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 544.98 Td (Non-interest expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 532.87 Td (Total non-interest expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 532.98 Td (4,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 532.87 Td (3,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 532.87 Td (5,318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 508.98 Td (Income before income tax expense and equity in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 498.98 Td (undistributed income of subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 500.93 Td (94,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 500.92 Td (26,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 500.92 Td (40,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 474.87 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 474.98 Td (27,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 474.87 Td (9,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 474.87 Td (14,795) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 450.98 Td (Income of parent company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 450.98 Td (66,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 450.87 Td (17,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 450.87 Td (25,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 426.82 Td (Equity in undistributed/\(distributed in excess 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0.9333333333333333 1 rg /GS0 gs 479.00 339.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 339.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 315.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 315.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 315.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 315.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 315.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 315.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.25 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 291.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 291.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 291.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 291.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 291.25 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 686.25 m 396 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 686.25 m 404 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 686.25 m 479 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 686.25 m 487 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 686.25 m 562 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 686.25 m 396 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 674.25 m 396 674.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 686.25 m 404 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 686.25 m 479 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 674.25 m 479 674.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 686.25 m 487 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 686.25 m 562 686.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 338.25 m 562 338.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.60 688.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 678.20 Td (\(Amounts in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 676.98 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 676.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 676.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 664.98 Td (Operating Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 652.87 Td (Net income/\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 652.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 653.03 Td (\(21,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 652.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 652.87 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 652.87 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 640.82 Td (Adjustments to reconcile net income/\(loss\) to net cash provided) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 630.82 Td (by operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 615.87 Td (Stock-based and deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 615.98 Td (944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 615.87 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 615.87 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 603.82 Td (Equity in undistributed/\(distributed in excess of\) income of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 593.87 Td (subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 595.93 Td (88,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 595.97 Td (\(34,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 595.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 595.97 Td (\(37,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 595.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 569.87 Td (Net cash provided by operating activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 569.98 Td (67,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 569.87 Td (17,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 569.87 Td (25,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 545.98 Td (Investing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 533.87 Td (Repayment of note receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 533.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 533.87 Td (1,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 533.87 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 509.87 Td (Net cash provided by investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 509.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 509.87 Td (1,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 509.87 Td (2,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 485.98 Td (Financing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 473.87 Td (Issuance of senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 473.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 473.87 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 473.87 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 461.87 Td (Repayment of senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 461.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 461.87 Td (\(75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 461.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 461.87 Td (\(50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 461.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 449.87 Td (Advances from/\(to\) subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 450.03 Td (\(6,276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 449.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 449.87 Td (49,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 449.87 Td (\(28,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 449.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 437.87 Td (Repurchase of common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 438.03 Td (\(59,739) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 437.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 437.87 Td (\(118,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 437.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 437.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 413.87 Td (Net cash used in financing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 414.03 Td (\(66,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 413.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 413.87 Td (\(18,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 413.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 413.87 Td (\(28,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 413.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 389.87 Td (Net increase/\(decrease\) in cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 389.98 Td (1,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 389.87 Td (\(152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 389.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 389.87 Td (\(136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 389.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 365.87 Td (Cash and cash equivalents at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 365.98 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 365.87 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 365.87 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 341.87 Td (Cash and cash equivalents at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 341.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 341.98 Td (1,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 341.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 341.87 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 341.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 341.87 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 317.87 Td (Supplemental disclosures of cash flow information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 305.87 Td (Cash paid during the year for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 293.87 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 293.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 294.03 Td (\(7,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 293.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 293.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 293.87 Td (\(5,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 293.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 293.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 293.87 Td (\(4,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 293.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 281.87 Td (Income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 281.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 282.03 Td (\(27,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 281.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 281.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 281.87 Td (\(9,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 281.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 281.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 281.87 Td (\(14,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 281.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 235 0 obj <>] /Rotate 0 /Contents 236 0 R>> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 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0.9333333333333333 1 rg /GS0 gs 346.00 456.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 456.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 456.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 456.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 456.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 456.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 456.10 12.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 686.1 m 286 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 686.1 m 346 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 686.1 m 354 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 686.1 m 414 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 686.1 m 422 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 686.1 m 482 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 686.1 m 490 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 686.1 m 550 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 550 686.1 m 562 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 673.1 m 286 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 673.1 m 346 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 673.1 m 354 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 673.1 m 414 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 673.1 m 422 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 673.1 m 482 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 673.1 m 490 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 673.1 m 550 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 550 673.1 m 562 673.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.85 688.83 Td ( 2016 Fiscal Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 677.35 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.95 676.83 Td ( First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.95 676.83 Td ( Second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.80 676.83 Td ( Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.25 676.83 Td ( Fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 663.72 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 663.72 Td (159,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 663.72 Td (176,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 663.72 Td (206,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 663.72 Td (227,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 651.72 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 651.72 Td (6,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 651.72 Td (5,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 651.72 Td (5,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 651.72 Td (5,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 639.72 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 639.72 Td (153,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 639.72 Td (170,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 639.72 Td (200,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 639.72 Td (222,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 627.72 Td (Non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 627.72 Td (150,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 627.72 Td (163,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 627.72 Td (182,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 627.72 Td (281,739) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 552.50 632.72 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 615.72 Td (Income/\(loss\) before income tax expense/\(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 615.72 Td (3,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 615.72 Td (6,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 615.72 Td (18,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 615.72 Td (\(59,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 615.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 603.72 Td (Income tax expense/\(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 603.72 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 603.72 Td (1,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 603.72 Td (6,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 603.72 Td (\(25,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 603.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 591.72 Td (Net income/\(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 591.72 Td (3,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 591.72 Td (4,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 591.72 Td (11,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 591.72 Td (\(33,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 591.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 579.72 Td (Net income applicable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 579.72 Td (749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 579.72 Td (2,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 579.72 Td (1,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 579.72 Td (3,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 566.77 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 556.77 Td (Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 556.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 556.77 Td (2,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 556.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 556.77 Td (1,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 556.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 556.77 Td (10,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 556.82 Td (\(36,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 556.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 542.67 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 532.67 Td (Companies' common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 532.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 532.77 Td (2,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 532.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 532.77 Td (1,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 532.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 532.77 Td (8,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 532.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 532.82 Td (\(36,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 532.77 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 552.50 535.72 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 506.83 Td (Earnings/\(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 494.72 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 494.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 494.72 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 494.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 494.72 Td (0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 494.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 494.72 Td (0.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 494.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.30 494.72 Td (\(3.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 494.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 482.72 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 482.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 482.72 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 482.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 482.72 Td (0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 482.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 482.72 Td (0.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.50 482.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.30 482.72 Td (\(3.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 482.72 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 552.50 487.72 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 458.83 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 446.72 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 446.72 Td (13,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 446.72 Td (12,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 446.72 Td (12,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 446.72 Td (12,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 434.72 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 434.72 Td (13,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 434.72 Td (12,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 434.72 Td (12,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 434.72 Td (12,353) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 552.50 439.72 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 49.5 422.9388671875 m 97 422.9388671875 l s q 0 0 0 rg BT 49.50 420.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 406.80 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 406.80 Td (Includes ) Tj ET Q q 0 0 0 rg BT 100.24 406.80 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.99 406.80 Td ($82.9 ) Tj ET Q q 0 0 0 rg BT 129.49 406.80 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.99 406.80 Td ( ) Tj ET Q q 0 0 0 rg BT 157.24 406.80 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 191.00 406.80 Td (impairment ) Tj ET Q q 0 0 0 rg BT 234.74 406.80 Td (char) Tj ET Q q 0 0 0 rg BT 250.91 406.80 Td (ge.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 393.00 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 393.00 Td (No ) Tj ET Q q 0 0 0 rg BT 80.25 393.00 Td (allocation ) Tj ET Q q 0 0 0 rg BT 119.00 393.00 Td (of ) Tj ET Q q 0 0 0 rg BT 128.25 393.00 Td (income ) Tj ET Q q 0 0 0 rg BT 156.49 393.00 Td (was ) Tj ET Q q 0 0 0 rg BT 172.74 393.00 Td (made ) Tj ET Q q 0 0 0 rg BT 194.49 393.00 Td (due ) Tj ET Q q 0 0 0 rg BT 209.73 393.00 Td (to ) Tj ET Q q 0 0 0 rg BT 218.98 393.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 235.24 393.00 Td (position.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 379.20 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 379.20 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 102.88 379.20 Td (per ) Tj ET Q q 0 0 0 rg BT 117.26 379.20 Td (diluted ) Tj ET Q q 0 0 0 rg BT 144.64 379.20 Td (common ) Tj ET Q q 0 0 0 rg BT 177.51 379.20 Td (shar) Tj ET Q q 0 0 0 rg BT 193.18 379.20 Td (e ) Tj ET Q q 0 0 0 rg BT 199.55 379.20 Td (is ) Tj ET Q q 0 0 0 rg BT 207.94 379.20 Td (calculated ) Tj ET Q q 0 0 0 rg BT 247.80 379.20 Td (using ) Tj ET Q q 0 0 0 rg BT 269.69 379.20 Td (the ) Tj ET Q q 0 0 0 rg BT 283.06 379.20 Td (basic ) Tj ET Q q 0 0 0 rg BT 304.44 379.20 Td (weighted ) Tj ET Q q 0 0 0 rg BT 339.31 379.20 Td (average ) Tj ET Q q 0 0 0 rg BT 370.68 379.20 Td (number ) Tj ET Q q 0 0 0 rg BT 400.55 379.20 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 379.20 Td (common ) Tj ET Q q 0 0 0 rg BT 442.81 379.20 Td (shar) Tj ET Q q 0 0 0 rg BT 458.48 379.20 Td (es ) Tj ET Q q 0 0 0 rg BT 468.36 379.20 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 513.24 379.20 Td (for ) Tj ET Q q 0 0 0 rg BT 526.12 379.20 Td (periods ) Tj ET Q q 0 0 0 rg BT 555.50 379.20 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 368.40 Td (which ) Tj ET Q q 0 0 0 rg BT 91.25 368.40 Td (a ) Tj ET Q q 0 0 0 rg BT 98.00 368.40 Td (loss ) Tj ET Q q 0 0 0 rg BT 114.25 368.40 Td (is ) Tj ET Q q 0 0 0 rg BT 122.51 368.40 Td (incurr) Tj ET Q q 0 0 0 rg BT 144.67 368.40 Td (ed.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 320.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 320.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 320.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 320.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 320.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 320.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 320.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 320.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 320.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 320.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 296.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 296.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 296.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 296.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 296.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 296.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 296.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 296.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 296.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 296.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 272.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 272.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 272.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 272.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 272.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 272.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 272.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 272.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 272.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 272.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 248.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 248.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 248.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 248.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 248.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 248.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 248.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 248.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 248.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 248.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 224.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 224.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 224.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 224.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 224.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 224.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 224.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 224.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 224.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 188.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 188.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 188.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 188.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 188.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 188.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 188.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 188.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 188.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 188.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 164.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 164.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 164.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 164.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 164.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 164.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 164.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 164.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 164.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 164.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 140.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 140.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 140.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 140.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 140.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 140.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 140.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 140.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 140.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 140.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 116.90 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 116.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 116.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 116.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 116.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 116.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 116.90 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 116.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 116.90 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 116.90 8.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 333.9 m 290 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 333.9 m 350 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 333.9 m 358 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 333.9 m 418 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 333.9 m 426 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 333.9 m 487 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 333.9 m 495 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 333.9 m 555 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555 333.9 m 563 333.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 320.9 m 290 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 320.9 m 350 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 320.9 m 358 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 320.9 m 418 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 320.9 m 426 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 320.9 m 487 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 320.9 m 495 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 320.9 m 555 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555 320.9 m 563 320.9 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.35 336.63 Td ( 2015 Fiscal Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 325.15 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.95 324.63 Td ( First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.95 324.63 Td ( Second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.30 324.63 Td ( Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 324.63 Td ( Fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 311.52 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 311.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 311.52 Td (168,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 311.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 311.52 Td (170,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 311.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 311.52 Td (154,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 311.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 311.52 Td (203,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 299.52 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 299.52 Td (6,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 299.52 Td (6,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 299.52 Td (5,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 299.52 Td (5,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 287.52 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 287.52 Td (161,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 287.52 Td (164,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 287.52 Td (149,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 287.52 Td (197,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 275.52 Td (Non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 275.52 Td (130,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 275.52 Td (138,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 275.52 Td (142,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 275.52 Td (174,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 263.52 Td (Income before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 263.52 Td (31,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 263.52 Td (25,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 263.52 Td (6,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 263.52 Td (22,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 251.52 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 251.52 Td (9,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 251.52 Td (9,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 251.52 Td (1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 251.52 Td (7,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 239.52 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 239.52 Td (21,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 239.52 Td (16,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 239.52 Td (5,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 239.52 Td (15,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 227.52 Td (Net income/\(loss\) applicable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 227.52 Td (4,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 227.52 Td (\(682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 227.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 227.52 Td (384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 227.52 Td (1,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 215.52 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 215.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 215.52 Td (16,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 215.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 215.52 Td (16,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 215.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 215.52 Td (4,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 215.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 215.52 Td (13,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 203.47 Td (Net income applicable to Piper Jaffray Companies') Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 193.47 Td (common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 193.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 193.57 Td (15,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 193.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 193.57 Td (15,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 193.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 193.57 Td (4,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 193.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 193.57 Td (12,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 167.63 Td (Earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 155.52 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 155.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 155.52 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 155.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 155.52 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 155.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 155.52 Td (0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 155.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 155.52 Td (0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 143.52 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 143.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 143.52 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 143.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 143.52 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 143.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 143.52 Td (0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 143.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 143.52 Td (0.88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 119.63 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 107.52 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 107.52 Td (15,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 107.52 Td (14,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 107.52 Td (13,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 107.52 Td (13,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 95.52 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 95.52 Td (15,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 95.52 Td (14,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 95.52 Td (13,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 95.52 Td (13,782) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 237 0 obj <>] /Rotate 0 /Contents 238 0 R>> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (ITEM 9.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.67 717.75 Td (CHANGES IN ) Tj ET Q q 0 0 0 rg BT 167.21 717.75 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 278.17 717.75 Td (WITH ) Tj ET Q q 0 0 0 rg BT 306.97 717.75 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 354.20 717.75 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 398.83 717.75 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 467.08 717.75 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 545.33 717.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 705.75 Td (DISCLOSURE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 657.75 Td (ITEM9A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.39 657.75 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 161.30 657.75 Td (AND PROCEDURES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 633.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.73 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 74.68 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 89.51 633.75 Td (end ) Tj ET Q q 0 0 0 rg BT 106.56 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 117.51 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 132.34 633.75 Td (period ) Tj ET Q q 0 0 0 rg BT 160.51 633.75 Td (covered ) Tj ET Q q 0 0 0 rg BT 194.77 633.75 Td (by ) Tj ET Q q 0 0 0 rg BT 207.38 633.75 Td (this ) Tj ET Q q 0 0 0 rg BT 224.45 633.75 Td (report, ) Tj ET Q q 0 0 0 rg BT 253.44 633.75 Td (we ) Tj ET Q q 0 0 0 rg BT 267.72 633.75 Td (conducted ) Tj ET Q q 0 0 0 rg BT 311.43 633.75 Td (an ) Tj ET Q q 0 0 0 rg BT 323.48 633.75 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 370.25 633.75 Td (under ) Tj ET Q q 0 0 0 rg BT 395.63 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.47 633.75 Td (supervision ) Tj ET Q q 0 0 0 rg BT 459.19 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 476.25 633.75 Td (with ) Tj ET Q q 0 0 0 rg BT 496.64 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.47 633.75 Td (participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.20 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 77.39 621.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 115.80 621.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 156.97 621.75 Td (of) Tj ET Q q 0 0 0 rg BT 165.12 621.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 186.30 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 203.61 621.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 242.01 621.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.86 621.75 Td (of) Tj ET Q q 0 0 0 rg BT 288.01 621.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 305.92 621.75 Td (, ) Tj ET Q q 0 0 0 rg BT 311.29 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 322.49 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 338.68 621.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 382.09 621.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.17 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 434.48 621.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 481.21 621.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 495.74 621.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 528.59 621.75 Td (in ) Tj ET Q q 0 0 0 rg BT 539.23 621.75 Td (Rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 91.86 609.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.28 609.75 Td (15d-15\(e\) ) Tj ET Q q 0 0 0 rg BT 151.70 609.75 Td (under ) Tj ET Q q 0 0 0 rg BT 177.46 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 192.66 609.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 235.08 609.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 276.84 609.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 294.26 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 305.58 609.75 Td (1934\). ) Tj ET Q q 0 0 0 rg BT 334.40 609.75 Td (Based ) Tj ET Q q 0 0 0 rg BT 361.83 609.75 Td (on ) Tj ET Q q 0 0 0 rg BT 374.81 609.75 Td (this ) Tj ET Q q 0 0 0 rg BT 392.25 609.75 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 439.39 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 455.71 609.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 494.24 609.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 535.54 609.75 Td (of) Tj ET Q q 0 0 0 rg BT 543.69 609.75 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 68.00 597.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 107.11 597.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.65 597.75 Td (of) Tj ET Q q 0 0 0 rg BT 153.80 597.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 175.68 597.75 Td (concluded ) Tj ET Q q 0 0 0 rg BT 220.34 597.75 Td (that ) Tj ET Q q 0 0 0 rg BT 238.90 597.75 Td (our ) Tj ET Q q 0 0 0 rg BT 255.79 597.75 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 299.90 597.75 Td (controls ) Tj ET Q q 0 0 0 rg BT 335.68 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.68 597.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 401.11 597.75 Td (are ) Tj ET Q q 0 0 0 rg BT 416.88 597.75 Td (ef) Tj ET Q q 0 0 0 rg BT 424.47 597.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 455.24 597.75 Td (to ) Tj ET Q q 0 0 0 rg BT 466.58 597.75 Td (ensure ) Tj ET Q q 0 0 0 rg BT 496.24 597.75 Td (that ) Tj ET Q q 0 0 0 rg BT 514.80 597.75 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.75 Td (required ) Tj ET Q q 0 0 0 rg BT 85.06 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 94.58 585.75 Td (be ) Tj ET Q q 0 0 0 rg BT 105.77 585.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 144.73 585.75 Td (by ) Tj ET Q q 0 0 0 rg BT 156.47 585.75 Td (us ) Tj ET Q q 0 0 0 rg BT 167.11 585.75 Td (in ) Tj ET Q q 0 0 0 rg BT 176.63 585.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 206.14 585.75 Td (that ) Tj ET Q q 0 0 0 rg BT 222.88 585.75 Td (we ) Tj ET Q q 0 0 0 rg BT 236.29 585.75 Td (file ) Tj ET Q q 0 0 0 rg BT 251.36 585.75 Td (or ) Tj ET Q q 0 0 0 rg BT 261.43 585.75 Td (submit ) Tj ET Q q 0 0 0 rg BT 290.40 585.75 Td (under ) Tj ET Q q 0 0 0 rg BT 314.92 585.75 Td (the ) Tj ET Q q 0 0 0 rg BT 328.88 585.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 370.06 585.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 410.84 585.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 427.02 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 437.10 585.75 Td (1934 ) Tj ET Q q 0 0 0 rg BT 458.84 585.75 Td (is ) Tj ET Q q 0 0 0 rg BT 467.26 585.75 Td (\(a\)recorded, ) Tj ET Q q 0 0 0 rg BT 520.08 585.75 Td (processed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (summarized ) Tj ET Q q 0 0 0 rg BT 103.31 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.19 573.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 159.94 573.75 Td (within ) Tj ET Q q 0 0 0 rg BT 189.93 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.59 573.75 Td (time ) Tj ET Q q 0 0 0 rg BT 228.80 573.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 262.68 573.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 303.21 573.75 Td (in ) Tj ET Q q 0 0 0 rg BT 315.43 573.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 359.30 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 378.17 573.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 422.04 573.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 477.04 573.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 500.92 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 519.79 573.75 Td (forms ) Tj ET Q q 0 0 0 rg BT 547.56 573.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.75 Td (\(b\)accumulated ) Tj ET Q q 0 0 0 rg BT 117.29 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 134.34 561.75 Td (communicated ) Tj ET Q q 0 0 0 rg BT 195.81 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 206.19 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 222.13 561.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 278.32 561.75 Td (including ) Tj ET Q q 0 0 0 rg BT 318.70 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 334.63 561.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 372.78 561.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 413.70 561.75 Td (of) Tj ET Q q 0 0 0 rg BT 421.85 561.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 442.77 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 459.81 561.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 497.96 561.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 535.54 561.75 Td (of) Tj ET Q q 0 0 0 rg BT 543.69 561.75 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 549.75 Td (allow ) Tj ET Q q 0 0 0 rg BT 85.00 549.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 113.05 549.75 Td (decisions ) Tj ET Q q 0 0 0 rg BT 152.76 549.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 193.58 549.75 Td (disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.75 Td (During ) Tj ET Q q 0 0 0 rg BT 80.63 525.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.14 525.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 121.87 525.75 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.19 525.75 Td ( ) Tj ET Q q 0 0 0 rg BT 152.49 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 163.11 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 178.74 525.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 202.69 525.75 Td (year ) Tj ET Q q 0 0 0 rg BT 222.19 525.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.37 525.75 Td (December ) Tj ET Q q 0 0 0 rg BT 291.75 525.75 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.54 525.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.54 525.75 Td (, ) Tj ET Q q 0 0 0 rg BT 331.34 525.75 Td (there ) Tj ET Q q 0 0 0 rg BT 353.62 525.75 Td (was ) Tj ET Q q 0 0 0 rg BT 371.47 525.75 Td (no ) Tj ET Q q 0 0 0 rg BT 383.77 525.75 Td (change ) Tj ET Q q 0 0 0 rg BT 414.38 525.75 Td (in ) Tj ET Q q 0 0 0 rg BT 424.45 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 440.08 525.75 Td (system ) Tj ET Q q 0 0 0 rg BT 470.15 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.78 525.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.62 525.75 Td (control ) Tj ET Q q 0 0 0 rg BT 544.24 525.75 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.73 513.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 127.13 513.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 141.54 513.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 174.27 513.75 Td (in ) Tj ET Q q 0 0 0 rg BT 184.80 513.75 Td (Rules ) Tj ET Q q 0 0 0 rg BT 210.33 513.75 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 250.83 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 268.02 513.75 Td (15d-15\(f\) ) Tj ET Q q 0 0 0 rg BT 309.09 513.75 Td (under ) Tj ET Q q 0 0 0 rg BT 334.60 513.75 Td (the ) Tj ET Q q 0 0 0 rg BT 349.57 513.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 391.75 513.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 433.32 513.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 450.50 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 461.58 513.75 Td (1934\) ) Tj ET Q q 0 0 0 rg BT 487.66 513.75 Td (that ) Tj ET Q q 0 0 0 rg BT 505.40 513.75 Td (has ) Tj ET Q q 0 0 0 rg BT 521.48 513.75 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.75 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 501.75 Td (fected, ) Tj ET Q q 0 0 0 rg BT 87.01 501.75 Td (or ) Tj ET Q q 0 0 0 rg BT 97.84 501.75 Td (is ) Tj ET Q q 0 0 0 rg BT 107.01 501.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 152.83 501.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 178.10 501.75 Td (to ) Tj ET Q q 0 0 0 rg BT 188.38 501.75 Td (materially ) Tj ET Q q 0 0 0 rg BT 231.42 501.75 Td (af) Tj ET Q q 0 0 0 rg BT 239.00 501.75 Td (fect, ) Tj ET Q q 0 0 0 rg BT 258.99 501.75 Td (our ) Tj ET Q q 0 0 0 rg BT 274.82 501.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 307.86 501.75 Td (control ) Tj ET Q q 0 0 0 rg BT 338.69 501.75 Td (over ) Tj ET Q q 0 0 0 rg BT 358.96 501.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.44 501.75 Td (reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.75 Td (Management) Tj ET Q q 0 0 0 rg BT 104.98 477.75 Td (s ) Tj ET Q q 0 0 0 rg BT 110.78 477.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 139.90 477.75 Td (on ) Tj ET Q q 0 0 0 rg BT 151.81 477.75 Td (Internal ) Tj ET Q q 0 0 0 rg BT 184.81 477.75 Td (Control ) Tj ET Q q 0 0 0 rg BT 217.27 477.75 Td (Over ) Tj ET Q q 0 0 0 rg BT 239.16 477.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 278.28 477.75 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 320.18 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 336.53 477.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.65 477.75 Td (attestation ) Tj ET Q q 0 0 0 rg BT 393.65 477.75 Td (report ) Tj ET Q q 0 0 0 rg BT 419.44 477.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.67 477.75 Td (our ) Tj ET Q q 0 0 0 rg BT 444.91 477.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 495.69 477.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 537.02 477.75 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 96.86 465.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 117.07 465.75 Td (on ) Tj ET Q q 0 0 0 rg BT 130.06 465.75 Td (management) Tj ET Q q 0 0 0 rg BT 183.93 465.75 Td (s ) Tj ET Q q 0 0 0 rg BT 190.81 465.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 238.24 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.56 465.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 283.09 465.75 Td (control ) Tj ET Q q 0 0 0 rg BT 314.41 465.75 Td (over ) Tj ET Q q 0 0 0 rg BT 335.17 465.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.14 465.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 412.79 465.75 Td (are ) Tj ET Q q 0 0 0 rg BT 427.98 465.75 Td (included ) Tj ET Q q 0 0 0 rg BT 465.41 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 476.18 465.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 495.28 465.75 Td (II, ) Tj ET Q q 0 0 0 rg BT 507.43 465.75 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 536.24 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 547.56 465.75 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 74.17 453.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 97.22 453.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 129.71 453.75 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 173.51 453.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 219.89 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 236.83 453.75 Td (Supplementary ) Tj ET Q q 0 0 0 rg BT 299.87 453.75 Td (Data" ) Tj ET Q q 0 0 0 rg BT 325.33 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.27 453.75 Td (are ) Tj ET Q q 0 0 0 rg BT 356.97 453.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 410.00 453.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 437.49 453.75 Td (by ) Tj ET Q q 0 0 0 rg BT 449.99 453.75 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (ITEM 9B. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.34 429.75 Td (OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 188.97 429.75 Td (TION.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (Not ) Tj ET Q q 0 0 0 rg BT 67.00 405.75 Td (applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 381.75 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 381.75 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 381.75 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 381.75 Td ( III ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (ITEM 10. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.67 357.75 Td (DIRECT) Tj ET Q q 0 0 0 rg BT 140.72 357.75 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 277.07 357.75 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 347.36 357.75 Td (TE GOVERNANCE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 333.75 Td (information ) Tj ET Q q 0 0 0 rg BT 117.68 333.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 158.70 333.75 Td (our ) Tj ET Q q 0 0 0 rg BT 174.74 333.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 215.76 333.75 Td (of) Tj ET Q q 0 0 0 rg BT 223.91 333.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 248.83 333.75 Td (included ) Tj ET Q q 0 0 0 rg BT 285.97 333.75 Td (in ) Tj ET Q q 0 0 0 rg BT 296.46 333.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 315.27 333.75 Td (I ) Tj ET Q q 0 0 0 rg BT 321.31 333.75 Td (of ) Tj ET Q q 0 0 0 rg BT 332.35 333.75 Td (this ) Tj ET Q q 0 0 0 rg BT 349.51 333.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 373.89 333.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 397.15 333.75 Td (under ) Tj ET Q q 0 0 0 rg BT 422.63 333.75 Td (the ) Tj ET Q q 0 0 0 rg BT 437.55 333.75 Td (caption ) Tj ET Q q 0 0 0 rg BT 469.69 333.75 Td ("Executive ) Tj ET Q q 0 0 0 rg BT 516.46 333.75 Td (Of) Tj ET Q q 0 0 0 rg BT 526.84 333.75 Td (ficers" ) Tj ET Q q 0 0 0 rg BT 555.83 333.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 102.53 321.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 130.02 321.75 Td (by ) Tj ET Q q 0 0 0 rg BT 142.52 321.75 Td (reference. ) Tj ET Q q 0 0 0 rg BT 184.53 321.75 Td (The ) Tj ET Q q 0 0 0 rg BT 202.58 321.75 Td (information ) Tj ET Q q 0 0 0 rg BT 252.29 321.75 Td (in ) Tj ET Q q 0 0 0 rg BT 262.57 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 277.29 321.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 318.12 321.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 343.95 321.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 384.77 321.75 Td (for ) Tj ET Q q 0 0 0 rg BT 398.93 321.75 Td (our ) Tj ET Q q 0 0 0 rg BT 414.77 321.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 437.27 321.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 466.43 321.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 501.14 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.97 321.75 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.67 309.75 Td (be ) Tj ET Q q 0 0 0 rg BT 71.51 309.75 Td (held ) Tj ET Q q 0 0 0 rg BT 91.12 309.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.52 309.75 Td (May1) Tj ET Q q 0 0 0 rg BT 128.98 309.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 138.88 309.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 309.75 Td (, ) Tj ET Q q 0 0 0 rg BT 163.77 309.75 Td (under ) Tj ET Q q 0 0 0 rg BT 188.94 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.55 309.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 239.27 309.75 Td ("Item ) Tj ET Q q 0 0 0 rg BT 264.08 309.75 Td (I ) Tj ET Q q 0 0 0 rg BT 269.80 309.75 Td ( ) Tj ET Q q 0 0 0 rg BT 282.20 309.75 Td (Election ) Tj ET Q q 0 0 0 rg BT 317.92 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.64 309.75 Td (Directors," ) Tj ET Q q 0 0 0 rg BT 374.83 309.75 Td ("Information ) Tj ET Q q 0 0 0 rg BT 429.07 309.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 473.12 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.73 309.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 514.57 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.30 309.75 Td (Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 297.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 109.94 297.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 161.25 297.75 Td ( ) Tj ET Q q 0 0 0 rg BT 174.26 297.75 Td (Committees ) Tj ET Q q 0 0 0 rg BT 225.60 297.75 Td (of ) Tj ET Q q 0 0 0 rg BT 236.94 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.16 297.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 279.61 297.75 Td ( ) Tj ET Q q 0 0 0 rg BT 291.95 297.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 317.74 297.75 Td (Committee," ) Tj ET Q q 0 0 0 rg BT 371.77 297.75 Td ("Information ) Tj ET Q q 0 0 0 rg BT 426.62 297.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 471.28 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 486.51 297.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 513.95 297.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.29 297.75 Td (Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.90 285.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 111.84 285.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 164.11 285.75 Td ( ) Tj ET Q q 0 0 0 rg BT 178.07 285.75 Td (Codes ) Tj ET Q q 0 0 0 rg BT 207.03 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.32 285.75 Td (Ethics ) Tj ET Q q 0 0 0 rg BT 248.27 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.67 285.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 306.19 285.75 Td (Conduct" ) Tj ET Q q 0 0 0 rg BT 348.12 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 366.52 285.75 Td ("Section ) Tj ET Q q 0 0 0 rg BT 404.56 285.75 Td (16\(a\) ) Tj ET Q q 0 0 0 rg BT 429.62 285.75 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 474.67 285.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 522.51 285.75 Td (Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (Compliance" ) Tj ET Q q 0 0 0 rg BT 104.40 273.75 Td (is ) Tj ET Q q 0 0 0 rg BT 113.57 273.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 166.60 273.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 194.09 273.75 Td (by ) Tj ET Q q 0 0 0 rg BT 206.59 273.75 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (ITEM1) Tj ET Q q 0 0 0 rg BT 83.12 249.75 Td (1. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.12 249.75 Td (EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 217.32 249.75 Td (TION.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 225.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.75 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.77 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.23 225.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.80 225.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.38 225.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.94 225.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.85 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.42 225.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 299.67 225.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.57 225.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 363.02 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.60 225.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.38 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.40 225.75 Td (be ) Tj ET Q q 0 0 0 rg BT 448.09 225.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.55 225.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.79 225.75 Td (May1) Tj ET Q q 0 0 0 rg BT 505.25 225.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 515.00 225.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 225.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 225.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.66 213.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 98.93 213.75 Td ("Executive ) Tj ET Q q 0 0 0 rg BT 144.93 213.75 Td (Compensation," ) Tj ET Q q 0 0 0 rg BT 211.23 213.75 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 246.69 213.75 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 303.07 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.45 213.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 351.80 213.75 Td (T) Tj ET Q q 0 0 0 rg BT 357.55 213.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 404.48 213.75 Td ( ) Tj ET Q q 0 0 0 rg BT 416.42 213.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 476.14 213.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 522.52 213.75 Td (Interlocks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 201.75 Td (Insider ) Tj ET Q q 0 0 0 rg BT 96.35 201.75 Td (Participation," ) Tj ET Q q 0 0 0 rg BT 156.35 201.75 Td ("Information ) Tj ET Q q 0 0 0 rg BT 210.52 201.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 254.49 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 269.03 201.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 295.79 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.44 201.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 345.97 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.73 201.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 405.03 201.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 455.66 201.75 Td ( ) Tj ET Q q 0 0 0 rg BT 467.98 201.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 528.08 201.75 Td (Program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 189.75 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 127.25 189.75 Td (Directors" ) Tj ET Q q 0 0 0 rg BT 171.04 189.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.98 189.75 Td ("Information ) Tj ET Q q 0 0 0 rg BT 242.33 189.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 286.48 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.20 189.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 328.14 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 338.97 189.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 378.67 189.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.61 189.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 438.10 189.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 488.90 189.75 Td ( ) Tj ET Q q 0 0 0 rg BT 501.40 189.75 Td (Non-Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 85.32 177.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 145.59 177.75 Td (for ) Tj ET Q q 0 0 0 rg BT 159.75 177.75 Td (2016" ) Tj ET Q q 0 0 0 rg BT 186.33 177.75 Td (is ) Tj ET Q q 0 0 0 rg BT 195.50 177.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 248.53 177.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 276.02 177.75 Td (by ) Tj ET Q q 0 0 0 rg BT 288.52 177.75 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (ITEM 12. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.67 153.75 Td (SECURITY) Tj ET Q q 0 0 0 rg BT 152.20 153.75 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 214.34 153.75 Td ( OF) Tj ET Q q 0 0 0 rg BT 230.55 153.75 Td ( CERT) Tj ET Q q 0 0 0 rg BT 258.62 153.75 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 339.67 153.75 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 386.53 153.75 Td (AND MANAGEMENT ) Tj ET Q q 0 0 0 rg BT 484.51 153.75 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 533.69 153.75 Td (TED ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.50 141.75 Td (SHAREHOLDER MA) Tj ET Q q 0 0 0 rg BT 196.03 141.75 Td (TTERS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 117.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.75 117.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.77 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.23 117.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.80 117.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.38 117.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.94 117.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.85 117.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.42 117.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 299.67 117.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.57 117.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 363.02 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.60 117.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.38 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.40 117.75 Td (be ) Tj ET Q q 0 0 0 rg BT 448.09 117.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.55 117.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.79 117.75 Td (May1) Tj ET Q q 0 0 0 rg BT 505.25 117.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 515.00 117.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 117.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 117.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.70 105.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 99.01 105.75 Td ("Security ) Tj ET Q q 0 0 0 rg BT 138.40 105.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 184.26 105.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.24 105.75 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 239.31 105.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 285.18 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.49 105.75 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 337.18 105.75 Td (Nominees ) Tj ET Q q 0 0 0 rg BT 379.71 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 396.13 105.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 438.09 105.75 Td (Of) Tj ET Q q 0 0 0 rg BT 448.46 105.75 Td (ficers," ) Tj ET Q q 0 0 0 rg BT 479.24 105.75 Td ("Security ) Tj ET Q q 0 0 0 rg BT 518.63 105.75 Td (Ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td ( ) Tj ET Q q 0 0 0 rg BT 62.21 93.75 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 106.01 93.75 Td (Owners ) Tj ET Q q 0 0 0 rg BT 139.82 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.86 93.75 Td (More ) Tj ET Q q 0 0 0 rg BT 175.23 93.75 Td (than ) Tj ET Q q 0 0 0 rg BT 195.15 93.75 Td (Five ) Tj ET Q q 0 0 0 rg BT 215.64 93.75 Td (Percent ) Tj ET Q q 0 0 0 rg BT 248.33 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.37 93.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 277.63 93.75 Td (Common ) Tj ET Q q 0 0 0 rg BT 317.57 93.75 Td (Stock" ) Tj ET Q q 0 0 0 rg BT 347.14 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 364.29 93.75 Td ("Executive ) Tj ET Q q 0 0 0 rg BT 411.06 93.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 471.54 93.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.25 93.75 Td (Outstanding ) Tj ET Q q 0 0 0 rg BT 535.85 93.75 Td (Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (A) Tj ET Q q 0 0 0 rg BT 55.80 81.75 Td (wards" ) Tj ET Q q 0 0 0 rg BT 86.27 81.75 Td (are ) Tj ET Q q 0 0 0 rg BT 100.97 81.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 154.01 81.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 181.49 81.75 Td (by ) Tj ET Q q 0 0 0 rg BT 193.99 81.75 Td (reference.) Tj ET Q endstream endobj 239 0 obj <>] /Rotate 0 /Contents 240 0 R>> endobj 240 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (ITEM 13. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.67 717.75 Td (CERT) Tj ET Q q 0 0 0 rg BT 129.24 717.75 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 175.09 717.75 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 230.56 717.75 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 279.74 717.75 Td (TED TRANSACTIONS, ) Tj ET Q q 0 0 0 rg BT 382.44 717.75 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 443.11 717.75 Td (OR INDEPENDENCE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 693.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.75 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.77 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.23 693.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.80 693.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.38 693.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.94 693.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.85 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.42 693.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 299.67 693.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.57 693.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 363.02 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.60 693.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.38 693.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.40 693.75 Td (be ) Tj ET Q q 0 0 0 rg BT 448.09 693.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.55 693.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.79 693.75 Td (May1) Tj ET Q q 0 0 0 rg BT 505.25 693.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 515.00 693.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 693.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 693.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.30 681.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 102.20 681.75 Td ("Information ) Tj ET Q q 0 0 0 rg BT 157.63 681.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 202.86 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 218.66 681.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 246.67 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.58 681.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 299.37 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 317.39 681.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 360.95 681.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 412.83 681.75 Td ( ) Tj ET Q q 0 0 0 rg BT 426.41 681.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 463.31 681.75 Td (Independence," ) Tj ET Q q 0 0 0 rg BT 528.99 681.75 Td ("Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 105.43 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.35 669.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 153.27 669.75 Td (T) Tj ET Q q 0 0 0 rg BT 159.03 669.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 205.50 669.75 Td ( ) Tj ET Q q 0 0 0 rg BT 216.87 669.75 Td (T) Tj ET Q q 0 0 0 rg BT 222.63 669.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 269.10 669.75 Td (with ) Tj ET Q q 0 0 0 rg BT 288.36 669.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 320.39 669.75 Td (Persons" ) Tj ET Q q 0 0 0 rg BT 357.07 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 372.99 669.75 Td ("Certain ) Tj ET Q q 0 0 0 rg BT 407.99 669.75 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 463.92 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 479.84 669.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 511.76 669.75 Td (T) Tj ET Q q 0 0 0 rg BT 517.52 669.75 Td (ransactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td ( ) Tj ET Q q 0 0 0 rg BT 62.00 657.75 Td (Review ) Tj ET Q q 0 0 0 rg BT 95.05 657.75 Td (and ) Tj ET Q q 0 0 0 rg BT 111.43 657.75 Td (Approval ) Tj ET Q q 0 0 0 rg BT 151.70 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 162.35 657.75 Td (T) Tj ET Q q 0 0 0 rg BT 168.11 657.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 215.59 657.75 Td (with ) Tj ET Q q 0 0 0 rg BT 235.87 657.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 268.91 657.75 Td (Persons" ) Tj ET Q q 0 0 0 rg BT 306.61 657.75 Td (is ) Tj ET Q q 0 0 0 rg BT 315.78 657.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 368.81 657.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 396.30 657.75 Td (by ) Tj ET Q q 0 0 0 rg BT 408.80 657.75 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (ITEM 14. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.67 633.75 Td (PRINCIP) Tj ET Q q 0 0 0 rg BT 143.49 633.75 Td (AL) Tj ET Q q 0 0 0 rg BT 155.90 633.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.03 633.75 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 205.26 633.75 Td (ANT FEES ) Tj ET Q q 0 0 0 rg BT 255.46 633.75 Td (AND SER) Tj ET Q q 0 0 0 rg BT 297.79 633.75 Td (VICES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 609.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.75 609.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.77 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.23 609.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.80 609.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.38 609.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.94 609.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.85 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.42 609.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 299.67 609.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.57 609.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 363.02 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.60 609.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.38 609.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.40 609.75 Td (be ) Tj ET Q q 0 0 0 rg BT 448.09 609.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.55 609.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.79 609.75 Td (May1) Tj ET Q q 0 0 0 rg BT 505.25 609.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 515.00 609.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 609.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 609.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.98 597.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 99.57 597.75 Td ("Audit ) Tj ET Q q 0 0 0 rg BT 128.69 597.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 175.39 597.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 204.87 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.58 597.75 Td (Payment ) Tj ET Q q 0 0 0 rg BT 258.83 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.43 597.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 290.02 597.75 Td (to ) Tj ET Q q 0 0 0 rg BT 300.06 597.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 317.88 597.75 Td (Independent ) Tj ET Q q 0 0 0 rg BT 369.06 597.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 402.44 597.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.20 597.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 447.57 597.75 Td (Fees" ) Tj ET Q q 0 0 0 rg BT 472.25 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 488.95 597.75 Td ("Audit ) Tj ET Q q 0 0 0 rg BT 518.07 597.75 Td (Committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 80.01 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 97.75 585.75 Td (Payment ) Tj ET Q q 0 0 0 rg BT 136.04 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.67 585.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 169.30 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.37 585.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 199.22 585.75 Td (Independent ) Tj ET Q q 0 0 0 rg BT 251.22 585.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 285.62 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 298.19 585.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 332.60 585.75 Td (Services ) Tj ET Q q 0 0 0 rg BT 369.77 585.75 Td (Pre-Approval ) Tj ET Q q 0 0 0 rg BT 427.50 585.75 Td (Policy" ) Tj ET Q q 0 0 0 rg BT 460.43 585.75 Td (is ) Tj ET Q q 0 0 0 rg BT 470.40 585.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 524.23 585.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 552.51 585.75 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 549.75 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 549.75 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 549.75 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 549.75 Td ( IV) Tj ET Q q 0 0 0 rg BT 325.68 549.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (ITEM15. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.67 525.75 Td (EXHIBITS ) Tj ET Q q 0 0 0 rg BT 153.04 525.75 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 231.30 525.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 244.92 525.75 Td (A) Tj ET Q q 0 0 0 rg BT 251.03 525.75 Td (TEMENT SCHEDULES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (\(a\)\(1\)FINANCIAL) Tj ET Q q 0 0 0 rg BT 135.77 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 138.27 501.75 Td (ST) Tj ET Q q 0 0 0 rg BT 149.14 501.75 Td (A) Tj ET Q q 0 0 0 rg BT 155.26 501.75 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 203.87 501.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 218.97 501.75 Td (THE ) Tj ET Q q 0 0 0 rg BT 240.91 501.75 Td (COMP) Tj ET Q q 0 0 0 rg BT 268.33 501.75 Td (ANY) Tj ET Q q 0 0 0 rg BT 288.71 501.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 477.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 122.82 477.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 162.53 477.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 208.91 477.75 Td (are ) Tj ET Q q 0 0 0 rg BT 223.62 477.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 276.65 477.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 304.14 477.75 Td (by ) Tj ET Q q 0 0 0 rg BT 316.64 477.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 356.32 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.26 477.75 Td (included ) Tj ET Q q 0 0 0 rg BT 410.19 477.75 Td (in ) Tj ET Q q 0 0 0 rg BT 420.47 477.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 439.08 477.75 Td (II, ) Tj ET Q q 0 0 0 rg BT 450.74 477.75 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 479.07 477.75 Td (to ) Tj ET Q q 0 0 0 rg BT 489.34 477.75 Td (this ) Tj ET Q q 0 0 0 rg BT 506.29 477.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 530.46 477.75 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (\(a\)\(2\)FINANCIAL) Tj ET Q q 0 0 0 rg BT 135.77 453.75 Td ( ) Tj ET Q q 0 0 0 rg BT 138.27 453.75 Td (ST) Tj ET Q q 0 0 0 rg BT 149.14 453.75 Td (A) Tj ET Q q 0 0 0 rg BT 155.26 453.75 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 195.62 453.75 Td ( ) Tj ET Q q 0 0 0 rg BT 198.12 453.75 Td (SCHEDULES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (All ) Tj ET Q q 0 0 0 rg BT 65.28 429.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 103.26 429.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 144.58 429.75 Td (schedules ) Tj ET Q q 0 0 0 rg BT 186.45 429.75 Td (for ) Tj ET Q q 0 0 0 rg BT 201.11 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.33 429.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.22 429.75 Td (have ) Tj ET Q q 0 0 0 rg BT 280.09 429.75 Td (been ) Tj ET Q q 0 0 0 rg BT 301.97 429.75 Td (included ) Tj ET Q q 0 0 0 rg BT 339.40 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 350.18 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.40 429.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 421.17 429.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 461.38 429.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 508.26 429.75 Td (or ) Tj ET Q q 0 0 0 rg BT 519.59 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.81 429.75 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (footnotes, ) Tj ET Q q 0 0 0 rg BT 91.72 417.75 Td (or ) Tj ET Q q 0 0 0 rg BT 102.55 417.75 Td (are ) Tj ET Q q 0 0 0 rg BT 117.25 417.75 Td (either ) Tj ET Q q 0 0 0 rg BT 142.52 417.75 Td (inapplicable ) Tj ET Q q 0 0 0 rg BT 193.88 417.75 Td (or ) Tj ET Q q 0 0 0 rg BT 204.71 417.75 Td (not ) Tj ET Q q 0 0 0 rg BT 219.99 417.75 Td (required.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (\(a\)\(3\)EXHIBITS. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 343.25 m 109 343.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 343.25 m 562 343.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 361.93 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 347.93 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 347.50 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 347.98 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 327.82 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 327.82 Td (Separation ) Tj ET Q q 0 0 0 rg BT 172.68 327.82 Td (and ) Tj ET Q q 0 0 0 rg BT 190.54 327.82 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 241.82 327.82 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 289.38 327.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 314.46 327.82 Td (as ) Tj ET Q q 0 0 0 rg BT 326.21 327.82 Td (of ) Tj ET Q q 0 0 0 rg BT 337.96 327.82 Td (December ) Tj ET Q q 0 0 0 rg BT 382.46 327.82 Td (23, ) Tj ET Q q 0 0 0 rg BT 398.38 327.82 Td (2003, ) Tj ET Q q 0 0 0 rg BT 424.30 327.82 Td (between ) Tj ET Q q 0 0 0 rg BT 461.03 327.82 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 482.24 327.82 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 519.53 327.82 Td (and ) Tj ET Q q 0 0 0 rg BT 537.39 327.82 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 317.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 317.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.40 317.82 Td (Companies ) Tj ET Q q 0 0 0 rg BT 203.71 317.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 259.89 317.82 Td (by ) Tj ET Q q 0 0 0 rg BT 272.20 317.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 311.70 317.82 Td (to ) Tj ET Q q 0 0 0 rg BT 321.80 317.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 353.56 317.82 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 368.38 317.82 Td (to ) Tj ET Q q 0 0 0 rg BT 378.47 317.82 Td (the ) Tj ET Q q 0 0 0 rg BT 393.00 317.82 Td (Company) Tj ET Q q 0 0 0 rg BT 434.94 317.82 Td (s ) Tj ET Q q 0 0 0 rg BT 440.64 317.82 Td (Annual ) Tj ET Q q 0 0 0 rg BT 472.12 317.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 501.66 317.82 Td (on ) Tj ET Q q 0 0 0 rg BT 513.97 317.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 537.96 317.82 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 307.82 Td (for ) Tj ET Q q 0 0 0 rg BT 140.66 307.82 Td (the ) Tj ET Q q 0 0 0 rg BT 155.38 307.82 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 179.53 307.82 Td (year ) Tj ET Q q 0 0 0 rg BT 199.24 307.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 225.62 307.82 Td (December ) Tj ET Q q 0 0 0 rg BT 269.20 307.82 Td (31, ) Tj ET Q q 0 0 0 rg BT 284.20 307.82 Td (2003, ) Tj ET Q q 0 0 0 rg BT 309.20 307.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 330.03 307.82 Td (March ) Tj ET Q q 0 0 0 rg BT 358.62 307.82 Td (8, ) Tj ET Q q 0 0 0 rg BT 368.62 307.82 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 396.95 307.82 Td (#) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 292.82 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 292.82 Td (Securities ) Tj ET Q q 0 0 0 rg BT 168.79 292.82 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 207.40 292.82 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 254.40 292.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 278.92 292.82 Td (November16, ) Tj ET Q q 0 0 0 rg BT 338.98 292.82 Td (2015 ) Tj ET Q q 0 0 0 rg BT 361.84 292.82 Td (among ) Tj ET Q q 0 0 0 rg BT 391.92 292.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 415.88 292.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 427.45 292.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 446.32 292.82 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 496.67 292.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.64 292.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 532.21 292.82 Td (fray& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 282.82 Td (Co., ) Tj ET Q q 0 0 0 rg BT 145.60 282.82 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 196.10 282.82 Td (Company ) Tj ET Q q 0 0 0 rg BT 237.42 282.82 Td (International, ) Tj ET Q q 0 0 0 rg BT 293.44 282.82 Td (SCI ) Tj ET Q q 0 0 0 rg BT 311.44 282.82 Td (JV) Tj ET Q q 0 0 0 rg BT 322.46 282.82 Td ( ) Tj ET Q q 0 0 0 rg BT 324.80 282.82 Td (LP) Tj ET Q q 0 0 0 rg BT 335.92 282.82 Td (, ) Tj ET Q q 0 0 0 rg BT 340.30 282.82 Td (SCI ) Tj ET Q q 0 0 0 rg BT 358.29 282.82 Td (GP) Tj ET Q q 0 0 0 rg BT 370.52 282.82 Td (, ) Tj ET Q q 0 0 0 rg BT 374.90 282.82 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 398.72 282.82 Td (and ) Tj ET Q q 0 0 0 rg BT 415.59 282.82 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 466.09 282.82 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.41 282.82 Td (International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 272.82 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 165.31 272.82 Td (LLC ) Tj ET Q q 0 0 0 rg BT 186.35 272.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 242.35 272.82 Td (by ) Tj ET Q q 0 0 0 rg BT 254.50 272.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 293.83 272.82 Td (to ) Tj ET Q q 0 0 0 rg BT 303.75 272.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 335.34 272.82 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 349.98 272.82 Td (to ) Tj ET Q q 0 0 0 rg BT 359.91 272.82 Td (the ) Tj ET Q q 0 0 0 rg BT 374.27 272.82 Td (Company) Tj ET Q q 0 0 0 rg BT 416.21 272.82 Td (s ) Tj ET Q q 0 0 0 rg BT 421.97 272.82 Td (Current ) Tj ET Q q 0 0 0 rg BT 454.66 272.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 484.02 272.82 Td (on ) Tj ET Q q 0 0 0 rg BT 496.17 272.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 519.98 272.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 540.18 272.82 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 262.82 Td (November ) Tj ET Q q 0 0 0 rg BT 171.21 262.82 Td (17, ) Tj ET Q q 0 0 0 rg BT 186.21 262.82 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 214.54 262.82 Td (#) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 247.82 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 247.82 Td (First ) Tj ET Q q 0 0 0 rg BT 146.53 247.82 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 197.51 247.82 Td (to ) Tj ET Q q 0 0 0 rg BT 207.11 247.82 Td (Securities ) Tj ET Q q 0 0 0 rg BT 248.36 247.82 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 286.15 247.82 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.12 247.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 355.59 247.82 Td (February ) Tj ET Q q 0 0 0 rg BT 393.51 247.82 Td (25, ) Tj ET Q q 0 0 0 rg BT 407.83 247.82 Td (2016 ) Tj ET Q q 0 0 0 rg BT 429.65 247.82 Td (among ) Tj ET Q q 0 0 0 rg BT 458.68 247.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 481.61 247.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.18 247.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 511.01 247.82 Td (Companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 237.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.31 237.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.88 237.82 Td (fray& ) Tj ET Q q 0 0 0 rg BT 188.86 237.82 Td (Co., ) Tj ET Q q 0 0 0 rg BT 207.23 237.82 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 256.99 237.82 Td (Company ) Tj ET Q q 0 0 0 rg BT 297.57 237.82 Td (International, ) Tj ET Q q 0 0 0 rg BT 352.86 237.82 Td (SCI ) Tj ET Q q 0 0 0 rg BT 370.12 237.82 Td (JV) Tj ET Q q 0 0 0 rg BT 381.14 237.82 Td ( ) Tj ET Q q 0 0 0 rg BT 382.75 237.82 Td (LP) Tj ET Q q 0 0 0 rg BT 393.86 237.82 Td (, ) Tj ET Q q 0 0 0 rg BT 397.50 237.82 Td (SCI ) Tj ET Q q 0 0 0 rg BT 414.76 237.82 Td (GP) Tj ET Q q 0 0 0 rg BT 426.99 237.82 Td (, ) Tj ET Q q 0 0 0 rg BT 430.63 237.82 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 453.72 237.82 Td (and ) Tj ET Q q 0 0 0 rg BT 469.85 237.82 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 519.62 237.82 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 227.82 Td (International ) Tj ET Q q 0 0 0 rg BT 179.98 227.82 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 219.05 227.82 Td (LLC ) Tj ET Q q 0 0 0 rg BT 240.33 227.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 296.58 227.82 Td (by ) Tj ET Q q 0 0 0 rg BT 308.98 227.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 348.55 227.82 Td (to ) Tj ET Q q 0 0 0 rg BT 358.73 227.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 390.56 227.82 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 405.46 227.82 Td (to ) Tj ET Q q 0 0 0 rg BT 415.63 227.82 Td (the ) Tj ET Q q 0 0 0 rg BT 430.24 227.82 Td (Company) Tj ET Q q 0 0 0 rg BT 472.18 227.82 Td (s ) Tj ET Q q 0 0 0 rg BT 478.19 227.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 518.90 227.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.51 227.82 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 217.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.67 217.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 173.72 217.82 Td (for ) Tj ET Q q 0 0 0 rg BT 187.88 217.82 Td (the ) Tj ET Q q 0 0 0 rg BT 202.60 217.82 Td (period ) Tj ET Q q 0 0 0 rg BT 230.65 217.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 257.02 217.82 Td (March ) Tj ET Q q 0 0 0 rg BT 285.62 217.82 Td (31, ) Tj ET Q q 0 0 0 rg BT 300.62 217.82 Td (2016, ) Tj ET Q q 0 0 0 rg BT 325.62 217.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 346.45 217.82 Td (May ) Tj ET Q q 0 0 0 rg BT 367.28 217.82 Td (4, ) Tj ET Q q 0 0 0 rg BT 377.28 217.82 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 405.61 217.82 Td (#) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 202.82 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 202.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.02 202.82 Td (and ) Tj ET Q q 0 0 0 rg BT 183.10 202.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 219.18 202.82 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 263.01 202.82 Td (of ) Tj ET Q q 0 0 0 rg BT 272.99 202.82 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 329.05 202.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 384.56 202.82 Td (by ) Tj ET Q q 0 0 0 rg BT 396.20 202.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 435.02 202.82 Td (to ) Tj ET Q q 0 0 0 rg BT 444.44 202.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 475.53 202.82 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 489.67 202.82 Td (to ) Tj ET Q q 0 0 0 rg BT 499.09 202.82 Td (the ) Tj ET Q q 0 0 0 rg BT 512.95 202.82 Td (Company) Tj ET Q q 0 0 0 rg BT 554.89 202.82 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 192.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 167.32 192.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 197.03 192.82 Td (on ) Tj ET Q q 0 0 0 rg BT 209.53 192.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 233.70 192.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 256.75 192.82 Td (for ) Tj ET Q q 0 0 0 rg BT 270.91 192.82 Td (the ) Tj ET Q q 0 0 0 rg BT 285.63 192.82 Td (period ) Tj ET Q q 0 0 0 rg BT 313.68 192.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 340.05 192.82 Td (June ) Tj ET Q q 0 0 0 rg BT 360.88 192.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 375.88 192.82 Td (2007, ) Tj ET Q q 0 0 0 rg BT 400.88 192.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 421.43 192.82 Td (August ) Tj ET Q q 0 0 0 rg BT 452.55 192.82 Td (3, ) Tj ET Q q 0 0 0 rg BT 462.55 192.82 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 177.82 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 177.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 169.42 177.82 Td (and ) Tj ET Q q 0 0 0 rg BT 187.90 177.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 226.38 177.82 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 260.42 177.82 Td (\(as ) Tj ET Q q 0 0 0 rg BT 276.12 177.82 Td (of ) Tj ET Q q 0 0 0 rg BT 287.88 177.82 Td (August ) Tj ET Q q 0 0 0 rg BT 320.53 177.82 Td (5, ) Tj ET Q q 0 0 0 rg BT 332.07 177.82 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 359.45 177.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 417.35 177.82 Td (by ) Tj ET Q q 0 0 0 rg BT 431.39 177.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 472.62 177.82 Td (to ) Tj ET Q q 0 0 0 rg BT 484.44 177.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 517.92 177.82 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 534.47 177.82 Td (to ) Tj ET Q q 0 0 0 rg BT 546.29 177.82 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 167.82 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 167.82 Td (s ) Tj ET Q q 0 0 0 rg BT 174.56 167.82 Td (Current ) Tj ET Q q 0 0 0 rg BT 207.60 167.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 237.32 167.82 Td (on ) Tj ET Q q 0 0 0 rg BT 249.82 167.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 273.99 167.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 294.54 167.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 315.09 167.82 Td (August ) Tj ET Q q 0 0 0 rg BT 346.21 167.82 Td (5, ) Tj ET Q q 0 0 0 rg BT 356.21 167.82 Td (2016\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 152.82 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 152.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.72 152.82 Td (of ) Tj ET Q q 0 0 0 rg BT 163.61 152.82 Td (Specimen ) Tj ET Q q 0 0 0 rg BT 206.60 152.82 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 252.35 152.82 Td (for ) Tj ET Q q 0 0 0 rg BT 267.56 152.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 292.23 152.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 303.80 152.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 323.36 152.82 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.91 152.82 Td (Common ) Tj ET Q q 0 0 0 rg BT 412.69 152.82 Td (Stock ) Tj ET Q q 0 0 0 rg BT 439.02 152.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 496.44 152.82 Td (by ) Tj ET Q q 0 0 0 rg BT 510.00 152.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 152.82 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 142.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.95 142.82 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 172.45 142.82 Td (to ) Tj ET Q q 0 0 0 rg BT 182.23 142.82 Td (the ) Tj ET Q q 0 0 0 rg BT 196.45 142.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 242.86 142.82 Td (Annual ) Tj ET Q q 0 0 0 rg BT 274.03 142.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 303.25 142.82 Td (on ) Tj ET Q q 0 0 0 rg BT 315.25 142.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 338.92 142.82 Td (10-K ) Tj ET Q q 0 0 0 rg BT 361.47 142.82 Td (for ) Tj ET Q q 0 0 0 rg BT 375.14 142.82 Td (the ) Tj ET Q q 0 0 0 rg BT 389.35 142.82 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 413.01 142.82 Td (year ) Tj ET Q q 0 0 0 rg BT 432.22 142.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 458.10 142.82 Td (December ) Tj ET Q q 0 0 0 rg BT 501.19 142.82 Td (31, ) Tj ET Q q 0 0 0 rg BT 515.69 142.82 Td (2015, ) Tj ET Q q 0 0 0 rg BT 540.19 142.82 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 132.82 Td (February ) Tj ET Q q 0 0 0 rg BT 165.10 132.82 Td (25, ) Tj ET Q q 0 0 0 rg BT 180.10 132.82 Td (2016\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 117.82 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 117.82 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.81 117.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 201.38 117.82 Td (and ) Tj ET Q q 0 0 0 rg BT 219.51 117.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 257.63 117.82 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 299.63 117.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 324.98 117.82 Td (as ) Tj ET Q q 0 0 0 rg BT 337.00 117.82 Td (of ) Tj ET Q q 0 0 0 rg BT 349.02 117.82 Td (June ) Tj ET Q q 0 0 0 rg BT 371.04 117.82 Td (1) Tj ET Q q 0 0 0 rg BT 375.66 117.82 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.85 117.82 Td (2012 ) Tj ET Q q 0 0 0 rg BT 410.54 117.82 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 449.77 117.82 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 502.89 117.82 Td (Paper ) Tj ET Q q 0 0 0 rg BT 529.34 117.82 Td (Notes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 107.82 Td (between ) Tj ET Q q 0 0 0 rg BT 162.40 107.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 186.09 107.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 197.57 107.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 216.25 107.82 Td (& ) Tj ET Q q 0 0 0 rg BT 226.61 107.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 243.36 107.82 Td (and ) Tj ET Q q 0 0 0 rg BT 260.38 107.82 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 107.82 Td (Bank ) Tj ET Q q 0 0 0 rg BT 298.87 107.82 Td (of ) Tj ET Q q 0 0 0 rg BT 309.78 107.82 Td (New ) Tj ET Q q 0 0 0 rg BT 330.86 107.82 Td (Y) Tj ET Q q 0 0 0 rg BT 337.08 107.82 Td (ork ) Tj ET Q q 0 0 0 rg BT 353.00 107.82 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 384.46 107.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 440.91 107.82 Td (by ) Tj ET Q q 0 0 0 rg BT 453.49 107.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 493.26 107.82 Td (to ) Tj ET Q q 0 0 0 rg BT 503.62 107.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 535.64 107.82 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 550.72 107.82 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 97.82 Td (the ) Tj ET Q q 0 0 0 rg BT 141.80 97.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 189.46 97.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 230.85 97.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 261.15 97.82 Td (on ) Tj ET Q q 0 0 0 rg BT 274.23 97.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.98 97.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 322.61 97.82 Td (for ) Tj ET Q q 0 0 0 rg BT 337.35 97.82 Td (the ) Tj ET Q q 0 0 0 rg BT 352.65 97.82 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 377.38 97.82 Td (quarter ) Tj ET Q q 0 0 0 rg BT 408.78 97.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.74 97.82 Td (June ) Tj ET Q q 0 0 0 rg BT 457.15 97.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 472.73 97.82 Td (2012, ) Tj ET Q q 0 0 0 rg BT 498.31 97.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.03 97.82 Td (August ) Tj ET Q q 0 0 0 rg BT 551.00 97.82 Td (2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 87.82 Td (2012\).) Tj ET Q endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (120) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 720.5 m 109 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 720.5 m 562 720.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 739.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 725.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 724.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 725.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 705.07 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 705.07 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 167.34 705.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 191.52 705.07 Td (as ) Tj ET Q q 0 0 0 rg BT 202.37 705.07 Td (of ) Tj ET Q q 0 0 0 rg BT 212.94 705.07 Td (April ) Tj ET Q q 0 0 0 rg BT 236.30 705.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 246.32 705.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 268.85 705.07 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 306.91 705.07 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 358.86 705.07 Td (Paper ) Tj ET Q q 0 0 0 rg BT 384.15 705.07 Td (Notes ) Tj ET Q q 0 0 0 rg BT 410.00 705.07 Td (-- ) Tj ET Q q 0 0 0 rg BT 419.19 705.07 Td (Series ) Tj ET Q q 0 0 0 rg BT 446.15 705.07 Td (II\), ) Tj ET Q q 0 0 0 rg BT 461.16 705.07 Td (between ) Tj ET Q q 0 0 0 rg BT 497.00 705.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.63 705.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 532.20 705.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 550.74 705.07 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 695.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 143.25 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 160.27 695.07 Td (the ) Tj ET Q q 0 0 0 rg BT 175.07 695.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 198.77 695.07 Td (of ) Tj ET Q q 0 0 0 rg BT 209.68 695.07 Td (New ) Tj ET Q q 0 0 0 rg BT 230.95 695.07 Td (Y) Tj ET Q q 0 0 0 rg BT 237.48 695.07 Td (ork ) Tj ET Q q 0 0 0 rg BT 252.89 695.07 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 284.36 695.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 340.81 695.07 Td (by ) Tj ET Q q 0 0 0 rg BT 353.39 695.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 393.16 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 403.52 695.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 435.55 695.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 455.63 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 465.99 695.07 Td (the ) Tj ET Q q 0 0 0 rg BT 480.79 695.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.95 695.07 Td (Current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 685.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 156.22 685.07 Td (on ) Tj ET Q q 0 0 0 rg BT 168.72 685.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.89 685.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 213.44 685.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 233.99 685.07 Td (April ) Tj ET Q q 0 0 0 rg BT 257.32 685.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 267.32 685.07 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 670.07 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 670.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.46 670.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 199.94 670.07 Td (and ) Tj ET Q q 0 0 0 rg BT 217.26 670.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 254.58 670.07 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 295.78 670.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 319.96 670.07 Td (April ) Tj ET Q q 0 0 0 rg BT 343.67 670.07 Td (21, ) Tj ET Q q 0 0 0 rg BT 359.05 670.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 381.94 670.07 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 420.35 670.07 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 472.67 670.07 Td (Paper ) Tj ET Q q 0 0 0 rg BT 498.32 670.07 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.53 670.07 Td (-- ) Tj ET Q q 0 0 0 rg BT 534.07 670.07 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 660.07 Td (III\), ) Tj ET Q q 0 0 0 rg BT 145.32 660.07 Td (between ) Tj ET Q q 0 0 0 rg BT 181.64 660.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 205.75 660.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 217.32 660.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 236.32 660.07 Td (& ) Tj ET Q q 0 0 0 rg BT 247.10 660.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 264.27 660.07 Td (and ) Tj ET Q q 0 0 0 rg BT 281.71 660.07 Td (the ) Tj ET Q q 0 0 0 rg BT 296.93 660.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 321.04 660.07 Td (of ) Tj ET Q q 0 0 0 rg BT 332.37 660.07 Td (New ) Tj ET Q q 0 0 0 rg BT 353.99 660.07 Td (Y) Tj ET Q q 0 0 0 rg BT 360.53 660.07 Td (ork ) Tj ET Q q 0 0 0 rg BT 376.36 660.07 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 408.24 660.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 465.11 660.07 Td (by ) Tj ET Q q 0 0 0 rg BT 478.11 660.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 518.29 660.07 Td (to ) Tj ET Q q 0 0 0 rg BT 529.07 660.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 650.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 146.50 650.07 Td (to ) Tj ET Q q 0 0 0 rg BT 156.78 650.07 Td (the ) Tj ET Q q 0 0 0 rg BT 171.50 650.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 218.58 650.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 251.62 650.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 281.34 650.07 Td (on ) Tj ET Q q 0 0 0 rg BT 293.84 650.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 318.01 650.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 338.56 650.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 359.11 650.07 Td (April ) Tj ET Q q 0 0 0 rg BT 382.44 650.07 Td (21, ) Tj ET Q q 0 0 0 rg BT 397.44 650.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 635.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 635.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.35 635.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.87 635.07 Td (director ) Tj ET Q q 0 0 0 rg BT 194.15 635.07 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 259.65 635.07 Td (agreement ) Tj ET Q q 0 0 0 rg BT 303.48 635.07 Td (between ) Tj ET Q q 0 0 0 rg BT 338.98 635.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.27 635.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.84 635.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 392.03 635.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 439.21 635.07 Td (and ) Tj ET Q q 0 0 0 rg BT 455.84 635.07 Td (its ) Tj ET Q q 0 0 0 rg BT 467.47 635.07 Td (directors ) Tj ET Q q 0 0 0 rg BT 504.64 635.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 625.07 Td (by ) Tj ET Q q 0 0 0 rg BT 139.00 625.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.68 625.07 Td (to ) Tj ET Q q 0 0 0 rg BT 188.96 625.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 220.90 625.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 240.90 625.07 Td (to ) Tj ET Q q 0 0 0 rg BT 251.18 625.07 Td (the ) Tj ET Q q 0 0 0 rg BT 265.90 625.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.98 625.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 346.03 625.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 375.74 625.07 Td (on ) Tj ET Q q 0 0 0 rg BT 388.24 625.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 412.41 625.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 432.96 625.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 453.79 625.07 Td (March ) Tj ET Q q 0 0 0 rg BT 482.39 625.07 Td (17, ) Tj ET Q q 0 0 0 rg BT 497.39 625.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 525.72 625.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 610.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 610.07 Td (Of) Tj ET Q q 0 0 0 rg BT 136.96 610.07 Td (fice ) Tj ET Q q 0 0 0 rg BT 155.31 610.07 Td (Lease ) Tj ET Q q 0 0 0 rg BT 181.59 610.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 231.68 610.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 256.79 610.07 Td (May30, ) Tj ET Q q 0 0 0 rg BT 293.57 610.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.52 610.07 Td (by ) Tj ET Q q 0 0 0 rg BT 332.97 610.07 Td (and ) Tj ET Q q 0 0 0 rg BT 350.86 610.07 Td (among ) Tj ET Q q 0 0 0 rg BT 381.52 610.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 406.08 610.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 417.65 610.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 437.11 610.07 Td (& ) Tj ET Q q 0 0 0 rg BT 448.34 610.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 465.96 610.07 Td (and ) Tj ET Q q 0 0 0 rg BT 483.69 610.07 Td (W) Tj ET Q q 0 0 0 rg BT 492.63 610.07 Td (ells ) Tj ET Q q 0 0 0 rg BT 509.57 610.07 Td (REIT) Tj ET Q q 0 0 0 rg BT 531.70 610.07 Td ( ) Tj ET Q q 0 0 0 rg BT 535.05 610.07 Td ( ) Tj ET Q q 0 0 0 rg BT 543.50 610.07 Td (800 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 600.07 Td (Nicollett ) Tj ET Q q 0 0 0 rg BT 164.05 600.07 Td (A) Tj ET Q q 0 0 0 rg BT 170.62 600.07 Td (venue ) Tj ET Q q 0 0 0 rg BT 197.06 600.07 Td (Owner) Tj ET Q q 0 0 0 rg BT 224.07 600.07 Td (, ) Tj ET Q q 0 0 0 rg BT 229.30 600.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 251.11 600.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 307.90 600.07 Td (by ) Tj ET Q q 0 0 0 rg BT 320.83 600.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 360.94 600.07 Td (to ) Tj ET Q q 0 0 0 rg BT 371.65 600.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 404.02 600.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 424.45 600.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.16 600.07 Td (the ) Tj ET Q q 0 0 0 rg BT 450.30 600.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 497.81 600.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 531.29 600.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 590.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 590.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 590.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 183.72 590.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.55 590.07 Td (June ) Tj ET Q q 0 0 0 rg BT 225.38 590.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 235.38 590.07 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 575.07 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 575.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 146.02 575.07 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.64 575.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 204.49 575.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 216.06 575.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 233.81 575.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 250.81 575.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 281.99 575.07 Td (Century ) Tj ET Q q 0 0 0 rg BT 315.95 575.07 Td (2000 ) Tj ET Q q 0 0 0 rg BT 337.69 575.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 374.96 575.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 434.47 575.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 453.99 575.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.59 575.07 Td (by ) Tj ET Q q 0 0 0 rg BT 521.33 575.07 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 565.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.26 565.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.68 565.07 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 192.15 565.07 Td (to ) Tj ET Q q 0 0 0 rg BT 201.91 565.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.10 565.07 Td (Company) Tj ET Q q 0 0 0 rg BT 258.05 565.07 Td (s ) Tj ET Q q 0 0 0 rg BT 263.48 565.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 294.62 565.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 323.81 565.07 Td (on ) Tj ET Q q 0 0 0 rg BT 335.79 565.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 359.44 565.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 381.97 565.07 Td (for ) Tj ET Q q 0 0 0 rg BT 395.60 565.07 Td (the ) Tj ET Q q 0 0 0 rg BT 409.80 565.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 433.43 565.07 Td (year ) Tj ET Q q 0 0 0 rg BT 452.62 565.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.47 565.07 Td (December ) Tj ET Q q 0 0 0 rg BT 521.53 565.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 536.01 565.07 Td (2003, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 555.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.33 555.07 Td (March ) Tj ET Q q 0 0 0 rg BT 175.92 555.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 185.92 555.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 214.25 555.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 540.07 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 540.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.76 540.07 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.11 540.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.69 540.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 215.26 540.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 232.75 540.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 249.49 540.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 280.40 540.07 Td (Century ) Tj ET Q q 0 0 0 rg BT 314.09 540.07 Td (Growth ) Tj ET Q q 0 0 0 rg BT 346.12 540.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 383.12 540.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 442.37 540.07 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 464.12 540.07 Td (as ) Tj ET Q q 0 0 0 rg BT 473.93 540.07 Td (amended ) Tj ET Q q 0 0 0 rg BT 511.50 540.07 Td (and ) Tj ET Q q 0 0 0 rg BT 527.41 540.07 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 530.07 Td (ef) Tj ET Q q 0 0 0 rg BT 134.18 530.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.95 530.07 Td (September ) Tj ET Q q 0 0 0 rg BT 209.38 530.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.54 530.07 Td (1998 ) Tj ET Q q 0 0 0 rg BT 247.20 530.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 303.73 530.07 Td (by ) Tj ET Q q 0 0 0 rg BT 316.39 530.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 356.24 530.07 Td (to ) Tj ET Q q 0 0 0 rg BT 366.68 530.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 398.78 530.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 416.10 530.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 423.58 530.07 Td ( ) Tj ET Q q 0 0 0 rg BT 426.24 530.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.68 530.07 Td (the ) Tj ET Q q 0 0 0 rg BT 451.56 530.07 Td (Company) Tj ET Q q 0 0 0 rg BT 493.50 530.07 Td (s ) Tj ET Q q 0 0 0 rg BT 499.47 530.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.29 530.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 520.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 520.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 520.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 520.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 520.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 520.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 239.25 520.07 Td (year ) Tj ET Q q 0 0 0 rg BT 258.96 520.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 285.34 520.07 Td (December ) Tj ET Q q 0 0 0 rg BT 328.92 520.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 343.92 520.07 Td (2003, ) Tj ET Q q 0 0 0 rg BT 368.92 520.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 389.75 520.07 Td (March ) Tj ET Q q 0 0 0 rg BT 418.35 520.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 428.35 520.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 456.68 520.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 505.07 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 505.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.68 505.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 162.25 505.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 181.33 505.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.99 505.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 270.67 505.07 Td (and ) Tj ET Q q 0 0 0 rg BT 288.18 505.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 325.68 505.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 348.35 505.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 380.58 505.07 Td (and ) Tj ET Q q 0 0 0 rg BT 398.09 505.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 428.29 505.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 446.56 505.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 486.83 505.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 507.68 505.07 Td (\(as ) Tj ET Q q 0 0 0 rg BT 522.42 505.07 Td (amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 495.07 Td (May ) Tj ET Q q 0 0 0 rg BT 147.90 495.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 163.46 495.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 189.86 495.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 246.78 495.07 Td (by ) Tj ET Q q 0 0 0 rg BT 259.85 495.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 300.10 495.07 Td (to ) Tj ET Q q 0 0 0 rg BT 310.94 495.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 343.45 495.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 364.02 495.07 Td (to ) Tj ET Q q 0 0 0 rg BT 374.86 495.07 Td (the ) Tj ET Q q 0 0 0 rg BT 390.14 495.07 Td (Company) Tj ET Q q 0 0 0 rg BT 432.08 495.07 Td (s ) Tj ET Q q 0 0 0 rg BT 438.76 495.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 472.38 495.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 502.66 495.07 Td (on ) Tj ET Q q 0 0 0 rg BT 515.72 495.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 540.46 495.07 Td (8-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 485.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.33 485.07 Td (May ) Tj ET Q q 0 0 0 rg BT 168.16 485.07 Td (14, ) Tj ET Q q 0 0 0 rg BT 183.16 485.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 211.49 485.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 470.07 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 470.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 151.57 470.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 163.14 470.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 183.11 470.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 232.06 470.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 271.55 470.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 333.28 470.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 355.02 470.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 412.84 470.07 Td (by ) Tj ET Q q 0 0 0 rg BT 426.80 470.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 467.95 470.07 Td (to ) Tj ET Q q 0 0 0 rg BT 479.68 470.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 513.09 470.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 534.55 470.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.29 470.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 460.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 460.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.56 460.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 215.37 460.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 245.09 460.07 Td (on ) Tj ET Q q 0 0 0 rg BT 257.59 460.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 281.76 460.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 304.81 460.07 Td (for ) Tj ET Q q 0 0 0 rg BT 318.97 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 333.69 460.07 Td (period ) Tj ET Q q 0 0 0 rg BT 361.73 460.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 388.11 460.07 Td (June ) Tj ET Q q 0 0 0 rg BT 408.94 460.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 423.94 460.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 448.94 460.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 469.77 460.07 Td (July ) Tj ET Q q 0 0 0 rg BT 488.94 460.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.94 460.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 532.27 460.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 445.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 445.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.06 445.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.28 445.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.71 445.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 231.02 445.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 278.06 445.07 Td (for ) Tj ET Q q 0 0 0 rg BT 292.61 445.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 336.04 445.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.59 445.07 Td (in ) Tj ET Q q 0 0 0 rg BT 376.26 445.07 Td (201) Tj ET Q q 0 0 0 rg BT 391.08 445.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 401.28 445.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 426.67 445.07 Td (and ) Tj ET Q q 0 0 0 rg BT 444.00 445.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 466.89 445.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 500.31 445.07 Td (to ) Tj ET Q q 0 0 0 rg BT 510.98 445.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 536.37 445.07 Td (201) Tj ET Q q 0 0 0 rg BT 551.19 445.07 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 435.07 Td (and ) Tj ET Q q 0 0 0 rg BT 143.09 435.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 165.25 435.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 220.42 435.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 274.21 435.07 Td (under ) Tj ET Q q 0 0 0 rg BT 299.14 435.07 Td (the ) Tj ET Q q 0 0 0 rg BT 313.51 435.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 336.77 435.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 348.34 435.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 366.50 435.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 413.45 435.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 454.20 435.07 Td (and ) Tj ET Q q 0 0 0 rg BT 470.80 435.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 507.38 435.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 529.34 435.07 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 143.78 425.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 173.98 425.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 192.03 425.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 232.07 425.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 252.70 425.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 309.41 425.07 Td (by ) Tj ET Q q 0 0 0 rg BT 322.25 425.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 362.28 425.07 Td (to ) Tj ET Q q 0 0 0 rg BT 372.90 425.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 405.19 425.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 425.54 425.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.16 425.07 Td (the ) Tj ET Q q 0 0 0 rg BT 451.22 425.07 Td (Company) Tj ET Q q 0 0 0 rg BT 493.17 425.07 Td (s ) Tj ET Q q 0 0 0 rg BT 499.27 425.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.28 425.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 415.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 415.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 415.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 415.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 415.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 415.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.81 415.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.18 415.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.77 415.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.77 415.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 344.77 415.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.59 415.07 Td (February ) Tj ET Q q 0 0 0 rg BT 404.19 415.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 419.19 415.07 Td (201) Tj ET Q q 0 0 0 rg BT 434.00 415.07 Td (1\). ) Tj ET Q q 0 0 0 rg BT 447.15 415.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 400.07 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 400.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.91 400.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.98 400.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.26 400.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.44 400.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.33 400.07 Td (for ) Tj ET Q q 0 0 0 rg BT 291.73 400.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.01 400.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 364.41 400.07 Td (in ) Tj ET Q q 0 0 0 rg BT 374.92 400.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 397.66 400.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.93 400.07 Td (to ) Tj ET Q q 0 0 0 rg BT 441.45 400.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 464.19 400.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.78 400.07 Td (under ) Tj ET Q q 0 0 0 rg BT 546.29 400.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 390.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.42 390.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.99 390.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.80 390.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.26 390.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.67 390.07 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 390.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 324.16 390.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.62 390.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.59 390.07 Td (and ) Tj ET Q q 0 0 0 rg BT 395.84 390.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 426.03 390.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 444.04 390.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 484.05 390.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 390.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 380.07 Td (by ) Tj ET Q q 0 0 0 rg BT 138.64 380.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.97 380.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.89 380.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 219.48 380.07 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 239.12 380.07 Td (to ) Tj ET Q q 0 0 0 rg BT 249.04 380.07 Td (the ) Tj ET Q q 0 0 0 rg BT 263.40 380.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.93 380.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 341.24 380.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.60 380.07 Td (on ) Tj ET Q q 0 0 0 rg BT 382.74 380.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.55 380.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 429.25 380.07 Td (for ) Tj ET Q q 0 0 0 rg BT 443.05 380.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.41 380.07 Td (year ) Tj ET Q q 0 0 0 rg BT 476.76 380.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.78 380.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 380.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 370.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 151.50 370.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 370.07 Td (February ) Tj ET Q q 0 0 0 rg BT 210.92 370.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 225.92 370.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 254.25 370.07 Td ( ) Tj ET Q q 0 0 0 rg BT 256.75 370.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 355.07 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 355.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.91 355.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.98 355.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.26 355.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.44 355.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.33 355.07 Td (for ) Tj ET Q q 0 0 0 rg BT 291.73 355.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.01 355.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 364.41 355.07 Td (in ) Tj ET Q q 0 0 0 rg BT 374.92 355.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 397.66 355.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.93 355.07 Td (to ) Tj ET Q q 0 0 0 rg BT 441.45 355.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 464.19 355.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.78 355.07 Td (under ) Tj ET Q q 0 0 0 rg BT 546.29 355.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 345.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.42 345.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.99 345.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.80 345.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.26 345.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.67 345.07 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 345.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 324.16 345.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.62 345.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.59 345.07 Td (and ) Tj ET Q q 0 0 0 rg BT 395.84 345.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 426.03 345.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 444.04 345.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 484.05 345.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 345.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 335.07 Td (by ) Tj ET Q q 0 0 0 rg BT 138.64 335.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.97 335.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.89 335.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 219.48 335.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 239.12 335.07 Td (to ) Tj ET Q q 0 0 0 rg BT 249.04 335.07 Td (the ) Tj ET Q q 0 0 0 rg BT 263.40 335.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.93 335.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 341.24 335.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.60 335.07 Td (on ) Tj ET Q q 0 0 0 rg BT 382.74 335.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.55 335.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 429.25 335.07 Td (for ) Tj ET Q q 0 0 0 rg BT 443.05 335.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.41 335.07 Td (year ) Tj ET Q q 0 0 0 rg BT 476.76 335.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.78 335.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 335.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 325.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 151.50 325.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 325.07 Td (February ) Tj ET Q q 0 0 0 rg BT 210.92 325.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 225.92 325.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 254.25 325.07 Td ( ) Tj ET Q q 0 0 0 rg BT 256.75 325.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 310.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 310.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 153.07 310.07 Td (of ) Tj ET Q q 0 0 0 rg BT 166.31 310.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 211.75 310.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 238.63 310.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 287.68 310.07 Td (for ) Tj ET Q q 0 0 0 rg BT 304.24 310.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 375.79 310.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 421.23 310.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 452.79 310.07 Td (in ) Tj ET Q q 0 0 0 rg BT 465.48 310.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 490.38 310.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 525.82 310.07 Td (to ) Tj ET Q q 0 0 0 rg BT 538.50 310.07 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 300.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 184.89 300.07 Td (under ) Tj ET Q q 0 0 0 rg BT 212.20 300.07 Td (the ) Tj ET Q q 0 0 0 rg BT 228.95 300.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 254.60 300.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 266.17 300.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 286.72 300.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 335.52 300.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 378.66 300.07 Td (and ) Tj ET Q q 0 0 0 rg BT 397.64 300.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 436.61 300.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 460.43 300.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 494.13 300.07 Td (and ) Tj ET Q q 0 0 0 rg BT 513.10 300.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 543.30 300.07 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 290.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 166.60 290.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 187.27 290.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 244.03 290.07 Td (by ) Tj ET Q q 0 0 0 rg BT 256.93 290.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 297.01 290.07 Td (to ) Tj ET Q q 0 0 0 rg BT 307.69 290.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 340.03 290.07 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 365.42 290.07 Td (to ) Tj ET Q q 0 0 0 rg BT 376.10 290.07 Td (the ) Tj ET Q q 0 0 0 rg BT 391.21 290.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 438.33 290.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 470.38 290.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 500.50 290.07 Td (on ) Tj ET Q q 0 0 0 rg BT 513.40 290.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 537.96 290.07 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 280.07 Td (for ) Tj ET Q q 0 0 0 rg BT 140.66 280.07 Td (the ) Tj ET Q q 0 0 0 rg BT 155.38 280.07 Td (year ) Tj ET Q q 0 0 0 rg BT 175.08 280.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 201.46 280.07 Td (December ) Tj ET Q q 0 0 0 rg BT 245.04 280.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.04 280.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 285.04 280.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 305.87 280.07 Td (February ) Tj ET Q q 0 0 0 rg BT 344.47 280.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 359.47 280.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 387.80 280.07 Td ( ) Tj ET Q q 0 0 0 rg BT 390.30 280.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 265.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 265.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.81 265.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.78 265.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 193.19 265.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.86 265.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.65 265.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.95 265.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.13 265.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 366.43 265.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.85 265.07 Td (2004 ) Tj ET Q q 0 0 0 rg BT 403.48 265.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.56 265.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 447.20 265.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 482.37 265.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.79 265.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 519.43 265.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.50 265.07 Td (2004 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 255.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 181.32 255.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.76 255.07 Td (under ) Tj ET Q q 0 0 0 rg BT 259.33 255.07 Td (the ) Tj ET Q q 0 0 0 rg BT 273.35 255.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 296.26 255.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.83 255.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.64 255.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 372.31 255.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.72 255.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.96 255.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 465.19 255.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.87 255.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.83 255.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.07 255.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 245.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 245.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.96 245.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.67 245.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.95 245.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 266.32 245.07 Td (by ) Tj ET Q q 0 0 0 rg BT 278.82 245.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 318.51 245.07 Td (to ) Tj ET Q q 0 0 0 rg BT 328.79 245.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 360.74 245.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 380.74 245.07 Td (to ) Tj ET Q q 0 0 0 rg BT 391.02 245.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.74 245.07 Td (Company) Tj ET Q q 0 0 0 rg BT 447.68 245.07 Td (s ) Tj ET Q q 0 0 0 rg BT 453.80 245.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 494.62 245.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.34 245.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.85 245.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 235.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.55 235.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.71 235.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 235.07 Td (period ) Tj ET Q q 0 0 0 rg BT 206.48 235.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.85 235.07 Td (June ) Tj ET Q q 0 0 0 rg BT 253.68 235.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.68 235.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 293.68 235.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 314.23 235.07 Td (August ) Tj ET Q q 0 0 0 rg BT 345.35 235.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 355.35 235.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 383.68 235.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 220.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 220.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.21 220.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.57 220.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 185.39 220.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 215.03 220.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 261.21 220.07 Td (for ) Tj ET Q q 0 0 0 rg BT 274.91 220.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 317.49 220.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 346.18 220.07 Td (in ) Tj ET Q q 0 0 0 rg BT 356.00 220.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 378.03 220.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 410.60 220.07 Td (to ) Tj ET Q q 0 0 0 rg BT 420.42 220.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 442.45 220.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 498.34 220.07 Td (under ) Tj ET Q q 0 0 0 rg BT 523.15 220.07 Td (the ) Tj ET Q q 0 0 0 rg BT 537.40 220.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 210.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 210.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 157.85 210.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 206.06 210.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 248.43 210.07 Td (and ) Tj ET Q q 0 0 0 rg BT 266.63 210.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 304.84 210.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 328.05 210.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 360.98 210.07 Td (and ) Tj ET Q q 0 0 0 rg BT 379.19 210.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 409.39 210.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 428.35 210.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 469.32 210.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 490.87 210.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.50 210.07 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 200.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 166.22 200.07 Td (to ) Tj ET Q q 0 0 0 rg BT 176.53 200.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 208.50 200.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 225.82 200.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 233.17 200.07 Td (to ) Tj ET Q q 0 0 0 rg BT 243.48 200.07 Td (the ) Tj ET Q q 0 0 0 rg BT 258.23 200.07 Td (Company) Tj ET Q q 0 0 0 rg BT 300.17 200.07 Td (s ) Tj ET Q q 0 0 0 rg BT 306.03 200.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 337.73 200.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 367.48 200.07 Td (on ) Tj ET Q q 0 0 0 rg BT 380.01 200.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 404.22 200.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 427.30 200.07 Td (for ) Tj ET Q q 0 0 0 rg BT 441.49 200.07 Td (the ) Tj ET Q q 0 0 0 rg BT 456.24 200.07 Td (year ) Tj ET Q q 0 0 0 rg BT 475.98 200.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.40 200.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 200.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 190.07 Td (2005, ) Tj ET Q q 0 0 0 rg BT 151.50 190.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 190.07 Td (March ) Tj ET Q q 0 0 0 rg BT 200.92 190.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.92 190.07 Td (2006\). ) Tj ET Q q 0 0 0 rg BT 239.25 190.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 175.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 175.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.81 175.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.78 175.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 193.19 175.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.86 175.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.65 175.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.95 175.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.13 175.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 366.43 175.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.85 175.07 Td (2007 ) Tj ET Q q 0 0 0 rg BT 403.48 175.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.56 175.07 Td (2008 ) Tj ET Q q 0 0 0 rg BT 447.20 175.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 482.37 175.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.79 175.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 519.43 175.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.50 175.07 Td (2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 165.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 181.32 165.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.76 165.07 Td (under ) Tj ET Q q 0 0 0 rg BT 259.33 165.07 Td (the ) Tj ET Q q 0 0 0 rg BT 273.35 165.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 296.26 165.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.83 165.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.64 165.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 372.31 165.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.72 165.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.96 165.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 465.19 165.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.87 165.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.83 165.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.07 165.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 155.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 155.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.55 155.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.85 155.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.73 155.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 264.69 155.07 Td (by ) Tj ET Q q 0 0 0 rg BT 276.79 155.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 316.07 155.07 Td (to ) Tj ET Q q 0 0 0 rg BT 325.94 155.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 357.48 155.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 377.08 155.07 Td (to ) Tj ET Q q 0 0 0 rg BT 386.95 155.07 Td (the ) Tj ET Q q 0 0 0 rg BT 401.27 155.07 Td (Company) Tj ET Q q 0 0 0 rg BT 443.21 155.07 Td (s ) Tj ET Q q 0 0 0 rg BT 448.73 155.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 479.99 155.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 509.31 155.07 Td (on ) Tj ET Q q 0 0 0 rg BT 521.41 155.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 545.17 155.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 145.07 Td (K ) Tj ET Q q 0 0 0 rg BT 136.22 145.07 Td (for ) Tj ET Q q 0 0 0 rg BT 150.38 145.07 Td (the ) Tj ET Q q 0 0 0 rg BT 165.10 145.07 Td (year ) Tj ET Q q 0 0 0 rg BT 184.81 145.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.18 145.07 Td (December ) Tj ET Q q 0 0 0 rg BT 254.77 145.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.77 145.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 294.77 145.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 315.59 145.07 Td (March ) Tj ET Q q 0 0 0 rg BT 344.19 145.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 354.19 145.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 382.52 145.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 130.07 Td (10.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 130.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.74 130.07 Td (of ) Tj ET Q q 0 0 0 rg BT 163.64 130.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 189.99 130.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 220.83 130.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 268.55 130.07 Td (for ) Tj ET Q q 0 0 0 rg BT 283.78 130.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 348.44 130.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 385.33 130.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 415.56 130.07 Td (under ) Tj ET Q q 0 0 0 rg BT 441.90 130.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.69 130.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 482.37 130.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.94 130.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 513.51 130.07 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 120.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 168.41 120.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.87 120.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 223.34 120.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 245.97 120.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 278.16 120.07 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 120.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 325.83 120.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 344.05 120.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 384.29 120.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 405.09 120.07 Td ( ) Tj ET Q q 0 0 0 rg BT 408.12 120.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 465.01 120.07 Td (by ) Tj ET Q q 0 0 0 rg BT 478.04 120.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 518.25 120.07 Td (to ) Tj ET Q q 0 0 0 rg BT 529.06 120.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 110.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 146.80 110.07 Td (to ) Tj ET Q q 0 0 0 rg BT 157.39 110.07 Td (the ) Tj ET Q q 0 0 0 rg BT 172.41 110.07 Td (Company) Tj ET Q q 0 0 0 rg BT 214.35 110.07 Td (s ) Tj ET Q q 0 0 0 rg BT 220.77 110.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 261.89 110.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 291.91 110.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.71 110.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 329.19 110.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 352.54 110.07 Td (for ) Tj ET Q q 0 0 0 rg BT 367.01 110.07 Td (the ) Tj ET Q q 0 0 0 rg BT 382.03 110.07 Td (period ) Tj ET Q q 0 0 0 rg BT 410.38 110.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 437.06 110.07 Td (June ) Tj ET Q q 0 0 0 rg BT 458.20 110.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 473.50 110.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 498.80 110.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.59 110.07 Td (August ) Tj ET Q q 0 0 0 rg BT 551.01 110.07 Td (4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 100.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 154.83 100.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 85.07 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 85.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 85.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 85.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 85.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 85.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.17 85.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 85.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 85.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 356.83 85.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.14 85.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.55 85.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 85.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 85.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 85.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 85.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 85.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.40 85.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 75.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.12 75.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 75.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 75.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 75.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.75 75.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 75.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 75.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.64 75.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 75.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 75.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 75.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 75.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 75.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 75.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 65.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.98 65.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 179.52 65.07 Td (to ) Tj ET Q q 0 0 0 rg BT 190.34 65.07 Td (the ) Tj ET Q q 0 0 0 rg BT 205.60 65.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 253.22 65.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.57 65.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.83 65.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.87 65.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.58 65.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 386.17 65.07 Td (for ) Tj ET Q q 0 0 0 rg BT 400.87 65.07 Td (the ) Tj ET Q q 0 0 0 rg BT 416.12 65.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.82 65.07 Td (quarter ) Tj ET Q q 0 0 0 rg BT 472.17 65.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 499.09 65.07 Td (June ) Tj ET Q q 0 0 0 rg BT 520.46 65.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 536.00 65.07 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 55.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.77 55.07 Td (August ) Tj ET Q q 0 0 0 rg BT 178.17 55.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 188.17 55.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 216.50 55.07 Td () Tj ET Q endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (121) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 720.5 m 109 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 720.5 m 562 720.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 739.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 725.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 724.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 725.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 705.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 705.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 705.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 705.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 705.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 705.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 705.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 705.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 705.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 356.83 705.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 705.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 705.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 705.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 705.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 705.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 705.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 705.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 705.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 695.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.40 695.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 695.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 695.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 289.02 695.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 695.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.99 695.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 695.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 695.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 695.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 695.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 695.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 695.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 685.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.17 685.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.90 685.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.91 685.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.35 685.07 Td (Company) Tj ET Q q 0 0 0 rg BT 244.30 685.07 Td (s ) Tj ET Q q 0 0 0 rg BT 250.14 685.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.68 685.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 320.13 685.07 Td (on ) Tj ET Q q 0 0 0 rg BT 332.36 685.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 356.26 685.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 379.04 685.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.93 685.07 Td (the ) Tj ET Q q 0 0 0 rg BT 407.37 685.07 Td (period ) Tj ET Q q 0 0 0 rg BT 435.15 685.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 461.26 685.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.81 685.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.54 685.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 521.27 685.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.83 685.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 675.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.50 675.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 169.83 675.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 660.07 Td (10.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 660.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 660.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 660.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 660.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 660.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 660.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 660.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 660.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 356.83 660.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 660.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 660.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 660.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 660.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 660.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 660.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 660.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 660.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 650.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.40 650.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 650.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 650.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 650.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 289.02 650.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 650.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 650.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.99 650.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 650.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 650.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 650.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 650.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 650.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 650.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 640.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.17 640.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.90 640.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.91 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.35 640.07 Td (Company) Tj ET Q q 0 0 0 rg BT 244.30 640.07 Td (s ) Tj ET Q q 0 0 0 rg BT 250.14 640.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.68 640.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 320.13 640.07 Td (on ) Tj ET Q q 0 0 0 rg BT 332.36 640.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 356.26 640.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 379.04 640.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.93 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 407.37 640.07 Td (period ) Tj ET Q q 0 0 0 rg BT 435.15 640.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 461.26 640.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.81 640.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.54 640.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 521.27 640.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.83 640.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 630.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 141.50 630.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 169.83 630.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 615.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 615.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 615.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 615.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 615.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 615.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 615.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 615.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 615.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 356.83 615.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 615.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 615.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 615.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 615.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 615.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 615.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 615.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 615.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 605.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.40 605.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 605.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 605.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 289.02 605.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 605.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.99 605.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 605.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 605.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 605.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 605.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 605.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 605.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 595.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 159.28 595.07 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 180.13 595.07 Td (to ) Tj ET Q q 0 0 0 rg BT 191.25 595.07 Td (the ) Tj ET Q q 0 0 0 rg BT 206.80 595.07 Td (Company) Tj ET Q q 0 0 0 rg BT 248.74 595.07 Td (s ) Tj ET Q q 0 0 0 rg BT 255.70 595.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 297.36 595.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 327.92 595.07 Td (on ) Tj ET Q q 0 0 0 rg BT 341.26 595.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 366.27 595.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 390.16 595.07 Td (for ) Tj ET Q q 0 0 0 rg BT 405.16 595.07 Td (the ) Tj ET Q q 0 0 0 rg BT 420.72 595.07 Td (period ) Tj ET Q q 0 0 0 rg BT 449.61 595.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 476.83 595.07 Td (June ) Tj ET Q q 0 0 0 rg BT 498.50 595.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 514.34 595.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 540.18 595.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 585.07 Td (August ) Tj ET Q q 0 0 0 rg BT 157.89 585.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 167.89 585.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 196.22 585.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 570.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 570.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 570.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 570.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 570.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 570.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 570.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 570.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 570.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 356.83 570.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 570.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 570.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 570.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 570.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 570.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 570.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 570.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 570.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 560.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.40 560.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 560.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 560.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 289.02 560.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 560.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.99 560.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 560.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 560.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 560.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 560.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 560.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 560.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 550.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.83 550.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 179.21 550.07 Td (to ) Tj ET Q q 0 0 0 rg BT 189.88 550.07 Td (the ) Tj ET Q q 0 0 0 rg BT 204.98 550.07 Td (Company) Tj ET Q q 0 0 0 rg BT 246.92 550.07 Td (s ) Tj ET Q q 0 0 0 rg BT 253.42 550.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.62 550.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.72 550.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.61 550.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.16 550.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 385.60 550.07 Td (for ) Tj ET Q q 0 0 0 rg BT 400.14 550.07 Td (the ) Tj ET Q q 0 0 0 rg BT 415.24 550.07 Td (period ) Tj ET Q q 0 0 0 rg BT 443.67 550.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 470.44 550.07 Td (March ) Tj ET Q q 0 0 0 rg BT 499.42 550.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 514.80 550.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 540.19 550.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 540.07 Td (May ) Tj ET Q q 0 0 0 rg BT 147.33 540.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 157.33 540.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 185.66 540.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 525.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 525.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 525.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 525.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 525.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 525.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 525.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 525.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 525.07 Td (2017 ) Tj ET Q q 0 0 0 rg BT 356.83 525.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 525.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 525.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 525.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 525.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 525.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 525.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 525.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 525.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 515.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.72 515.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.82 515.07 Td (and ) Tj ET Q q 0 0 0 rg BT 231.76 515.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 268.69 515.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 290.92 515.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 322.58 515.07 Td (and ) Tj ET Q q 0 0 0 rg BT 339.52 515.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 369.72 515.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 387.41 515.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 427.12 515.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 449.89 515.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 500.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 500.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.68 500.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.25 500.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 179.33 500.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 226.39 500.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 263.99 500.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 323.83 500.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 343.68 500.07 Td (for ) Tj ET Q q 0 0 0 rg BT 357.41 500.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 420.57 500.07 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 462.35 500.07 Td (as ) Tj ET Q q 0 0 0 rg BT 472.75 500.07 Td (amended ) Tj ET Q q 0 0 0 rg BT 510.91 500.07 Td (and ) Tj ET Q q 0 0 0 rg BT 527.42 500.07 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 490.07 Td (ef) Tj ET Q q 0 0 0 rg BT 134.18 490.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.34 490.07 Td (May ) Tj ET Q q 0 0 0 rg BT 183.73 490.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 193.28 490.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 215.34 490.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 271.26 490.07 Td (by ) Tj ET Q q 0 0 0 rg BT 283.31 490.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 322.55 490.07 Td (to ) Tj ET Q q 0 0 0 rg BT 332.38 490.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 363.88 490.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 383.43 490.07 Td (to ) Tj ET Q q 0 0 0 rg BT 393.27 490.07 Td (the ) Tj ET Q q 0 0 0 rg BT 407.54 490.07 Td (Company) Tj ET Q q 0 0 0 rg BT 449.48 490.07 Td (s ) Tj ET Q q 0 0 0 rg BT 455.15 490.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 495.52 490.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.79 490.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.85 490.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 480.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.55 480.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.71 480.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 480.07 Td (period ) Tj ET Q q 0 0 0 rg BT 206.48 480.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.85 480.07 Td (June ) Tj ET Q q 0 0 0 rg BT 253.68 480.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.68 480.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 293.68 480.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 314.23 480.07 Td (August ) Tj ET Q q 0 0 0 rg BT 345.35 480.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 355.35 480.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 383.68 480.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 465.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 465.07 Td (Summary ) Tj ET Q q 0 0 0 rg BT 167.89 465.07 Td (of ) Tj ET Q q 0 0 0 rg BT 178.72 465.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 242.31 465.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 278.13 465.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 338.40 465.07 Td (Program. ) Tj ET Q q 0 0 0 rg BT 377.84 465.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 450.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 450.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.67 450.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.50 450.07 Td (Notice ) Tj ET Q q 0 0 0 rg BT 187.66 450.07 Td (Period ) Tj ET Q q 0 0 0 rg BT 215.21 450.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.86 450.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 316.22 450.07 Td (by ) Tj ET Q q 0 0 0 rg BT 327.72 450.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 366.40 450.07 Td (to ) Tj ET Q q 0 0 0 rg BT 375.68 450.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 406.63 450.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 430.63 450.07 Td (to ) Tj ET Q q 0 0 0 rg BT 439.91 450.07 Td (the ) Tj ET Q q 0 0 0 rg BT 453.62 450.07 Td (Company) Tj ET Q q 0 0 0 rg BT 495.56 450.07 Td (s ) Tj ET Q q 0 0 0 rg BT 500.63 450.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.29 450.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 440.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 440.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 440.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 440.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 440.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 440.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.81 440.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.18 440.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.77 440.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.77 440.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 344.77 440.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.59 440.07 Td (March ) Tj ET Q q 0 0 0 rg BT 394.19 440.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.19 440.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 432.52 440.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 425.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 425.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 168.45 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.96 425.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 223.46 425.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 246.68 425.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.89 425.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 318.62 425.07 Td (December ) Tj ET Q q 0 0 0 rg BT 362.77 425.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 378.34 425.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 403.91 425.07 Td (between ) Tj ET Q q 0 0 0 rg BT 440.30 425.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 464.48 425.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 476.05 425.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 495.13 425.07 Td (& ) Tj ET Q q 0 0 0 rg BT 505.98 425.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 523.22 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 540.72 425.07 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 415.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 150.36 415.07 Td (National ) Tj ET Q q 0 0 0 rg BT 187.21 415.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 236.90 415.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 293.51 415.07 Td (by ) Tj ET Q q 0 0 0 rg BT 306.25 415.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 346.19 415.07 Td (to ) Tj ET Q q 0 0 0 rg BT 356.71 415.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 388.90 415.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 414.15 415.07 Td (to ) Tj ET Q q 0 0 0 rg BT 424.68 415.07 Td (the ) Tj ET Q q 0 0 0 rg BT 439.64 415.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 486.64 415.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 518.55 415.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.51 415.07 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 405.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.67 405.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 173.72 405.07 Td (for ) Tj ET Q q 0 0 0 rg BT 187.88 405.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.60 405.07 Td (year ) Tj ET Q q 0 0 0 rg BT 222.31 405.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.68 405.07 Td (December ) Tj ET Q q 0 0 0 rg BT 292.27 405.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 307.27 405.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 332.27 405.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 353.09 405.07 Td (February ) Tj ET Q q 0 0 0 rg BT 391.69 405.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 406.69 405.07 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 390.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 390.07 Td (First ) Tj ET Q q 0 0 0 rg BT 146.37 390.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 197.14 390.07 Td (to ) Tj ET Q q 0 0 0 rg BT 206.45 390.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 246.66 390.07 Td (and ) Tj ET Q q 0 0 0 rg BT 262.71 390.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 298.76 390.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 320.84 390.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 369.10 390.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 392.36 390.07 Td (December ) Tj ET Q q 0 0 0 rg BT 435.06 390.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 449.17 390.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 473.28 390.07 Td (between ) Tj ET Q q 0 0 0 rg BT 508.21 390.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.93 390.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.50 390.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 380.07 Td (& ) Tj ET Q q 0 0 0 rg BT 137.58 380.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 155.05 380.07 Td (and ) Tj ET Q q 0 0 0 rg BT 172.79 380.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 193.87 380.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 218.28 380.07 Td (National ) Tj ET Q q 0 0 0 rg BT 255.56 380.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 305.80 380.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 362.96 380.07 Td (by ) Tj ET Q q 0 0 0 rg BT 376.26 380.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 416.74 380.07 Td (to ) Tj ET Q q 0 0 0 rg BT 427.82 380.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 460.56 380.07 Td (10.18 ) Tj ET Q q 0 0 0 rg BT 486.36 380.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.44 380.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.96 380.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.90 380.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 370.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 370.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 370.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 370.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 370.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 370.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 370.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 370.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 370.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 370.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 370.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 370.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 406.42 370.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 370.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 370.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 480.85 370.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 355.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 355.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.61 355.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 210.85 355.07 Td (to ) Tj ET Q q 0 0 0 rg BT 221.30 355.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 262.98 355.07 Td (and ) Tj ET Q q 0 0 0 rg BT 280.50 355.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 318.01 355.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 341.23 355.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 390.95 355.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 415.69 355.07 Td (December ) Tj ET Q q 0 0 0 rg BT 459.85 355.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 475.43 355.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 501.00 355.07 Td (between ) Tj ET Q q 0 0 0 rg BT 537.40 355.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 345.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 345.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 155.42 345.07 Td (& ) Tj ET Q q 0 0 0 rg BT 164.54 345.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 180.05 345.07 Td (and ) Tj ET Q q 0 0 0 rg BT 195.84 345.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 214.96 345.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 237.41 345.07 Td (National ) Tj ET Q q 0 0 0 rg BT 273.17 345.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 321.45 345.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 376.66 345.07 Td (by ) Tj ET Q q 0 0 0 rg BT 388.00 345.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 426.53 345.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.65 345.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 466.43 345.07 Td (10.23 ) Tj ET Q q 0 0 0 rg BT 490.28 345.07 Td (to ) Tj ET Q q 0 0 0 rg BT 499.40 345.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.96 345.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.90 345.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 335.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 335.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 335.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 335.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 335.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 335.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 335.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 335.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 335.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 335.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 335.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 335.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 406.42 335.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 335.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 335.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 480.85 335.07 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 320.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 320.07 Td (Third ) Tj ET Q q 0 0 0 rg BT 151.85 320.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 204.67 320.07 Td (to ) Tj ET Q q 0 0 0 rg BT 215.58 320.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 257.84 320.07 Td (and ) Tj ET Q q 0 0 0 rg BT 275.94 320.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 314.04 320.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 337.72 320.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 388.03 320.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 413.35 320.07 Td (December ) Tj ET Q q 0 0 0 rg BT 458.10 320.07 Td (18, ) Tj ET Q q 0 0 0 rg BT 474.26 320.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 500.42 320.07 Td (between ) Tj ET Q q 0 0 0 rg BT 537.40 320.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 310.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 310.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 155.48 310.07 Td (& ) Tj ET Q q 0 0 0 rg BT 164.66 310.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 180.24 310.07 Td (and ) Tj ET Q q 0 0 0 rg BT 196.08 310.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 215.27 310.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 237.78 310.07 Td (National ) Tj ET Q q 0 0 0 rg BT 273.58 310.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 321.93 310.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 377.19 310.07 Td (by ) Tj ET Q q 0 0 0 rg BT 388.60 310.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 427.18 310.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.37 310.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.21 310.07 Td (10.25 ) Tj ET Q q 0 0 0 rg BT 491.12 310.07 Td (to ) Tj ET Q q 0 0 0 rg BT 500.30 310.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.92 310.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 300.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 300.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 300.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 300.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 300.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 300.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 300.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 300.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 300.91 300.07 Td (year ) Tj ET Q q 0 0 0 rg BT 320.62 300.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 346.99 300.07 Td (December ) Tj ET Q q 0 0 0 rg BT 390.58 300.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 405.58 300.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 430.58 300.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 451.40 300.07 Td (February ) Tj ET Q q 0 0 0 rg BT 490.00 300.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 505.00 300.07 Td (2016\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 285.07 Td (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 285.07 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 156.02 285.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 208.48 285.07 Td (to ) Tj ET Q q 0 0 0 rg BT 219.11 285.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 261.01 285.07 Td (and ) Tj ET Q q 0 0 0 rg BT 278.75 285.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 316.49 285.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 339.88 285.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 389.83 285.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 414.79 285.07 Td (December ) Tj ET Q q 0 0 0 rg BT 459.18 285.07 Td (17, ) Tj ET Q q 0 0 0 rg BT 474.98 285.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 500.78 285.07 Td (between ) Tj ET Q q 0 0 0 rg BT 537.40 285.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 275.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 275.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.58 275.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.86 275.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.53 275.07 Td (and ) Tj ET Q q 0 0 0 rg BT 200.46 275.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 220.75 275.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 244.36 275.07 Td (National ) Tj ET Q q 0 0 0 rg BT 281.01 275.07 Td (Association. ) Tj ET Q q 0 0 0 rg BT 332.96 275.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 260.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 260.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.72 260.07 Td (and ) Tj ET Q q 0 0 0 rg BT 184.50 260.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 221.28 260.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 243.06 260.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 281.26 260.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.76 260.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 351.75 260.07 Td (June ) Tj ET Q q 0 0 0 rg BT 372.43 260.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 382.27 260.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 404.62 260.07 Td (among ) Tj ET Q q 0 0 0 rg BT 434.18 260.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.63 260.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 469.20 260.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 487.55 260.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 537.39 260.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 250.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 250.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.82 250.07 Td (& ) Tj ET Q q 0 0 0 rg BT 167.34 250.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 184.25 250.07 Td (and ) Tj ET Q q 0 0 0 rg BT 201.43 250.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.39 250.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 262.45 250.07 Td (party ) Tj ET Q q 0 0 0 rg BT 285.73 250.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 316.24 250.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 372.84 250.07 Td (by ) Tj ET Q q 0 0 0 rg BT 385.58 250.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 425.51 250.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.02 250.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 468.21 250.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 488.45 250.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.97 250.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.93 250.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 240.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.55 240.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 189.26 240.07 Td (on ) Tj ET Q q 0 0 0 rg BT 201.76 240.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.93 240.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 246.49 240.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 267.31 240.07 Td (June ) Tj ET Q q 0 0 0 rg BT 288.14 240.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 298.14 240.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 225.07 Td (10.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 225.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 159.79 225.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 202.97 225.07 Td (and ) Tj ET Q q 0 0 0 rg BT 222.00 225.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 261.02 225.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 285.04 225.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 324.99 225.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 373.72 225.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 399.96 225.07 Td (October ) Tj ET Q q 0 0 0 rg BT 436.76 225.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 448.84 225.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 473.43 225.07 Td (among ) Tj ET Q q 0 0 0 rg BT 505.23 225.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 225.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 225.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 215.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 176.48 215.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 200.08 215.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 211.65 215.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 230.15 215.07 Td (& ) Tj ET Q q 0 0 0 rg BT 240.41 215.07 Td (Co., ) Tj ET Q q 0 0 0 rg BT 259.57 215.07 Td (and ) Tj ET Q q 0 0 0 rg BT 276.50 215.07 Td (the ) Tj ET Q q 0 0 0 rg BT 291.20 215.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 337.01 215.07 Td (party ) Tj ET Q q 0 0 0 rg BT 360.04 215.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 390.29 215.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 446.64 215.07 Td (by ) Tj ET Q q 0 0 0 rg BT 459.13 215.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 498.80 215.07 Td (to ) Tj ET Q q 0 0 0 rg BT 509.07 215.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 541.00 215.07 Td (10.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 205.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.78 205.07 Td (the ) Tj ET Q q 0 0 0 rg BT 151.50 205.07 Td (Company) Tj ET Q q 0 0 0 rg BT 193.44 205.07 Td (s ) Tj ET Q q 0 0 0 rg BT 199.55 205.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 232.60 205.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 262.32 205.07 Td (on ) Tj ET Q q 0 0 0 rg BT 274.82 205.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.99 205.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 319.54 205.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 340.36 205.07 Td (October ) Tj ET Q q 0 0 0 rg BT 375.07 205.07 Td (13, ) Tj ET Q q 0 0 0 rg BT 390.07 205.07 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 190.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 190.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 185.54 190.07 Td (Arrangement ) Tj ET Q q 0 0 0 rg BT 239.28 190.07 Td (with ) Tj ET Q q 0 0 0 rg BT 258.33 190.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 270.99 190.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 291.70 190.07 Td (W) Tj ET Q q 0 0 0 rg BT 300.84 190.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 323.02 190.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 378.15 190.07 Td (by ) Tj ET Q q 0 0 0 rg BT 389.42 190.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 427.87 190.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.92 190.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.63 190.07 Td (10.24 ) Tj ET Q q 0 0 0 rg BT 491.40 190.07 Td (to ) Tj ET Q q 0 0 0 rg BT 500.45 190.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.93 190.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 180.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 180.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 180.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 180.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 180.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 180.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 180.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 180.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 180.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 180.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 180.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 180.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 406.42 180.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 180.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 180.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.85 180.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 509.18 180.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 165.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 165.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 170.22 165.07 Td (Limited ) Tj ET Q q 0 0 0 rg BT 205.06 165.07 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 253.79 165.07 Td (Interest ) Tj ET Q q 0 0 0 rg BT 286.53 165.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 333.86 165.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 358.70 165.07 Td (February ) Tj ET Q q 0 0 0 rg BT 397.98 165.07 Td (23, ) Tj ET Q q 0 0 0 rg BT 413.66 165.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 439.34 165.07 Td (by ) Tj ET Q q 0 0 0 rg BT 452.52 165.07 Td (and ) Tj ET Q q 0 0 0 rg BT 470.14 165.07 Td (between ) Tj ET Q q 0 0 0 rg BT 506.64 165.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.93 165.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.50 165.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 155.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 175.26 155.07 Td (Management ) Tj ET Q q 0 0 0 rg BT 231.79 155.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 255.01 155.07 Td (and ) Tj ET Q q 0 0 0 rg BT 273.78 155.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 289.50 155.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 313.05 155.07 Td (W) Tj ET Q q 0 0 0 rg BT 322.19 155.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 347.43 155.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 405.62 155.07 Td (by ) Tj ET Q q 0 0 0 rg BT 419.95 155.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 461.47 155.07 Td (to ) Tj ET Q q 0 0 0 rg BT 473.57 155.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 507.35 155.07 Td (10.27 ) Tj ET Q q 0 0 0 rg BT 534.18 155.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.28 155.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 145.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 145.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.13 145.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.61 145.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 235.13 145.07 Td (on ) Tj ET Q q 0 0 0 rg BT 247.45 145.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 271.43 145.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 294.29 145.07 Td (for ) Tj ET Q q 0 0 0 rg BT 308.26 145.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.79 145.07 Td (year ) Tj ET Q q 0 0 0 rg BT 342.31 145.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 368.49 145.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.89 145.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.70 145.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 451.51 145.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 472.15 145.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.56 145.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 525.37 145.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 553.51 145.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 130.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 130.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 168.28 130.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 211.98 130.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 231.80 130.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 262.00 130.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 281.75 130.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 323.51 130.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 345.85 130.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 404.26 130.07 Td (by ) Tj ET Q q 0 0 0 rg BT 418.82 130.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.56 130.07 Td (to ) Tj ET Q q 0 0 0 rg BT 472.89 130.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 506.89 130.07 Td (10.26 ) Tj ET Q q 0 0 0 rg BT 533.95 130.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.28 130.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 120.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 120.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.13 120.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.61 120.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 235.13 120.07 Td (on ) Tj ET Q q 0 0 0 rg BT 247.45 120.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 271.43 120.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 294.29 120.07 Td (for ) Tj ET Q q 0 0 0 rg BT 308.26 120.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.79 120.07 Td (year ) Tj ET Q q 0 0 0 rg BT 342.31 120.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 368.49 120.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.89 120.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.70 120.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 451.51 120.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 472.15 120.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.56 120.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 525.37 120.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 553.51 120.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 105.07 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 105.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.95 105.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.52 105.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 179.88 105.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 226.98 105.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 267.93 105.07 Td (and ) Tj ET Q q 0 0 0 rg BT 284.71 105.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 321.49 105.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 352.72 105.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 375.63 105.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 418.52 105.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 443.63 105.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 490.41 105.07 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 513.04 105.07 Td (ef) Tj ET Q q 0 0 0 rg BT 520.72 105.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 550.17 105.07 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 95.07 Td (of ) Tj ET Q q 0 0 0 rg BT 137.33 95.07 Td (December ) Tj ET Q q 0 0 0 rg BT 180.91 95.07 Td (13, ) Tj ET Q q 0 0 0 rg BT 195.91 95.07 Td (2016. ) Tj ET Q q 0 0 0 rg BT 220.91 95.07 Td ( ) Tj ET Q q 0 0 0 rg BT 228.41 95.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 80.07 Td (10.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 80.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.60 80.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.35 80.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 198.67 80.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.66 80.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 268.62 80.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 294.84 80.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.69 80.07 Td (for ) Tj ET Q q 0 0 0 rg BT 359.78 80.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 404.75 80.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 435.84 80.07 Td (in ) Tj ET Q q 0 0 0 rg BT 448.04 80.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 472.47 80.07 Td (and ) Tj ET Q q 0 0 0 rg BT 491.33 80.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.76 80.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.72 80.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 70.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.82 70.07 Td (in ) Tj ET Q q 0 0 0 rg BT 190.40 70.07 Td (201) Tj ET Q q 0 0 0 rg BT 205.03 70.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 212.82 70.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.06 70.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 255.36 70.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 309.80 70.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 366.46 70.07 Td (by ) Tj ET Q q 0 0 0 rg BT 379.25 70.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 419.23 70.07 Td (to ) Tj ET Q q 0 0 0 rg BT 429.81 70.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 462.05 70.07 Td (10.30 ) Tj ET Q q 0 0 0 rg BT 487.35 70.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.93 70.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.94 70.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.61 70.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 60.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 60.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 60.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 60.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 60.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 60.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 60.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 60.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 60.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 60.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 60.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 60.07 Td (201) Tj ET Q q 0 0 0 rg BT 396.05 60.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 406.05 60.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.88 60.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.47 60.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.47 60.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 508.80 60.07 Td () Tj ET Q endstream endobj 245 0 obj <>] /Rotate 0 /Contents 246 0 R>> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (122) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 719.5 m 109 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 719.5 m 562 719.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 738.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 724.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 723.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 724.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 704.07 Td (10.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 704.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.98 704.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.13 704.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.82 704.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 217.20 704.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.55 704.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.79 704.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.75 704.07 Td (for ) Tj ET Q q 0 0 0 rg BT 347.22 704.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.58 704.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 420.05 704.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.64 704.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 453.45 704.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.80 704.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.39 704.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.72 704.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 694.07 Td (2013\) ) Tj ET Q q 0 0 0 rg BT 151.82 694.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.67 694.07 Td (by ) Tj ET Q q 0 0 0 rg BT 219.66 694.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.83 694.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.60 694.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 300.03 694.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 324.52 694.07 Td (to ) Tj ET Q q 0 0 0 rg BT 334.29 694.07 Td (the ) Tj ET Q q 0 0 0 rg BT 348.49 694.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.90 694.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 426.05 694.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.25 694.07 Td (on ) Tj ET Q q 0 0 0 rg BT 467.24 694.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 490.90 694.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 513.44 694.07 Td (for ) Tj ET Q q 0 0 0 rg BT 527.09 694.07 Td (the ) Tj ET Q q 0 0 0 rg BT 541.30 694.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 684.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.88 684.07 Td (December ) Tj ET Q q 0 0 0 rg BT 196.46 684.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 211.46 684.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 236.46 684.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 257.29 684.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.88 684.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 310.88 684.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 339.21 684.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 669.07 Td (10.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 669.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.98 669.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.13 669.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.82 669.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 217.20 669.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.55 669.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.79 669.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.75 669.07 Td (for ) Tj ET Q q 0 0 0 rg BT 347.22 669.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.58 669.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 420.05 669.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.64 669.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 453.45 669.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.80 669.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.39 669.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.72 669.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 659.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 151.76 659.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.55 659.07 Td (by ) Tj ET Q q 0 0 0 rg BT 219.49 659.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.60 659.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.31 659.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 299.68 659.07 Td (10.32 ) Tj ET Q q 0 0 0 rg BT 324.11 659.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.82 659.07 Td (the ) Tj ET Q q 0 0 0 rg BT 347.97 659.07 Td (Company) Tj ET Q q 0 0 0 rg BT 389.91 659.07 Td (s ) Tj ET Q q 0 0 0 rg BT 395.31 659.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 426.40 659.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.55 659.07 Td (on ) Tj ET Q q 0 0 0 rg BT 467.48 659.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 491.08 659.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 513.57 659.07 Td (for ) Tj ET Q q 0 0 0 rg BT 527.16 659.07 Td (the ) Tj ET Q q 0 0 0 rg BT 541.31 659.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 649.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.88 649.07 Td (December ) Tj ET Q q 0 0 0 rg BT 196.46 649.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 211.46 649.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 236.46 649.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 257.29 649.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.88 649.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 310.88 649.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 339.21 649.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 634.07 Td (10.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 634.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.58 634.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.32 634.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 192.62 634.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 215.60 634.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 258.55 634.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 283.48 634.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 330.04 634.07 Td (for ) Tj ET Q q 0 0 0 rg BT 344.11 634.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 413.16 634.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 456.11 634.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 485.19 634.07 Td (in ) Tj ET Q q 0 0 0 rg BT 495.38 634.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 517.79 634.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.73 634.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 624.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.44 624.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.63 624.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 215.38 624.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 271.66 624.07 Td (by ) Tj ET Q q 0 0 0 rg BT 284.08 624.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 323.68 624.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.87 624.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 365.73 624.07 Td (10.33 ) Tj ET Q q 0 0 0 rg BT 390.65 624.07 Td (to ) Tj ET Q q 0 0 0 rg BT 400.85 624.07 Td (the ) Tj ET Q q 0 0 0 rg BT 415.48 624.07 Td (Company) Tj ET Q q 0 0 0 rg BT 457.42 624.07 Td (s ) Tj ET Q q 0 0 0 rg BT 463.20 624.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 494.78 624.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.41 624.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.83 624.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 614.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 149.55 614.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.71 614.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 614.07 Td (year ) Tj ET Q q 0 0 0 rg BT 198.14 614.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 224.51 614.07 Td (December ) Tj ET Q q 0 0 0 rg BT 268.10 614.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 283.10 614.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 308.10 614.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 328.92 614.07 Td (February ) Tj ET Q q 0 0 0 rg BT 367.52 614.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 382.52 614.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 410.85 614.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 599.07 Td (10.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 599.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.19 599.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.55 599.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 203.11 599.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 227.91 599.07 Td (and ) Tj ET Q q 0 0 0 rg BT 244.37 599.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 275.28 599.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 297.87 599.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 340.43 599.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 365.05 599.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 411.22 599.07 Td (for ) Tj ET Q q 0 0 0 rg BT 424.91 599.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 467.47 599.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 496.16 599.07 Td (in ) Tj ET Q q 0 0 0 rg BT 505.96 599.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 527.98 599.07 Td (\(related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 589.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.88 589.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 190.00 589.07 Td (in ) Tj ET Q q 0 0 0 rg BT 200.38 589.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 226.32 589.07 Td (under ) Tj ET Q q 0 0 0 rg BT 251.69 589.07 Td (the ) Tj ET Q q 0 0 0 rg BT 266.50 589.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 290.21 589.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 301.78 589.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 320.39 589.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 367.69 589.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 408.89 589.07 Td (and ) Tj ET Q q 0 0 0 rg BT 425.93 589.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 462.97 589.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 485.27 589.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.04 589.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.08 589.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 579.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 579.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.48 579.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.71 579.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.52 579.07 Td (and ) Tj ET Q q 0 0 0 rg BT 224.99 579.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 255.90 579.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 278.49 579.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 321.06 579.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 345.86 579.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 392.32 579.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 412.13 579.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 468.02 579.07 Td (by ) Tj ET Q q 0 0 0 rg BT 480.04 579.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 519.25 579.07 Td (to ) Tj ET Q q 0 0 0 rg BT 529.06 579.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 569.07 Td (10.37 ) Tj ET Q q 0 0 0 rg BT 152.28 569.07 Td (to ) Tj ET Q q 0 0 0 rg BT 163.34 569.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.84 569.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 226.25 569.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 258.69 569.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 289.19 569.07 Td (on ) Tj ET Q q 0 0 0 rg BT 302.47 569.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 327.42 569.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 351.25 569.07 Td (for ) Tj ET Q q 0 0 0 rg BT 366.19 569.07 Td (the ) Tj ET Q q 0 0 0 rg BT 381.69 569.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 406.62 569.07 Td (year ) Tj ET Q q 0 0 0 rg BT 427.11 569.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 454.27 569.07 Td (December ) Tj ET Q q 0 0 0 rg BT 498.63 569.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 514.41 569.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 540.19 569.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 559.07 Td (February ) Tj ET Q q 0 0 0 rg BT 165.10 559.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 180.10 559.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 208.43 559.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 544.07 Td (10.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 544.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.86 544.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.87 544.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 202.10 544.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 226.57 544.07 Td (and ) Tj ET Q q 0 0 0 rg BT 242.69 544.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 273.27 544.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.52 544.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 337.75 544.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 362.10 544.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 407.94 544.07 Td (for ) Tj ET Q q 0 0 0 rg BT 421.29 544.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 489.61 544.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 531.84 544.07 Td (Grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 534.07 Td (in ) Tj ET Q q 0 0 0 rg BT 137.52 534.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 160.76 534.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 194.53 534.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.54 534.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 259.31 534.07 Td (in ) Tj ET Q q 0 0 0 rg BT 270.32 534.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 296.89 534.07 Td (under ) Tj ET Q q 0 0 0 rg BT 322.90 534.07 Td (the ) Tj ET Q q 0 0 0 rg BT 338.35 534.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.70 534.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 374.27 534.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 393.52 534.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 441.31 534.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 483.15 534.07 Td (and ) Tj ET Q q 0 0 0 rg BT 500.83 534.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 538.50 534.07 Td (2003 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 524.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.59 524.07 Td (and ) Tj ET Q q 0 0 0 rg BT 175.68 524.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 205.88 524.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 223.73 524.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 263.59 524.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 284.02 524.07 Td (and ) Tj ET Q q 0 0 0 rg BT 301.11 524.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 332.65 524.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 355.86 524.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 399.06 524.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 424.48 524.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 471.56 524.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 492.00 524.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.51 524.07 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 514.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 165.71 514.07 Td (to ) Tj ET Q q 0 0 0 rg BT 175.51 514.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 206.97 514.07 Td (10.38 ) Tj ET Q q 0 0 0 rg BT 231.50 514.07 Td (to ) Tj ET Q q 0 0 0 rg BT 241.30 514.07 Td (the ) Tj ET Q q 0 0 0 rg BT 255.54 514.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 301.97 514.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 333.15 514.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 362.39 514.07 Td (on ) Tj ET Q q 0 0 0 rg BT 374.42 514.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 398.11 514.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 420.69 514.07 Td (for ) Tj ET Q q 0 0 0 rg BT 434.37 514.07 Td (the ) Tj ET Q q 0 0 0 rg BT 448.61 514.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 472.29 514.07 Td (year ) Tj ET Q q 0 0 0 rg BT 491.52 514.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 517.42 514.07 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 504.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.50 504.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 166.50 504.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 187.33 504.07 Td (February ) Tj ET Q q 0 0 0 rg BT 225.92 504.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 240.92 504.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 269.25 504.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 489.07 Td (10.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 489.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.19 489.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.55 489.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 203.11 489.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 227.91 489.07 Td (and ) Tj ET Q q 0 0 0 rg BT 244.37 489.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 275.28 489.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 297.87 489.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 340.43 489.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 365.05 489.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 411.22 489.07 Td (for ) Tj ET Q q 0 0 0 rg BT 424.91 489.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 467.47 489.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 496.16 489.07 Td (in ) Tj ET Q q 0 0 0 rg BT 505.96 489.07 Td (2017 ) Tj ET Q q 0 0 0 rg BT 527.98 489.07 Td (\(related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 479.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.88 479.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 190.00 479.07 Td (in ) Tj ET Q q 0 0 0 rg BT 200.38 479.07 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 226.32 479.07 Td (under ) Tj ET Q q 0 0 0 rg BT 251.69 479.07 Td (the ) Tj ET Q q 0 0 0 rg BT 266.50 479.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 290.21 479.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 301.78 479.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 320.39 479.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 367.69 479.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 408.89 479.07 Td (and ) Tj ET Q q 0 0 0 rg BT 425.93 479.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 462.97 479.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 485.27 479.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.04 479.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.08 479.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 469.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 469.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.96 469.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.66 469.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.94 469.07 Td (and ) Tj ET Q q 0 0 0 rg BT 226.88 469.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 258.26 469.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 281.32 469.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 324.37 469.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 349.63 469.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 396.57 469.07 Td (Plan.*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 454.07 Td (10.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 454.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.86 454.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.87 454.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 202.10 454.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 226.57 454.07 Td (and ) Tj ET Q q 0 0 0 rg BT 242.69 454.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 273.27 454.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.52 454.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 337.75 454.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 362.10 454.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 407.94 454.07 Td (for ) Tj ET Q q 0 0 0 rg BT 421.29 454.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 489.61 454.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 531.84 454.07 Td (Grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 444.07 Td (in ) Tj ET Q q 0 0 0 rg BT 137.52 444.07 Td (2017 ) Tj ET Q q 0 0 0 rg BT 160.76 444.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 194.53 444.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.54 444.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 259.31 444.07 Td (in ) Tj ET Q q 0 0 0 rg BT 270.32 444.07 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 296.89 444.07 Td (under ) Tj ET Q q 0 0 0 rg BT 322.90 444.07 Td (the ) Tj ET Q q 0 0 0 rg BT 338.35 444.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.70 444.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 374.27 444.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 393.52 444.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 441.31 444.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 483.15 444.07 Td (and ) Tj ET Q q 0 0 0 rg BT 500.83 444.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 538.50 444.07 Td (2003 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 434.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 434.07 Td (and ) Tj ET Q q 0 0 0 rg BT 175.38 434.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 205.57 434.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 223.27 434.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 262.97 434.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 283.25 434.07 Td (and ) Tj ET Q q 0 0 0 rg BT 300.19 434.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 331.58 434.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 354.64 434.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 397.68 434.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 422.95 434.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.88 434.07 Td (Plan.*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 419.07 Td (10.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 419.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.53 419.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.10 419.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 179.04 419.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 225.96 419.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 247.89 419.07 Td (Employment ) Tj ET Q q 0 0 0 rg BT 301.47 419.07 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 350.45 419.07 Td (A) Tj ET Q q 0 0 0 rg BT 356.94 419.07 Td (ward ) Tj ET Q q 0 0 0 rg BT 378.40 419.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 398.10 419.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 453.89 419.07 Td (by ) Tj ET Q q 0 0 0 rg BT 465.82 419.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 504.92 419.07 Td (to ) Tj ET Q q 0 0 0 rg BT 514.63 419.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 546.00 419.07 Td (4.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 409.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.78 409.07 Td (the ) Tj ET Q q 0 0 0 rg BT 151.50 409.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 198.58 409.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 249.96 409.07 Td (Statement ) Tj ET Q q 0 0 0 rg BT 292.45 409.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.95 409.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 329.12 409.07 Td (S-8, ) Tj ET Q q 0 0 0 rg BT 348.01 409.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 368.83 409.07 Td (February ) Tj ET Q q 0 0 0 rg BT 407.43 409.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 422.43 409.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 450.76 409.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 394.07 Td (10.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 394.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.70 394.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.55 394.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 210.62 394.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 237.20 394.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 285.87 394.07 Td (for ) Tj ET Q q 0 0 0 rg BT 302.06 394.07 Td (grants ) Tj ET Q q 0 0 0 rg BT 331.02 394.07 Td (under ) Tj ET Q q 0 0 0 rg BT 358.32 394.07 Td (the ) Tj ET Q q 0 0 0 rg BT 375.06 394.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 400.69 394.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 412.26 394.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 432.79 394.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 482.32 394.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 506.84 394.07 Td (Employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 384.07 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 176.21 384.07 Td (A) Tj ET Q q 0 0 0 rg BT 182.69 384.07 Td (ward ) Tj ET Q q 0 0 0 rg BT 205.08 384.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 225.72 384.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 282.44 384.07 Td (by ) Tj ET Q q 0 0 0 rg BT 295.30 384.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 335.34 384.07 Td (to ) Tj ET Q q 0 0 0 rg BT 345.97 384.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 378.27 384.07 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 393.63 384.07 Td (to ) Tj ET Q q 0 0 0 rg BT 404.27 384.07 Td (the ) Tj ET Q q 0 0 0 rg BT 419.34 384.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 466.78 384.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 518.52 384.07 Td (Statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 374.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 374.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 374.07 Td (S-8, ) Tj ET Q q 0 0 0 rg BT 182.06 374.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 202.89 374.07 Td (February ) Tj ET Q q 0 0 0 rg BT 241.49 374.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 256.49 374.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 284.82 374.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 359.07 Td (10.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 359.07 Td (Consulting ) Tj ET Q q 0 0 0 rg BT 171.94 359.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 217.71 359.07 Td (for ) Tj ET Q q 0 0 0 rg BT 231.00 359.07 Td (Services ) Tj ET Q q 0 0 0 rg BT 266.50 359.07 Td (of ) Tj ET Q q 0 0 0 rg BT 276.46 359.07 Td (Independent ) Tj ET Q q 0 0 0 rg BT 327.51 359.07 Td (Contractor ) Tj ET Q q 0 0 0 rg BT 371.90 359.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 395.18 359.07 Td (November ) Tj ET Q q 0 0 0 rg BT 439.01 359.07 Td (16, ) Tj ET Q q 0 0 0 rg BT 453.14 359.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 474.76 359.07 Td (by ) Tj ET Q q 0 0 0 rg BT 486.39 359.07 Td (and ) Tj ET Q q 0 0 0 rg BT 502.45 359.07 Td (between ) Tj ET Q q 0 0 0 rg BT 537.40 359.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 349.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 349.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.50 349.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.70 349.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.28 349.07 Td (and ) Tj ET Q q 0 0 0 rg BT 200.14 349.07 Td (Michael ) Tj ET Q q 0 0 0 rg BT 235.33 349.07 Td (E. ) Tj ET Q q 0 0 0 rg BT 246.35 349.07 Td (Frazier ) Tj ET Q q 0 0 0 rg BT 277.09 349.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 333.37 349.07 Td (by ) Tj ET Q q 0 0 0 rg BT 345.79 349.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 385.39 349.07 Td (to ) Tj ET Q q 0 0 0 rg BT 395.59 349.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 427.45 349.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 447.37 349.07 Td (to ) Tj ET Q q 0 0 0 rg BT 457.57 349.07 Td (the ) Tj ET Q q 0 0 0 rg BT 472.21 349.07 Td (Company) Tj ET Q q 0 0 0 rg BT 514.15 349.07 Td (s ) Tj ET Q q 0 0 0 rg BT 520.18 349.07 Td (Quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 339.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 156.22 339.07 Td (on ) Tj ET Q q 0 0 0 rg BT 168.72 339.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.89 339.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 215.94 339.07 Td (for ) Tj ET Q q 0 0 0 rg BT 230.10 339.07 Td (the ) Tj ET Q q 0 0 0 rg BT 244.82 339.07 Td (period ) Tj ET Q q 0 0 0 rg BT 272.86 339.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 299.24 339.07 Td (March ) Tj ET Q q 0 0 0 rg BT 327.84 339.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 342.84 339.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 367.84 339.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 388.66 339.07 Td (May ) Tj ET Q q 0 0 0 rg BT 409.49 339.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 419.49 339.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 447.82 339.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 324.07 Td (10.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 324.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 169.17 324.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 193.88 324.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 240.15 324.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 263.93 324.07 Td (November ) Tj ET Q q 0 0 0 rg BT 308.26 324.07 Td (16, ) Tj ET Q q 0 0 0 rg BT 322.88 324.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 345.01 324.07 Td (by ) Tj ET Q q 0 0 0 rg BT 357.13 324.07 Td (and ) Tj ET Q q 0 0 0 rg BT 373.69 324.07 Td (between ) Tj ET Q q 0 0 0 rg BT 409.13 324.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 432.36 324.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 443.93 324.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 462.07 324.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 509.19 324.07 Td (and ) Tj ET Q q 0 0 0 rg BT 525.75 324.07 Td (Michael ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 314.07 Td (E. ) Tj ET Q q 0 0 0 rg BT 137.88 314.07 Td (Frazier ) Tj ET Q q 0 0 0 rg BT 168.97 314.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 225.60 314.07 Td (by ) Tj ET Q q 0 0 0 rg BT 238.38 314.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 278.33 314.07 Td (to ) Tj ET Q q 0 0 0 rg BT 288.88 314.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 321.10 314.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 341.37 314.07 Td (to ) Tj ET Q q 0 0 0 rg BT 351.92 314.07 Td (the ) Tj ET Q q 0 0 0 rg BT 366.91 314.07 Td (Company) Tj ET Q q 0 0 0 rg BT 408.85 314.07 Td (s ) Tj ET Q q 0 0 0 rg BT 415.24 314.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 456.33 314.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 486.32 314.07 Td (on ) Tj ET Q q 0 0 0 rg BT 499.09 314.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 523.53 314.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 546.86 314.07 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 304.07 Td (the ) Tj ET Q q 0 0 0 rg BT 141.22 304.07 Td (period ) Tj ET Q q 0 0 0 rg BT 169.26 304.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 195.64 304.07 Td (March ) Tj ET Q q 0 0 0 rg BT 224.24 304.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.24 304.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 264.24 304.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 285.06 304.07 Td (May ) Tj ET Q q 0 0 0 rg BT 305.89 304.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 315.89 304.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 344.22 304.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 289.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 289.07 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 177.89 289.07 Td (of ) Tj ET Q q 0 0 0 rg BT 188.72 289.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 212.33 289.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 223.90 289.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 242.40 289.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 289.90 289.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 274.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 274.07 Td (Consent ) Tj ET Q q 0 0 0 rg BT 161.78 274.07 Td (of ) Tj ET Q q 0 0 0 rg BT 172.61 274.07 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 196.22 274.07 Td (& ) Tj ET Q q 0 0 0 rg BT 206.31 274.07 Td (Y) Tj ET Q q 0 0 0 rg BT 212.85 274.07 Td (oung ) Tj ET Q q 0 0 0 rg BT 234.84 274.07 Td (LLP) Tj ET Q q 0 0 0 rg BT 252.44 274.07 Td ( ) Tj ET Q q 0 0 0 rg BT 254.75 274.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 258.17 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 258.17 Td (Power ) Tj ET Q q 0 0 0 rg BT 154.55 258.17 Td (of ) Tj ET Q q 0 0 0 rg BT 165.11 258.17 Td (Attorney ) Tj ET Q q 0 0 0 rg BT 202.88 258.17 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 244.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 244.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 244.07 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 231.46 244.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.50 244.07 Td (of ) Tj ET Q q 0 0 0 rg BT 295.33 244.07 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 337.26 244.07 Td (and ) Tj ET Q q 0 0 0 rg BT 354.20 244.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 378.92 244.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 421.40 244.07 Td (Of) Tj ET Q q 0 0 0 rg BT 431.86 244.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.81 244.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 228.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 228.17 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 228.17 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 231.46 228.17 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.50 228.17 Td (of ) Tj ET Q q 0 0 0 rg BT 295.33 228.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 320.04 228.17 Td (Financial ) Tj ET Q q 0 0 0 rg BT 359.76 228.17 Td (Of) Tj ET Q q 0 0 0 rg BT 370.13 228.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 387.89 228.17 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 214.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 214.07 Td (Section ) Tj ET Q q 0 0 0 rg BT 159.00 214.07 Td (1350 ) Tj ET Q q 0 0 0 rg BT 181.50 214.07 Td (Certifications. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 199.07 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 147.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 199.07 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 172.77 199.07 Td (data ) Tj ET Q q 0 0 0 rg BT 192.94 199.07 Td (files ) Tj ET Q q 0 0 0 rg BT 213.68 199.07 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 251.64 199.07 Td (to ) Tj ET Q q 0 0 0 rg BT 262.94 199.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 285.34 199.07 Td (405 ) Tj ET Q q 0 0 0 rg BT 303.86 199.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 356.26 199.07 Td (S-T) Tj ET Q q 0 0 0 rg BT 370.76 199.07 Td (: ) Tj ET Q q 0 0 0 rg BT 377.06 199.07 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 390.02 199.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.76 199.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 462.05 199.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 509.45 199.07 Td (of ) Tj ET Q q 0 0 0 rg BT 521.30 199.07 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 189.07 Td (Condition ) Tj ET Q q 0 0 0 rg BT 169.03 189.07 Td (as ) Tj ET Q q 0 0 0 rg BT 179.89 189.07 Td (of ) Tj ET Q q 0 0 0 rg BT 190.75 189.07 Td (December ) Tj ET Q q 0 0 0 rg BT 234.37 189.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 249.40 189.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 271.92 189.07 Td (and ) Tj ET Q q 0 0 0 rg BT 288.89 189.07 Td (December ) Tj ET Q q 0 0 0 rg BT 332.51 189.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 347.54 189.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 372.56 189.07 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 387.31 189.07 Td (the ) Tj ET Q q 0 0 0 rg BT 402.06 189.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 457.36 189.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 503.77 189.07 Td (of ) Tj ET Q q 0 0 0 rg BT 514.63 189.07 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 179.07 Td (for ) Tj ET Q q 0 0 0 rg BT 140.51 179.07 Td (the ) Tj ET Q q 0 0 0 rg BT 155.07 179.07 Td (years ) Tj ET Q q 0 0 0 rg BT 178.51 179.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 204.73 179.07 Td (December ) Tj ET Q q 0 0 0 rg BT 248.16 179.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 263.01 179.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 287.85 179.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 310.20 179.07 Td (and ) Tj ET Q q 0 0 0 rg BT 326.98 179.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 351.83 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ET Q q 0 0 0 rg BT 172.18 686.97 Td (and ) Tj ET Q q 0 0 0 rg BT 190.04 686.97 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 241.32 686.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 288.88 686.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 313.96 686.97 Td (as ) Tj ET Q q 0 0 0 rg BT 325.71 686.97 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 686.97 Td (December ) Tj ET Q q 0 0 0 rg BT 381.96 686.97 Td (23, ) Tj ET Q q 0 0 0 rg BT 397.88 686.97 Td (2003, ) Tj ET Q q 0 0 0 rg BT 423.80 686.97 Td (between ) Tj ET Q q 0 0 0 rg BT 460.53 686.97 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 481.74 686.97 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 519.03 686.97 Td (and ) Tj ET Q q 0 0 0 rg BT 536.89 686.97 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 676.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 676.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 155.90 676.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 203.21 676.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 259.39 676.97 Td (by ) Tj ET Q q 0 0 0 rg BT 271.70 676.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 311.20 676.97 Td (to ) Tj ET Q q 0 0 0 rg BT 321.30 676.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 353.06 676.97 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 367.88 676.97 Td (to ) Tj ET Q q 0 0 0 rg BT 377.97 676.97 Td (the ) Tj ET Q q 0 0 0 rg BT 392.50 676.97 Td (Company) Tj ET Q q 0 0 0 rg BT 434.44 676.97 Td (s ) Tj ET Q q 0 0 0 rg BT 440.14 676.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 471.62 676.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 501.16 676.97 Td (on ) Tj ET Q q 0 0 0 rg BT 513.47 676.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 537.46 676.97 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 666.97 Td (for ) Tj ET Q q 0 0 0 rg BT 140.16 666.97 Td (the ) Tj ET Q q 0 0 0 rg BT 154.88 666.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 179.03 666.97 Td (year ) Tj ET Q q 0 0 0 rg BT 198.74 666.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 225.12 666.97 Td (December ) Tj ET Q q 0 0 0 rg BT 268.70 666.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 283.70 666.97 Td (2003, ) Tj ET Q q 0 0 0 rg BT 308.70 666.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 329.53 666.97 Td (March ) Tj ET Q q 0 0 0 rg BT 358.12 666.97 Td (8, ) Tj ET Q q 0 0 0 rg BT 368.12 666.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 396.45 666.97 Td (#) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 651.97 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 651.97 Td (Securities ) Tj ET Q q 0 0 0 rg BT 168.29 651.97 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 206.90 651.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 253.90 651.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 278.42 651.97 Td (November16, ) Tj ET Q q 0 0 0 rg BT 338.48 651.97 Td (2015 ) Tj ET Q q 0 0 0 rg BT 361.34 651.97 Td (among ) Tj ET Q q 0 0 0 rg BT 391.42 651.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 415.38 651.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 426.95 651.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 445.82 651.97 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 496.17 651.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.14 651.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 531.71 651.97 Td (fray& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 641.97 Td (Co., ) Tj ET Q q 0 0 0 rg BT 145.10 641.97 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 195.60 641.97 Td (Company ) Tj ET Q q 0 0 0 rg BT 236.92 641.97 Td (International, ) Tj ET Q q 0 0 0 rg BT 292.94 641.97 Td (SCI ) Tj ET Q q 0 0 0 rg BT 310.94 641.97 Td (JV) Tj ET Q q 0 0 0 rg BT 321.96 641.97 Td ( ) Tj ET Q q 0 0 0 rg BT 324.30 641.97 Td (LP) Tj ET Q q 0 0 0 rg BT 335.42 641.97 Td (, ) Tj ET Q q 0 0 0 rg BT 339.80 641.97 Td (SCI ) Tj ET Q q 0 0 0 rg BT 357.79 641.97 Td (GP) Tj ET Q q 0 0 0 rg BT 370.02 641.97 Td (, ) Tj ET Q q 0 0 0 rg BT 374.40 641.97 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 398.22 641.97 Td (and ) Tj ET Q q 0 0 0 rg BT 415.09 641.97 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 465.59 641.97 Td (Company ) Tj ET Q q 0 0 0 rg BT 506.91 641.97 Td (International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 631.97 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 164.81 631.97 Td (LLC ) Tj ET Q q 0 0 0 rg BT 185.85 631.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 241.85 631.97 Td (by ) Tj ET Q q 0 0 0 rg BT 254.00 631.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 293.33 631.97 Td (to ) Tj ET Q q 0 0 0 rg BT 303.25 631.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 334.84 631.97 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 349.48 631.97 Td (to ) Tj ET Q q 0 0 0 rg BT 359.41 631.97 Td (the ) Tj ET Q q 0 0 0 rg BT 373.77 631.97 Td (Company) Tj ET Q q 0 0 0 rg BT 415.71 631.97 Td (s ) Tj ET Q q 0 0 0 rg BT 421.47 631.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 454.16 631.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 483.52 631.97 Td (on ) Tj ET Q q 0 0 0 rg BT 495.67 631.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 519.48 631.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 539.68 631.97 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 621.97 Td (November ) Tj ET Q q 0 0 0 rg BT 170.71 621.97 Td (17, ) Tj ET Q q 0 0 0 rg BT 185.71 621.97 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 214.04 621.97 Td (#) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 606.97 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 606.97 Td (First ) Tj ET Q q 0 0 0 rg BT 146.03 606.97 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 197.01 606.97 Td (to ) Tj ET Q q 0 0 0 rg BT 206.61 606.97 Td (Securities ) Tj ET Q q 0 0 0 rg BT 247.86 606.97 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 285.65 606.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 331.62 606.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 355.09 606.97 Td (February ) Tj ET Q q 0 0 0 rg BT 393.01 606.97 Td (25, ) Tj ET Q q 0 0 0 rg BT 407.33 606.97 Td (2016 ) Tj ET Q q 0 0 0 rg BT 429.15 606.97 Td (among ) Tj ET Q q 0 0 0 rg BT 458.18 606.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 481.11 606.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 492.68 606.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 510.51 606.97 Td (Companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 596.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 148.81 596.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.38 596.97 Td (fray& ) Tj ET Q q 0 0 0 rg BT 188.36 596.97 Td (Co., ) Tj ET Q q 0 0 0 rg BT 206.73 596.97 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 256.49 596.97 Td (Company ) Tj ET Q q 0 0 0 rg BT 297.07 596.97 Td (International, ) Tj ET Q q 0 0 0 rg BT 352.36 596.97 Td (SCI ) Tj ET Q q 0 0 0 rg BT 369.62 596.97 Td (JV) Tj ET Q q 0 0 0 rg BT 380.64 596.97 Td ( ) Tj ET Q q 0 0 0 rg BT 382.25 596.97 Td (LP) Tj ET Q q 0 0 0 rg BT 393.36 596.97 Td (, ) Tj ET Q q 0 0 0 rg BT 397.00 596.97 Td (SCI ) Tj ET Q q 0 0 0 rg BT 414.26 596.97 Td (GP) Tj ET Q q 0 0 0 rg BT 426.49 596.97 Td (, ) Tj ET Q q 0 0 0 rg BT 430.13 596.97 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 453.22 596.97 Td (and ) Tj ET Q q 0 0 0 rg BT 469.35 596.97 Td (Simmons& ) Tj ET Q q 0 0 0 rg BT 519.12 596.97 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 586.97 Td (International ) Tj ET Q q 0 0 0 rg BT 179.48 586.97 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 218.55 586.97 Td (LLC ) Tj ET Q q 0 0 0 rg BT 239.83 586.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 296.08 586.97 Td (by ) Tj ET Q q 0 0 0 rg BT 308.48 586.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 348.05 586.97 Td (to ) Tj ET Q q 0 0 0 rg BT 358.23 586.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 390.06 586.97 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 404.96 586.97 Td (to ) Tj ET Q q 0 0 0 rg BT 415.13 586.97 Td (the ) Tj ET Q q 0 0 0 rg BT 429.74 586.97 Td (Company) Tj ET Q q 0 0 0 rg BT 471.68 586.97 Td (s ) Tj ET Q q 0 0 0 rg BT 477.69 586.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 518.40 586.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.01 586.97 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 576.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.17 576.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 173.22 576.97 Td (for ) Tj ET Q q 0 0 0 rg BT 187.38 576.97 Td (the ) Tj ET Q q 0 0 0 rg BT 202.10 576.97 Td (period ) Tj ET Q q 0 0 0 rg BT 230.15 576.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 256.52 576.97 Td (March ) Tj ET Q q 0 0 0 rg BT 285.12 576.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 300.12 576.97 Td (2016, ) Tj ET Q q 0 0 0 rg BT 325.12 576.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 345.95 576.97 Td (May ) Tj ET Q q 0 0 0 rg BT 366.78 576.97 Td (4, ) Tj ET Q q 0 0 0 rg BT 376.78 576.97 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 405.11 576.97 Td (#) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 561.97 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 561.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 166.52 561.97 Td (and ) Tj ET Q q 0 0 0 rg BT 182.60 561.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 218.68 561.97 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 262.51 561.97 Td (of ) Tj ET Q q 0 0 0 rg BT 272.49 561.97 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 328.55 561.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 384.06 561.97 Td (by ) Tj ET Q q 0 0 0 rg BT 395.70 561.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 434.52 561.97 Td (to ) Tj ET Q q 0 0 0 rg BT 443.94 561.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 475.03 561.97 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 489.17 561.97 Td (to ) Tj ET Q q 0 0 0 rg BT 498.59 561.97 Td (the ) Tj ET Q q 0 0 0 rg BT 512.45 561.97 Td (Company) Tj ET Q q 0 0 0 rg BT 554.39 561.97 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 551.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 166.82 551.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 196.53 551.97 Td (on ) Tj ET Q q 0 0 0 rg BT 209.03 551.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 233.20 551.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 256.25 551.97 Td (for ) Tj ET Q q 0 0 0 rg BT 270.41 551.97 Td (the ) Tj ET Q q 0 0 0 rg BT 285.13 551.97 Td (period ) Tj ET Q q 0 0 0 rg BT 313.18 551.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 339.55 551.97 Td (June ) Tj ET Q q 0 0 0 rg BT 360.38 551.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 375.38 551.97 Td (2007, ) Tj ET Q q 0 0 0 rg BT 400.38 551.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 420.93 551.97 Td (August ) Tj ET Q q 0 0 0 rg BT 452.05 551.97 Td (3, ) Tj ET Q q 0 0 0 rg BT 462.05 551.97 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 536.97 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 536.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 168.92 536.97 Td (and ) Tj ET Q q 0 0 0 rg BT 187.40 536.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 225.88 536.97 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 259.92 536.97 Td (\(as ) Tj ET Q q 0 0 0 rg BT 275.62 536.97 Td (of ) Tj ET Q q 0 0 0 rg BT 287.38 536.97 Td (August ) Tj ET Q q 0 0 0 rg BT 320.03 536.97 Td (5, ) Tj ET Q q 0 0 0 rg BT 331.57 536.97 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 358.95 536.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 416.85 536.97 Td (by ) Tj ET Q q 0 0 0 rg BT 430.89 536.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 472.12 536.97 Td (to ) Tj ET Q q 0 0 0 rg BT 483.94 536.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 517.42 536.97 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 533.97 536.97 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 536.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 526.97 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 526.97 Td (s ) Tj ET Q q 0 0 0 rg BT 174.06 526.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 207.10 526.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 236.82 526.97 Td (on ) Tj ET Q q 0 0 0 rg BT 249.32 526.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 273.49 526.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 294.04 526.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 314.59 526.97 Td (August ) Tj ET Q q 0 0 0 rg BT 345.71 526.97 Td (5, ) Tj ET Q q 0 0 0 rg BT 355.71 526.97 Td (2016\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 511.97 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 511.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.22 511.97 Td (of ) Tj ET Q q 0 0 0 rg BT 163.11 511.97 Td (Specimen ) Tj ET Q q 0 0 0 rg BT 206.10 511.97 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 251.85 511.97 Td (for ) Tj ET Q q 0 0 0 rg BT 267.06 511.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 291.73 511.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 303.30 511.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 322.86 511.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.41 511.97 Td (Common ) Tj ET Q q 0 0 0 rg BT 412.19 511.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 438.52 511.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 495.94 511.97 Td (by ) Tj ET Q q 0 0 0 rg BT 509.50 511.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 511.97 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 501.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.45 501.97 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 171.95 501.97 Td (to ) Tj ET Q q 0 0 0 rg BT 181.73 501.97 Td (the ) Tj ET Q q 0 0 0 rg BT 195.95 501.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 242.36 501.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 273.53 501.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 302.75 501.97 Td (on ) Tj ET Q q 0 0 0 rg BT 314.75 501.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 338.42 501.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 360.97 501.97 Td (for ) Tj ET Q q 0 0 0 rg BT 374.64 501.97 Td (the ) Tj ET Q q 0 0 0 rg BT 388.85 501.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 412.51 501.97 Td (year ) Tj ET Q q 0 0 0 rg BT 431.72 501.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 457.60 501.97 Td (December ) Tj ET Q q 0 0 0 rg BT 500.69 501.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 515.19 501.97 Td (2015, ) Tj ET Q q 0 0 0 rg BT 539.69 501.97 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 491.97 Td (February ) Tj ET Q q 0 0 0 rg BT 164.60 491.97 Td (25, ) Tj ET Q q 0 0 0 rg BT 179.60 491.97 Td (2016\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 476.97 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 476.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.59 476.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 200.88 476.97 Td (and ) Tj ET Q q 0 0 0 rg BT 219.01 476.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 257.13 476.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 299.13 476.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 324.48 476.97 Td (as ) Tj ET Q q 0 0 0 rg BT 336.50 476.97 Td (of ) Tj ET Q q 0 0 0 rg BT 348.52 476.97 Td (June ) Tj ET Q q 0 0 0 rg BT 370.54 476.97 Td (1) Tj ET Q q 0 0 0 rg BT 375.35 476.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.35 476.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 410.04 476.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 449.27 476.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 502.39 476.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 528.84 476.97 Td (Notes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 466.97 Td (between ) Tj ET Q q 0 0 0 rg BT 161.90 466.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 185.59 466.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 197.16 466.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 215.75 466.97 Td (& ) Tj ET Q q 0 0 0 rg BT 226.11 466.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 242.86 466.97 Td (and ) Tj ET Q q 0 0 0 rg BT 259.88 466.97 Td (the ) Tj ET Q q 0 0 0 rg BT 274.68 466.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 298.37 466.97 Td (of ) Tj ET Q q 0 0 0 rg BT 309.28 466.97 Td (New ) Tj ET Q q 0 0 0 rg BT 330.55 466.97 Td (Y) Tj ET Q q 0 0 0 rg BT 337.08 466.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 352.50 466.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 383.96 466.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 440.41 466.97 Td (by ) Tj ET Q q 0 0 0 rg BT 452.99 466.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 492.76 466.97 Td (to ) Tj ET Q q 0 0 0 rg BT 503.12 466.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 535.14 466.97 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 550.22 466.97 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 456.97 Td (the ) Tj ET Q q 0 0 0 rg BT 141.30 456.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 188.96 456.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 230.35 456.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 260.65 456.97 Td (on ) Tj ET Q q 0 0 0 rg BT 273.73 456.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.48 456.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 322.11 456.97 Td (for ) Tj ET Q q 0 0 0 rg BT 336.85 456.97 Td (the ) Tj ET Q q 0 0 0 rg BT 352.15 456.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 376.88 456.97 Td (quarter ) Tj ET Q q 0 0 0 rg BT 408.28 456.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.24 456.97 Td (June ) Tj ET Q q 0 0 0 rg BT 456.65 456.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 472.23 456.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 497.81 456.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 518.81 456.97 Td (August ) Tj ET Q q 0 0 0 rg BT 550.50 456.97 Td (2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 446.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 431.97 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 431.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 166.84 431.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 191.02 431.97 Td (as ) Tj ET Q q 0 0 0 rg BT 201.87 431.97 Td (of ) Tj ET Q q 0 0 0 rg BT 212.44 431.97 Td (April ) Tj ET Q q 0 0 0 rg BT 235.80 431.97 Td (2, ) Tj ET Q q 0 0 0 rg BT 245.82 431.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 268.35 431.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 306.41 431.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 358.36 431.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 383.65 431.97 Td (Notes ) Tj ET Q q 0 0 0 rg BT 409.50 431.97 Td (-- ) Tj ET Q q 0 0 0 rg BT 418.69 431.97 Td (Series ) Tj ET Q q 0 0 0 rg BT 445.65 431.97 Td (II\), ) Tj ET Q q 0 0 0 rg BT 460.66 431.97 Td (between ) Tj ET Q q 0 0 0 rg BT 496.50 431.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.13 431.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 531.70 431.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 550.24 431.97 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 421.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 142.75 421.97 Td (and ) Tj ET Q q 0 0 0 rg BT 159.77 421.97 Td (the ) Tj ET Q q 0 0 0 rg BT 174.57 421.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 198.27 421.97 Td (of ) Tj ET Q q 0 0 0 rg BT 209.18 421.97 Td (New ) Tj ET Q q 0 0 0 rg BT 230.45 421.97 Td (Y) Tj ET Q q 0 0 0 rg BT 236.98 421.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 252.39 421.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 283.86 421.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 340.31 421.97 Td (by ) Tj ET Q q 0 0 0 rg BT 352.89 421.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 392.66 421.97 Td (to ) Tj ET Q q 0 0 0 rg BT 403.02 421.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 435.05 421.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 455.13 421.97 Td (to ) Tj ET Q q 0 0 0 rg BT 465.49 421.97 Td (the ) Tj ET Q q 0 0 0 rg BT 480.29 421.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.45 421.97 Td (Current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 411.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 155.72 411.97 Td (on ) Tj ET Q q 0 0 0 rg BT 168.22 411.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.39 411.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 212.94 411.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 233.49 411.97 Td (April ) Tj ET Q q 0 0 0 rg BT 256.82 411.97 Td (5, ) Tj ET Q q 0 0 0 rg BT 266.82 411.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 396.97 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 396.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 157.96 396.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 199.44 396.97 Td (and ) Tj ET Q q 0 0 0 rg BT 216.76 396.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 254.08 396.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 295.28 396.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 319.46 396.97 Td (April ) Tj ET Q q 0 0 0 rg BT 343.17 396.97 Td (21, ) Tj ET Q q 0 0 0 rg BT 358.55 396.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 381.44 396.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 419.85 396.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 472.17 396.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 497.82 396.97 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.03 396.97 Td (-- ) Tj ET Q q 0 0 0 rg BT 533.57 396.97 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 386.97 Td (III\), ) Tj ET Q q 0 0 0 rg BT 144.82 386.97 Td (between ) Tj ET Q q 0 0 0 rg BT 181.14 386.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 205.25 386.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 216.82 386.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 235.82 386.97 Td (& ) Tj ET Q q 0 0 0 rg BT 246.60 386.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 263.77 386.97 Td (and ) Tj ET Q q 0 0 0 rg BT 281.21 386.97 Td (the ) Tj ET Q q 0 0 0 rg BT 296.43 386.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 320.54 386.97 Td (of ) Tj ET Q q 0 0 0 rg BT 331.87 386.97 Td (New ) Tj ET Q q 0 0 0 rg BT 353.49 386.97 Td (Y) Tj ET Q q 0 0 0 rg BT 360.03 386.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 375.86 386.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 407.74 386.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 464.61 386.97 Td (by ) Tj ET Q q 0 0 0 rg BT 477.61 386.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 517.79 386.97 Td (to ) Tj ET Q q 0 0 0 rg BT 528.57 386.97 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 376.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 146.00 376.97 Td (to ) Tj ET Q q 0 0 0 rg BT 156.28 376.97 Td (the ) Tj ET Q q 0 0 0 rg BT 171.00 376.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 218.08 376.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 251.12 376.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 280.84 376.97 Td (on ) Tj ET Q q 0 0 0 rg BT 293.34 376.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 317.51 376.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 338.06 376.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 358.61 376.97 Td (April ) Tj ET Q q 0 0 0 rg BT 381.94 376.97 Td (21, ) Tj ET Q q 0 0 0 rg BT 396.94 376.97 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 361.97 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 361.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.85 361.97 Td (of ) Tj ET Q q 0 0 0 rg BT 160.37 361.97 Td (director ) Tj ET Q q 0 0 0 rg BT 193.65 361.97 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 259.15 361.97 Td (agreement ) Tj ET Q q 0 0 0 rg BT 302.98 361.97 Td (between ) Tj ET Q q 0 0 0 rg BT 338.48 361.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 361.77 361.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.34 361.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 391.53 361.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 438.71 361.97 Td (and ) Tj ET Q q 0 0 0 rg BT 455.34 361.97 Td (its ) Tj ET Q q 0 0 0 rg BT 466.97 361.97 Td (directors ) Tj ET Q q 0 0 0 rg BT 504.14 361.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 351.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.50 351.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.18 351.97 Td (to ) Tj ET Q q 0 0 0 rg BT 188.46 351.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 220.40 351.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 240.40 351.97 Td (to ) Tj ET Q q 0 0 0 rg BT 250.68 351.97 Td (the ) Tj ET Q q 0 0 0 rg BT 265.40 351.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.48 351.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 345.53 351.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 375.24 351.97 Td (on ) Tj ET Q q 0 0 0 rg BT 387.74 351.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 411.91 351.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 432.46 351.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 453.29 351.97 Td (March ) Tj ET Q q 0 0 0 rg BT 481.89 351.97 Td (17, ) Tj ET Q q 0 0 0 rg BT 496.89 351.97 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 525.22 351.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 336.97 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 336.97 Td (Of) Tj ET Q q 0 0 0 rg BT 136.46 336.97 Td (fice ) Tj ET Q q 0 0 0 rg BT 154.81 336.97 Td (Lease ) Tj ET Q q 0 0 0 rg BT 181.09 336.97 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 231.18 336.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 256.29 336.97 Td (May30, ) Tj ET Q q 0 0 0 rg BT 293.07 336.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.02 336.97 Td (by ) Tj ET Q q 0 0 0 rg BT 332.47 336.97 Td (and ) Tj ET Q q 0 0 0 rg BT 350.36 336.97 Td (among ) Tj ET Q q 0 0 0 rg BT 381.02 336.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 405.58 336.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 417.15 336.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 436.61 336.97 Td (& ) Tj ET Q q 0 0 0 rg BT 447.84 336.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 465.46 336.97 Td (and ) Tj ET Q q 0 0 0 rg BT 483.19 336.97 Td (W) Tj ET Q q 0 0 0 rg BT 492.13 336.97 Td (ells ) Tj ET Q q 0 0 0 rg BT 509.07 336.97 Td (REIT) Tj ET Q q 0 0 0 rg BT 531.20 336.97 Td ( ) Tj ET Q q 0 0 0 rg BT 534.55 336.97 Td ( ) Tj ET Q q 0 0 0 rg BT 543.00 336.97 Td (800 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 326.97 Td (Nicollett ) Tj ET Q q 0 0 0 rg BT 163.55 326.97 Td (A) Tj ET Q q 0 0 0 rg BT 170.12 326.97 Td (venue ) Tj ET Q q 0 0 0 rg BT 196.56 326.97 Td (Owner) Tj ET Q q 0 0 0 rg BT 223.57 326.97 Td (, ) Tj ET Q q 0 0 0 rg BT 228.80 326.97 Td (LLC ) Tj ET Q q 0 0 0 rg BT 250.61 326.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 307.40 326.97 Td (by ) Tj ET Q q 0 0 0 rg BT 320.33 326.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 360.44 326.97 Td (to ) Tj ET Q q 0 0 0 rg BT 371.15 326.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 403.52 326.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 423.95 326.97 Td (to ) Tj ET Q q 0 0 0 rg BT 434.66 326.97 Td (the ) Tj ET Q q 0 0 0 rg BT 449.80 326.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 497.31 326.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 530.79 326.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 316.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 316.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 316.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 183.22 316.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.05 316.97 Td (June ) Tj ET Q q 0 0 0 rg BT 224.88 316.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 234.88 316.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 301.97 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 301.97 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.52 301.97 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.14 301.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.99 301.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 215.56 301.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 233.31 301.97 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 250.31 301.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 281.49 301.97 Td (Century ) Tj ET Q q 0 0 0 rg BT 315.45 301.97 Td (2000 ) Tj ET Q q 0 0 0 rg BT 337.19 301.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 374.46 301.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 433.97 301.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 453.49 301.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.09 301.97 Td (by ) Tj ET Q q 0 0 0 rg BT 520.83 301.97 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 291.97 Td (to ) Tj ET Q q 0 0 0 rg BT 135.76 291.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.18 291.97 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 191.65 291.97 Td (to ) Tj ET Q q 0 0 0 rg BT 201.41 291.97 Td (the ) Tj ET Q q 0 0 0 rg BT 215.60 291.97 Td (Company) Tj ET Q q 0 0 0 rg BT 257.55 291.97 Td (s ) Tj ET Q q 0 0 0 rg BT 262.98 291.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 294.12 291.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 323.31 291.97 Td (on ) Tj ET Q q 0 0 0 rg BT 335.29 291.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 358.94 291.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 381.47 291.97 Td (for ) Tj ET Q q 0 0 0 rg BT 395.10 291.97 Td (the ) Tj ET Q q 0 0 0 rg BT 409.30 291.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 432.93 291.97 Td (year ) Tj ET Q q 0 0 0 rg BT 452.12 291.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 477.97 291.97 Td (December ) Tj ET Q q 0 0 0 rg BT 521.03 291.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.51 291.97 Td (2003, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 281.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.83 281.97 Td (March ) Tj ET Q q 0 0 0 rg BT 175.42 281.97 Td (8, ) Tj ET Q q 0 0 0 rg BT 185.42 281.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 213.75 281.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 266.97 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 266.97 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.26 266.97 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 180.61 266.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.19 266.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 214.76 266.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 232.25 266.97 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 248.99 266.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 279.90 266.97 Td (Century ) Tj ET Q q 0 0 0 rg BT 313.59 266.97 Td (Growth ) Tj ET Q q 0 0 0 rg BT 345.62 266.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 382.62 266.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 441.87 266.97 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 463.62 266.97 Td (as ) Tj ET Q q 0 0 0 rg BT 473.43 266.97 Td (amended ) Tj ET Q q 0 0 0 rg BT 511.00 266.97 Td (and ) Tj ET Q q 0 0 0 rg BT 526.91 266.97 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 256.97 Td (ef) Tj ET Q q 0 0 0 rg BT 133.68 256.97 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.45 256.97 Td (September ) Tj ET Q q 0 0 0 rg BT 208.88 256.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.04 256.97 Td (1998 ) Tj ET Q q 0 0 0 rg BT 246.70 256.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 303.23 256.97 Td (by ) Tj ET Q q 0 0 0 rg BT 315.89 256.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 355.74 256.97 Td (to ) Tj ET Q q 0 0 0 rg BT 366.18 256.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 398.28 256.97 Td (10.1) Tj ET Q q 0 0 0 rg BT 415.60 256.97 Td (1 ) Tj ET Q q 0 0 0 rg BT 423.08 256.97 Td ( ) Tj ET Q q 0 0 0 rg BT 425.74 256.97 Td (to ) Tj ET Q q 0 0 0 rg BT 436.18 256.97 Td (the ) Tj ET Q q 0 0 0 rg BT 451.06 256.97 Td (Company) Tj ET Q q 0 0 0 rg BT 493.00 256.97 Td (s ) Tj ET Q q 0 0 0 rg BT 498.97 256.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.79 256.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 246.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 246.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 246.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 246.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 246.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 246.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 238.75 246.97 Td (year ) Tj ET Q q 0 0 0 rg BT 258.46 246.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 284.84 246.97 Td (December ) Tj ET Q q 0 0 0 rg BT 328.42 246.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 343.42 246.97 Td (2003, ) Tj ET Q q 0 0 0 rg BT 368.42 246.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 389.25 246.97 Td (March ) Tj ET Q q 0 0 0 rg BT 417.85 246.97 Td (8, ) Tj ET Q q 0 0 0 rg BT 427.85 246.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 456.18 246.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 231.97 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 231.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.18 231.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.75 231.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.83 231.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.49 231.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 270.17 231.97 Td (and ) Tj ET Q q 0 0 0 rg BT 287.68 231.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 325.18 231.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 347.85 231.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 380.08 231.97 Td (and ) Tj ET Q q 0 0 0 rg BT 397.59 231.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 427.79 231.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 446.06 231.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 486.33 231.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 507.18 231.97 Td (\(as ) Tj ET Q q 0 0 0 rg BT 521.92 231.97 Td (amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 221.97 Td (May ) Tj ET Q q 0 0 0 rg BT 147.40 221.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.96 221.97 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 189.36 221.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 246.28 221.97 Td (by ) Tj ET Q q 0 0 0 rg BT 259.35 221.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 299.60 221.97 Td (to ) Tj ET Q q 0 0 0 rg BT 310.44 221.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 342.95 221.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 363.52 221.97 Td (to ) Tj ET Q q 0 0 0 rg BT 374.36 221.97 Td (the ) Tj ET Q q 0 0 0 rg BT 389.64 221.97 Td (Company) Tj ET Q q 0 0 0 rg BT 431.58 221.97 Td (s ) Tj ET Q q 0 0 0 rg BT 438.26 221.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 471.88 221.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 502.16 221.97 Td (on ) Tj ET Q q 0 0 0 rg BT 515.22 221.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 539.96 221.97 Td (8-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 211.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.83 211.97 Td (May ) Tj ET Q q 0 0 0 rg BT 167.66 211.97 Td (14, ) Tj ET Q q 0 0 0 rg BT 182.66 211.97 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 210.99 211.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 196.97 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 196.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 151.07 196.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 162.64 196.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 182.61 196.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 231.56 196.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 271.05 196.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 332.78 196.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 354.52 196.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 412.34 196.97 Td (by ) Tj ET Q q 0 0 0 rg BT 426.30 196.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 467.45 196.97 Td (to ) Tj ET Q q 0 0 0 rg BT 479.18 196.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 512.59 196.97 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 534.05 196.97 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 196.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 186.97 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 186.97 Td (s ) Tj ET Q q 0 0 0 rg BT 174.06 186.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 214.87 186.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 244.59 186.97 Td (on ) Tj ET Q q 0 0 0 rg BT 257.09 186.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 281.26 186.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 304.31 186.97 Td (for ) Tj ET Q q 0 0 0 rg BT 318.47 186.97 Td (the ) Tj ET Q q 0 0 0 rg BT 333.19 186.97 Td (period ) Tj ET Q q 0 0 0 rg BT 361.23 186.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 387.61 186.97 Td (June ) Tj ET Q q 0 0 0 rg BT 408.44 186.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 423.44 186.97 Td (2013, ) Tj ET Q q 0 0 0 rg BT 448.44 186.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 469.27 186.97 Td (July ) Tj ET Q q 0 0 0 rg BT 488.44 186.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.44 186.97 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 531.77 186.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 171.97 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 171.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.56 171.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.78 171.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.21 171.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.52 171.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.56 171.97 Td (for ) Tj ET Q q 0 0 0 rg BT 292.11 171.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.54 171.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.09 171.97 Td (in ) Tj ET Q q 0 0 0 rg BT 375.76 171.97 Td (201) Tj ET Q q 0 0 0 rg BT 390.58 171.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 400.78 171.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 426.17 171.97 Td (and ) Tj ET Q q 0 0 0 rg BT 443.50 171.97 Td (2013 ) Tj ET Q q 0 0 0 rg BT 466.39 171.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 499.81 171.97 Td (to ) Tj ET Q q 0 0 0 rg BT 510.48 171.97 Td (2010, ) Tj ET Q q 0 0 0 rg BT 535.87 171.97 Td (201) Tj ET Q q 0 0 0 rg BT 550.69 171.97 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 161.97 Td (and ) Tj ET Q q 0 0 0 rg BT 142.59 161.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 164.75 161.97 Td (performance, ) Tj ET Q q 0 0 0 rg BT 219.92 161.97 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 273.71 161.97 Td (under ) Tj ET Q q 0 0 0 rg BT 298.64 161.97 Td (the ) Tj ET Q q 0 0 0 rg BT 313.01 161.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 336.27 161.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 347.84 161.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 366.00 161.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 412.95 161.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 453.70 161.97 Td (and ) Tj ET Q q 0 0 0 rg BT 470.30 161.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 506.88 161.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 528.84 161.97 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 151.97 Td (and ) Tj ET Q q 0 0 0 rg BT 143.28 151.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 173.48 151.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 191.53 151.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 231.57 151.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 252.20 151.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 308.91 151.97 Td (by ) Tj ET Q q 0 0 0 rg BT 321.75 151.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 361.78 151.97 Td (to ) Tj ET Q q 0 0 0 rg BT 372.40 151.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 404.69 151.97 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 425.04 151.97 Td (to ) Tj ET Q q 0 0 0 rg BT 435.66 151.97 Td (the ) Tj ET Q q 0 0 0 rg BT 450.72 151.97 Td (Company) Tj ET Q q 0 0 0 rg BT 492.67 151.97 Td (s ) Tj ET Q q 0 0 0 rg BT 498.77 151.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.78 151.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 141.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 141.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 141.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 141.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 141.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 141.97 Td (year ) Tj ET Q q 0 0 0 rg BT 234.31 141.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 260.68 141.97 Td (December ) Tj ET Q q 0 0 0 rg BT 304.27 141.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.27 141.97 Td (2010, ) Tj ET Q q 0 0 0 rg BT 344.27 141.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.09 141.97 Td (February ) Tj ET Q q 0 0 0 rg BT 403.69 141.97 Td (28, ) Tj ET Q q 0 0 0 rg BT 418.69 141.97 Td (201) Tj ET Q q 0 0 0 rg BT 433.50 141.97 Td (1\). ) Tj ET Q q 0 0 0 rg BT 446.65 141.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 126.97 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 126.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.41 126.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.48 126.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 204.76 126.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 229.94 126.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 276.83 126.97 Td (for ) Tj ET Q q 0 0 0 rg BT 291.23 126.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.51 126.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.91 126.97 Td (in ) Tj ET Q q 0 0 0 rg BT 374.42 126.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 397.16 126.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.43 126.97 Td (to ) Tj ET Q q 0 0 0 rg BT 440.95 126.97 Td (2013 ) Tj ET Q q 0 0 0 rg BT 463.69 126.97 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.28 126.97 Td (under ) Tj ET Q q 0 0 0 rg BT 545.79 126.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 116.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.92 116.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.49 116.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.30 116.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 227.76 116.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.17 116.97 Td (and ) Tj ET Q q 0 0 0 rg BT 286.42 116.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 323.66 116.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.12 116.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.09 116.97 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 116.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 425.53 116.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 443.54 116.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 483.55 116.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 116.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 106.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.14 106.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.47 106.97 Td (to ) Tj ET Q q 0 0 0 rg BT 187.39 106.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 218.98 106.97 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 238.62 106.97 Td (to ) Tj ET Q q 0 0 0 rg BT 248.54 106.97 Td (the ) Tj ET Q q 0 0 0 rg BT 262.90 106.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.43 106.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 340.74 106.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.10 106.97 Td (on ) Tj ET Q q 0 0 0 rg BT 382.24 106.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.05 106.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 428.75 106.97 Td (for ) Tj ET Q q 0 0 0 rg BT 442.55 106.97 Td (the ) Tj ET Q q 0 0 0 rg BT 456.91 106.97 Td (year ) Tj ET Q q 0 0 0 rg BT 476.26 106.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.28 106.97 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 106.97 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 96.97 Td (2013, ) Tj ET Q q 0 0 0 rg BT 151.00 96.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 96.97 Td (February ) Tj ET Q q 0 0 0 rg BT 210.42 96.97 Td (28, ) Tj ET Q q 0 0 0 rg BT 225.42 96.97 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 253.75 96.97 Td ( ) Tj ET Q q 0 0 0 rg BT 256.25 96.97 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 81.97 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 81.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.41 81.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.48 81.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 204.76 81.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 229.67 81.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 276.83 81.97 Td (for ) Tj ET Q q 0 0 0 rg BT 291.23 81.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.51 81.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.91 81.97 Td (in ) Tj ET Q q 0 0 0 rg BT 374.42 81.97 Td (2015 ) Tj ET Q q 0 0 0 rg BT 397.16 81.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.43 81.97 Td (to ) Tj ET Q q 0 0 0 rg BT 440.95 81.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 463.69 81.97 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.28 81.97 Td (under ) Tj ET Q q 0 0 0 rg BT 545.79 81.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 71.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.92 71.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.40 71.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.30 71.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 227.48 71.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.17 71.97 Td (and ) Tj ET Q q 0 0 0 rg BT 286.42 71.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 323.66 71.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 345.84 71.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.09 71.97 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 71.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 425.19 71.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 443.54 71.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 483.55 71.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 71.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 61.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.14 61.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.47 61.97 Td (to ) Tj ET Q q 0 0 0 rg BT 187.39 61.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 218.98 61.97 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 238.62 61.97 Td (to ) Tj ET Q q 0 0 0 rg BT 248.54 61.97 Td (the ) Tj ET Q q 0 0 0 rg BT 262.90 61.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.15 61.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 340.74 61.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.10 61.97 Td (on ) Tj ET Q q 0 0 0 rg BT 382.24 61.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.05 61.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 428.75 61.97 Td (for ) Tj ET Q q 0 0 0 rg BT 442.55 61.97 Td (the ) Tj ET Q q 0 0 0 rg BT 456.91 61.97 Td (year ) Tj ET Q q 0 0 0 rg BT 476.26 61.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.28 61.97 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 61.97 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 51.97 Td (2014, ) Tj ET Q q 0 0 0 rg BT 151.00 51.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 51.97 Td (February ) Tj ET Q q 0 0 0 rg BT 210.42 51.97 Td (26, ) Tj ET Q q 0 0 0 rg BT 225.42 51.97 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 253.75 51.97 Td ( ) Tj ET Q q 0 0 0 rg BT 256.25 51.97 Td ( ) Tj ET Q endstream endobj 253 0 obj <> endobj 254 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (126) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 720.5 m 109.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 720.5 m 561.5 720.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 739.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 725.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 724.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 725.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 705.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 705.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.57 705.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.81 705.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 211.25 705.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 238.13 705.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 287.18 705.07 Td (for ) Tj ET Q q 0 0 0 rg BT 303.74 705.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 375.29 705.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 420.73 705.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 452.29 705.07 Td (in ) Tj ET Q q 0 0 0 rg BT 464.98 705.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 489.88 705.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 525.32 705.07 Td (to ) Tj ET Q q 0 0 0 rg BT 538.00 705.07 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 695.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 184.39 695.07 Td (under ) Tj ET Q q 0 0 0 rg BT 211.70 695.07 Td (the ) Tj ET Q q 0 0 0 rg BT 228.45 695.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 254.10 695.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 265.67 695.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 286.22 695.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 335.02 695.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 378.16 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 397.14 695.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 436.11 695.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 459.93 695.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 493.63 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 512.60 695.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 542.80 695.07 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 685.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 166.10 685.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 186.77 685.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 243.53 685.07 Td (by ) Tj ET Q q 0 0 0 rg BT 256.43 685.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 296.51 685.07 Td (to ) Tj ET Q q 0 0 0 rg BT 307.19 685.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 339.53 685.07 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 364.92 685.07 Td (to ) Tj ET Q q 0 0 0 rg BT 375.60 685.07 Td (the ) Tj ET Q q 0 0 0 rg BT 390.71 685.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 437.83 685.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 469.88 685.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 500.00 685.07 Td (on ) Tj ET Q q 0 0 0 rg BT 512.90 685.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 537.46 685.07 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 675.07 Td (for ) Tj ET Q q 0 0 0 rg BT 140.16 675.07 Td (the ) Tj ET Q q 0 0 0 rg BT 154.88 675.07 Td (year ) Tj ET Q q 0 0 0 rg BT 174.58 675.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 200.96 675.07 Td (December ) Tj ET Q q 0 0 0 rg BT 244.54 675.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 259.54 675.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 284.54 675.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 305.37 675.07 Td (February ) Tj ET Q q 0 0 0 rg BT 343.97 675.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 358.97 675.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 387.30 675.07 Td ( ) Tj ET Q q 0 0 0 rg BT 389.80 675.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 660.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 660.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.31 660.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.28 660.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 192.69 660.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.36 660.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.15 660.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.45 660.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.63 660.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.93 660.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.35 660.07 Td (2004 ) Tj ET Q q 0 0 0 rg BT 402.98 660.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.06 660.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 446.70 660.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 481.87 660.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.29 660.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 518.93 660.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.00 660.07 Td (2004 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 650.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 180.82 650.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.26 650.07 Td (under ) Tj ET Q q 0 0 0 rg BT 258.83 650.07 Td (the ) Tj ET Q q 0 0 0 rg BT 272.85 650.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 295.76 650.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.33 650.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.14 650.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.81 650.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.22 650.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.46 650.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 464.69 650.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.37 650.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.33 650.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.57 650.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 640.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 640.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.46 640.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.17 640.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.45 640.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 265.82 640.07 Td (by ) Tj ET Q q 0 0 0 rg BT 278.32 640.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 318.01 640.07 Td (to ) Tj ET Q q 0 0 0 rg BT 328.29 640.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 360.24 640.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 380.24 640.07 Td (to ) Tj ET Q q 0 0 0 rg BT 390.52 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.24 640.07 Td (Company) Tj ET Q q 0 0 0 rg BT 447.18 640.07 Td (s ) Tj ET Q q 0 0 0 rg BT 453.30 640.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 494.12 640.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 523.84 640.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.35 640.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 630.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.05 630.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.21 630.07 Td (the ) Tj ET Q q 0 0 0 rg BT 177.93 630.07 Td (period ) Tj ET Q q 0 0 0 rg BT 205.98 630.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.35 630.07 Td (June ) Tj ET Q q 0 0 0 rg BT 253.18 630.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.18 630.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 293.18 630.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 313.73 630.07 Td (August ) Tj ET Q q 0 0 0 rg BT 344.85 630.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 354.85 630.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 383.18 630.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 615.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 615.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.71 615.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.07 615.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 184.89 615.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 214.53 615.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.71 615.07 Td (for ) Tj ET Q q 0 0 0 rg BT 274.41 615.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 316.99 615.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 345.68 615.07 Td (in ) Tj ET Q q 0 0 0 rg BT 355.50 615.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 377.53 615.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 410.10 615.07 Td (to ) Tj ET Q q 0 0 0 rg BT 419.92 615.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 441.95 615.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 497.84 615.07 Td (under ) Tj ET Q q 0 0 0 rg BT 522.65 615.07 Td (the ) Tj ET Q q 0 0 0 rg BT 536.90 615.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 605.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 605.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 157.35 605.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 205.56 605.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 247.93 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 266.13 605.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 304.34 605.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 327.55 605.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 360.48 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 378.69 605.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 408.89 605.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 427.85 605.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 468.82 605.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 490.37 605.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.00 605.07 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 595.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 165.72 595.07 Td (to ) Tj ET Q q 0 0 0 rg BT 176.03 595.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 208.00 595.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 225.32 595.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 232.67 595.07 Td (to ) Tj ET Q q 0 0 0 rg BT 242.98 595.07 Td (the ) Tj ET Q q 0 0 0 rg BT 257.73 595.07 Td (Company) Tj ET Q q 0 0 0 rg BT 299.67 595.07 Td (s ) Tj ET Q q 0 0 0 rg BT 305.53 595.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 337.23 595.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 366.98 595.07 Td (on ) Tj ET Q q 0 0 0 rg BT 379.51 595.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 403.72 595.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 426.80 595.07 Td (for ) Tj ET Q q 0 0 0 rg BT 440.99 595.07 Td (the ) Tj ET Q q 0 0 0 rg BT 455.74 595.07 Td (year ) Tj ET Q q 0 0 0 rg BT 475.48 595.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 501.90 595.07 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 595.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 585.07 Td (2005, ) Tj ET Q q 0 0 0 rg BT 151.00 585.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 585.07 Td (March ) Tj ET Q q 0 0 0 rg BT 200.42 585.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.42 585.07 Td (2006\). ) Tj ET Q q 0 0 0 rg BT 238.75 585.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 570.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 570.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.31 570.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.28 570.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 192.69 570.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.36 570.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.15 570.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.45 570.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.63 570.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.93 570.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.35 570.07 Td (2007 ) Tj ET Q q 0 0 0 rg BT 402.98 570.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.06 570.07 Td (2008 ) Tj ET Q q 0 0 0 rg BT 446.70 570.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 481.87 570.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.29 570.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 518.93 570.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.00 570.07 Td (2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 560.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 180.82 560.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.26 560.07 Td (under ) Tj ET Q q 0 0 0 rg BT 258.83 560.07 Td (the ) Tj ET Q q 0 0 0 rg BT 272.85 560.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 295.76 560.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.33 560.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.14 560.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.81 560.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.22 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.46 560.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 464.69 560.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.37 560.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.33 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.57 560.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 550.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 550.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.05 550.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.35 550.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.23 550.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 264.19 550.07 Td (by ) Tj ET Q q 0 0 0 rg BT 276.29 550.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 315.57 550.07 Td (to ) Tj ET Q q 0 0 0 rg BT 325.44 550.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 356.98 550.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 376.58 550.07 Td (to ) Tj ET Q q 0 0 0 rg BT 386.45 550.07 Td (the ) Tj ET Q q 0 0 0 rg BT 400.77 550.07 Td (Company) Tj ET Q q 0 0 0 rg BT 442.71 550.07 Td (s ) Tj ET Q q 0 0 0 rg BT 448.23 550.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 479.49 550.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 508.81 550.07 Td (on ) Tj ET Q q 0 0 0 rg BT 520.91 550.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 544.67 550.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 540.07 Td (K ) Tj ET Q q 0 0 0 rg BT 135.72 540.07 Td (for ) Tj ET Q q 0 0 0 rg BT 149.88 540.07 Td (the ) Tj ET Q q 0 0 0 rg BT 164.60 540.07 Td (year ) Tj ET Q q 0 0 0 rg BT 184.31 540.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 210.68 540.07 Td (December ) Tj ET Q q 0 0 0 rg BT 254.27 540.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.27 540.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 294.27 540.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 315.09 540.07 Td (March ) Tj ET Q q 0 0 0 rg BT 343.69 540.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 353.69 540.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 382.02 540.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 525.07 Td (10.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 525.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.24 525.07 Td (of ) Tj ET Q q 0 0 0 rg BT 163.14 525.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 189.49 525.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 220.33 525.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 268.05 525.07 Td (for ) Tj ET Q q 0 0 0 rg BT 283.28 525.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 347.94 525.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 384.83 525.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 415.06 525.07 Td (under ) Tj ET Q q 0 0 0 rg BT 441.40 525.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.19 525.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 481.87 525.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.44 525.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 513.01 525.07 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 515.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.91 515.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.37 515.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 222.84 515.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 245.47 515.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 277.66 515.07 Td (and ) Tj ET Q q 0 0 0 rg BT 295.13 515.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 325.33 515.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 343.55 515.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 383.79 515.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 404.59 515.07 Td ( ) Tj ET Q q 0 0 0 rg BT 407.62 515.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 464.51 515.07 Td (by ) Tj ET Q q 0 0 0 rg BT 477.54 515.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 517.75 515.07 Td (to ) Tj ET Q q 0 0 0 rg BT 528.56 515.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 505.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 146.30 505.07 Td (to ) Tj ET Q q 0 0 0 rg BT 156.89 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 171.91 505.07 Td (Company) Tj ET Q q 0 0 0 rg BT 213.85 505.07 Td (s ) Tj ET Q q 0 0 0 rg BT 220.27 505.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 261.39 505.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 291.41 505.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.21 505.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 328.69 505.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 352.04 505.07 Td (for ) Tj ET Q q 0 0 0 rg BT 366.51 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 381.53 505.07 Td (period ) Tj ET Q q 0 0 0 rg BT 409.88 505.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 436.56 505.07 Td (June ) Tj ET Q q 0 0 0 rg BT 457.70 505.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 473.00 505.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 498.30 505.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.09 505.07 Td (August ) Tj ET Q q 0 0 0 rg BT 550.51 505.07 Td (4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 495.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 154.33 495.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 480.07 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 480.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.86 480.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 480.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 480.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 480.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 480.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 480.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 480.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 356.33 480.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 480.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 480.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 480.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 480.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 480.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 480.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 480.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 480.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 470.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 172.90 470.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 213.58 470.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.11 470.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 266.62 470.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.52 470.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 319.77 470.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.30 470.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.49 470.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 383.78 470.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.06 470.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 442.93 470.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 470.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 470.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 470.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 460.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.48 460.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 179.02 460.07 Td (to ) Tj ET Q q 0 0 0 rg BT 189.84 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 205.10 460.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 252.72 460.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.07 460.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.33 460.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.37 460.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.08 460.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 385.67 460.07 Td (for ) Tj ET Q q 0 0 0 rg BT 400.37 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 415.62 460.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.32 460.07 Td (quarter ) Tj ET Q q 0 0 0 rg BT 471.67 460.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 498.59 460.07 Td (June ) Tj ET Q q 0 0 0 rg BT 519.96 460.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 535.50 460.07 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 450.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.55 450.07 Td (August ) Tj ET Q q 0 0 0 rg BT 177.67 450.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 187.67 450.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 216.00 450.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 435.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 435.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.86 435.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 435.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 435.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 435.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 435.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 435.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 435.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 356.33 435.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 435.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 435.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 435.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 435.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 435.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 435.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 435.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 435.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 425.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 172.90 425.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 213.58 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.11 425.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 266.62 425.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.52 425.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 319.77 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.30 425.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.49 425.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 383.78 425.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.06 425.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 442.93 425.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 425.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 425.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 425.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 415.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.67 415.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.40 415.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.41 415.07 Td (the ) Tj ET Q q 0 0 0 rg BT 201.85 415.07 Td (Company) Tj ET Q q 0 0 0 rg BT 243.80 415.07 Td (s ) Tj ET Q q 0 0 0 rg BT 249.64 415.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.18 415.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 319.63 415.07 Td (on ) Tj ET Q q 0 0 0 rg BT 331.86 415.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 355.76 415.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 378.54 415.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.43 415.07 Td (the ) Tj ET Q q 0 0 0 rg BT 406.87 415.07 Td (period ) Tj ET Q q 0 0 0 rg BT 434.65 415.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 460.76 415.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.31 415.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.04 415.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 520.77 415.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.33 415.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 405.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.00 405.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 169.33 405.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 390.07 Td (10.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 390.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.86 390.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 390.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 390.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 390.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 390.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 390.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 390.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 356.33 390.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 390.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 390.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 390.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 390.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 390.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 390.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 390.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 390.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 380.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 172.90 380.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 213.58 380.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.11 380.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 266.62 380.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.52 380.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 319.77 380.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.30 380.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.49 380.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 383.78 380.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.06 380.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 442.93 380.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 380.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 380.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 380.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 370.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.67 370.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.40 370.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.41 370.07 Td (the ) Tj ET Q q 0 0 0 rg BT 201.85 370.07 Td (Company) Tj ET Q q 0 0 0 rg BT 243.80 370.07 Td (s ) Tj ET Q q 0 0 0 rg BT 249.64 370.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.18 370.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 319.63 370.07 Td (on ) Tj ET Q q 0 0 0 rg BT 331.86 370.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 355.76 370.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 378.54 370.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.43 370.07 Td (the ) Tj ET Q q 0 0 0 rg BT 406.87 370.07 Td (period ) Tj ET Q q 0 0 0 rg BT 434.65 370.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 460.76 370.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.31 370.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.04 370.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 520.77 370.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.33 370.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 360.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 141.00 360.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 169.33 360.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 345.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 345.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.86 345.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 345.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 345.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 345.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 345.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 345.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 345.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 356.33 345.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 345.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 345.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 345.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 345.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 345.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 345.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 345.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 345.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 335.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 172.90 335.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 213.58 335.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.11 335.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 266.62 335.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.52 335.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 319.77 335.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.30 335.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.49 335.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 383.78 335.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.06 335.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 442.93 335.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 335.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 335.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 335.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 325.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.78 325.07 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 179.63 325.07 Td (to ) Tj ET Q q 0 0 0 rg BT 190.75 325.07 Td (the ) Tj ET Q q 0 0 0 rg BT 206.30 325.07 Td (Company) Tj ET Q q 0 0 0 rg BT 248.24 325.07 Td (s ) Tj ET Q q 0 0 0 rg BT 255.20 325.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 296.86 325.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 327.42 325.07 Td (on ) Tj ET Q q 0 0 0 rg BT 340.76 325.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 365.77 325.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 389.66 325.07 Td (for ) Tj ET Q q 0 0 0 rg BT 404.66 325.07 Td (the ) Tj ET Q q 0 0 0 rg BT 420.22 325.07 Td (period ) Tj ET Q q 0 0 0 rg BT 449.11 325.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 476.33 325.07 Td (June ) Tj ET Q q 0 0 0 rg BT 498.00 325.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 513.84 325.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 539.68 325.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 315.07 Td (August ) Tj ET Q q 0 0 0 rg BT 157.39 315.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 167.39 315.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 195.72 315.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 300.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 300.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.86 300.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 300.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 300.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 300.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 300.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 300.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 300.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 356.33 300.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 300.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 300.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 300.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 300.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 300.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 300.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 300.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 300.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 290.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 172.90 290.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 213.58 290.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.11 290.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 266.62 290.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.52 290.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 319.77 290.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.30 290.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.49 290.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 383.78 290.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.06 290.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 442.93 290.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 290.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 290.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 290.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 280.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.33 280.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 178.71 280.07 Td (to ) Tj ET Q q 0 0 0 rg BT 189.38 280.07 Td (the ) Tj ET Q q 0 0 0 rg BT 204.48 280.07 Td (Company) Tj ET Q q 0 0 0 rg BT 246.42 280.07 Td (s ) Tj ET Q q 0 0 0 rg BT 252.92 280.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.12 280.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.22 280.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.11 280.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 361.66 280.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 385.10 280.07 Td (for ) Tj ET Q q 0 0 0 rg BT 399.64 280.07 Td (the ) Tj ET Q q 0 0 0 rg BT 414.74 280.07 Td (period ) Tj ET Q q 0 0 0 rg BT 443.17 280.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 469.94 280.07 Td (March ) Tj ET Q q 0 0 0 rg BT 498.92 280.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 514.30 280.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 539.69 280.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 270.07 Td (May ) Tj ET Q q 0 0 0 rg BT 146.83 270.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 156.83 270.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 185.16 270.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 255.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 255.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.86 255.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 255.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 255.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 255.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 255.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 255.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 255.07 Td (2017 ) Tj ET Q q 0 0 0 rg BT 356.33 255.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 255.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 255.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 255.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 255.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 255.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 255.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 255.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 255.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 245.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.22 245.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.32 245.07 Td (and ) Tj ET Q q 0 0 0 rg BT 231.26 245.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 268.19 245.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 290.42 245.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 322.08 245.07 Td (and ) Tj ET Q q 0 0 0 rg BT 339.02 245.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 369.22 245.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 386.91 245.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 426.62 245.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 449.39 245.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 230.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 230.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.18 230.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.75 230.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 178.83 230.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 225.89 230.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 263.49 230.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 323.33 230.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 343.18 230.07 Td (for ) Tj ET Q q 0 0 0 rg BT 356.91 230.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 420.07 230.07 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 461.85 230.07 Td (as ) Tj ET Q q 0 0 0 rg BT 472.25 230.07 Td (amended ) Tj ET Q q 0 0 0 rg BT 510.41 230.07 Td (and ) Tj ET Q q 0 0 0 rg BT 526.92 230.07 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 220.07 Td (ef) Tj ET Q q 0 0 0 rg BT 133.68 220.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 162.84 220.07 Td (May ) Tj ET Q q 0 0 0 rg BT 183.23 220.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 192.78 220.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 214.84 220.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 270.76 220.07 Td (by ) Tj ET Q q 0 0 0 rg BT 282.81 220.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 322.05 220.07 Td (to ) Tj ET Q q 0 0 0 rg BT 331.88 220.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 363.38 220.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 382.93 220.07 Td (to ) Tj ET Q q 0 0 0 rg BT 392.77 220.07 Td (the ) Tj ET Q q 0 0 0 rg BT 407.04 220.07 Td (Company) Tj ET Q q 0 0 0 rg BT 448.98 220.07 Td (s ) Tj ET Q q 0 0 0 rg BT 454.65 220.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 495.02 220.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.29 220.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.35 220.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 210.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.05 210.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.21 210.07 Td (the ) Tj ET Q q 0 0 0 rg BT 177.93 210.07 Td (period ) Tj ET Q q 0 0 0 rg BT 205.98 210.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.35 210.07 Td (June ) Tj ET Q q 0 0 0 rg BT 253.18 210.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.18 210.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 293.18 210.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 313.73 210.07 Td (August ) Tj ET Q q 0 0 0 rg BT 344.85 210.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 354.85 210.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 383.18 210.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 195.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 195.07 Td (Summary ) Tj ET Q q 0 0 0 rg BT 167.39 195.07 Td (of ) Tj ET Q q 0 0 0 rg BT 178.22 195.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 241.81 195.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 277.63 195.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 337.90 195.07 Td (Program. ) Tj ET Q q 0 0 0 rg BT 377.34 195.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 180.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 180.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.17 180.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.00 180.07 Td (Notice ) Tj ET Q q 0 0 0 rg BT 187.16 180.07 Td (Period ) Tj ET Q q 0 0 0 rg BT 214.71 180.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.36 180.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 315.72 180.07 Td (by ) Tj ET Q q 0 0 0 rg BT 327.22 180.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 365.90 180.07 Td (to ) Tj ET Q q 0 0 0 rg BT 375.18 180.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 406.13 180.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 430.13 180.07 Td (to ) Tj ET Q q 0 0 0 rg BT 439.41 180.07 Td (the ) Tj ET Q q 0 0 0 rg BT 453.12 180.07 Td (Company) Tj ET Q q 0 0 0 rg BT 495.06 180.07 Td (s ) Tj ET Q q 0 0 0 rg BT 500.13 180.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.79 180.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 170.07 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 170.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 170.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 170.07 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 170.07 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 170.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.31 170.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 260.68 170.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.27 170.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.27 170.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 344.27 170.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.09 170.07 Td (March ) Tj ET Q q 0 0 0 rg BT 393.69 170.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 403.69 170.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 432.02 170.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 155.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 155.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.95 155.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.46 155.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 222.96 155.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 246.18 155.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.39 155.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 318.12 155.07 Td (December ) Tj ET Q q 0 0 0 rg BT 362.27 155.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 377.84 155.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 403.41 155.07 Td (between ) Tj ET Q q 0 0 0 rg BT 439.80 155.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 463.98 155.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 475.55 155.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 494.63 155.07 Td (& ) Tj ET Q q 0 0 0 rg BT 505.48 155.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 522.72 155.07 Td (and ) Tj ET Q q 0 0 0 rg BT 540.22 155.07 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 145.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 149.86 145.07 Td (National ) Tj ET Q q 0 0 0 rg BT 186.71 145.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 236.40 145.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 293.01 145.07 Td (by ) Tj ET Q q 0 0 0 rg BT 305.75 145.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 345.69 145.07 Td (to ) Tj ET Q q 0 0 0 rg BT 356.21 145.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 388.40 145.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 413.65 145.07 Td (to ) Tj ET Q q 0 0 0 rg BT 424.18 145.07 Td (the ) Tj ET Q q 0 0 0 rg BT 439.14 145.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 486.14 145.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 518.05 145.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.01 145.07 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 135.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.17 135.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 173.22 135.07 Td (for ) Tj ET Q q 0 0 0 rg BT 187.38 135.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.10 135.07 Td (year ) Tj ET Q q 0 0 0 rg BT 221.81 135.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.18 135.07 Td (December ) Tj ET Q q 0 0 0 rg BT 291.77 135.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 306.77 135.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 331.77 135.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 352.59 135.07 Td (February ) Tj ET Q q 0 0 0 rg BT 391.19 135.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 406.19 135.07 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 120.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 120.07 Td (First ) Tj ET Q q 0 0 0 rg BT 145.87 120.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 196.64 120.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.95 120.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 246.16 120.07 Td (and ) Tj ET Q q 0 0 0 rg BT 262.21 120.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 298.26 120.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 320.34 120.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 368.60 120.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 391.86 120.07 Td (December ) Tj ET Q q 0 0 0 rg BT 434.56 120.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 448.67 120.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 472.78 120.07 Td (between ) Tj ET Q q 0 0 0 rg BT 507.71 120.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.43 120.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.00 120.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 110.07 Td (& ) Tj ET Q q 0 0 0 rg BT 137.08 110.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 154.55 110.07 Td (and ) Tj ET Q q 0 0 0 rg BT 172.29 110.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 193.37 110.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 217.78 110.07 Td (National ) Tj ET Q q 0 0 0 rg BT 255.06 110.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 305.30 110.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 362.46 110.07 Td (by ) Tj ET Q q 0 0 0 rg BT 375.76 110.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 416.24 110.07 Td (to ) Tj ET Q q 0 0 0 rg BT 427.32 110.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 460.06 110.07 Td (10.18 ) Tj ET Q q 0 0 0 rg BT 485.86 110.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.94 110.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.46 110.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.40 110.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 100.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 100.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 100.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 100.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 100.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 100.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 100.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 100.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 100.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 100.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 100.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 100.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 405.92 100.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 100.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 100.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 480.35 100.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 85.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 85.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 157.84 85.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 210.35 85.07 Td (to ) Tj ET Q q 0 0 0 rg BT 220.52 85.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 262.48 85.07 Td (and ) Tj ET Q q 0 0 0 rg BT 280.00 85.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 317.51 85.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 340.45 85.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 390.45 85.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 415.19 85.07 Td (December ) Tj ET Q q 0 0 0 rg BT 459.35 85.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 474.93 85.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 500.50 85.07 Td (between ) Tj ET Q q 0 0 0 rg BT 536.90 85.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 75.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.48 75.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 154.92 75.07 Td (& ) Tj ET Q q 0 0 0 rg BT 164.04 75.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 179.55 75.07 Td (and ) Tj ET Q q 0 0 0 rg BT 195.34 75.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 214.46 75.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 236.91 75.07 Td (National ) Tj ET Q q 0 0 0 rg BT 272.39 75.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 320.95 75.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 376.16 75.07 Td (by ) Tj ET Q q 0 0 0 rg BT 387.50 75.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 426.03 75.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.15 75.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 465.93 75.07 Td (10.23 ) Tj ET Q q 0 0 0 rg BT 489.78 75.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.90 75.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.46 75.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.12 75.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 65.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 65.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 65.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 65.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 65.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 65.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 65.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 65.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 65.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 65.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 65.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 65.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 405.92 65.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 65.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 65.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 480.35 65.07 Td (2015\).) Tj ET Q endstream endobj 255 0 obj <> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (127) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 720.5 m 109.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 720.5 m 561.5 720.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 739.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 725.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 724.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 725.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 705.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 705.07 Td (Third ) Tj ET Q q 0 0 0 rg BT 151.35 705.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 204.17 705.07 Td (to ) Tj ET Q q 0 0 0 rg BT 215.08 705.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 257.34 705.07 Td (and ) Tj ET Q q 0 0 0 rg BT 275.44 705.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 313.54 705.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 337.22 705.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 387.53 705.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 412.85 705.07 Td (December ) Tj ET Q q 0 0 0 rg BT 457.60 705.07 Td (18, ) Tj ET Q q 0 0 0 rg BT 473.76 705.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 499.92 705.07 Td (between ) Tj ET Q q 0 0 0 rg BT 536.90 705.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 695.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 695.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 154.98 695.07 Td (& ) Tj ET Q q 0 0 0 rg BT 164.16 695.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 179.74 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 195.58 695.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 214.77 695.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 237.28 695.07 Td (National ) Tj ET Q q 0 0 0 rg BT 273.08 695.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 321.43 695.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 376.69 695.07 Td (by ) Tj ET Q q 0 0 0 rg BT 388.10 695.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 426.68 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.87 695.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 466.71 695.07 Td (10.25 ) Tj ET Q q 0 0 0 rg BT 490.62 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 499.80 695.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.42 695.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 685.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 685.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 685.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 685.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 685.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 685.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 685.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 685.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 300.41 685.07 Td (year ) Tj ET Q q 0 0 0 rg BT 320.12 685.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 346.49 685.07 Td (December ) Tj ET Q q 0 0 0 rg BT 390.08 685.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 405.08 685.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 430.08 685.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 450.90 685.07 Td (February ) Tj ET Q q 0 0 0 rg BT 489.50 685.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 504.50 685.07 Td (2016\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 670.07 Td (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 670.07 Td (Fourth ) Tj ET Q q 0 0 0 rg BT 155.52 670.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 207.98 670.07 Td (to ) Tj ET Q q 0 0 0 rg BT 218.61 670.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 260.51 670.07 Td (and ) Tj ET Q q 0 0 0 rg BT 278.25 670.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 315.99 670.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 339.38 670.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 389.33 670.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 414.29 670.07 Td (December ) Tj ET Q q 0 0 0 rg BT 458.68 670.07 Td (17, ) Tj ET Q q 0 0 0 rg BT 474.48 670.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 500.28 670.07 Td (between ) Tj ET Q q 0 0 0 rg BT 536.90 670.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 660.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 660.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.08 660.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.36 660.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.03 660.07 Td (and ) Tj ET Q q 0 0 0 rg BT 199.96 660.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 220.25 660.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 243.86 660.07 Td (National ) Tj ET Q q 0 0 0 rg BT 280.51 660.07 Td (Association. ) Tj ET Q q 0 0 0 rg BT 332.46 660.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 645.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 645.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.22 645.07 Td (and ) Tj ET Q q 0 0 0 rg BT 184.00 645.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 220.78 645.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 242.56 645.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 280.76 645.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.26 645.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 351.25 645.07 Td (June ) Tj ET Q q 0 0 0 rg BT 371.93 645.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 381.77 645.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 404.12 645.07 Td (among ) Tj ET Q q 0 0 0 rg BT 433.68 645.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.13 645.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 468.70 645.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 487.05 645.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 536.89 645.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 635.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 635.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.32 635.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.84 635.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.75 635.07 Td (and ) Tj ET Q q 0 0 0 rg BT 200.93 635.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.89 635.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 261.95 635.07 Td (party ) Tj ET Q q 0 0 0 rg BT 285.23 635.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 315.74 635.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 372.34 635.07 Td (by ) Tj ET Q q 0 0 0 rg BT 385.08 635.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 425.01 635.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.52 635.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.71 635.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 487.95 635.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.47 635.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.43 635.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 625.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.05 625.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.76 625.07 Td (on ) Tj ET Q q 0 0 0 rg BT 201.26 625.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.43 625.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 245.99 625.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 266.81 625.07 Td (June ) Tj ET Q q 0 0 0 rg BT 287.64 625.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 297.64 625.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 610.07 Td (10.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 610.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 159.29 610.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 202.47 610.07 Td (and ) Tj ET Q q 0 0 0 rg BT 221.50 610.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 260.52 610.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 284.54 610.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 324.49 610.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 373.22 610.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 399.46 610.07 Td (October ) Tj ET Q q 0 0 0 rg BT 436.26 610.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 448.34 610.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 472.93 610.07 Td (among ) Tj ET Q q 0 0 0 rg BT 504.73 610.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 610.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 610.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 600.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 175.98 600.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 199.58 600.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 211.15 600.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 229.65 600.07 Td (& ) Tj ET Q q 0 0 0 rg BT 239.91 600.07 Td (Co., ) Tj ET Q q 0 0 0 rg BT 259.07 600.07 Td (and ) Tj ET Q q 0 0 0 rg BT 276.00 600.07 Td (the ) Tj ET Q q 0 0 0 rg BT 290.70 600.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 336.51 600.07 Td (party ) Tj ET Q q 0 0 0 rg BT 359.54 600.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 389.79 600.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 446.14 600.07 Td (by ) Tj ET Q q 0 0 0 rg BT 458.63 600.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 498.30 600.07 Td (to ) Tj ET Q q 0 0 0 rg BT 508.57 600.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 540.50 600.07 Td (10.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 590.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.28 590.07 Td (the ) Tj ET Q q 0 0 0 rg BT 151.00 590.07 Td (Company) Tj ET Q q 0 0 0 rg BT 192.94 590.07 Td (s ) Tj ET Q q 0 0 0 rg BT 199.05 590.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 232.10 590.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 261.82 590.07 Td (on ) Tj ET Q q 0 0 0 rg BT 274.32 590.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.49 590.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 319.04 590.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 339.86 590.07 Td (October ) Tj ET Q q 0 0 0 rg BT 374.57 590.07 Td (13, ) Tj ET Q q 0 0 0 rg BT 389.57 590.07 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 575.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 575.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 185.04 575.07 Td (Arrangement ) Tj ET Q q 0 0 0 rg BT 238.78 575.07 Td (with ) Tj ET Q q 0 0 0 rg BT 257.83 575.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 270.49 575.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 291.20 575.07 Td (W) Tj ET Q q 0 0 0 rg BT 300.34 575.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 322.52 575.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 377.65 575.07 Td (by ) Tj ET Q q 0 0 0 rg BT 388.92 575.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 427.37 575.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.42 575.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.13 575.07 Td (10.24 ) Tj ET Q q 0 0 0 rg BT 490.90 575.07 Td (to ) Tj ET Q q 0 0 0 rg BT 499.95 575.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.43 575.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 565.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 565.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 565.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 565.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 565.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 565.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 565.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 565.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 565.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 565.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 565.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 565.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 405.92 565.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 565.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 565.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.35 565.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 508.68 565.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 550.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 550.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 169.72 550.07 Td (Limited ) Tj ET Q q 0 0 0 rg BT 204.56 550.07 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 253.29 550.07 Td (Interest ) Tj ET Q q 0 0 0 rg BT 286.03 550.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 333.36 550.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 358.20 550.07 Td (February ) Tj ET Q q 0 0 0 rg BT 397.48 550.07 Td (23, ) Tj ET Q q 0 0 0 rg BT 413.16 550.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 438.84 550.07 Td (by ) Tj ET Q q 0 0 0 rg BT 452.02 550.07 Td (and ) Tj ET Q q 0 0 0 rg BT 469.64 550.07 Td (between ) Tj ET Q q 0 0 0 rg BT 506.14 550.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.43 550.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.00 550.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 540.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 174.76 540.07 Td (Management ) Tj ET Q q 0 0 0 rg BT 231.29 540.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 254.51 540.07 Td (and ) Tj ET Q q 0 0 0 rg BT 273.28 540.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 289.00 540.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 312.55 540.07 Td (W) Tj ET Q q 0 0 0 rg BT 321.69 540.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 346.93 540.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 405.12 540.07 Td (by ) Tj ET Q q 0 0 0 rg BT 419.45 540.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.97 540.07 Td (to ) Tj ET Q q 0 0 0 rg BT 473.07 540.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 506.85 540.07 Td (10.27 ) Tj ET Q q 0 0 0 rg BT 533.68 540.07 Td (to ) Tj ET Q q 0 0 0 rg BT 545.78 540.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 530.07 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 530.07 Td (s ) Tj ET Q q 0 0 0 rg BT 173.63 530.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.11 530.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 234.63 530.07 Td (on ) Tj ET Q q 0 0 0 rg BT 246.95 530.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 270.93 530.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 293.79 530.07 Td (for ) Tj ET Q q 0 0 0 rg BT 307.76 530.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.29 530.07 Td (year ) Tj ET Q q 0 0 0 rg BT 341.81 530.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 367.99 530.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.39 530.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.20 530.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 451.01 530.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 471.65 530.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.06 530.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 524.87 530.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 553.01 530.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 515.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 515.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 167.78 515.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 211.48 515.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 231.30 515.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 261.50 515.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 281.25 515.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 323.01 515.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 345.35 515.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 403.76 515.07 Td (by ) Tj ET Q q 0 0 0 rg BT 418.32 515.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.06 515.07 Td (to ) Tj ET Q q 0 0 0 rg BT 472.39 515.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 506.39 515.07 Td (10.26 ) Tj ET Q q 0 0 0 rg BT 533.45 515.07 Td (to ) Tj ET Q q 0 0 0 rg BT 545.78 515.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 505.07 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 505.07 Td (s ) Tj ET Q q 0 0 0 rg BT 173.63 505.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.11 505.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 234.63 505.07 Td (on ) Tj ET Q q 0 0 0 rg BT 246.95 505.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 270.93 505.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 293.79 505.07 Td (for ) Tj ET Q q 0 0 0 rg BT 307.76 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.29 505.07 Td (year ) Tj ET Q q 0 0 0 rg BT 341.81 505.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 367.99 505.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.39 505.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.20 505.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 451.01 505.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 471.65 505.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.06 505.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 524.87 505.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 553.01 505.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 490.07 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 490.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.45 490.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.02 490.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 179.38 490.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 226.48 490.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 267.43 490.07 Td (and ) Tj ET Q q 0 0 0 rg BT 284.21 490.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 320.99 490.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 352.22 490.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 375.13 490.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 418.02 490.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 443.13 490.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 489.91 490.07 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 512.54 490.07 Td (ef) Tj ET Q q 0 0 0 rg BT 520.22 490.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 549.67 490.07 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 480.07 Td (of ) Tj ET Q q 0 0 0 rg BT 136.83 480.07 Td (December ) Tj ET Q q 0 0 0 rg BT 180.41 480.07 Td (13, ) Tj ET Q q 0 0 0 rg BT 195.41 480.07 Td (2016. ) Tj ET Q q 0 0 0 rg BT 220.41 480.07 Td ( ) Tj ET Q q 0 0 0 rg BT 227.91 480.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 465.07 Td (10.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 465.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.10 465.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.85 465.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 198.17 465.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.16 465.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 268.12 465.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 294.62 465.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.19 465.07 Td (for ) Tj ET Q q 0 0 0 rg BT 359.28 465.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 404.25 465.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 435.34 465.07 Td (in ) Tj ET Q q 0 0 0 rg BT 447.54 465.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 471.97 465.07 Td (and ) Tj ET Q q 0 0 0 rg BT 490.83 465.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.26 465.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.22 465.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 455.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.32 455.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.90 455.07 Td (201) Tj ET Q q 0 0 0 rg BT 204.71 455.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 212.32 455.07 Td (and ) Tj ET Q q 0 0 0 rg BT 229.56 455.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 254.86 455.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 309.30 455.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 365.96 455.07 Td (by ) Tj ET Q q 0 0 0 rg BT 378.75 455.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 418.73 455.07 Td (to ) Tj ET Q q 0 0 0 rg BT 429.31 455.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 461.55 455.07 Td (10.30 ) Tj ET Q q 0 0 0 rg BT 486.85 455.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.43 455.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.44 455.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.38 455.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 445.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 445.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 445.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 445.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 445.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 445.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 445.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 445.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 445.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 445.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 445.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 445.07 Td (201) Tj ET Q q 0 0 0 rg BT 395.74 445.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.55 445.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.38 445.07 Td (February ) Tj ET Q q 0 0 0 rg BT 464.97 445.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 479.97 445.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 508.30 445.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 430.07 Td (10.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 430.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.48 430.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.63 430.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.32 430.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 216.70 430.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.05 430.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.29 430.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.25 430.07 Td (for ) Tj ET Q q 0 0 0 rg BT 346.72 430.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.08 430.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 419.55 430.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.14 430.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 452.95 430.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.30 430.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.89 430.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.22 430.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 420.07 Td (2013\) ) Tj ET Q q 0 0 0 rg BT 151.32 420.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.17 420.07 Td (by ) Tj ET Q q 0 0 0 rg BT 219.16 420.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.33 420.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.10 420.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 299.53 420.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 324.02 420.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.79 420.07 Td (the ) Tj ET Q q 0 0 0 rg BT 347.99 420.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.40 420.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 425.55 420.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 454.75 420.07 Td (on ) Tj ET Q q 0 0 0 rg BT 466.74 420.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 490.40 420.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 512.94 420.07 Td (for ) Tj ET Q q 0 0 0 rg BT 526.59 420.07 Td (the ) Tj ET Q q 0 0 0 rg BT 540.80 420.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 410.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.38 410.07 Td (December ) Tj ET Q q 0 0 0 rg BT 195.96 410.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.96 410.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 235.96 410.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 256.79 410.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.38 410.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 310.38 410.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 338.71 410.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 395.07 Td (10.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 395.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.48 395.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.63 395.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.32 395.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 216.70 395.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.05 395.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.29 395.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.25 395.07 Td (for ) Tj ET Q q 0 0 0 rg BT 346.72 395.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.08 395.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 419.55 395.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.14 395.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 452.95 395.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.30 395.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.89 395.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.22 395.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 385.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 151.26 385.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.05 385.07 Td (by ) Tj ET Q q 0 0 0 rg BT 218.99 385.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.10 385.07 Td (to ) Tj ET Q q 0 0 0 rg BT 267.81 385.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 299.18 385.07 Td (10.32 ) Tj ET Q q 0 0 0 rg BT 323.61 385.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.32 385.07 Td (the ) Tj ET Q q 0 0 0 rg BT 347.47 385.07 Td (Company) Tj ET Q q 0 0 0 rg BT 389.41 385.07 Td (s ) Tj ET Q q 0 0 0 rg BT 394.81 385.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 425.90 385.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.05 385.07 Td (on ) Tj ET Q q 0 0 0 rg BT 466.98 385.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 490.58 385.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 513.07 385.07 Td (for ) Tj ET Q q 0 0 0 rg BT 526.66 385.07 Td (the ) Tj ET Q q 0 0 0 rg BT 540.81 385.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 375.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.38 375.07 Td (December ) Tj ET Q q 0 0 0 rg BT 195.96 375.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.96 375.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 235.96 375.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 256.79 375.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.38 375.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 310.38 375.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 338.71 375.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 360.07 Td (10.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 360.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.08 360.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.82 360.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 192.12 360.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 215.10 360.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 258.05 360.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 282.98 360.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 329.54 360.07 Td (for ) Tj ET Q q 0 0 0 rg BT 343.61 360.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 412.66 360.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 455.61 360.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 484.69 360.07 Td (in ) Tj ET Q q 0 0 0 rg BT 494.88 360.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 517.29 360.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.23 360.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 350.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 178.94 350.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.13 350.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 214.88 350.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 271.16 350.07 Td (by ) Tj ET Q q 0 0 0 rg BT 283.58 350.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 323.18 350.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.37 350.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 365.23 350.07 Td (10.33 ) Tj ET Q q 0 0 0 rg BT 390.15 350.07 Td (to ) Tj ET Q q 0 0 0 rg BT 400.35 350.07 Td (the ) Tj ET Q q 0 0 0 rg BT 414.98 350.07 Td (Company) Tj ET Q q 0 0 0 rg BT 456.92 350.07 Td (s ) Tj ET Q q 0 0 0 rg BT 462.70 350.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 494.28 350.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 523.91 350.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.33 350.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 340.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 149.05 340.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.21 340.07 Td (the ) Tj ET Q q 0 0 0 rg BT 177.93 340.07 Td (year ) Tj ET Q q 0 0 0 rg BT 197.64 340.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 224.01 340.07 Td (December ) Tj ET Q q 0 0 0 rg BT 267.60 340.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 282.60 340.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 307.60 340.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 328.42 340.07 Td (February ) Tj ET Q q 0 0 0 rg BT 367.02 340.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 382.02 340.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 410.35 340.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 325.07 Td (10.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 325.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.69 325.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.05 325.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 202.61 325.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 227.41 325.07 Td (and ) Tj ET Q q 0 0 0 rg BT 243.87 325.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 274.78 325.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 297.37 325.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 339.93 325.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 364.55 325.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 410.72 325.07 Td (for ) Tj ET Q q 0 0 0 rg BT 424.41 325.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 466.97 325.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 495.66 325.07 Td (in ) Tj ET Q q 0 0 0 rg BT 505.46 325.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 527.48 325.07 Td (\(related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 315.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.38 315.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.50 315.07 Td (in ) Tj ET Q q 0 0 0 rg BT 199.88 315.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 225.82 315.07 Td (under ) Tj ET Q q 0 0 0 rg BT 251.19 315.07 Td (the ) Tj ET Q q 0 0 0 rg BT 266.00 315.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 289.71 315.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 301.28 315.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 319.89 315.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 367.19 315.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 408.39 315.07 Td (and ) Tj ET Q q 0 0 0 rg BT 425.43 315.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 462.47 315.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 484.77 315.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 516.54 315.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.58 315.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 305.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 305.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 148.98 305.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.21 305.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.02 305.07 Td (and ) Tj ET Q q 0 0 0 rg BT 224.49 305.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 255.40 305.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 277.99 305.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 320.56 305.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 345.36 305.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 391.82 305.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 411.63 305.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 467.52 305.07 Td (by ) Tj ET Q q 0 0 0 rg BT 479.54 305.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 518.75 305.07 Td (to ) Tj ET Q q 0 0 0 rg BT 528.56 305.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 295.07 Td (10.37 ) Tj ET Q q 0 0 0 rg BT 151.78 295.07 Td (to ) Tj ET Q q 0 0 0 rg BT 162.84 295.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.34 295.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 225.75 295.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 258.19 295.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 288.69 295.07 Td (on ) Tj ET Q q 0 0 0 rg BT 301.97 295.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 326.92 295.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 350.75 295.07 Td (for ) Tj ET Q q 0 0 0 rg BT 365.69 295.07 Td (the ) Tj ET Q q 0 0 0 rg BT 381.19 295.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 406.12 295.07 Td (year ) Tj ET Q q 0 0 0 rg BT 426.61 295.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 453.77 295.07 Td (December ) Tj ET Q q 0 0 0 rg BT 498.13 295.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 513.91 295.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 539.69 295.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 285.07 Td (February ) Tj ET Q q 0 0 0 rg BT 164.60 285.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 179.60 285.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 207.93 285.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 270.07 Td (10.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 270.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.36 270.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.37 270.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 201.60 270.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 226.07 270.07 Td (and ) Tj ET Q q 0 0 0 rg BT 242.19 270.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 272.77 270.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.02 270.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 337.25 270.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 361.60 270.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 407.44 270.07 Td (for ) Tj ET Q q 0 0 0 rg BT 420.79 270.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 489.11 270.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 531.34 270.07 Td (Grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 260.07 Td (in ) Tj ET Q q 0 0 0 rg BT 137.02 260.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 160.26 260.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 194.03 260.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.04 260.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 258.81 260.07 Td (in ) Tj ET Q q 0 0 0 rg BT 269.82 260.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 296.39 260.07 Td (under ) Tj ET Q q 0 0 0 rg BT 322.40 260.07 Td (the ) Tj ET Q q 0 0 0 rg BT 337.85 260.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.20 260.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.77 260.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 393.02 260.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 440.81 260.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 482.65 260.07 Td (and ) Tj ET Q q 0 0 0 rg BT 500.33 260.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 538.00 260.07 Td (2003 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 250.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.09 250.07 Td (and ) Tj ET Q q 0 0 0 rg BT 175.18 250.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 205.38 250.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 223.23 250.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 263.09 250.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 283.52 250.07 Td (and ) Tj ET Q q 0 0 0 rg BT 300.61 250.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 332.15 250.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 355.36 250.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 398.56 250.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 423.98 250.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 471.06 250.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 491.50 250.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.01 250.07 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 240.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 165.21 240.07 Td (to ) Tj ET Q q 0 0 0 rg BT 175.01 240.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 206.47 240.07 Td (10.38 ) Tj ET Q q 0 0 0 rg BT 231.00 240.07 Td (to ) Tj ET Q q 0 0 0 rg BT 240.80 240.07 Td (the ) Tj ET Q q 0 0 0 rg BT 255.04 240.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 301.47 240.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 332.65 240.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 361.89 240.07 Td (on ) Tj ET Q q 0 0 0 rg BT 373.92 240.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 397.61 240.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 420.19 240.07 Td (for ) Tj ET Q q 0 0 0 rg BT 433.87 240.07 Td (the ) Tj ET Q q 0 0 0 rg BT 448.11 240.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 471.79 240.07 Td (year ) Tj ET Q q 0 0 0 rg BT 491.02 240.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 516.92 240.07 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 230.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.00 230.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 166.00 230.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 186.83 230.07 Td (February ) Tj ET Q q 0 0 0 rg BT 225.42 230.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 240.42 230.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 268.75 230.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 215.07 Td (10.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 215.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.69 215.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.05 215.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 202.61 215.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 227.41 215.07 Td (and ) Tj ET Q q 0 0 0 rg BT 243.87 215.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 274.78 215.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 297.37 215.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 339.93 215.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 364.55 215.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 410.72 215.07 Td (for ) Tj ET Q q 0 0 0 rg BT 424.41 215.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 466.97 215.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 495.66 215.07 Td (in ) Tj ET Q q 0 0 0 rg BT 505.46 215.07 Td (2017 ) Tj ET Q q 0 0 0 rg BT 527.48 215.07 Td (\(related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 205.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.38 205.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.50 205.07 Td (in ) Tj ET Q q 0 0 0 rg BT 199.88 205.07 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 225.82 205.07 Td (under ) Tj ET Q q 0 0 0 rg BT 251.19 205.07 Td (the ) Tj ET Q q 0 0 0 rg BT 266.00 205.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 289.71 205.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 301.28 205.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 319.89 205.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 367.19 205.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 408.39 205.07 Td (and ) Tj ET Q q 0 0 0 rg BT 425.43 205.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 462.47 205.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 484.77 205.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 516.54 205.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.58 205.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 195.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 195.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.46 195.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.16 195.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.44 195.07 Td (and ) Tj ET Q q 0 0 0 rg BT 226.38 195.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 257.76 195.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 280.82 195.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 323.87 195.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 349.13 195.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 396.07 195.07 Td (Plan.*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 180.07 Td (10.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 180.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.36 180.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.37 180.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 201.60 180.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 226.07 180.07 Td (and ) Tj ET Q q 0 0 0 rg BT 242.19 180.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 272.77 180.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.02 180.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 337.25 180.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 361.60 180.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 407.44 180.07 Td (for ) Tj ET Q q 0 0 0 rg BT 420.79 180.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 489.11 180.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 531.34 180.07 Td (Grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 170.07 Td (in ) Tj ET Q q 0 0 0 rg BT 137.02 170.07 Td (2017 ) Tj ET Q q 0 0 0 rg BT 160.26 170.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 194.03 170.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.04 170.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 258.81 170.07 Td (in ) Tj ET Q q 0 0 0 rg BT 269.82 170.07 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 296.39 170.07 Td (under ) Tj ET Q q 0 0 0 rg BT 322.40 170.07 Td (the ) Tj ET Q q 0 0 0 rg BT 337.85 170.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.20 170.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.77 170.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 393.02 170.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 440.81 170.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 482.65 170.07 Td (and ) Tj ET Q q 0 0 0 rg BT 500.33 170.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 538.00 170.07 Td (2003 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 160.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 160.07 Td (and ) Tj ET Q q 0 0 0 rg BT 174.88 160.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 205.07 160.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 222.77 160.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 262.47 160.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 282.75 160.07 Td (and ) Tj ET Q q 0 0 0 rg BT 299.69 160.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 331.08 160.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 354.14 160.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 397.18 160.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 422.45 160.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.38 160.07 Td (Plan.*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 145.07 Td (10.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 145.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.03 145.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.60 145.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 178.54 145.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 225.46 145.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 247.39 145.07 Td (Employment ) Tj ET Q q 0 0 0 rg BT 300.97 145.07 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 349.95 145.07 Td (A) Tj ET Q q 0 0 0 rg BT 356.44 145.07 Td (ward ) Tj ET Q q 0 0 0 rg BT 377.90 145.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 397.60 145.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 453.39 145.07 Td (by ) Tj ET Q q 0 0 0 rg BT 465.32 145.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 504.42 145.07 Td (to ) Tj ET Q q 0 0 0 rg BT 514.13 145.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 545.50 145.07 Td (4.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 135.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.28 135.07 Td (the ) Tj ET Q q 0 0 0 rg BT 151.00 135.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 198.08 135.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 249.46 135.07 Td (Statement ) Tj ET Q q 0 0 0 rg BT 291.95 135.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.45 135.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 328.62 135.07 Td (S-8, ) Tj ET Q q 0 0 0 rg BT 347.51 135.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 368.33 135.07 Td (February ) Tj ET Q q 0 0 0 rg BT 406.93 135.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 421.93 135.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 450.26 135.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 120.07 Td (10.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 120.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.20 120.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.05 120.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 210.12 120.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 236.70 120.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 285.37 120.07 Td (for ) Tj ET Q q 0 0 0 rg BT 301.56 120.07 Td (grants ) Tj ET Q q 0 0 0 rg BT 330.52 120.07 Td (under ) Tj ET Q q 0 0 0 rg BT 357.82 120.07 Td (the ) Tj ET Q q 0 0 0 rg BT 374.56 120.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 400.19 120.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 411.76 120.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 432.29 120.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 481.82 120.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 506.34 120.07 Td (Employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 110.07 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 175.71 110.07 Td (A) Tj ET Q q 0 0 0 rg BT 182.19 110.07 Td (ward ) Tj ET Q q 0 0 0 rg BT 204.58 110.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 225.22 110.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 281.94 110.07 Td (by ) Tj ET Q q 0 0 0 rg BT 294.80 110.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 334.84 110.07 Td (to ) Tj ET Q q 0 0 0 rg BT 345.47 110.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 377.77 110.07 Td (4.5 ) Tj ET Q q 0 0 0 rg BT 393.13 110.07 Td (to ) Tj ET Q q 0 0 0 rg BT 403.77 110.07 Td (the ) Tj ET Q q 0 0 0 rg BT 418.84 110.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 466.28 110.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 518.02 110.07 Td (Statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 100.07 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 100.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 100.07 Td (S-8, ) Tj ET Q q 0 0 0 rg BT 181.56 100.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 202.39 100.07 Td (February ) Tj ET Q q 0 0 0 rg BT 240.99 100.07 Td (25, ) Tj ET Q q 0 0 0 rg BT 255.99 100.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 284.32 100.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 85.07 Td (10.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 85.07 Td (Consulting ) Tj ET Q q 0 0 0 rg BT 171.16 85.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 217.21 85.07 Td (for ) Tj ET Q q 0 0 0 rg BT 230.50 85.07 Td (Services ) Tj ET Q q 0 0 0 rg BT 266.00 85.07 Td (of ) Tj ET Q q 0 0 0 rg BT 275.96 85.07 Td (Independent ) Tj ET Q q 0 0 0 rg BT 327.01 85.07 Td (Contractor ) Tj ET Q q 0 0 0 rg BT 371.40 85.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 394.68 85.07 Td (November ) Tj ET Q q 0 0 0 rg BT 438.51 85.07 Td (16, ) Tj ET Q q 0 0 0 rg BT 452.64 85.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 474.26 85.07 Td (by ) Tj ET Q q 0 0 0 rg BT 485.89 85.07 Td (and ) Tj ET Q q 0 0 0 rg BT 501.95 85.07 Td (between ) Tj ET Q q 0 0 0 rg BT 536.90 85.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 75.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.48 75.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.00 75.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.20 75.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 182.78 75.07 Td (and ) Tj ET Q q 0 0 0 rg BT 199.64 75.07 Td (Michael ) Tj ET Q q 0 0 0 rg BT 234.83 75.07 Td (E. ) Tj ET Q q 0 0 0 rg BT 245.85 75.07 Td (Frazier ) Tj ET Q q 0 0 0 rg BT 276.59 75.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 332.87 75.07 Td (by ) Tj ET Q q 0 0 0 rg BT 345.29 75.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 384.89 75.07 Td (to ) Tj ET Q q 0 0 0 rg BT 395.09 75.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 426.95 75.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 446.87 75.07 Td (to ) Tj ET Q q 0 0 0 rg BT 457.07 75.07 Td (the ) Tj ET Q q 0 0 0 rg BT 471.71 75.07 Td (Company) Tj ET Q q 0 0 0 rg BT 513.37 75.07 Td (s ) Tj ET Q q 0 0 0 rg BT 519.68 75.07 Td (Quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 65.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 155.72 65.07 Td (on ) Tj ET Q q 0 0 0 rg BT 168.22 65.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.39 65.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 215.44 65.07 Td (for ) Tj ET Q q 0 0 0 rg BT 229.60 65.07 Td (the ) Tj ET Q q 0 0 0 rg BT 244.32 65.07 Td (period ) Tj ET Q q 0 0 0 rg BT 272.36 65.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 298.74 65.07 Td (March ) Tj ET Q q 0 0 0 rg BT 327.34 65.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 342.34 65.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 367.34 65.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 388.16 65.07 Td (May ) Tj ET Q q 0 0 0 rg BT 408.99 65.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 418.99 65.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 447.32 65.07 Td () Tj ET Q endstream endobj 257 0 obj <> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (128) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 719.5 m 109.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 719.5 m 561.5 719.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 738.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 724.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 723.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 724.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 704.07 Td (10.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 704.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 168.67 704.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 193.38 704.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 239.65 704.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 263.43 704.07 Td (November ) Tj ET Q q 0 0 0 rg BT 307.76 704.07 Td (16, ) Tj ET Q q 0 0 0 rg BT 322.38 704.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 344.51 704.07 Td (by ) Tj ET Q q 0 0 0 rg BT 356.63 704.07 Td (and ) Tj ET Q q 0 0 0 rg BT 373.19 704.07 Td (between ) Tj ET Q q 0 0 0 rg BT 408.63 704.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 431.86 704.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 443.43 704.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 461.57 704.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 508.69 704.07 Td (and ) Tj ET Q q 0 0 0 rg BT 525.25 704.07 Td (Michael ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 694.07 Td (E. ) Tj ET Q q 0 0 0 rg BT 137.38 694.07 Td (Frazier ) Tj ET Q q 0 0 0 rg BT 168.47 694.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 225.10 694.07 Td (by ) Tj ET Q q 0 0 0 rg BT 237.88 694.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 277.83 694.07 Td (to ) Tj ET Q q 0 0 0 rg BT 288.38 694.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 320.60 694.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 340.87 694.07 Td (to ) Tj ET Q q 0 0 0 rg BT 351.42 694.07 Td (the ) Tj ET Q q 0 0 0 rg BT 366.41 694.07 Td (Company) Tj ET Q q 0 0 0 rg BT 408.35 694.07 Td (s ) Tj ET Q q 0 0 0 rg BT 414.74 694.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 455.83 694.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 485.82 694.07 Td (on ) Tj ET Q q 0 0 0 rg BT 498.59 694.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 523.03 694.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 546.36 694.07 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 684.07 Td (the ) Tj ET Q q 0 0 0 rg BT 140.72 684.07 Td (period ) Tj ET Q q 0 0 0 rg BT 168.76 684.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 195.14 684.07 Td (March ) Tj ET Q q 0 0 0 rg BT 223.74 684.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 238.74 684.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 263.74 684.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 284.56 684.07 Td (May ) Tj ET Q q 0 0 0 rg BT 305.39 684.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 315.39 684.07 Td (2016\). ) Tj ET Q q 0 0 0 rg BT 343.72 684.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 669.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 669.07 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 177.39 669.07 Td (of ) Tj ET Q q 0 0 0 rg BT 188.22 669.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 211.83 669.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 223.40 669.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 241.90 669.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 289.40 669.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 654.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 654.07 Td (Consent ) Tj ET Q q 0 0 0 rg BT 161.28 654.07 Td (of ) Tj ET Q q 0 0 0 rg BT 172.11 654.07 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 195.72 654.07 Td (& ) Tj ET Q q 0 0 0 rg BT 205.81 654.07 Td (Y) Tj ET Q q 0 0 0 rg BT 212.35 654.07 Td (oung ) Tj ET Q q 0 0 0 rg BT 234.34 654.07 Td (LLP) Tj ET Q q 0 0 0 rg BT 251.94 654.07 Td ( ) Tj ET Q q 0 0 0 rg BT 254.25 654.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 639.07 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 639.07 Td (Power ) Tj ET Q q 0 0 0 rg BT 154.05 639.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.61 639.07 Td (Attorney ) Tj ET Q q 0 0 0 rg BT 202.38 639.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 624.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 624.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.39 624.07 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 230.96 624.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.00 624.07 Td (of ) Tj ET Q q 0 0 0 rg BT 294.83 624.07 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 336.76 624.07 Td (and ) Tj ET Q q 0 0 0 rg BT 353.70 624.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 378.42 624.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 420.90 624.07 Td (Of) Tj ET Q q 0 0 0 rg BT 431.36 624.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.31 624.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 609.07 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 609.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.39 609.07 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 230.96 609.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.00 609.07 Td (of ) Tj ET Q q 0 0 0 rg BT 294.83 609.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 319.54 609.07 Td (Financial ) Tj ET Q q 0 0 0 rg BT 359.26 609.07 Td (Of) Tj ET Q q 0 0 0 rg BT 369.72 609.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 387.67 609.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 594.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 594.07 Td (Section ) Tj ET Q q 0 0 0 rg BT 158.50 594.07 Td (1350 ) Tj ET Q q 0 0 0 rg BT 181.00 594.07 Td (Certifications. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 579.07 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 527.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 579.07 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 172.27 579.07 Td (data ) Tj ET Q q 0 0 0 rg BT 192.44 579.07 Td (files ) Tj ET Q q 0 0 0 rg BT 213.18 579.07 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 251.14 579.07 Td (to ) Tj ET Q q 0 0 0 rg BT 262.44 579.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 284.84 579.07 Td (405 ) Tj ET Q q 0 0 0 rg BT 303.36 579.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 355.76 579.07 Td (S-T) Tj ET Q q 0 0 0 rg BT 370.26 579.07 Td (: ) Tj ET Q q 0 0 0 rg BT 376.56 579.07 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 389.52 579.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.26 579.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 461.55 579.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 508.95 579.07 Td (of ) Tj ET Q q 0 0 0 rg BT 520.80 579.07 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 569.07 Td (Condition ) Tj ET Q q 0 0 0 rg BT 168.53 569.07 Td (as ) Tj ET Q q 0 0 0 rg BT 179.39 569.07 Td (of ) Tj ET Q q 0 0 0 rg BT 190.25 569.07 Td (December ) Tj ET Q q 0 0 0 rg BT 233.87 569.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 248.90 569.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 271.42 569.07 Td (and ) Tj ET Q q 0 0 0 rg BT 288.39 569.07 Td (December ) Tj ET Q q 0 0 0 rg BT 332.01 569.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 347.04 569.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 372.06 569.07 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 386.81 569.07 Td (the ) Tj ET Q q 0 0 0 rg BT 401.56 569.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 456.86 569.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 503.27 569.07 Td (of ) Tj ET Q q 0 0 0 rg BT 514.13 569.07 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 559.07 Td (for ) Tj ET Q q 0 0 0 rg BT 140.01 559.07 Td (the ) Tj ET Q q 0 0 0 rg BT 154.57 559.07 Td (years ) Tj ET Q q 0 0 0 rg BT 178.01 559.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 204.23 559.07 Td (December ) Tj ET Q q 0 0 0 rg BT 247.66 559.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 262.51 559.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 287.35 559.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 309.70 559.07 Td (and ) Tj ET Q q 0 0 0 rg BT 326.48 559.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 351.33 559.07 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 368.67 559.07 Td (the ) Tj ET Q q 0 0 0 rg BT 383.23 559.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 438.35 559.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 484.58 559.07 Td (of ) Tj ET Q q 0 0 0 rg BT 495.25 559.07 Td (Comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 549.07 Td (Income ) Tj ET Q q 0 0 0 rg BT 159.02 549.07 Td (for ) Tj ET Q q 0 0 0 rg BT 173.71 549.07 Td (the ) Tj ET Q q 0 0 0 rg BT 188.96 549.07 Td (years ) Tj ET Q q 0 0 0 rg BT 213.09 549.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 239.99 549.07 Td (December ) Tj ET Q q 0 0 0 rg BT 284.11 549.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 299.64 549.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 325.17 549.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 348.20 549.07 Td (and ) Tj ET Q q 0 0 0 rg BT 365.67 549.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 391.20 549.07 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 408.67 549.07 Td (the ) Tj ET Q q 0 0 0 rg BT 423.92 549.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 479.73 549.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 526.64 549.07 Td (of ) Tj ET Q q 0 0 0 rg BT 538.00 549.07 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 539.07 Td (Flows ) Tj ET Q q 0 0 0 rg BT 152.61 539.07 Td (for ) Tj ET Q q 0 0 0 rg BT 166.42 539.07 Td (the ) Tj ET Q q 0 0 0 rg BT 180.79 539.07 Td (years ) Tj ET Q q 0 0 0 rg BT 204.05 539.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 230.08 539.07 Td (December ) Tj ET Q q 0 0 0 rg BT 273.32 539.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.97 539.07 Td (2016, ) Tj ET Q q 0 0 0 rg BT 312.63 539.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 334.78 539.07 Td (and ) Tj ET Q q 0 0 0 rg BT 351.38 539.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 373.53 539.07 Td (and ) Tj ET Q q 0 0 0 rg BT 390.12 539.07 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 403.94 539.07 Td (the ) Tj ET Q q 0 0 0 rg BT 418.31 539.07 Td (notes ) Tj ET Q q 0 0 0 rg BT 441.57 539.07 Td (to ) Tj ET Q q 0 0 0 rg BT 451.51 539.07 Td (the ) Tj ET Q q 0 0 0 rg BT 465.88 539.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.81 539.07 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 529.07 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.00 Td (_______________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.00 Td (# ) Tj ET Q q 0 0 0 rg BT 68.00 494.00 Td (The ) Tj ET Q q 0 0 0 rg BT 86.05 494.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 127.43 494.00 Td (hereby ) Tj ET Q q 0 0 0 rg BT 157.14 494.00 Td (agrees ) Tj ET Q q 0 0 0 rg BT 185.18 494.00 Td (to ) Tj ET Q q 0 0 0 rg BT 195.46 494.00 Td (furnish ) Tj ET Q q 0 0 0 rg BT 226.29 494.00 Td (supplementally ) Tj ET Q q 0 0 0 rg BT 289.88 494.00 Td (to ) Tj ET Q q 0 0 0 rg BT 300.16 494.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.88 494.00 Td (Commission ) Tj ET Q q 0 0 0 rg BT 367.95 494.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 390.45 494.00 Td (request ) Tj ET Q q 0 0 0 rg BT 421.82 494.00 Td (any ) Tj ET Q q 0 0 0 rg BT 438.76 494.00 Td (omitted ) Tj ET Q q 0 0 0 rg BT 471.81 494.00 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 502.09 494.00 Td (or ) Tj ET Q q 0 0 0 rg BT 512.92 494.00 Td (schedule.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.00 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 479.00 Td (This ) Tj ET Q q 0 0 0 rg BT 88.28 479.00 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 118.55 479.00 Td (is ) Tj ET Q q 0 0 0 rg BT 127.72 479.00 Td (a ) Tj ET Q q 0 0 0 rg BT 134.66 479.00 Td (management ) Tj ET Q q 0 0 0 rg BT 188.25 479.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 222.95 479.00 Td (or ) Tj ET Q q 0 0 0 rg BT 233.78 479.00 Td (compensatory ) Tj ET Q q 0 0 0 rg BT 292.38 479.00 Td (plan ) Tj ET Q q 0 0 0 rg BT 312.09 479.00 Td (or ) Tj ET Q q 0 0 0 rg BT 322.92 479.00 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.00 Td (* ) Tj ET Q q 0 0 0 rg BT 68.00 464.00 Td (Filed ) Tj ET Q q 0 0 0 rg BT 91.06 464.00 Td (herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.00 Td (** ) Tj ET Q q 0 0 0 rg BT 68.00 449.00 Td (This ) Tj ET Q q 0 0 0 rg BT 88.15 449.00 Td (information ) Tj ET Q q 0 0 0 rg BT 137.72 449.00 Td (is ) Tj ET Q q 0 0 0 rg BT 146.76 449.00 Td (furnished ) Tj ET Q q 0 0 0 rg BT 186.90 449.00 Td (and ) Tj ET Q q 0 0 0 rg BT 203.70 449.00 Td (not ) Tj ET Q q 0 0 0 rg BT 218.85 449.00 Td (filed ) Tj ET Q q 0 0 0 rg BT 239.54 449.00 Td (for ) Tj ET Q q 0 0 0 rg BT 253.57 449.00 Td (purposes ) Tj ET Q q 0 0 0 rg BT 291.49 449.00 Td (of ) Tj ET Q q 0 0 0 rg BT 302.18 449.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 334.55 449.00 Td (1) Tj ET Q q 0 0 0 rg BT 339.18 449.00 Td (1 ) Tj ET Q q 0 0 0 rg BT 346.54 449.00 Td (and ) Tj ET Q q 0 0 0 rg BT 363.35 449.00 Td (12 ) Tj ET Q q 0 0 0 rg BT 375.72 449.00 Td (of ) Tj ET Q q 0 0 0 rg BT 386.41 449.00 Td (the ) Tj ET Q q 0 0 0 rg BT 401.00 449.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 442.28 449.00 Td (Act ) Tj ET Q q 0 0 0 rg BT 459.08 449.00 Td (of ) Tj ET Q q 0 0 0 rg BT 469.78 449.00 Td (1933 ) Tj ET Q q 0 0 0 rg BT 492.15 449.00 Td (and ) Tj ET Q q 0 0 0 rg BT 508.95 449.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 541.31 449.00 Td (18 ) Tj ET Q q 0 0 0 rg BT 553.68 449.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 437.00 Td (the ) Tj ET Q q 0 0 0 rg BT 82.72 437.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 124.65 437.00 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 166.02 437.00 Td (Act ) Tj ET Q q 0 0 0 rg BT 182.96 437.00 Td (of ) Tj ET Q q 0 0 0 rg BT 193.79 437.00 Td (1934.) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.30 760.75 Td (Exhibit 10.20) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 221.85 740.90 Td (PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 306.41 740.90 Td (Y) Tj ET Q q 0 0 0 rg BT 314.63 740.90 Td ( COMP) Tj ET Q q 0 0 0 rg BT 353.39 740.90 Td (ANIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 227.85 726.50 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 292.19 726.50 Td (AND REST) Tj ET Q q 0 0 0 rg BT 351.64 726.50 Td (A) Tj ET Q q 0 0 0 rg BT 359.42 726.50 Td (TED) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 160.80 712.10 Td (2003 ) Tj ET Q q 0 0 0 rg BT 187.14 712.10 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 237.81 712.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.15 712.10 Td (AND LONG-TERM INCENTIVE PLAN) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 179.7 671.8220703125 m 432.3943359375 671.8220703125 l s q 0 0 0 rg BT 179.70 673.70 Td (PERFORMANCE SHARE UNIT) Tj ET Q q 0 0 0 rg BT 351.49 673.70 Td ( ) Tj ET Q q 0 0 0 rg BT 353.83 673.70 Td (AGREEMENT) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51.5 650.2 m 51.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 651.7 m 49.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51.5 650.2 m 382.5 650.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 651.7 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 629.2 m 384.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 650.2 m 526.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 651.7 m 528.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 650.2 m 526.5 650.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 651.7 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 629.2 m 528.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51.5 629.2 m 51.5 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 629.2 m 49.5 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 629.2 m 383.5 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 629.2 m 383.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 51.5 545.2 m 383.5 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 543.2 m 383.5 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 629.2 m 526.5 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 629.2 m 528.5 543.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 629.2 m 527.5 629.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 545.2 m 526.5 545.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 543.2 m 528.5 543.2 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 53.00 637.38 Td (Name of Employee:[___________]) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 53.00 612.33 Td (T) Tj ET Q q 0 0 0 rg BT 59.49 612.33 Td (ar) Tj ET Q q 0 0 0 rg BT 68.60 612.33 Td (get ) Tj ET Q q 0 0 0 rg BT 86.26 612.33 Td (No. ) Tj ET Q q 0 0 0 rg BT 106.92 612.33 Td (of ) Tj ET Q q 0 0 0 rg BT 119.92 612.33 Td (Performance ) Tj ET Q q 0 0 0 rg BT 184.22 612.33 Td (Share ) Tj ET Q q 0 0 0 rg BT 214.54 612.33 Td (Units ) Tj ET Q q 0 0 0 rg BT 243.55 612.33 Td (Covered:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 53.00 591.33 Td ([___________] ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 53.00 570.33 Td (Maximum ) Tj ET Q q 0 0 0 rg BT 106.00 570.33 Td (No. ) Tj ET Q q 0 0 0 rg BT 126.66 570.33 Td (of ) Tj ET Q q 0 0 0 rg BT 139.66 570.33 Td (Performance ) Tj ET Q q 0 0 0 rg BT 203.96 570.33 Td (Share ) Tj ET Q q 0 0 0 rg BT 234.28 570.33 Td (Units ) Tj ET Q q 0 0 0 rg BT 263.29 570.33 Td (Covered:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 53.00 549.33 Td ([___________] ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 413.35 618.38 Td (Date of Issuance:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 418.00 606.38 Td ([___________]) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 518.30 Td (This is a Performance Share Unit ) Tj ET Q q 0 0 0 rg BT 247.96 518.30 Td (Agreement \(Agreement\) between Piper Jaf) Tj ET Q q 0 0 0 rg BT 464.30 518.30 Td (fray Companies, a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 503.90 Td (Delaware corporation \(the Company\), and the above-named employee of the Company \(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 489.50 Td (Employee\).) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 285.65 461.2220703125 m 326.30234375 461.2220703125 l s q 0 0 0 rg BT 285.65 463.10 Td (Recitals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 436.70 Td (WHEREAS, the Company maintains the Piper Jaf) Tj ET Q q 0 0 0 rg BT 326.74 436.70 Td (fray Companies ) Tj ET Q q 0 0 0 rg BT 405.39 436.70 Td (Amended and Restated 2003 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 422.30 Td (Annual and Long-T) Tj ET Q q 0 0 0 rg BT 144.47 422.30 Td (erm Incentive Plan, as amended from time to time \(the Plan\);) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 395.90 Td (WHEREAS, the Board of Directors of the Company has delegated to the Compensation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 381.50 Td (Committee \(the Committee\) the authority to determine the awards to be granted under the Plan; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 355.10 Td (WHEREAS, the Committee or its delegee has determined that the Employee is eligible to receive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 340.70 Td (an award under the Plan in the form of performance share units and has set the terms thereof; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 314.30 Td (NOW) Tj ET Q q 0 0 0 rg BT 113.56 314.30 Td (, ) Tj ET Q q 0 0 0 rg BT 119.34 314.30 Td (THEREFORE, the Company hereby grants this award to the Employee under the terms set ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 299.90 Td (by the Committee as follows.) Tj ET Q endstream endobj 261 0 obj <> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 247.25 739.0220703125 m 360.83984375 739.0220703125 l s q 0 0 0 rg BT 247.25 740.90 Td (T) Tj ET Q q 0 0 0 rg BT 254.15 740.90 Td (erms and Conditions) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 360.84 746.34 Td (*) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 714.50 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 714.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 712.6220703125 m 263.076171875 712.6220703125 l s q 0 0 0 rg BT 86.00 714.50 Td (Grant of Performance Shar) Tj ET Q q 0 0 0 rg BT 227.41 714.50 Td (e Units) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 263.08 714.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 688.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 688.10 Td (Subject to the terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 326.64 688.10 Td (Agreement, the Company has granted to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 673.70 Td (Employee the number of Performance Share Units specified at the beginning of this ) Tj ET Q q 0 0 0 rg BT 454.89 673.70 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 659.30 Td (\(collectively the Performance Share Units, and each a Performance Share Unit.\) Each Performance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 644.90 Td (Share Unit represents the right to receive a Share and dividend equivalent amounts corresponding to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 630.50 Td (Share, subject to the terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 285.96 630.50 Td (Agreement and the Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 604.10 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 604.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 604.10 Td (The Performance Share Units granted to the Employee shall be credited to an account in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 589.70 Td (the Employee) Tj ET Q q 0 0 0 rg BT 119.64 589.70 Td (s name. ) Tj ET Q q 0 0 0 rg BT 162.08 589.70 Td (This account shall be a record of book-keeping entries only and shall be utilized ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 575.30 Td (solely as a device for the measurement and determination of the number of Shares to be granted to or in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 560.90 Td (respect of the Employee pursuant to this ) Tj ET Q q 0 0 0 rg BT 245.62 560.90 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 534.50 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 534.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 532.6220703125 m 123.564453125 532.6220703125 l s q 0 0 0 rg BT 86.00 534.50 Td (V) Tj ET Q q 0 0 0 rg BT 93.56 534.50 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 123.56 534.50 Td (. Except as provided in Section 4, the Performance Share Units will vest on the last day of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (the Performance Period to the extent such Performance Share Units are earned pursuant to Section3.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 493.70 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 493.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 491.8220703125 m 256.75390625 491.8220703125 l s q 0 0 0 rg BT 86.00 493.70 Td (Earned Performance Shar) Tj ET Q q 0 0 0 rg BT 221.09 493.70 Td (e Units) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 256.75 493.70 Td (. If the Employee remains continuously employed \(including ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 479.30 Td (during the continuance of any leave of absence as approved by the Company or an ) Tj ET Q q 0 0 0 rg BT 448.20 479.30 Td (Af) Tj ET Q q 0 0 0 rg BT 460.64 479.30 Td (filiate\) by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 464.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 126.32 464.90 Td (Af) Tj ET Q q 0 0 0 rg BT 138.77 464.90 Td (filiate, the Employee shall earn the number of Performance Share Units determined by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 450.50 Td (taking the sum of the percentages earned in the tables shown in Section 3\(a\) and 3\(b\) below) Tj ET Q q 0 0 0 rg BT 489.75 450.50 Td (, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (multiplying the sum percentage times the tar) Tj ET Q q 0 0 0 rg BT 263.73 436.10 Td (get number of Performance Share Units specified at the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 421.70 Td (beginning of this ) Tj ET Q q 0 0 0 rg BT 133.67 421.70 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 395.30 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 395.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 395.30 Td (The number of the Performance Share Units that will be earned pursuant to this Section 3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 380.90 Td (\(a\) will be determined by reference to the Company) Tj ET Q q 0 0 0 rg BT 301.90 380.90 Td (s ) Tj ET Q q 0 0 0 rg BT 309.35 380.90 Td (T) Tj ET Q q 0 0 0 rg BT 315.85 380.90 Td (otal Shareholder Return relative to the ) Tj ET Q q 0 0 0 rg BT 502.23 380.90 Td (T) Tj ET Q q 0 0 0 rg BT 508.72 380.90 Td (otal ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 366.50 Td (Shareholder Return of the Peer Group as provided in the table below: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.50 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 305 m 334.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 305 m 500.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 305 m 334.5 305 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 305 m 500.5 305 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 89.00 321.37 Td (Company ) Tj ET Q q 0 0 0 rg BT 141.79 321.37 Td (T) Tj ET Q q 0 0 0 rg BT 148.70 321.37 Td (otal Shar) Tj ET Q q 0 0 0 rg BT 195.48 321.37 Td (eholder) Tj ET Q q 0 0 0 rg BT 233.93 321.37 Td ( Return ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 89.00 309.37 Td (Relative to Peer) Tj ET Q q 0 0 0 rg BT 170.07 309.37 Td ( Gr) Tj ET Q q 0 0 0 rg BT 187.51 309.37 Td (oup) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 319.68 Td (% of Performance Share Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 309.68 Td (Earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 295.57 Td (Below 35th percentile) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 295.57 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 281.57 Td (35th percentile \(threshold\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 281.57 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 267.57 Td (50th percentile \(target\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 267.57 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 253.57 Td (75th percentile or above \(maximum\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 253.57 Td (75%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 237.50 Td (Note: Interpolation between points in the table above will be on a straight-line basis \(from threshold to tar) Tj ET Q q 0 0 0 rg BT 509.32 237.50 Td (get and from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 225.50 Td (tar) Tj ET Q q 0 0 0 rg BT 96.37 225.50 Td (get to maximum\).) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 1 J 1 j 3 M 50 119.8388671875 m 150 119.8388671875 l s q 0 0 0 rg BT 50.00 117.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 50.00 108.54 Td (*) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 53.90 103.10 Td (Unless the context indicates otherwise, terms that are not defined in this ) Tj ET Q q 0 0 0 rg BT 401.48 103.10 Td (Agreement shall have the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 88.70 Td (meaning set forth in the Plan.) Tj ET Q endstream endobj 263 0 obj <> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 740.70 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 740.70 Td (The number of the Performance Share Units that will be earned pursuant to this Section3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (\(b\) will be determined by reference to the Company) Tj ET Q q 0 0 0 rg BT 302.57 726.30 Td (s ) Tj ET Q q 0 0 0 rg BT 309.58 726.30 Td (A) Tj ET Q q 0 0 0 rg BT 317.36 726.30 Td (verage ) Tj ET Q q 0 0 0 rg BT 351.67 726.30 Td (Adjusted Return on Equity as provided in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (the table below: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 662.4 m 334.5 662.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 662.4 m 500.5 662.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 662.4 m 334.5 662.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 662.4 m 500.5 662.4 l s BT /F2 12.00 Tf ET q 0 0 0 rg BT 89.00 678.77 Td (Company) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 89.00 666.77 Td (A) Tj ET Q q 0 0 0 rg BT 96.78 666.77 Td (verage ) Tj ET Q q 0 0 0 rg BT 133.09 666.77 Td (Adjusted Return on Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 677.08 Td (% of Performance Share Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 667.08 Td (Earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 652.97 Td (Below 6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 652.97 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 638.97 Td (6.5% \(threshold\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 638.97 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 624.97 Td (10.5% \(target\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 624.97 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 610.97 Td (12.5% or greater \(maximum\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 610.97 Td (75%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 594.90 Td (Note: Interpolation between points in the table above will be on a straight-line basis \(from threshold to tar) Tj ET Q q 0 0 0 rg BT 509.32 594.90 Td (get and from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 582.90 Td (tar) Tj ET Q q 0 0 0 rg BT 96.37 582.90 Td (get to maximum\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 556.50 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 556.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 556.50 Td (As used in this ) Tj ET Q q 0 0 0 rg BT 195.34 556.50 Td (Agreement, the following terms have the meanings provided below: ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 530.10 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.33 530.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 530.10 Td (Adjusted Earnings is equal to the net income attributable to the Company as set ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 515.70 Td (forth in the Company) Tj ET Q q 0 0 0 rg BT 192.32 515.70 Td (s published fiscal year) Tj ET Q q 0 0 0 rg BT 299.05 515.70 Td (-end financial disclosures, as adjusted to exclude \(1\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 501.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 131.64 501.30 Td (and ) Tj ET Q q 0 0 0 rg BT 151.97 501.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 198.29 501.30 Td (related ) Tj ET Q q 0 0 0 rg BT 233.93 501.30 Td (to ) Tj ET Q /GS0 gs q 79.66 0 0 11.91 246.27 498.71 cm /I20 Do Q q 0 0 0 rg BT 325.92 501.30 Td (interests; ) Tj ET Q q 0 0 0 rg BT 372.25 501.30 Td (\(2\)amortization ) Tj ET Q q 0 0 0 rg BT 452.88 501.30 Td (of ) Tj ET Q q 0 0 0 rg BT 465.88 501.30 Td (intangible ) Tj ET Q q 0 0 0 rg BT 516.87 501.30 Td (assets ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 486.90 Td (related to acquisitions; \(3\) compensation for acquisition-related agreements; \(4\)restructuring and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 472.50 Td (acquisition integration costs; \(5\)losses related to the impairment of goodwill and other intangible ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 458.10 Td (assets; \(6\)adjustments resulting from a change in an existing, or application of a new) Tj ET Q q 0 0 0 rg BT 494.78 458.10 Td (, accounting ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 443.70 Td (principle that is not applied on a fully retroactive basis; and \(7\) otherexpenses, losses, income or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 429.30 Td (gains that are separately disclosed and are unusual in nature or infrequent in occurrence ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 414.90 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 145.19 414.90 Td (, items #1 through #7 are the Adjustment Items\). In each case, each ) Tj ET Q q 0 0 0 rg BT 484.07 414.90 Td (Adjustment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 400.50 Td (Item that is applied to determine the ) Tj ET Q q 0 0 0 rg BT 261.62 400.50 Td (Adjusted Earnings shall be adjusted for any tax benefit ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 386.10 Td (associated with the ) Tj ET Q q 0 0 0 rg BT 179.64 386.10 Td (Adjustment Item as reported in the net income attributable to the Company) Tj ET Q q 0 0 0 rg BT 539.11 386.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 371.70 Td (The Committee may exercise discretion to not make adjustment for one or more ) Tj ET Q q 0 0 0 rg BT 472.89 371.70 Td (Adjustment Items, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 357.30 Td (orany amount of an ) Tj ET Q q 0 0 0 rg BT 181.98 357.30 Td (Adjustment Item, when determining ) Tj ET Q q 0 0 0 rg BT 358.28 357.30 Td (Adjusted Earnings, but only if the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 342.90 Td (exercise of discretion reduces amounts payable under this award.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 316.50 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.66 316.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 316.50 Td (Adjusted Return on Equity is equal to the Company) Tj ET Q q 0 0 0 rg BT 420.62 316.50 Td (s ) Tj ET Q q 0 0 0 rg BT 427.63 316.50 Td (Adjusted Earnings divided ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 302.10 Td (by the ) Tj ET Q q 0 0 0 rg BT 118.00 302.10 Td (A) Tj ET Q q 0 0 0 rg BT 125.77 302.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 160.09 302.10 Td (Annual Shareholders) Tj ET Q q 0 0 0 rg BT 264.17 302.10 Td ( Equity) Tj ET Q q 0 0 0 rg BT 298.38 302.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 275.70 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.99 275.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 275.70 Td (A) Tj ET Q q 0 0 0 rg BT 171.10 275.70 Td (verage ) Tj ET Q q 0 0 0 rg BT 205.41 275.70 Td (Adjusted Return on Equity is equal the average of the ) Tj ET Q q 0 0 0 rg BT 470.67 275.70 Td (Adjusted Return ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 261.30 Td (on Equity for each of the three fiscal years in the Performance Period.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 234.90 Td (\(iv\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.33 234.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 234.90 Td (A) Tj ET Q q 0 0 0 rg BT 171.10 234.90 Td (verage ) Tj ET Q q 0 0 0 rg BT 205.41 234.90 Td (Annual Shareholders) Tj ET Q q 0 0 0 rg BT 309.49 234.90 Td ( Equity is equal to the average of the total common ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 220.50 Td (shareholders) Tj ET Q q 0 0 0 rg BT 149.75 220.50 Td ( equity \(which is the total shareholders) Tj ET Q q 0 0 0 rg BT 338.81 220.50 Td ( equity less amounts attributed to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 206.10 Td (noncontrolling interests\) as set forth in the Company) Tj ET Q q 0 0 0 rg BT 342.29 206.10 Td (s published quarterly financial disclosures ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 191.70 Td (during the fiscal year) Tj ET Q q 0 0 0 rg BT 187.14 191.70 Td (, as adjusted to reflect appropriate adjustments to total common shareholders) Tj ET Q q 0 0 0 rg BT 558.48 191.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 177.30 Td (equity in the event that an adjustment is made to ) Tj ET Q q 0 0 0 rg BT 320.62 177.30 Td (Adjusted Earnings under the ) Tj ET Q q 0 0 0 rg BT 459.92 177.30 Td (Adjustment Item ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 162.90 Td (provided in item #5 of Section 3\(c\)\(i\). ) Tj ET Q q 0 0 0 rg BT 271.74 162.90 Td (The Committee may exercise discretion to not make an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 148.50 Td (adjustment when determining ) Tj ET Q q 0 0 0 rg BT 230.97 148.50 Td (A) Tj ET Q q 0 0 0 rg BT 238.75 148.50 Td (verage ) Tj ET Q q 0 0 0 rg BT 273.06 148.50 Td (Annual Shareholders) Tj ET Q q 0 0 0 rg BT 377.14 148.50 Td ( Equity) Tj ET Q q 0 0 0 rg BT 411.36 148.50 Td (, but only if the exercise of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 134.10 Td (discretion reduces amounts payable under this award.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 107.70 Td (\(v\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.99 107.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 107.70 Td (Beginning Price with respect to a company means the average closing price of a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 93.30 Td (share of common stock of such company as reported by such company) Tj ET Q q 0 0 0 rg BT 428.91 93.30 Td (s primary national ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 78.90 Td (securities market or exchange at the end of each trading day during the 60 calendar days ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 64.50 Td (immediately prior to the first day of the Performance Period.) Tj ET Q endstream endobj 265 0 obj <> endobj 266 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 740.70 Td (\(vi\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.33 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 740.70 Td (Dividends with respect to a company means the per share amount of each cash or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 726.30 Td (stock dividend paid by such company with respect to its common stock during the Performance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 711.90 Td (Period. ) Tj ET Q q 0 0 0 rg BT 122.67 711.90 Td (All such dividends will be deemed to be reinvested in such company) Tj ET Q q 0 0 0 rg BT 455.59 711.90 Td (s common stock for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 697.50 Td (purposes of calculating ) Tj ET Q q 0 0 0 rg BT 200.08 697.50 Td (T) Tj ET Q q 0 0 0 rg BT 206.57 697.50 Td (otal Shareholder Return hereunder) Tj ET Q q 0 0 0 rg BT 371.52 697.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 671.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 671.10 Td (\(vii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.66 671.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 671.10 Td (End Price with respect to a company means the average closing price of a share ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 656.70 Td (of common stock of such company as reported by such company) Tj ET Q q 0 0 0 rg BT 400.59 656.70 Td (s primary national securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 642.30 Td (market or exchange at the end of each trading day during the last 60 calendar days of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 627.90 Td (Performance Period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 601.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 601.50 Td (\(viii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.99 601.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 601.50 Td (Peer Group means companies identified on ) Tj ET Q q 0 0 0 rg BT 377.93 601.50 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 427.60 601.50 Td (A) Tj ET Q q 0 0 0 rg BT 435.60 601.50 Td ( attached hereto. If, after ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 587.10 Td (the date of this ) Tj ET Q q 0 0 0 rg BT 159.32 587.10 Td (Agreement and prior to the end of the Performance Period \(A\) a member of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 572.70 Td (Peer Group is acquired by a company not included in the Peer Group, then the acquired company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 558.30 Td (will be removed from the Peer Group ef) Tj ET Q q 0 0 0 rg BT 278.05 558.30 Td (fective as of the beginning of the Performance Period; \(B\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 543.90 Td (a member of the Peer Group is acquired by a company that is included in the Peer Group, then the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 529.50 Td (acquired company will be removed from the Peer Group ef) Tj ET Q q 0 0 0 rg BT 369.35 529.50 Td (fective as of the beginning of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 515.10 Td (Performance Period and the acquiring company \(or its successor) Tj ET Q q 0 0 0 rg BT 394.75 515.10 Td (, by mer) Tj ET Q q 0 0 0 rg BT 434.19 515.10 Td (ger or otherwise\) will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 500.70 Td (remain a member of the Peer Group subject to the other terms of this Section3\(c\)\(viii\); and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 486.30 Td (\(C\)any member of the Peer Group ceases continuing operations or ceases to be traded on a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 471.90 Td (national securities market or exchange \(other than in connection with an acquisition of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 457.50 Td (company\), then such company will continue to be a member of the Peer Group and the End Price ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 443.10 Td (for such company will be deemed to be zero.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 416.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 416.70 Td (\(ix\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.33 416.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 416.70 Td (Performance Period means the 36-month period beginning on January 1, 2017 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 402.30 Td (and ending on December 31, 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 375.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 375.90 Td (\(x\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.99 375.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 375.90 Td (T) Tj ET Q q 0 0 0 rg BT 169.82 375.90 Td (otal Shareholder Return with respect to a company means \(\(End Price + ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 361.50 Td (Dividends\) - Beginning Price\) /) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 237.31 366.94 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 239.26 361.50 Td (Beginning) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 289.25 366.94 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 291.20 361.50 Td (Price. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 335.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 335.10 Td (\(xi\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.33 335.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 335.10 Td (The Beginning Price, End Price and amount of Dividends for the Company and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 320.70 Td (each company that is part of the Peer Group shall be adjusted by the Committee to account for any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 306.30 Td (change in capitalization such as a stock split or a corporate transaction \(such as any mer) Tj ET Q q 0 0 0 rg BT 507.29 306.30 Td (ger) Tj ET Q q 0 0 0 rg BT 522.14 306.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 291.90 Td (consolidation, separation, including a spin-of) Tj ET Q q 0 0 0 rg BT 302.40 291.90 Td (f, or other distribution of stock or property of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 277.50 Td (company \(including any extraordinary cash or stock dividend\)\) in the Committee) Tj ET Q q 0 0 0 rg BT 478.56 277.50 Td (s sole discretion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 251.10 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 251.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 251.10 Td (Notwithstanding the foregoing, if the Employee) Tj ET Q q 0 0 0 rg BT 355.29 251.10 Td (s employment with the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 236.70 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 236.70 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 270.03 236.70 Td (s death or long-term disability \(as defined in the Company) Tj ET Q q 0 0 0 rg BT 553.63 236.70 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 222.30 Td (long-term disability plan, as the same may be amended hereafter) Tj ET Q q 0 0 0 rg BT 359.40 222.30 Td (, a Disability\), then the number of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 207.90 Td (Performance Share Units that will be earned will equal the number of Performance Share Units that would ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 193.50 Td (otherwise be earned pursuant to Sections3\(a\) and 3\(b\) but for the Employee) Tj ET Q q 0 0 0 rg BT 419.88 193.50 Td (s termination.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 167.10 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 167.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 167.10 Td (Notwithstanding the foregoing, if the Employee) Tj ET Q q 0 0 0 rg BT 355.29 167.10 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 152.70 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 152.70 Td (filiate terminates as a result of a Severance Event \(as defined in the Company) Tj ET Q q 0 0 0 rg BT 437.97 152.70 Td (s Severance Plan, as the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 138.30 Td (same may be amended hereafter) Tj ET Q q 0 0 0 rg BT 204.10 138.30 Td (, and as determined in the sole discretion of the Company\), then the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 123.90 Td (number of Performance Share Units that will be earned will equal \(i\) the number of Performance Share ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 109.50 Td (Units that would otherwise be earned pursuant to Sections3\(a\) and 3\(b\) but for the Employee) Tj ET Q q 0 0 0 rg BT 502.88 109.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (termination multiplied by \(ii\) a fraction, \(x\) the numerator of which is the number of days during the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 80.70 Td (Performance Period up to and including the date of termination of the Employee) Tj ET Q q 0 0 0 rg BT 439.22 80.70 Td (s employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 66.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 126.32 66.30 Td (Af) Tj ET Q q 0 0 0 rg BT 138.77 66.30 Td (filiate and \(y\) the denominator of which is the total number of days in the Performance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 51.90 Td (Period.) Tj ET Q endstream endobj 267 0 obj <> endobj 268 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 727.70 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.99 727.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 727.70 Td (Notwithstanding the foregoing, if the Employee) Tj ET Q q 0 0 0 rg BT 355.29 727.70 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 713.30 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 713.30 Td (filiate terminates under such circumstances determined to constitute retirement by the Committee in its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 698.90 Td (sole discretion, then the number of Performance Share Units that will be earned will equal the number of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 684.50 Td (Performance Share Units that would otherwise be earned pursuant to Sections3\(a\) and 3\(b\) but for the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 101.98 670.10 Td (s retirement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 643.70 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 643.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 643.70 Td (Except as expressly provided herein, no Performance Share Units will vest based on any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 629.30 Td (termination of the Employee) Tj ET Q q 0 0 0 rg BT 190.96 629.30 Td (s employment by the Company or an ) Tj ET Q q 0 0 0 rg BT 370.60 629.30 Td (Af) Tj ET Q q 0 0 0 rg BT 383.05 629.30 Td (filiated \(whether voluntary or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 614.90 Td (involuntary\). ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 588.50 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 588.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 588.50 Td (The Performance Share Units that are earned pursuant to this Section3 will be determined ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (by the Committee) Tj ET Q q 0 0 0 rg BT 139.32 574.10 Td (s certification of attainment of the applicable Performance Goal hereunder as provided ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 559.70 Td (in Section5.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 533.30 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 533.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 531.4220703125 m 181.126953125 531.4220703125 l s q 0 0 0 rg BT 86.00 533.30 Td (Change in Contr) Tj ET Q q 0 0 0 rg BT 171.79 533.30 Td (ol) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.13 533.30 Td (. If a Change in Control occurs during the Performance Period prior to any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 518.90 Td (forfeiture of the unvested Performance Share Units in accordance with Section 6, then, notwithstanding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 504.50 Td (the other terms of this ) Tj ET Q q 0 0 0 rg BT 157.65 504.50 Td (Agreement or Section 7 of the Plan:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 478.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 478.10 Td (If the Change in Control occurs within the first fiscal year of the Performance Period, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 463.70 Td (Employee shall be entitled to receive Shares of Restricted Stock \(each a Restricted Share and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 449.30 Td (collectively the Restricted Shares\), under the ) Tj ET Q q 0 0 0 rg BT 278.25 449.30 Td (Agreement based on, and assuming that, performance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 434.90 Td (would have been achieved at the tar) Tj ET Q q 0 0 0 rg BT 221.70 434.90 Td (get level. ) Tj ET Q q 0 0 0 rg BT 268.02 434.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 327.22 434.90 Td (, the tar) Tj ET Q q 0 0 0 rg BT 363.32 434.90 Td (get number of Performance Share Units ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 420.50 Td (automatically will become an equal number of Restricted Shares \(and no additional Performance Share ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Units shall be eligible to vest under this ) Tj ET Q q 0 0 0 rg BT 242.64 406.10 Td (Agreement\), and, on the closing date of the Change in Control, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 391.70 Td (the Company will cause its transfer agent to make a book entry in the transfer agent) Tj ET Q q 0 0 0 rg BT 454.87 391.70 Td (s records in the name ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 377.30 Td (of the Employee \(unless the Employee requests a certificate evidencing the Restricted Shares\). ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 350.90 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 350.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 350.90 Td (If the Change in Control occurs within the second or third fiscal year of the Performance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 336.50 Td (Period, the Employee shall be entitled to receive Restricted Shares based on performance achieved as if ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (the Change in Control were the last day of the Performance Period. For purposes of determining ) Tj ET Q q 0 0 0 rg BT 517.22 322.10 Td (Adjusted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 307.70 Td (Return on Equity for the fiscal year in which the Change in Control occurs, net income and the average of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 293.30 Td (the total common shareholders) Tj ET Q q 0 0 0 rg BT 200.73 293.30 Td ( equity as set forth in the Company) Tj ET Q q 0 0 0 rg BT 372.37 293.30 Td (s published quarterly financials for the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 278.90 Td (fiscal quarter ending immediately prior to the date of the Change in Control shall be used. ) Tj ET Q q 0 0 0 rg BT 483.55 278.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 542.76 278.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 264.50 Td (the number of Performance Share Units determined to have been earned under this paragraph shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (automatically become an equal number of Restricted Shares \(and no additional Performance Share Units ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 235.70 Td (shall be eligible to vest under this ) Tj ET Q q 0 0 0 rg BT 213.64 235.70 Td (Agreement\), and, on the closing date of the Change in Control, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 221.30 Td (Company will cause its transfer agent to make a book entry in the transfer agent) Tj ET Q q 0 0 0 rg BT 437.21 221.30 Td (s records in the name of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 206.90 Td (the Employee \(unless the Employee requests a certificate evidencing the Restricted Shares\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 180.50 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 180.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 180.50 Td (The Employee shall have all of the rights of a shareholder with respect to the Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Shares. ) Tj ET Q q 0 0 0 rg BT 87.33 166.10 Td (All restrictions provided for in this Section4 will apply to each Restricted Share and to any other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 151.70 Td (securities distributed with respect to that Restricted Share. Each Restricted Share will remain restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 137.30 Td (and subject to forfeiture to the Company unless and until that Restricted Share has vested in the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 122.90 Td (in accordance this Section4. Each book entry \(or stock certificate if requested by the Employee\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 108.50 Td (evidencing any Restricted Share may contain such notations or legends and stock transfer instructions or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (limitations as may be determined or authorized by the Company in its sole discretion. If a certificate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 79.70 Td (evidencing any Restricted Share is requested by the Employee, the Company may) Tj ET Q q 0 0 0 rg BT 442.44 79.70 Td (, in its sole discretion, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 65.30 Td (retain custody of any such certificate throughout the period during which any restrictions are in ef) Tj ET Q q 0 0 0 rg BT 519.29 65.30 Td (fect and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 50.90 Td (require, as a condition to issuing any such certificate, that the Employee tender to the Company a stock ) Tj ET Q endstream endobj 269 0 obj <> endobj 270 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td (power duly executed in blank relating to such custody) Tj ET Q q 0 0 0 rg BT 308.49 740.70 Td (. ) Tj ET Q q 0 0 0 rg BT 317.27 740.70 Td (The Company will not be required \(i\)to transfer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (on its books any Restricted Shares that have been sold or otherwise transferred in violation of any of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (provisions of this ) Tj ET Q q 0 0 0 rg BT 135.68 711.90 Td (Agreement or \(ii\)to treat as owner of the Restricted Shares or to accord the right to vote ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 697.50 Td (or pay dividends to any purchaser or other transferee to whom the Restricted Shares shall have been so ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (transferred.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 656.70 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 656.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 656.70 Td (If the Change in Control is a Corporate ) Tj ET Q q 0 0 0 rg BT 312.41 656.70 Td (T) Tj ET Q q 0 0 0 rg BT 319.31 656.70 Td (ransaction, the Company shall arrange for the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 642.30 Td (surviving entity or acquiring entity \(or the surviving or acquiring entity) Tj ET Q q 0 0 0 rg BT 395.26 642.30 Td (s parent company\) to assume or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 627.90 Td (continue the ) Tj ET Q q 0 0 0 rg BT 111.32 627.90 Td (A) Tj ET Q q 0 0 0 rg BT 118.88 627.90 Td (ward evidenced hereby or to substitute a similar award for the ) Tj ET Q q 0 0 0 rg BT 418.45 627.90 Td (A) Tj ET Q q 0 0 0 rg BT 426.01 627.90 Td (ward evidenced hereby) Tj ET Q q 0 0 0 rg BT 536.51 627.90 Td (, in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 613.50 Td (each case as determined by the Committee in its sole discretion.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 587.10 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 587.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 587.10 Td (If the Employee) Tj ET Q q 0 0 0 rg BT 202.64 587.10 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 391.61 587.10 Td (Af) Tj ET Q q 0 0 0 rg BT 404.06 587.10 Td (filiate is terminated after the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 572.70 Td (closing of the Change in Control and prior to the end of the Performance Period \(i\)by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 558.30 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 558.30 Td (filiate without Cause, \(ii\)by the Employee for Good Reason, \(iii\)in connection with the Employee) Tj ET Q q 0 0 0 rg BT 541.33 558.30 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 543.90 Td (death or Disability or \(iv\)under such circumstances determined to constitute retirement by the Committee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 529.50 Td (in its sole discretion, all unvested Restricted Shares will vest on the date of termination of the Employee) Tj ET Q q 0 0 0 rg BT 553.21 529.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 231.31 515.10 Td (Af) Tj ET Q q 0 0 0 rg BT 243.75 515.10 Td (filiate.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 488.70 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.99 488.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 488.70 Td (Provided the Employee remains continuously employed \(including during the continuance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 474.30 Td (of any leave of absence as approved by the Company or an ) Tj ET Q q 0 0 0 rg BT 335.23 474.30 Td (Af) Tj ET Q q 0 0 0 rg BT 347.68 474.30 Td (filiate\) by the Company or an ) Tj ET Q q 0 0 0 rg BT 491.64 474.30 Td (Af) Tj ET Q q 0 0 0 rg BT 504.09 474.30 Td (filiate after ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 459.90 Td (the closing of the Change in Control through the end of the Performance Period, all unvested Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 445.50 Td (Shares as of the last day of the Performance Period will vest on such date.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 419.10 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 419.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 419.10 Td (For purposes of this ) Tj ET Q q 0 0 0 rg BT 220.00 419.10 Td (Agreement, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 392.70 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.33 392.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 392.70 Td (Good Reason means \(1\)a material diminution of the Employee) Tj ET Q q 0 0 0 rg BT 473.24 392.70 Td (s duties; \(2\)a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 378.30 Td (significant, adverse reduction in the Employee) Tj ET Q q 0 0 0 rg BT 312.59 378.30 Td (s title; or \(3\)any relocation of the Employee) Tj ET Q q 0 0 0 rg BT 529.19 378.30 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 363.90 Td (principal place of business to a location more than a 30 mile radius from its current location; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 337.50 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.66 337.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 337.50 Td (Cause means \(1\)the Employee) Tj ET Q q 0 0 0 rg BT 321.27 337.50 Td (s continued failure to substantially perform his or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 323.10 Td (her duties with the Company or an ) Tj ET Q q 0 0 0 rg BT 254.30 323.10 Td (Af) Tj ET Q q 0 0 0 rg BT 266.75 323.10 Td (filiate after written demand for substantial performance is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 308.70 Td (delivered to the Employee; \(2\)the Employee) Tj ET Q q 0 0 0 rg BT 305.26 308.70 Td (s conviction of a crime \(including a misdemeanor\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 294.30 Td (that, in the Company) Tj ET Q q 0 0 0 rg BT 189.99 294.30 Td (s determination, impairs the Employee) Tj ET Q q 0 0 0 rg BT 378.94 294.30 Td (s ability to perform his or her duties ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 279.90 Td (with the Company or an ) Tj ET Q q 0 0 0 rg BT 204.32 279.90 Td (Af) Tj ET Q q 0 0 0 rg BT 216.76 279.90 Td (filiate, \(3\)the Employee) Tj ET Q q 0 0 0 rg BT 337.38 279.90 Td (s violation of any policy of the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 265.50 Td (Af) Tj ET Q q 0 0 0 rg BT 98.45 265.50 Td (filiate that the Company deems material; \(4\)the Employee) Tj ET Q q 0 0 0 rg BT 383.69 265.50 Td (s violation of any securities law) Tj ET Q q 0 0 0 rg BT 535.20 265.50 Td (, rule ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 251.10 Td (or regulation that the Company deems material; \(5\)the Employee) Tj ET Q q 0 0 0 rg BT 404.90 251.10 Td (s engagement in conduct that, in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 236.70 Td (the Company) Tj ET Q q 0 0 0 rg BT 153.66 236.70 Td (s determination, exposes the Company or an ) Tj ET Q q 0 0 0 rg BT 368.95 236.70 Td (Af) Tj ET Q q 0 0 0 rg BT 381.39 236.70 Td (filiate to civil or regulatory liability ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 222.30 Td (or injury to their reputations; \(6\)the Employee) Tj ET Q q 0 0 0 rg BT 314.28 222.30 Td (s engagement in conduct that would subject the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 207.90 Td (Employee to statutory disqualification pursuant to Section 15\(b\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 477.58 207.90 Td (Act and the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 193.50 Td (regulations promulgated thereunder; or \(7\)the Employee) Tj ET Q q 0 0 0 rg BT 363.24 193.50 Td (s gross or willful misconduct, as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 179.10 Td (determined by the Company) Tj ET Q q 0 0 0 rg BT 221.52 179.10 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 152.70 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 152.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 150.82207031250005 m 140.64453125 150.82207031250005 l s q 0 0 0 rg BT 86.00 152.70 Td (Settlement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 140.64 152.70 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 126.30 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 126.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 126.30 Td (After any Performance Share Units vest in accordance with Section2, the Company shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 111.90 Td (cause to be issued to the Employee, or to the Employee) Tj ET Q q 0 0 0 rg BT 318.93 111.90 Td (s designated beneficiary or estate in the event of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 97.50 Td (the Employee) Tj ET Q q 0 0 0 rg BT 119.64 97.50 Td (s death, one Share in payment and settlement of each vested Performance Share Unit. ) Tj ET Q q 0 0 0 rg BT 535.62 97.50 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (Committee shall certify the ) Tj ET Q q 0 0 0 rg BT 183.75 83.10 Td (T) Tj ET Q q 0 0 0 rg BT 190.24 83.10 Td (otal Shareholder Return and the ) Tj ET Q q 0 0 0 rg BT 345.20 83.10 Td (A) Tj ET Q q 0 0 0 rg BT 352.97 83.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 387.28 83.10 Td (Adjusted Return on Equity of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 68.70 Td (Company and the number of Performance Share Units \(if any\) that are earned pursuant to the terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 54.30 Td (conditions hereof, and the Company shall cause the Shares issuable in connection with the vesting of any ) Tj ET Q endstream endobj 271 0 obj <> endobj 272 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td (such Performance Share Units to be issued, on or before the 15th day of the third calendar month after the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (date on which the vesting of Performance Share Units occurs, and the Employee shall have no power to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (af) Tj ET Q q 0 0 0 rg BT 59.11 711.90 Td (fect the timing of such issuance. Such issuance shall be evidenced by a stock certificate or appropriate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 697.50 Td (entry on the books of the Company or a duly authorized transfer agent of the Company) Tj ET Q q 0 0 0 rg BT 466.78 697.50 Td (, shall be subject to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (the tax withholding provisions of Section8, and shall be in complete settlement and satisfaction of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 668.70 Td (vested Performance Share Units. Notwithstanding the foregoing, if the ownership of or issuance of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 654.30 Td (Shares to the Employee as provided herein is not feasible due to applicable exchange controls, securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 639.90 Td (or tax laws or other provisions of applicable law) Tj ET Q q 0 0 0 rg BT 281.16 639.90 Td (, as determined by the Committee in its sole discretion the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 625.50 Td (Employee or the Employee) Tj ET Q q 0 0 0 rg BT 184.29 625.50 Td (s legal representative shall receive cash proceeds in an amount equal to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (Fair Market ) Tj ET Q q 0 0 0 rg BT 109.77 611.10 Td (V) Tj ET Q q 0 0 0 rg BT 117.10 611.10 Td (alue \(as of the date the applicable Performance Share Units are vested\) of the Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 596.70 Td (otherwise issuable to the Employee or the Employee) Tj ET Q q 0 0 0 rg BT 305.60 596.70 Td (s legal representative, net of any amount required to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 582.30 Td (satisfy withholding tax obligations as provided in Section8.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 555.90 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 555.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 555.90 Td (Upon the vesting of any Restricted Shares, such vested Restricted Shares will no longer be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 541.50 Td (subject to forfeiture as provided in Section6 and the Company will, or will cause its transfer agent to, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (remove all notations and legends and revoke all stock transfer instructions from the book entry or stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 512.70 Td (certificate evidencing the Restricted Shares so vested as may have been made or given as a result of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 498.30 Td (terms of this ) Tj ET Q q 0 0 0 rg BT 112.33 498.30 Td (Agreement, and the Company will deliver to the Employee, or the Employee) Tj ET Q q 0 0 0 rg BT 484.56 498.30 Td (s designated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 483.90 Td (beneficiary or estate in the event of the Employee) Tj ET Q q 0 0 0 rg BT 291.90 483.90 Td (s death, all certificates \(or replacement certificates ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 469.50 Td (removing all legends contemplated hereby\) in the Company) Tj ET Q q 0 0 0 rg BT 340.92 469.50 Td (s custody relating to the Restricted Shares.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 443.10 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 443.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 443.10 Td (Notwithstanding the foregoing, if the common equity of the surviving entity or acquiring ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 428.70 Td (entity \(or the surviving or acquiring entity) Tj ET Q q 0 0 0 rg BT 255.29 428.70 Td (s parent company\) in any Corporate ) Tj ET Q q 0 0 0 rg BT 430.35 428.70 Td (T) Tj ET Q q 0 0 0 rg BT 437.26 428.70 Td (ransaction is not listed or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (quoted on an established securities market at the time of vesting of any Restricted Shares, the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 399.90 Td (will deliver to the Employee or the Employee) Tj ET Q q 0 0 0 rg BT 272.27 399.90 Td (s designated beneficiary or estate in the event of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 385.50 Td (Employee) Tj ET Q q 0 0 0 rg BT 101.98 385.50 Td (s death, in lieu of shares of capital stock not subject to restrictions pursuant hereto, cash in an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (amount equal to the Fair Market ) Tj ET Q q 0 0 0 rg BT 207.74 371.10 Td (V) Tj ET Q q 0 0 0 rg BT 215.08 371.10 Td (alue \(as of the date of closing of the Corporate ) Tj ET Q q 0 0 0 rg BT 440.78 371.10 Td (T) Tj ET Q q 0 0 0 rg BT 447.69 371.10 Td (ransaction\) of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 356.70 Td (Restricted Shares vested pursuant to the terms hereof, net of any amount required to satisfy withholding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 342.30 Td (tax obligations as provided in Section8.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 315.90 Td (6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 315.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 314.0220703125 m 138.41796875 314.0220703125 l s q 0 0 0 rg BT 86.00 315.90 Td (Forfeitur) Tj ET Q q 0 0 0 rg BT 133.09 315.90 Td (e) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 138.42 315.90 Td (. If \(i\) the Employee attempts to pledge, encumber) Tj ET Q q 0 0 0 rg BT 382.85 315.90 Td (, assign, transfer or otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 301.50 Td (dispose of any of the Performance Share Units or) Tj ET Q q 0 0 0 rg BT 286.12 301.50 Td (, prior to vesting, any Restricted Shares without the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (Committee) Tj ET Q q 0 0 0 rg BT 106.66 287.10 Td (s prior written consent or other than by will or by the laws of descent and distribution, or if the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 272.70 Td (Performance Share Units or Restricted Shares become subject to attachment or any similar involuntary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 258.30 Td (process in violation of this ) Tj ET Q q 0 0 0 rg BT 179.66 258.30 Td (Agreement; \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 326.60 258.30 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 515.58 258.30 Td (Af) Tj ET Q q 0 0 0 rg BT 528.03 258.30 Td (filiate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 243.90 Td (is terminated other than \(1\)due to the Employee) Tj ET Q q 0 0 0 rg BT 285.93 243.90 Td (s death or Disability) Tj ET Q q 0 0 0 rg BT 382.13 243.90 Td (, \(2\)as a result of a Severance Event, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 229.50 Td (\(3\)under such circumstances determined to constitute retirement \(as determined by the Committee in its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (sole discretion\), \(4\)by the Company or an ) Tj ET Q q 0 0 0 rg BT 255.62 215.10 Td (Af) Tj ET Q q 0 0 0 rg BT 268.07 215.10 Td (filiate without Cause following a Change in Control or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 200.70 Td (\(5\)by the Employee for Good Reason following a Change in Control; or \(iii\)the Employee fails to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 186.30 Td (comply with the terms and conditions of the Severance Plan and the applicable severance agreement with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 171.90 Td (the Employee, including execution of a general release of all claims against the Company and any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 157.50 Td (designated ) Tj ET Q q 0 0 0 rg BT 103.65 157.50 Td (Af) Tj ET Q q 0 0 0 rg BT 116.10 157.50 Td (filiates and their respective agents, on a form provided by the Company for this purpose and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (within the timeframe designated by the Company) Tj ET Q q 0 0 0 rg BT 286.50 143.10 Td (, that becomes ef) Tj ET Q q 0 0 0 rg BT 367.58 143.10 Td (fective and enforceable, then any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 128.70 Td (Performance Share Units or Restricted Shares \(as applicable\) that have not previously vested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 114.30 Td (automatically will be forfeited by the Employee. ) Tj ET Q q 0 0 0 rg BT 285.26 114.30 Td (Any Performance Share Units or Restricted Shares that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 99.90 Td (are unvested as of the last day of the Performance Period also shall be forfeited. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 73.50 Td (7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 73.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 71.6220703125 m 184.126953125 71.6220703125 l s q 0 0 0 rg BT 86.00 73.50 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 147.79 73.50 Td ( Rights) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 184.13 73.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 187.13 73.50 Td ( ) Tj ET Q q 0 0 0 rg BT 192.91 73.50 Td (The Performance Share Units do not entitle the Employee to any rights of a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (stockholder of the Company) Tj ET Q q 0 0 0 rg BT 185.53 59.10 Td (. Notwithstanding the foregoing, the Employee shall accumulate an unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 44.70 Td (right to payment of cash dividend equivalents on the Shares underlying Performance Share Units if cash ) Tj ET Q endstream endobj 273 0 obj <> endobj 274 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td (dividends are declared by the Company on the Shares on or after the Date of Issuance. Such dividend ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (equivalents will be in an amount of cash per Performance Share Unit equal to the cash dividend paid with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (respect to one Share. ) Tj ET Q q 0 0 0 rg BT 155.74 711.90 Td (The Employee shall be entitled solely to payment of accumulated dividend ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 697.50 Td (equivalents with respect to the number of Performance Share Units equal to the number of Shares \(or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (Restricted Shares\) ultimately issued to the Employee pursuant to this ) Tj ET Q q 0 0 0 rg BT 383.28 683.10 Td (Agreement. Dividend equivalents ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 668.70 Td (will be paid to the Employee as soon as administratively posible following the date that the Shares \(or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 654.30 Td (Restricted Shares\) are issued to the Employee. ) Tj ET Q q 0 0 0 rg BT 278.71 654.30 Td (The Employee shall not be entitled to dividend equivalents ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 639.90 Td (with respect to dividends declared prior to the Date of Issuance. ) Tj ET Q q 0 0 0 rg BT 361.57 639.90 Td (All dividend equivalents accumulated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 625.50 Td (with respect to forfeited Performance Share Units shall also be irrevocably forfeited.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (As of the date of issuance of Shares \(or Restricted Shares\) underlying Performance Share Units, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 584.70 Td (Employee shall have all of the rights of a stockholder of the Company with respect to any Shares \(or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 570.30 Td (Restricted Shares\) issued pursuant hereto, except as otherwise specifically provided in this ) Tj ET Q q 0 0 0 rg BT 486.88 570.30 Td (Agreement. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 555.90 Td (The Employee) Tj ET Q q 0 0 0 rg BT 123.64 555.90 Td (s rights with respect to the Performance Share Units and Restricted Shares shall remain ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 541.50 Td (forfeitable at all times by the Employee until satisfaction of the vesting conditions set forth herein.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 515.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 513.2220703125 m 172.162109375 513.2220703125 l s q 0 0 0 rg BT 86.00 515.10 Td (T) Tj ET Q q 0 0 0 rg BT 92.90 515.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 107.69 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 119.47 515.10 Td (ithholding) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 172.16 515.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.16 515.10 Td (The parties hereto recognize that the Company or an ) Tj ET Q q 0 0 0 rg BT 435.40 515.10 Td (Af) Tj ET Q q 0 0 0 rg BT 447.85 515.10 Td (filiate may be obligated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 500.70 Td (to withhold federal and state taxes or other taxes upon the vesting of the Performance Share Units or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 486.30 Td (Restricted Stock or) Tj ET Q q 0 0 0 rg BT 141.50 486.30 Td (, in the event that the Employee elects under Code Section 83\(b\) to report the receipt of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 471.90 Td (the Restricted Shares as income in the year of receipt, upon the Employee) Tj ET Q q 0 0 0 rg BT 407.54 471.90 Td (s receipt of the Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 457.50 Td (Shares, and upon the payment of any cash relating to earned dividend equivalents at the time of issuance. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (The Employee agrees that, at such time, if the Company or an ) Tj ET Q q 0 0 0 rg BT 349.24 443.10 Td (Af) Tj ET Q q 0 0 0 rg BT 361.69 443.10 Td (filiate is required to withhold such taxes, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 428.70 Td (the Employee will promptly pay) Tj ET Q q 0 0 0 rg BT 204.52 428.70 Td (, in cash upon demand \(or in any other manner permitted by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (Committee in accordance with the terms of the Plan\), to the Company or an ) Tj ET Q q 0 0 0 rg BT 415.57 414.30 Td (Af) Tj ET Q q 0 0 0 rg BT 428.02 414.30 Td (filiate such amounts as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 399.90 Td (shall be necessary to satisfy such obligation, and the issuance of Shares in connection with the vesting of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 385.50 Td (any Performance Share Units shall be conditioned upon the prior payment by the Employee, or the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (establishment of arrangements satisfactory to the Committee for the payment by the Employee, of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 356.70 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 107.45 356.70 Td (The Employee further acknowledges that the Company has directed the Employee to seek ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 342.30 Td (independent advice regarding the applicable provisions of the Code, the income tax laws of any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 327.90 Td (municipality) Tj ET Q q 0 0 0 rg BT 109.88 327.90 Td (, state or foreign country in which the Employee may reside, and the tax consequences of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (Employee) Tj ET Q q 0 0 0 rg BT 101.98 313.50 Td (s death.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 287.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 285.2220703125 m 188.9609375 285.2220703125 l s q 0 0 0 rg BT 86.00 287.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 140.98 287.10 Td (Activities) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 188.96 287.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 194.96 287.10 Td ( In consideration of the grant of this award, the Employee agrees to comply ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 272.70 Td (with and be bound by the following restrictive covenants \(each a Restricted ) Tj ET Q q 0 0 0 rg BT 419.88 272.70 Td (Activity and together the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 258.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 106.31 258.30 Td (Activities\):) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 231.90 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 231.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 231.90 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 368.60 231.90 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 217.50 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 217.50 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 208.22 217.50 Td (, except in connection with the performance of the Employee) Tj ET Q q 0 0 0 rg BT 504.78 217.50 Td (s job duties ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (for the benefit of the Company) Tj ET Q q 0 0 0 rg BT 197.51 203.10 Td (, use, disclose or misappropriate any Company-Confidential Information ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 188.70 Td (\(as defined below\) unless the Company or an ) Tj ET Q q 0 0 0 rg BT 269.28 188.70 Td (Af) Tj ET Q q 0 0 0 rg BT 281.73 188.70 Td (filiate consents otherwise in writing. Company-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 174.30 Td (Confidential Information shall have the same meaning as provided in the Company) Tj ET Q q 0 0 0 rg BT 458.23 174.30 Td (s Code of Ethics and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 159.90 Td (Business Conduct, and shall include without limitation any confidential, secret or proprietary knowledge ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 145.50 Td (or information of the Company or an ) Tj ET Q q 0 0 0 rg BT 229.63 145.50 Td (Af) Tj ET Q q 0 0 0 rg BT 242.08 145.50 Td (filiate that the Employee has acquired or become acquainted with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (during the Employee) Tj ET Q q 0 0 0 rg BT 153.97 131.10 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 342.95 131.10 Td (Af) Tj ET Q q 0 0 0 rg BT 355.40 131.10 Td (filiate. For the avoidance of doubt, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 116.70 Td (nothing in this paragraph or any other provision of this ) Tj ET Q q 0 0 0 rg BT 315.29 116.70 Td (Agreement precludes you from reporting to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 102.30 Td (Company) Tj ET Q q 0 0 0 rg BT 100.00 102.30 Td (s management or directors or to the government, a regulator) Tj ET Q q 0 0 0 rg BT 387.42 102.30 Td (, or a self-regulatory agency ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 87.90 Td (conduct that you believe to be in violation of the law) Tj ET Q q 0 0 0 rg BT 302.49 87.90 Td (, or responding truthfully to questions or requests ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 73.50 Td (from the government, a regulator) Tj ET Q q 0 0 0 rg BT 208.46 73.50 Td (, a self-regulatory agency) Tj ET Q q 0 0 0 rg BT 329.62 73.50 Td (, or in a court of law) Tj ET Q q 0 0 0 rg BT 426.48 73.50 Td (.) Tj ET Q endstream endobj 275 0 obj <> endobj 276 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 740.70 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.99 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 740.70 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 338.29 740.70 Td (s employment by the Company or an ) Tj ET Q q 0 0 0 rg BT 517.93 740.70 Td (Af) Tj ET Q q 0 0 0 rg BT 530.38 740.70 Td (filiate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (and during the ) Tj ET Q q 0 0 0 rg BT 121.65 726.30 Td (Applicable Post-Employment Restricted Period, directly or indirectly) Tj ET Q q 0 0 0 rg BT 453.80 726.30 Td (, on behalf of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (Employee or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 356.05 711.90 Td (T) Tj ET Q q 0 0 0 rg BT 362.54 711.90 Td (alent Competitor \(as defined below\)\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 697.50 Td (solicit, induce or encourage any person then employed, or employed within the 180-day period preceding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (the Employee) Tj ET Q q 0 0 0 rg BT 119.64 683.10 Td (s termination, by the Company or an ) Tj ET Q q 0 0 0 rg BT 297.62 683.10 Td (Af) Tj ET Q q 0 0 0 rg BT 310.06 683.10 Td (filiate to terminate or otherwise modify their ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 668.70 Td (employment relationship with the Company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 642.30 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 642.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 642.30 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 338.29 642.30 Td (s employment by the Company or an ) Tj ET Q q 0 0 0 rg BT 517.93 642.30 Td (Af) Tj ET Q q 0 0 0 rg BT 530.38 642.30 Td (filiate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 627.90 Td (and during the ) Tj ET Q q 0 0 0 rg BT 121.65 627.90 Td (Applicable Post-Employment Restricted Period, on behalf of the Employee or any other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 613.50 Td (person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 243.42 613.50 Td (T) Tj ET Q q 0 0 0 rg BT 249.92 613.50 Td (alent Competitor \(as defined below\)\), hire, retain or employ in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (any capacity any person then employed, or employed within the 180-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 556.17 599.10 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 584.70 Td (termination, by the Company or an ) Tj ET Q q 0 0 0 rg BT 220.30 584.70 Td (Af) Tj ET Q q 0 0 0 rg BT 232.75 584.70 Td (filiate;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 558.30 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 558.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 558.30 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 338.29 558.30 Td (s employment by the Company or an ) Tj ET Q q 0 0 0 rg BT 517.93 558.30 Td (Af) Tj ET Q q 0 0 0 rg BT 530.38 558.30 Td (filiate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 543.90 Td (and during the ) Tj ET Q q 0 0 0 rg BT 121.65 543.90 Td (Applicable Post-Employment Restricted Period, directly or indirectly) Tj ET Q q 0 0 0 rg BT 453.80 543.90 Td (, on behalf of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 529.50 Td (Employee or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 356.05 529.50 Td (T) Tj ET Q q 0 0 0 rg BT 362.54 529.50 Td (alent Competitor\), solicit any customer) Tj ET Q q 0 0 0 rg BT 549.69 529.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (client or account of the Company or an ) Tj ET Q q 0 0 0 rg BT 239.94 515.10 Td (Af) Tj ET Q q 0 0 0 rg BT 252.39 515.10 Td (filiate, or otherwise seek to divert any customer) Tj ET Q q 0 0 0 rg BT 480.50 515.10 Td (, client or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 500.70 Td (account of the Company or an ) Tj ET Q q 0 0 0 rg BT 197.29 500.70 Td (Af) Tj ET Q q 0 0 0 rg BT 209.74 500.70 Td (filiate away from engaging in business with the Company or an ) Tj ET Q q 0 0 0 rg BT 516.68 500.70 Td (Af) Tj ET Q q 0 0 0 rg BT 529.12 500.70 Td (filiate. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 486.30 Td (For purposes of this subparagraph, customer) Tj ET Q q 0 0 0 rg BT 268.14 486.30 Td (, client or account shall include the following: then-current ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 471.90 Td (customers, clients, or accounts of the Company or an ) Tj ET Q q 0 0 0 rg BT 306.94 471.90 Td (Af) Tj ET Q q 0 0 0 rg BT 319.38 471.90 Td (filiate; any customers, clients or accounts that had ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 457.50 Td (been represented by or had a business relationship with the Company or an ) Tj ET Q q 0 0 0 rg BT 412.24 457.50 Td (Af) Tj ET Q q 0 0 0 rg BT 424.69 457.50 Td (filiate within the 365-day ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (period preceding the Employee) Tj ET Q q 0 0 0 rg BT 203.61 443.10 Td (s termination; and any individual, company or other form of legal entity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 428.70 Td (that had been solicited or pitched for business by the Company or an ) Tj ET Q q 0 0 0 rg BT 381.59 428.70 Td (Af) Tj ET Q q 0 0 0 rg BT 394.04 428.70 Td (filiate within the 365-day period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 414.30 Td (preceding the Employee) Tj ET Q q 0 0 0 rg BT 169.95 414.30 Td (s termination, if the Employee was involved in any capacity in the solicitation or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 399.90 Td (pitch;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 373.50 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 373.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 373.50 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 338.29 373.50 Td (s employment by the Company or an ) Tj ET Q q 0 0 0 rg BT 517.93 373.50 Td (Af) Tj ET Q q 0 0 0 rg BT 530.38 373.50 Td (filiate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (and during the ) Tj ET Q q 0 0 0 rg BT 121.65 359.10 Td (Applicable Post-Employment Restricted Period, without the prior written consent of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 344.70 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 126.32 344.70 Td (Af) Tj ET Q q 0 0 0 rg BT 138.77 344.70 Td (filiate, \(x\) become a director) Tj ET Q q 0 0 0 rg BT 275.22 344.70 Td (, of) Tj ET Q q 0 0 0 rg BT 291.00 344.70 Td (ficer) Tj ET Q q 0 0 0 rg BT 312.49 344.70 Td (, employee, partner) Tj ET Q q 0 0 0 rg BT 404.64 344.70 Td (, consultant or independent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 330.30 Td (contractor of, or otherwise work or provide services for) Tj ET Q q 0 0 0 rg BT 315.76 330.30 Td (, a ) Tj ET Q q 0 0 0 rg BT 329.87 330.30 Td (T) Tj ET Q q 0 0 0 rg BT 336.36 330.30 Td (alent Competitor doing business in the same ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 315.90 Td (geographic or market area\(s\) in which the Company or an ) Tj ET Q q 0 0 0 rg BT 329.90 315.90 Td (Af) Tj ET Q q 0 0 0 rg BT 342.35 315.90 Td (filiate is also doing business, or \(y\) acquire ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 301.50 Td (any material ownership or similar financial interest in any such ) Tj ET Q q 0 0 0 rg BT 355.69 301.50 Td (T) Tj ET Q q 0 0 0 rg BT 362.18 301.50 Td (alent Competitor;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 275.10 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.99 275.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 275.10 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 368.60 275.10 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 260.70 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 260.70 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 208.22 260.70 Td (, make disparaging, derogatory) Tj ET Q q 0 0 0 rg BT 356.39 260.70 Td (, or defamatory statements about the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 246.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 126.32 246.30 Td (Af) Tj ET Q q 0 0 0 rg BT 138.77 246.30 Td (filiate in any public forum or media; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 219.90 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 219.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 122.00 219.90 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 368.60 219.90 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 205.50 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 205.50 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 208.22 205.50 Td (, fail to cooperate fully with and provide full and accurate information to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (the Company and its counsel with respect to any matter \(including any audit, tax proceeding, litigation, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 176.70 Td (investigation or governmental proceeding\) with respect to which the Employee may have knowledge or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 162.30 Td (information, subject to reimbursement for actual, appropriate and reasonable expenses incurred by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 147.90 Td (Employee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 121.50 Td (For purposes of this Section 9, the Applicable Post-Employment Restricted Period means: \(i\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (with respect to Sections 9\(b\) and \(c\), one year following any termination of the Employee) Tj ET Q q 0 0 0 rg BT 484.87 107.10 Td (s employment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 92.70 Td (with the Company or an ) Tj ET Q q 0 0 0 rg BT 168.32 92.70 Td (Af) Tj ET Q q 0 0 0 rg BT 180.76 92.70 Td (filiate \(not including any period of notice provided by the Employee\); \(ii\) with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 78.30 Td (respect to Section 9\(d\), six months following any termination of the Employee) Tj ET Q q 0 0 0 rg BT 430.59 78.30 Td (s employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 63.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 126.32 63.90 Td (Af) Tj ET Q q 0 0 0 rg BT 138.77 63.90 Td (filiate \(not including any period of notice provided by the Employee\); and \(iii\) with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 49.50 Td (respect to Section 9\(e\), one month following any termination of the Employee) Tj ET Q q 0 0 0 rg BT 428.57 49.50 Td (s employment initiated and ) Tj ET Q endstream endobj 277 0 obj <> endobj 278 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td (ef) Tj ET Q q 0 0 0 rg BT 59.11 740.70 Td (fected by the Company or an ) Tj ET Q q 0 0 0 rg BT 200.40 740.70 Td (Af) Tj ET Q q 0 0 0 rg BT 212.84 740.70 Td (filiate without Cause, or three months following any other termination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (of the Employee) Tj ET Q q 0 0 0 rg BT 132.64 726.30 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 321.62 726.30 Td (Af) Tj ET Q q 0 0 0 rg BT 334.06 726.30 Td (filiate \(not including any period of notice ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (provided by the Employee\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 685.50 Td (For purposes of this Section 9, a T) Tj ET Q q 0 0 0 rg BT 255.80 685.50 Td (alent Competitor means any corporation, partnership, limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (liability company or other business association, or) Tj ET Q q 0 0 0 rg BT 290.74 671.10 Td (ganization or entity that engages in the investment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 656.70 Td (banking, securities brokerage or investment management business, including, but not limited to, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 642.30 Td (investment banks, sell-side broker dealers, mer) Tj ET Q q 0 0 0 rg BT 275.38 642.30 Td (gers and acquisitions or strategic advisory firms, merchant ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 627.90 Td (banks, hedge funds, private equity firms, venture capital firms, asset managers and investment advisory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 613.50 Td (firms.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 587.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 585.2220703125 m 256.3203125 585.2220703125 l s q 0 0 0 rg BT 86.00 587.10 Td (Interpr) Tj ET Q q 0 0 0 rg BT 123.78 587.10 Td (etation of ) Tj ET Q q 0 0 0 rg BT 174.88 587.10 Td (This ) Tj ET Q q 0 0 0 rg BT 199.90 587.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 219.68 587.10 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 256.32 587.10 Td (. ) Tj ET Q q 0 0 0 rg BT 264.66 587.10 Td (All decisions and interpretations made by the Committee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 572.70 Td (with regard to any question arising hereunder or under the Plan shall be binding and conclusive upon the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 558.30 Td (Company and the Employee. If there is any inconsistency between the provisions of this ) Tj ET Q q 0 0 0 rg BT 479.24 558.30 Td (Agreement and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 543.90 Td (the Plan, the provisions of the Plan shall govern \(including, for avoidance of doubt, any provisions under ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 529.50 Td (the Plan imposing limitations on the number of Performance Share Units that may be awarded under this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (Agreement\). ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 488.70 Td (1) Tj ET Q q 0 0 0 rg BT 55.34 488.70 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.34 488.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 486.8220703125 m 428.9609375 486.8220703125 l s q 0 0 0 rg BT 86.00 488.70 Td (Not Part of Employment Contract; Discontinuance of Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 428.96 488.70 Td (. ) Tj ET Q q 0 0 0 rg BT 437.74 488.70 Td (The Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 474.30 Td (acknowledges that this ) Tj ET Q q 0 0 0 rg BT 161.64 474.30 Td (Agreement awards performance share units to the Employee, but does not impose ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 459.90 Td (any obligation on the Company to make any future grants or issue any future ) Tj ET Q q 0 0 0 rg BT 421.25 459.90 Td (A) Tj ET Q q 0 0 0 rg BT 428.81 459.90 Td (wards to the Employee or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 445.50 Td (otherwise continue the participation of the Employee under the Plan. ) Tj ET Q q 0 0 0 rg BT 385.68 445.50 Td (This ) Tj ET Q q 0 0 0 rg BT 409.36 445.50 Td (Agreement does not constitute ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (a contract of employment, shall not give the Employee a right to continued employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 416.70 Td (Company or any ) Tj ET Q q 0 0 0 rg BT 132.32 416.70 Td (Af) Tj ET Q q 0 0 0 rg BT 144.77 416.70 Td (filiate, and the Company or ) Tj ET Q q 0 0 0 rg BT 278.74 416.70 Td (Af) Tj ET Q q 0 0 0 rg BT 291.18 416.70 Td (filiate employing the Employee may terminate his or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 402.30 Td (her employment and otherwise deal with the Employee without regard to the ef) Tj ET Q q 0 0 0 rg BT 430.33 402.30 Td (fect it may have upon him ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 387.90 Td (or her under this ) Tj ET Q q 0 0 0 rg BT 131.32 387.90 Td (Agreement. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 361.50 Td (12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 361.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 359.6220703125 m 160.337890625 359.6220703125 l s q 0 0 0 rg BT 86.00 361.50 Td (Binding Effect) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 160.34 361.50 Td (. ) Tj ET Q q 0 0 0 rg BT 169.12 361.50 Td (This ) Tj ET Q q 0 0 0 rg BT 192.79 361.50 Td (Agreement shall be binding in all respects on the heirs, representatives, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (successors and assigns of the Employee.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 320.70 Td (13.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 320.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 318.8220703125 m 159.9921875 318.8220703125 l s q 0 0 0 rg BT 86.00 320.70 Td (Choice of Law) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 159.99 320.70 Td (. ) Tj ET Q q 0 0 0 rg BT 168.78 320.70 Td (This ) Tj ET Q q 0 0 0 rg BT 192.45 320.70 Td (Agreement is entered into under the laws of the State of Delaware and shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 306.30 Td (be construed and interpreted thereunder \(without regard to its conflict-of-law principles\).) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 279.90 Td (14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 279.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 278.0220703125 m 177.201171875 278.0220703125 l s q 0 0 0 rg BT 86.00 279.90 Td (Entir) Tj ET Q q 0 0 0 rg BT 113.12 279.90 Td (e ) Tj ET Q q 0 0 0 rg BT 120.78 279.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 140.56 279.90 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 177.20 279.90 Td (. ) Tj ET Q q 0 0 0 rg BT 185.98 279.90 Td (This ) Tj ET Q q 0 0 0 rg BT 209.66 279.90 Td (Agreement and the Plan set forth the entire agreement and understanding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 265.50 Td (of the parties hereto with respect to the issuance of the Performance Share Units or Restricted Shares in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (lieu thereof and the administration of the Plan and supersede all prior agreements, arrangements, plans, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 236.70 Td (and understandings relating to the issuance of the Performance Share Units, Restricted Shares in lieu ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 222.30 Td (thereof and the administration of the Plan.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 195.90 Td (15.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 195.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 194.02207031249998 m 225.986328125 194.02207031249998 l s q 0 0 0 rg BT 86.00 195.90 Td (Securities Law Compliance) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 225.99 195.90 Td (. No Shares shall be delivered upon the vesting and settlement of any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 181.50 Td (Performance Share Units unless and until the Company and/or the Employee shall have complied with all ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (applicable federal, state or foreign registration, listing and/or qualification requirements and all other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 152.70 Td (requirements of law or of any regulatory agencies having jurisdiction, unless the Committee has received ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 138.30 Td (evidence satisfactory to it that the Employee may acquire such shares pursuant to an exemption from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 123.90 Td (registration under the applicable securities laws. ) Tj ET Q q 0 0 0 rg BT 286.59 123.90 Td (Any determination in this connection by the Committee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 109.50 Td (shall be final, binding, and conclusive. ) Tj ET Q q 0 0 0 rg BT 241.07 109.50 Td (The Company reserves the right to legend any Share certificate or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (book entry) Tj ET Q q 0 0 0 rg BT 100.88 95.10 Td (, conditioning sales of such Shares upon compliance with applicable federal and state securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 80.70 Td (laws and regulations.) Tj ET Q endstream endobj 279 0 obj <> endobj 280 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 740.90 Td (16.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 740.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 739.0220703125 m 186.330078125 739.0220703125 l s q 0 0 0 rg BT 86.00 740.90 Td (Potential Clawback) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 186.33 740.90 Td (. ) Tj ET Q q 0 0 0 rg BT 195.11 740.90 Td (This ) Tj ET Q q 0 0 0 rg BT 218.79 740.90 Td (A) Tj ET Q q 0 0 0 rg BT 226.35 740.90 Td (ward and any compensation associated therewith is subject to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.50 Td (Company) Tj ET Q q 0 0 0 rg BT 100.00 726.50 Td (s Incentive Compensation Recovery Policy and may be made subject to forfeiture, recovery by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 712.10 Td (the Company or other action pursuant to any compensation recovery policy adopted by the Board or the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 697.70 Td (Committee at any time, including any amendment to the Company) Tj ET Q q 0 0 0 rg BT 373.27 697.70 Td (s Incentive Compensation Recovery ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 683.30 Td (Policy in ef) Tj ET Q q 0 0 0 rg BT 105.11 683.30 Td (fect as of the date hereof or in response to the requirements of Section 10D of the Exchange ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 668.90 Td (Act and any implementing rules and regulations thereunder) Tj ET Q q 0 0 0 rg BT 334.43 668.90 Td (, or as otherwise required by law) Tj ET Q q 0 0 0 rg BT 490.60 668.90 Td (. ) Tj ET Q q 0 0 0 rg BT 499.38 668.90 Td (This ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 654.50 Td (Agreement may be unilaterally amended by the Committee at any time to comply with any such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (compensation recovery policy) Tj ET Q q 0 0 0 rg BT 193.84 640.10 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 613.70 Td (17.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 613.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 611.8220703125 m 211.783203125 611.8220703125 l s q 0 0 0 rg BT 86.00 613.70 Td (Amendment and ) Tj ET Q q 0 0 0 rg BT 174.46 613.70 Td (W) Tj ET Q q 0 0 0 rg BT 185.80 613.70 Td (aiver) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 211.78 613.70 Td (. Except as provided in this ) Tj ET Q q 0 0 0 rg BT 347.76 613.70 Td (Agreement or in the Plan, this ) Tj ET Q q 0 0 0 rg BT 494.07 613.70 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 599.30 Td (may be amended, waived, modified, or canceled only by a written instrument executed by the parties or) Tj ET Q q 0 0 0 rg BT 547.02 599.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 584.90 Td (in the case of a waiver) Tj ET Q q 0 0 0 rg BT 157.13 584.90 Td (, by the party waiving compliance.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 558.50 Td (18.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 558.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 556.6220703125 m 273.3125 556.6220703125 l s q 0 0 0 rg BT 86.00 558.50 Td (Acknowledgment of Receipt of Copy) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 273.31 558.50 Td (. By execution hereof, the Employee acknowledges having ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (received a copy of the prospectus related to the Plan and instructions on how to access a copy of the Plan.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 491.30 Td (IN ) Tj ET Q q 0 0 0 rg BT 65.45 491.30 Td (WITNESS ) Tj ET Q q 0 0 0 rg BT 120.22 491.30 Td (WHEREOF) Tj ET Q q 0 0 0 rg BT 177.26 491.30 Td (, the Employee and the Company have executed this ) Tj ET Q q 0 0 0 rg BT 431.19 491.30 Td (Agreement as of the date ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 476.90 Td (of issuance specified at the beginning of this ) Tj ET Q q 0 0 0 rg BT 265.95 476.90 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 270.50 438.50 Td ( ) Tj ET Q q 0 0 0 rg BT 302.00 438.50 Td (EMPLOYEE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 402.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 302 401.1669921875 m 559.5 401.1669921875 l s q 0 0 0 rg BT 302.00 402.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 402.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 388.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 302.00 388.10 Td (Printed name:) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 368.984375 386.500390625 m 560.984375 386.500390625 l s q 0 0 0 rg BT 368.98 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.98 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 349.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 302.00 349.70 Td (PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 379.93 349.70 Td (Y) Tj ET Q q 0 0 0 rg BT 388.15 349.70 Td ( COMP) Tj ET Q q 0 0 0 rg BT 424.06 349.70 Td (ANIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 311.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 302.00 311.30 Td (By) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 316.00390625 309.700390625 m 559.00390625 309.700390625 l s q 0 0 0 rg BT 316.00 311.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 311.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 296.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 302.00 296.90 Td ( Its) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 323 295.300390625 m 560 295.300390625 l s q 0 0 0 rg BT 323.00 296.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 296.90 Td ( ) Tj ET Q endstream endobj 281 0 obj <> endobj 282 0 obj <> stream BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 501.6 769.5220703125 m 562.2943359375 769.5220703125 l s q 0 0 0 rg BT 501.60 771.40 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 553.96 771.40 Td (A) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td (List of companies contained in the KBW) Tj ET Q q 0 0 0 rg BT 246.40 740.70 Td ( Capital Markets Index \(KSX\) as of February7,2017 \(excluding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (Piper Jaf) Tj ET Q q 0 0 0 rg BT 92.11 726.30 Td (fray Companies\):) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 699.90 Td (1. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 699.90 Td (TD ) Tj ET Q q 0 0 0 rg BT 104.33 699.90 Td (Ameritrade Holding Corp. \(AMTD\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 685.50 Td (2. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 685.50 Td (Franklin Resources, Inc. \(BEN\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 671.10 Td (3. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 671.10 Td (Blackrock Inc. \(BLK\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 656.70 Td (4. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 656.70 Td (CBOE Holdings, Inc. \(CBOE\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 642.30 Td (5. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 642.30 Td (CME Group, Inc. \(CME\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 627.90 Td (6. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 627.90 Td (Eaton ) Tj ET Q q 0 0 0 rg BT 116.77 627.90 Td (V) Tj ET Q q 0 0 0 rg BT 124.11 627.90 Td (ance Corp. \(EV\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 613.50 Td (7. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 613.50 Td (Greenhill & Co. \(GHL\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 599.10 Td (8. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 599.10 Td (The Goldman Sachs Group, Inc. \(GS\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 584.70 Td (9. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 584.70 Td (Interactive Brokers Group, Inc. \(IBKR\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 570.30 Td (10. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 570.30 Td (Intercontinental Exchange, Inc. \(ICE\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 555.90 Td (1) Tj ET Q q 0 0 0 rg BT 73.55 555.90 Td (1. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 555.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 142.10 555.90 Td (T) Tj ET Q q 0 0 0 rg BT 148.60 555.90 Td (echnology Group, Inc. \(ITG\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 541.50 Td (12. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 541.50 Td (Invesco Ltd. \(IVZ\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 527.10 Td (13. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 527.10 Td (Janus Capital Group Inc. \(JNS\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 512.70 Td (14. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 512.70 Td (KCG Holdings, Inc. \(KCG\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 498.30 Td (15. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 498.30 Td (Lazard Ltd. \(LAZ\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 483.90 Td (16. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 483.90 Td (Legg Mason Inc. \(LM\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 469.50 Td (17. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 469.50 Td (Mor) Tj ET Q q 0 0 0 rg BT 106.45 469.50 Td (gan Stanley \(MS\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 455.10 Td (18. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 455.10 Td (The NASDAQ OMX Group, Inc. \(NDAQ\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 440.70 Td (19. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 440.70 Td (Raymond James Financial Inc. \(RJF\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 426.30 Td (20. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 426.30 Td (The Charles Schwab Corporation \(SCHW\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 411.90 Td (21. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 411.90 Td (SEI Investments Company \(SEIC\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 397.50 Td (22. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 397.50 Td (State Street Corporation \(STT\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 68.00 383.10 Td (23. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 383.10 Td (T) Tj ET Q q 0 0 0 rg BT 92.44 383.10 Td (. Rowe Price Group Inc. \(TROW\)) Tj ET Q endstream endobj 283 0 obj <> endobj 284 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 685.30 580.60 Td (Exhibit 10.22) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 297.85 530.55 Td (PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 396.50 530.55 Td (Y) Tj ET Q q 0 0 0 rg BT 406.09 530.55 Td ( COMP) Tj ET Q q 0 0 0 rg BT 451.32 530.55 Td (ANIES) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 211.90 513.75 Td (2017 Compensation and Benefits for) Tj ET Q q 0 0 0 rg BT 428.65 513.75 Td ( Non-Employee Dir) Tj ET Q q 0 0 0 rg BT 544.28 513.75 Td (ectors) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 486.45 m 34 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 486.45 m 146 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 486.45 m 146 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 473.45 m 146 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 486.45 m 146 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 486.45 m 274 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 486.45 m 274 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 473.45 m 274 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 486.45 m 274 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 486.45 m 413 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 486.45 m 413 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 473.45 m 413 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 486.45 m 413 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 486.45 m 757 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 486.45 m 757 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 473.45 m 757 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 473.45 m 34 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 473.45 m 146 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 473.45 m 146 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 439.45 m 146 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 473.45 m 146 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 473.45 m 274 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 473.45 m 274 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 439.45 m 274 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 473.45 m 274 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 473.45 m 413 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 473.45 m 413 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 439.45 m 413 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 473.45 m 413 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 473.45 m 757 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 473.45 m 757 473.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 439.45 m 757 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 439.45 m 34 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 439.45 m 146 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 439.45 m 146 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 370.45 m 146 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 439.45 m 146 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 439.45 m 274 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 439.45 m 274 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 370.45 m 274 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 439.45 m 274 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 439.45 m 413 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 439.45 m 413 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 370.45 m 413 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 439.45 m 413 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 439.45 m 757 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 439.45 m 757 439.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 370.45 m 757 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 370.45 m 34 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 370.45 m 146 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 370.45 m 146 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 316.45 m 146 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 370.45 m 146 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 370.45 m 274 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 370.45 m 274 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 316.45 m 274 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 370.45 m 274 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 370.45 m 413 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 370.45 m 413 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 316.45 m 413 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 370.45 m 413 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 370.45 m 757 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 370.45 m 757 370.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 316.45 m 757 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 316.45 m 34 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 316.45 m 146 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 316.45 m 146 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 272.45 m 146 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 316.45 m 146 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 316.45 m 274 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 316.45 m 274 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 272.45 m 274 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 316.45 m 274 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 316.45 m 413 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 316.45 m 413 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 272.45 m 413 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 316.45 m 413 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 316.45 m 757 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 316.45 m 757 316.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 272.45 m 757 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 272.45 m 34 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 272.45 m 146 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 272.45 m 146 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 228.45 m 146 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 272.45 m 146 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 272.45 m 274 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 272.45 m 274 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 228.45 m 274 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 272.45 m 274 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 272.45 m 413 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 272.45 m 413 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 228.45 m 413 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 272.45 m 413 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 272.45 m 757 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 272.45 m 757 272.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 228.45 m 757 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 228.45 m 34 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 228.45 m 146 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 228.45 m 146 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 164.45 m 146 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 228.45 m 146 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 228.45 m 274 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 228.45 m 274 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 164.45 m 274 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 228.45 m 274 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 228.45 m 413 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 228.45 m 413 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 164.45 m 413 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 228.45 m 413 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 228.45 m 757 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 228.45 m 757 228.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 164.45 m 757 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 164.45 m 34 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 164.45 m 146 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 164.45 m 146 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 164.45 m 146 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 164.45 m 274 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 164.45 m 274 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 164.45 m 274 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 164.45 m 413 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 164.45 m 413 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 164.45 m 413 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 164.45 m 757 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 164.45 m 757 164.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 163.95 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 163.95 m BT /F4 10.00 Tf ET q 0 0 0 rg BT 192.80 477.18 Td (Amount) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 323.80 477.18 Td (Objective) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 526.50 477.18 Td (Time and Terms of Payment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 464.18 Td (Annual Cash Retainer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.25 464.02 Td ($60,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 464.02 Td (Consideration for Board and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 454.02 Td (committee service for the current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 444.02 Td (calendar year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 464.02 Td (Paid quarterly in arrears. For any director joining or leaving the Board during a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 454.02 Td (quarter, the amount paid shall be a pro rata sum based on the number of days served) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 444.02 Td (during the quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 430.18 Td (Additional Annual Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 420.18 Td (Retainer for Lead) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 410.18 Td (Director and Committee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 400.18 Td (Chairpersons) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.65 430.02 Td ($20,000-Lead Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.15 415.02 Td ($25,000-Audit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.65 400.02 Td ($15,000-Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.20 385.02 Td ($15,000-Nominating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.30 375.02 Td (Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 430.02 Td (Consideration for service as lead) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 420.02 Td (director or committee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 410.02 Td (chairperson for the current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 400.02 Td (calendar year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 430.02 Td (Paid quarterly in arrears. For any director gaining \(or resigning\) a lead director or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 420.02 Td (committee chairperson position during a quarter, the amount paid shall be a pro rata) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 410.02 Td (sum based on the number of days served during the quarter.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 361.18 Td (Additional Annual Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 351.18 Td (Retainer for Committee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 341.18 Td (Members) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.15 361.02 Td ($10,000-Audit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 346.02 Td ($5,000-Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.70 331.02 Td ($5,000-Nominating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.30 321.02 Td (Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 361.02 Td (Consideration for service as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 351.02 Td (committee member for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 341.02 Td (current calendar year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 361.02 Td (Paid quarterly in arrears. For any director joining or leaving a committee during a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 351.02 Td (quarter, the amount paid shall be a pro rata sum based on the number of days served) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 341.02 Td (during the quarter.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 263.18 Td (Initial Equity Grant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.10 263.02 Td ($60,000 \(valued as of election) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 253.02 Td (date\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 263.02 Td (Establish PJC equity interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 253.02 Td (upon initial election to the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 243.02 Td (to align director and shareholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 233.02 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 263.02 Td (Shares of PJC common stock granted on the date of the directors initial election or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 253.02 Td (appointment to the Board.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 219.18 Td (Annual Equity Grant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.80 219.02 Td ($70,000 \(valued on the date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.60 209.02 Td (of the annual meeting of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.55 199.02 Td (shareholders\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 219.02 Td (Incentive compensation for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 209.02 Td (continuing service on the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 199.02 Td (and enhanced alignment of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 189.02 Td (director and shareholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 179.02 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 219.02 Td (Shares of PJC common stock granted on the date of the annual meeting of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 209.02 Td (shareholders to any director whose service on the Board will continue following the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 199.02 Td (annual meeting. For directors joining the Board after the annual meeting in any) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 189.02 Td (year, an equity award will be granted on the date the director is elected to the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 179.02 Td (covering a pro rata number of shares based on the number of days during which the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 169.02 Td (director will serve on the Board during that year.) 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343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 367.5 m 146 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34 343.5 m 146 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 367.5 m 146 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 367.5 m 274 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146 343.5 m 274 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 367.5 m 413 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 343.5 m 413 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 757 367.5 m 757 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 367.5 m 757 367.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 343.5 m 757 343.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 516.23 Td (Deferral Opportunity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.55 516.07 Td (All cash and equity received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.70 506.07 Td (on an annual basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 516.07 Td (Increase equity stake by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 506.07 Td (directors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 516.07 Td (Annual opportunity to participate in the Amended and Restated Piper Jaffray) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 506.07 Td (Companies Deferred Compensation Plan for Non-Employee Directors, permitting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 496.07 Td (deferral into phantom stock units of all or a portion of the directors annual cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 486.07 Td (compensation for service as a Piper Jaffray Companies director, and deferral of any) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 476.07 Td (shares granted in consideration of the directors service as a director. To participate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 466.07 Td (in any year, irrevocable election must be made by December 31 of the preceding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 456.07 Td (year for continuing directors and on the date of initial election or appointment to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 446.07 Td (Board for new directors. Annual opportunity to change the subsequent years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 436.07 Td (election. The deferral date for the cash retainer is the date that each quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 426.07 Td (payment would have otherwise been made; the deferral date for the equity grant is) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 416.07 Td (the date of the annual meeting of shareholders each year.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 402.23 Td (Charitable Gift) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 392.23 Td (Matching Program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.25 402.07 Td (Up to $1,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 402.07 Td (Encourage charitable giving) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 402.07 Td (Pursuant to the Piper Jaffray Gift Matching Program, Piper Jaffray will match) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 392.07 Td (directors gifts to eligible organizations dollar for dollar from a minimum of $50 up) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 382.07 Td (to an aggregate maximum of $1,500 per year \(the same terms and conditions as are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 372.07 Td (applicable to employees\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 358.23 Td (Reimbursement of Out-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.50 348.23 Td (of-Pocket Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 358.07 Td (In addition to the foregoing, non-employee directors will be reimbursed for reasonable out-of-pocket expenses incurred in connection with their) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 348.07 Td (service on the Board and Board committees.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 287 0 obj <> endobj 288 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.30 760.75 Td (Exhibit 10.28) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 128.4 729.16552734375 m 483.57578125 729.16552734375 l s q 0 0 0 rg BT 128.40 730.75 Td (FOURTH ) Tj ET Q q 0 0 0 rg BT 172.47 730.75 Td (AMENDMENT T) Tj ET Q q 0 0 0 rg BT 246.17 730.75 Td (O ) Tj ET Q q 0 0 0 rg BT 256.35 730.75 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 309.32 730.75 Td (AND REST) Tj ET Q q 0 0 0 rg BT 359.69 730.75 Td (A) Tj ET Q q 0 0 0 rg BT 366.17 730.75 Td (TED LOAN ) Tj ET Q q 0 0 0 rg BT 419.68 730.75 Td (AGREEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 706.75 Td (THIS ) Tj ET Q q 0 0 0 rg BT 116.02 706.75 Td (FOUR) Tj ET Q q 0 0 0 rg BT 144.17 706.75 Td (TH ) Tj ET Q q 0 0 0 rg BT 160.09 706.75 Td (AMENDMENT) Tj ET Q q 0 0 0 rg BT 224.36 706.75 Td ( ) Tj ET Q q 0 0 0 rg BT 227.39 706.75 Td (T) Tj ET Q q 0 0 0 rg BT 233.31 706.75 Td (O ) Tj ET Q q 0 0 0 rg BT 243.69 706.75 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 296.29 706.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 320.64 706.75 Td (REST) Tj ET Q q 0 0 0 rg BT 346.57 706.75 Td (A) Tj ET Q q 0 0 0 rg BT 352.50 706.75 Td (TED ) Tj ET Q q 0 0 0 rg BT 375.74 706.75 Td (LOAN ) Tj ET Q q 0 0 0 rg BT 405.56 706.75 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 468.72 706.75 Td ( ) Tj ET Q q 0 0 0 rg BT 471.96 706.75 Td (\(this ) Tj ET Q q 0 0 0 rg BT 494.09 706.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 497.4248046875 705.32421875 m 551.3408203125 705.32421875 l s q 0 0 0 rg BT 497.42 706.75 Td (Amendment) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 551.34 706.75 Td (\) ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 694.75 Td (made ) Tj ET Q q 0 0 0 rg BT 82.01 694.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.69 694.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 138.60 694.75 Td (into ) Tj ET Q q 0 0 0 rg BT 157.72 694.75 Td (as ) Tj ET Q q 0 0 0 rg BT 171.28 694.75 Td (of ) Tj ET Q q 0 0 0 rg BT 182.62 694.75 Td (December ) Tj ET Q q 0 0 0 rg BT 231.74 694.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 248.64 694.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 273.88 694.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 294.11 694.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 297.4423828125 693.32421875 m 359.73095703125 693.32421875 l s q 0 0 0 rg BT 297.44 694.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 306.71 694.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 338.61 694.75 Td (Date) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 359.73 694.75 Td (\), ) Tj ET Q q 0 0 0 rg BT 372.17 694.75 Td (by ) Tj ET Q q 0 0 0 rg BT 385.72 694.75 Td (and ) Tj ET Q q 0 0 0 rg BT 405.41 694.75 Td (between ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 446.21 694.75 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 479.22 694.75 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 517.74 694.75 Td (Y) Tj ET Q q 0 0 0 rg BT 524.23 694.75 Td ( ) Tj ET Q q 0 0 0 rg BT 527.23 694.75 Td (& ) Tj ET Q q 0 0 0 rg BT 537.45 694.75 Td (CO.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 555.22 694.75 Td (, ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 682.75 Td (a ) Tj ET Q q 0 0 0 rg BT 62.88 682.75 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 108.44 682.75 Td (corporation ) Tj ET Q q 0 0 0 rg BT 161.79 682.75 Td (\() Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 168.45166015625 681.32421875 m 209.01806640625 681.32421875 l s q 0 0 0 rg BT 168.45 682.75 Td (Borrower) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 209.02 682.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 219.00 682.75 Td (and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 239.00 682.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 261.77 682.75 Td (BANK ) Tj ET Q q 0 0 0 rg BT 293.98 682.75 Td (NA) Tj ET Q q 0 0 0 rg BT 307.68 682.75 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 344.71 682.75 Td ( ) Tj ET Q q 0 0 0 rg BT 347.59 682.75 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 392.41 682.75 Td (TION) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 416.30 682.75 Td (, ) Tj ET Q q 0 0 0 rg BT 422.39 682.75 Td (a ) Tj ET Q q 0 0 0 rg BT 431.28 682.75 Td (national ) Tj ET Q q 0 0 0 rg BT 469.63 682.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 507.97 682.75 Td (association ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 670.75 Td (\() Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 60.66015625 669.32421875 m 91.7978515625 669.32421875 l s q 0 0 0 rg BT 60.66 670.75 Td (Lender) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 91.80 670.75 Td (\); ) Tj ET Q q 0 0 0 rg BT 104.01 670.75 Td (has ) Tj ET Q q 0 0 0 rg BT 122.92 670.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 167.94 670.75 Td (to ) Tj ET Q q 0 0 0 rg BT 179.06 670.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.74 670.75 Td (following ) Tj ET Q q 0 0 0 rg BT 237.43 670.75 Td (facts ) Tj ET Q q 0 0 0 rg BT 261.32 670.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.79 670.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 347.47 670.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 367.48 670.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 370.8115234375 669.32421875 m 418.609375 669.32421875 l s q 0 0 0 rg BT 370.81 670.75 Td (Preambles) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 418.61 670.75 Td (\):) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 646.75 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.45 646.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 646.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 167.96 646.75 Td (and ) Tj ET Q q 0 0 0 rg BT 186.04 646.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 218.57 646.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 253.88 646.75 Td (into ) Tj ET Q q 0 0 0 rg BT 271.39 646.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.41 646.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 330.61 646.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.69 646.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 390.11 646.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 413.47 646.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 463.78 646.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 490.20 646.75 Td (as ) Tj ET Q q 0 0 0 rg BT 502.15 646.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.88 646.75 Td (December ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (28, ) Tj ET Q q 0 0 0 rg BT 71.06 634.75 Td (2012 ) Tj ET Q q 0 0 0 rg BT 96.46 634.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 113.50 634.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 161.13 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.19 634.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 181.51953125 633.32421875 m 230.435546875 633.32421875 l s q 0 0 0 rg BT 181.52 634.75 Td (Agreement) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 230.44 634.75 Td (; ) Tj ET Q q 0 0 0 rg BT 239.70 634.75 Td (all ) Tj ET Q q 0 0 0 rg BT 252.86 634.75 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 303.26 634.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 331.42 634.75 Td (used ) Tj ET Q q 0 0 0 rg BT 356.26 634.75 Td (and ) Tj ET Q q 0 0 0 rg BT 376.09 634.75 Td (not ) Tj ET Q q 0 0 0 rg BT 393.15 634.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 439.10 634.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 475.06 634.75 Td (in ) Tj ET Q q 0 0 0 rg BT 486.00 634.75 Td (this ) Tj ET Q q 0 0 0 rg BT 504.09 634.75 Td (Amendment ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 622.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 77.30 622.75 Td (have ) Tj ET Q q 0 0 0 rg BT 101.72 622.75 Td (the ) Tj ET Q q 0 0 0 rg BT 118.35 622.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 166.66 622.75 Td (meanings ) Tj ET Q q 0 0 0 rg BT 212.75 622.75 Td (ascribed ) Tj ET Q q 0 0 0 rg BT 253.28 622.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.35 622.75 Td (them ) Tj ET Q q 0 0 0 rg BT 289.32 622.75 Td (in ) Tj ET Q q 0 0 0 rg BT 299.83 622.75 Td (the ) Tj ET Q q 0 0 0 rg BT 315.92 622.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 367.57 622.75 Td (as ) Tj ET Q q 0 0 0 rg BT 380.87 622.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 425.30 622.75 Td (by ) Tj ET Q q 0 0 0 rg BT 438.59 622.75 Td (this ) Tj ET Q q 0 0 0 rg BT 456.34 622.75 Td (Amendment\), ) Tj ET Q q 0 0 0 rg BT 519.10 622.75 Td (pursuant ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 610.75 Td (to ) Tj ET Q q 0 0 0 rg BT 64.96 610.75 Td (which ) Tj ET Q q 0 0 0 rg BT 93.14 610.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 136.32 610.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 179.52 610.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.52 610.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 240.94 610.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.24 610.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 302.88 610.75 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 349.41 610.75 Td (Credit ) Tj ET Q q 0 0 0 rg BT 378.70 610.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 402.44 610.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 430.08 610.75 Td (December ) Tj ET Q q 0 0 0 rg BT 478.82 610.75 Td (28, ) Tj ET Q q 0 0 0 rg BT 495.34 610.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 522.98 610.75 Td (payable ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 598.75 Td (to ) Tj ET Q q 0 0 0 rg BT 65.12 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.80 598.75 Td (order ) Tj ET Q q 0 0 0 rg BT 107.92 598.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.04 598.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 152.96 598.75 Td (in ) Tj ET Q q 0 0 0 rg BT 163.52 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 180.20 598.75 Td (original ) Tj ET Q q 0 0 0 rg BT 215.22 598.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 255.24 598.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 291.37 598.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.49 598.75 Td (up ) Tj ET Q q 0 0 0 rg BT 316.39 598.75 Td (to ) Tj ET Q q 0 0 0 rg BT 327.51 598.75 Td ($250,000,000 ) Tj ET Q q 0 0 0 rg BT 391.46 598.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 408.13 598.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 455.38 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 472.06 598.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 475.3916015625 597.32421875 m 496.5146484375 597.32421875 l s q 0 0 0 rg BT 475.39 598.75 Td (Note) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 496.51 598.75 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 574.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 574.75 Td (B.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.45 574.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 574.75 Td (The ) Tj ET Q q 0 0 0 rg BT 146.11 574.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 198.62 574.75 Td (was ) Tj ET Q q 0 0 0 rg BT 219.99 574.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 268.61 574.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 313.90 574.75 Td (as ) Tj ET Q q 0 0 0 rg BT 328.05 574.75 Td (described ) Tj ET Q q 0 0 0 rg BT 375.00 574.75 Td (in ) Tj ET Q q 0 0 0 rg BT 386.38 574.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.87 574.75 Td (First ) Tj ET Q q 0 0 0 rg BT 426.19 574.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 483.70 574.75 Td (to ) Tj ET Q q 0 0 0 rg BT 494.92 574.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 541.32 574.75 Td (and ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 562.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 96.10 562.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 120.01 562.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 171.01 562.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 198.11 562.75 Td (as ) Tj ET Q q 0 0 0 rg BT 210.75 562.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.16 562.75 Td (December ) Tj ET Q q 0 0 0 rg BT 269.37 562.75 Td (28, ) Tj ET Q q 0 0 0 rg BT 285.35 562.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 312.45 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 328.43 562.75 Td (Second ) Tj ET Q q 0 0 0 rg BT 364.01 562.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 420.00 562.75 Td (to ) Tj ET Q q 0 0 0 rg BT 430.00 562.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 474.89 562.75 Td (and ) Tj ET Q q 0 0 0 rg BT 493.65 562.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 535.75 562.75 Td (Loan ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 550.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 105.69 550.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 133.49 550.75 Td (as ) Tj ET Q q 0 0 0 rg BT 146.83 550.75 Td (of ) Tj ET Q q 0 0 0 rg BT 157.94 550.75 Td (December ) Tj ET Q q 0 0 0 rg BT 206.85 550.75 Td (19, ) Tj ET Q q 0 0 0 rg BT 223.52 550.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 248.54 550.75 Td (and ) Tj ET Q q 0 0 0 rg BT 268.00 550.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.50 550.75 Td (Third ) Tj ET Q q 0 0 0 rg BT 309.51 550.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 366.20 550.75 Td (to ) Tj ET Q q 0 0 0 rg BT 376.77 550.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 422.35 550.75 Td (and ) Tj ET Q q 0 0 0 rg BT 441.81 550.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 484.61 550.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 509.08 550.75 Td (Agreement ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 538.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 81.80 538.75 Td (as ) Tj ET Q q 0 0 0 rg BT 95.14 538.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.26 538.75 Td (December ) Tj ET Q q 0 0 0 rg BT 155.17 538.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 171.85 538.75 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 514.75 Td (C.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 514.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 514.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 170.09 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.29 514.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 224.95 514.75 Td (desire ) Tj ET Q q 0 0 0 rg BT 255.71 514.75 Td (to ) Tj ET Q q 0 0 0 rg BT 267.57 514.75 Td (further ) Tj ET Q q 0 0 0 rg BT 300.00 514.75 Td (amend ) Tj ET Q q 0 0 0 rg BT 334.10 514.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.82 514.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 403.26 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.46 514.75 Td (to ) Tj ET Q q 0 0 0 rg BT 435.33 514.75 Td (amend ) Tj ET Q q 0 0 0 rg BT 469.42 514.75 Td (the ) Tj ET Q q 0 0 0 rg BT 486.85 514.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 511.49 514.75 Td (in ) Tj ET Q q 0 0 0 rg BT 522.80 514.75 Td (order ) Tj ET Q q 0 0 0 rg BT 549.66 514.75 Td (to ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 502.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 87.82 502.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.96 502.75 Td (Facility ) Tj ET Q q 0 0 0 rg BT 138.67 502.75 Td (Amount ) Tj ET Q q 0 0 0 rg BT 176.38 502.75 Td (to ) Tj ET Q q 0 0 0 rg BT 187.96 502.75 Td ($200,000,000 ) Tj ET Q q 0 0 0 rg BT 252.37 502.75 Td (and ) Tj ET Q q 0 0 0 rg BT 272.30 502.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.88 502.75 Td (extend ) Tj ET Q q 0 0 0 rg BT 317.15 502.75 Td (the ) Tj ET Q q 0 0 0 rg BT 334.08 502.75 Td (T) Tj ET Q q 0 0 0 rg BT 339.08 502.75 Td (ermination ) Tj ET Q q 0 0 0 rg BT 389.01 502.75 Td (Date ) Tj ET Q q 0 0 0 rg BT 413.38 502.75 Td (until ) Tj ET Q q 0 0 0 rg BT 434.97 502.75 Td (December ) Tj ET Q q 0 0 0 rg BT 484.34 502.75 Td (16, ) Tj ET Q q 0 0 0 rg BT 501.48 502.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 529.75 502.75 Td (on ) Tj ET Q q 0 0 0 rg BT 544.11 502.75 Td (the ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 490.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 81.78 490.75 Td (set ) Tj ET Q q 0 0 0 rg BT 97.90 490.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 120.68 490.75 Td (below) Tj ET Q q 0 0 0 rg BT 146.26 490.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 466.75 Td (NOW) Tj ET Q q 0 0 0 rg BT 113.89 466.75 Td (, ) Tj ET Q q 0 0 0 rg BT 119.57 466.75 Td (THEREFORE, ) Tj ET Q q 0 0 0 rg BT 187.13 466.75 Td (in ) Tj ET Q q 0 0 0 rg BT 198.02 466.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 260.61 466.75 Td (of ) Tj ET Q q 0 0 0 rg BT 272.06 466.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.07 466.75 Td (premises ) Tj ET Q q 0 0 0 rg BT 332.75 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 352.54 466.75 Td (for ) Tj ET Q q 0 0 0 rg BT 367.32 466.75 Td (other ) Tj ET Q q 0 0 0 rg BT 393.23 466.75 Td (good ) Tj ET Q q 0 0 0 rg BT 418.58 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 438.38 466.75 Td (valuable ) Tj ET Q q 0 0 0 rg BT 478.74 466.75 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 544.11 466.75 Td (the ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 454.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 86.79 454.75 Td (and ) Tj ET Q q 0 0 0 rg BT 106.26 454.75 Td (suf) Tj ET Q q 0 0 0 rg BT 119.42 454.75 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 155.54 454.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.66 454.75 Td (which ) Tj ET Q q 0 0 0 rg BT 195.00 454.75 Td (are ) Tj ET Q q 0 0 0 rg BT 212.23 454.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 245.59 454.75 Td (acknowledged, ) Tj ET Q q 0 0 0 rg BT 315.08 454.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 358.42 454.75 Td (and ) Tj ET Q q 0 0 0 rg BT 377.89 454.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 411.80 454.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 445.16 454.75 Td (agree ) Tj ET Q q 0 0 0 rg BT 473.51 454.75 Td (as ) Tj ET Q q 0 0 0 rg BT 486.85 454.75 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 430.75 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 430.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 429.32421875 m 173.7978515625 429.32421875 l s q 0 0 0 rg BT 126.00 430.75 Td (Preambles) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 173.80 430.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 176.58 430.75 Td ( ) Tj ET Q q 0 0 0 rg BT 179.54 430.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 182.50 430.75 Td (The ) Tj ET Q q 0 0 0 rg BT 202.69 430.75 Td (Preambles ) Tj ET Q q 0 0 0 rg BT 253.45 430.75 Td (are ) Tj ET Q q 0 0 0 rg BT 270.86 430.75 Td (true ) Tj ET Q q 0 0 0 rg BT 291.05 430.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.69 430.75 Td (correct, ) Tj ET Q q 0 0 0 rg BT 346.99 430.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 369.42 430.75 Td (with ) Tj ET Q q 0 0 0 rg BT 390.16 430.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.02 430.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 442.79 430.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 470.75 430.75 Td (set ) Tj ET Q q 0 0 0 rg BT 487.05 430.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 510.02 430.75 Td (herein, ) Tj ET Q q 0 0 0 rg BT 543.55 430.75 Td (are ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 418.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 112.37 418.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 142.95 418.75 Td (by ) Tj ET Q q 0 0 0 rg BT 156.29 418.75 Td (this ) Tj ET Q q 0 0 0 rg BT 174.63 418.75 Td (reference.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 394.75 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 394.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 393.32421875 m 247.1767578125 393.32421875 l s q 0 0 0 rg BT 126.00 394.75 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 187.69 394.75 Td (to ) Tj ET Q q 0 0 0 rg BT 198.26 394.75 Td (Agreement) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 247.18 394.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 249.96 394.75 Td ( ) Tj ET Q q 0 0 0 rg BT 252.73 394.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 255.51 394.75 Td (As ) Tj ET Q q 0 0 0 rg BT 269.96 394.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.08 394.75 Td (the ) Tj ET Q q 0 0 0 rg BT 297.76 394.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 307.03 394.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 338.71 394.75 Td (Date, ) Tj ET Q q 0 0 0 rg BT 365.38 394.75 Td (the ) Tj ET Q q 0 0 0 rg BT 381.51 394.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 433.21 394.75 Td (is ) Tj ET Q q 0 0 0 rg BT 443.21 394.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 487.68 394.75 Td (as ) Tj ET Q q 0 0 0 rg BT 501.02 394.75 Td (follows:) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 370.75 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 370.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 370.75 Td (Recital ) Tj ET Q q 0 0 0 rg BT 159.34 370.75 Td (B ) Tj ET Q q 0 0 0 rg BT 168.79 370.75 Td (on ) Tj ET Q q 0 0 0 rg BT 182.69 370.75 Td (page ) Tj ET Q q 0 0 0 rg BT 207.72 370.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 216.06 370.75 Td (of ) Tj ET Q q 0 0 0 rg BT 227.18 370.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.30 370.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 295.00 370.75 Td (is ) Tj ET Q q 0 0 0 rg BT 305.00 370.75 Td (deleted ) Tj ET Q q 0 0 0 rg BT 340.58 370.75 Td (and ) Tj ET Q q 0 0 0 rg BT 360.05 370.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 401.19 370.75 Td (with ) Tj ET Q q 0 0 0 rg BT 421.75 370.75 Td (the ) Tj ET Q q 0 0 0 rg BT 438.43 370.75 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 346.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 162.00 346.75 Td (B.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.45 346.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 198.00 346.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 241.22 346.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.56 346.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 294.35 346.75 Td (have ) Tj ET Q q 0 0 0 rg BT 318.69 346.75 Td (agreed ) Tj ET Q q 0 0 0 rg BT 352.48 346.75 Td (that ) Tj ET Q q 0 0 0 rg BT 371.82 346.75 Td (the ) Tj ET Q q 0 0 0 rg BT 388.38 346.75 Td (Original ) Tj ET Q q 0 0 0 rg BT 424.96 346.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 476.53 346.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 499.75 346.75 Td (be ) Tj ET Q q 0 0 0 rg BT 513.53 346.75 Td (amended, ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 334.75 Td (restated ) Tj ET Q q 0 0 0 rg BT 165.25 334.75 Td (and ) Tj ET Q q 0 0 0 rg BT 185.05 334.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 226.53 334.75 Td (to ) Tj ET Q q 0 0 0 rg BT 237.99 334.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 273.91 334.75 Td (for ) Tj ET Q q 0 0 0 rg BT 288.70 334.75 Td (a ) Tj ET Q q 0 0 0 rg BT 297.38 334.75 Td (revolving ) Tj ET Q q 0 0 0 rg BT 340.51 334.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 368.09 334.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 398.99 334.75 Td (from ) Tj ET Q q 0 0 0 rg BT 422.11 334.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 456.36 334.75 Td (in ) Tj ET Q q 0 0 0 rg BT 467.27 334.75 Td (the ) Tj ET Q q 0 0 0 rg BT 484.29 334.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 524.65 334.75 Td (amount ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.12 322.75 Td (up ) Tj ET Q q 0 0 0 rg BT 151.02 322.75 Td (to ) Tj ET Q q 0 0 0 rg BT 162.14 322.75 Td ($250,000,000 ) Tj ET Q q 0 0 0 rg BT 226.09 322.75 Td (\(subsequently ) Tj ET Q q 0 0 0 rg BT 291.13 322.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 340.60 322.75 Td (to ) Tj ET Q q 0 0 0 rg BT 351.72 322.75 Td ($200,000,000\).) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 298.75 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 298.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 298.75 Td (The ) Tj ET Q q 0 0 0 rg BT 145.14 298.75 Td (definitions ) Tj ET Q q 0 0 0 rg BT 192.08 298.75 Td (of ) Tj ET Q q 0 0 0 rg BT 202.33 298.75 Td (Facility ) Tj ET Q q 0 0 0 rg BT 238.31 298.75 Td (Amount ) Tj ET Q q 0 0 0 rg BT 278.01 298.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.60 298.75 Td (T) Tj ET Q q 0 0 0 rg BT 304.93 298.75 Td (ermination ) Tj ET Q q 0 0 0 rg BT 353.53 298.75 Td (Date ) Tj ET Q q 0 0 0 rg BT 379.90 298.75 Td (in ) Tj ET Q q 0 0 0 rg BT 389.59 298.75 Td (Section ) Tj ET Q q 0 0 0 rg BT 424.85 298.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 432.33 298.75 Td (of ) Tj ET Q q 0 0 0 rg BT 442.58 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.01 298.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 508.83 298.75 Td (are ) Tj ET Q q 0 0 0 rg BT 525.20 298.75 Td (deleted ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 286.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.46 286.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 150.60 286.75 Td (with ) Tj ET Q q 0 0 0 rg BT 171.16 286.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.84 286.75 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 262.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 162 261.32421875 m 229.802734375 261.32421875 l s q 0 0 0 rg BT 162.00 262.75 Td (Facility ) Tj ET Q q 0 0 0 rg BT 195.34 262.75 Td (Amount) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 229.80 262.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.58 262.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 255.93 262.75 Td (mean ) Tj ET Q q 0 0 0 rg BT 283.72 262.75 Td ($200,000,000.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 238.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 162 237.32421875 m 238.01416015625 237.32421875 l s q 0 0 0 rg BT 162.00 238.75 Td (T) Tj ET Q q 0 0 0 rg BT 167.00 238.75 Td (ermination ) Tj ET Q q 0 0 0 rg BT 216.89 238.75 Td (Date) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 238.01 238.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.22 238.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 264.98 238.75 Td (mean ) Tj ET Q q 0 0 0 rg BT 293.20 238.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.30 238.75 Td (earlier ) Tj ET Q q 0 0 0 rg BT 341.29 238.75 Td (of ) Tj ET Q q 0 0 0 rg BT 352.83 238.75 Td (December ) Tj ET Q q 0 0 0 rg BT 402.16 238.75 Td (16, ) Tj ET Q q 0 0 0 rg BT 419.27 238.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 447.49 238.75 Td (or ) Tj ET Q q 0 0 0 rg BT 459.59 238.75 Td (the ) Tj ET Q q 0 0 0 rg BT 476.69 238.75 Td (date ) Tj ET Q q 0 0 0 rg BT 499.35 238.75 Td (on ) Tj ET Q q 0 0 0 rg BT 513.68 238.75 Td (which ) Tj ET Q q 0 0 0 rg BT 542.45 238.75 Td (this ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 226.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 177.69 226.75 Td (is ) Tj ET Q q 0 0 0 rg BT 187.69 226.75 Td (terminated ) Tj ET Q q 0 0 0 rg BT 237.72 226.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 279.41 226.75 Td (to ) Tj ET Q q 0 0 0 rg BT 290.53 226.75 Td (Section12.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 202.75 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.66 202.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 202.75 Td (The ) Tj ET Q q 0 0 0 rg BT 145.95 202.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 190.91 202.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.96 202.75 Td (December ) Tj ET Q q 0 0 0 rg BT 254.13 202.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 270.75 202.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 299.04 202.75 Td (in ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 309.53662109375 201.32421875 m 349.4873046875 201.32421875 l s q 0 0 0 rg BT 309.54 202.75 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 342.27 202.75 Td (C) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 349.49 202.75 Td ( ) Tj ET Q q 0 0 0 rg BT 352.20 202.75 Td (\(Pricing ) Tj ET Q q 0 0 0 rg BT 388.81 202.75 Td (and ) Tj ET Q q 0 0 0 rg BT 408.21 202.75 Td (Fees\) ) Tj ET Q q 0 0 0 rg BT 436.49 202.75 Td (to ) Tj ET Q q 0 0 0 rg BT 447.54 202.75 Td (the ) Tj ET Q q 0 0 0 rg BT 463.62 202.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 515.25 202.75 Td (is ) Tj ET Q q 0 0 0 rg BT 525.18 202.75 Td (deleted ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 190.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.46 190.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 150.60 190.75 Td (with ) Tj ET Q q 0 0 0 rg BT 171.16 190.75 Td (December ) Tj ET Q q 0 0 0 rg BT 223.40 190.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 240.08 190.75 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 166.75 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.56 166.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 165.32421875 m 219.935546875 165.32421875 l s q 0 0 0 rg BT 126.00 166.75 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 187.69 166.75 Td (to ) Tj ET Q q 0 0 0 rg BT 198.81 166.75 Td (Note) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 219.94 166.75 Td (: ) Tj ET Q q 0 0 0 rg BT 225.49 166.75 Td ( ) Tj ET Q q 0 0 0 rg BT 227.72 166.75 Td (As ) Tj ET Q q 0 0 0 rg BT 242.17 166.75 Td (of ) Tj ET Q q 0 0 0 rg BT 253.29 166.75 Td (the ) Tj ET Q q 0 0 0 rg BT 269.96 166.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 279.23 166.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 310.91 166.75 Td (Date, ) Tj ET Q q 0 0 0 rg BT 337.59 166.75 Td (the ) Tj ET Q q 0 0 0 rg BT 354.27 166.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 378.17 166.75 Td (is ) Tj ET Q q 0 0 0 rg BT 388.17 166.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 432.65 166.75 Td (as ) Tj ET Q q 0 0 0 rg BT 445.99 166.75 Td (follows:) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 142.75 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 142.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 142.75 Td (The ) Tj ET Q q 0 0 0 rg BT 146.40 142.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 191.82 142.75 Td (at ) Tj ET Q q 0 0 0 rg BT 203.34 142.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.41 142.75 Td (top ) Tj ET Q q 0 0 0 rg BT 237.48 142.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.00 142.75 Td (page ) Tj ET Q q 0 0 0 rg BT 274.42 142.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 283.15 142.75 Td (of ) Tj ET Q q 0 0 0 rg BT 294.66 142.75 Td (the ) Tj ET Q q 0 0 0 rg BT 311.74 142.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 336.03 142.75 Td (to ) Tj ET Q q 0 0 0 rg BT 347.55 142.75 Td ($250,000,000.00 ) Tj ET Q q 0 0 0 rg BT 432.45 142.75 Td (is ) Tj ET Q q 0 0 0 rg BT 442.85 142.75 Td (deleted ) Tj ET Q q 0 0 0 rg BT 478.83 142.75 Td (and ) Tj ET Q q 0 0 0 rg BT 498.68 142.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 540.22 142.75 Td (with ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 130.75 Td ($200,000,000.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 106.75 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 106.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 106.75 Td (The ) Tj ET Q q 0 0 0 rg BT 146.01 106.75 Td (first ) Tj ET Q q 0 0 0 rg BT 164.90 106.75 Td (paragraph ) Tj ET Q q 0 0 0 rg BT 213.27 106.75 Td (on ) Tj ET Q q 0 0 0 rg BT 227.17 106.75 Td (page ) Tj ET Q q 0 0 0 rg BT 252.19 106.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 260.53 106.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.65 106.75 Td (the ) Tj ET Q q 0 0 0 rg BT 288.33 106.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 312.23 106.75 Td (is ) Tj ET Q q 0 0 0 rg BT 322.23 106.75 Td (deleted ) Tj ET Q q 0 0 0 rg BT 357.82 106.75 Td (and ) Tj ET Q q 0 0 0 rg BT 377.28 106.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 418.42 106.75 Td (with ) Tj ET Q q 0 0 0 rg BT 438.98 106.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.66 106.75 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 82.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 162.00 82.75 Td (FOR ) Tj ET Q q 0 0 0 rg BT 187.09 82.75 Td (THE ) Tj ET Q q 0 0 0 rg BT 211.36 82.75 Td (V) Tj ET Q q 0 0 0 rg BT 217.28 82.75 Td (ALUE ) Tj ET Q q 0 0 0 rg BT 247.67 82.75 Td (RECEIVED, ) Tj ET Q q 0 0 0 rg BT 305.83 82.75 Td (the ) Tj ET Q q 0 0 0 rg BT 324.00 82.75 Td (undersigned, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 386.08 82.75 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 420.36 82.75 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 458.88 82.75 Td (Y) Tj ET Q q 0 0 0 rg BT 465.37 82.75 Td ( ) Tj ET Q q 0 0 0 rg BT 469.63 82.75 Td (& ) Tj ET Q q 0 0 0 rg BT 481.12 82.75 Td (CO.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 498.90 82.75 Td (, ) Tj ET Q q 0 0 0 rg BT 505.94 82.75 Td (a ) Tj ET Q q 0 0 0 rg BT 515.76 82.75 Td (Delaware ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 70.75 Td (corporation ) Tj ET Q q 0 0 0 rg BT 180.97 70.75 Td (\() Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 187.62646484375 69.32421875 m 228.19287109375 69.32421875 l s q 0 0 0 rg BT 187.63 70.75 Td (Borrower) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 228.19 70.75 Td (\), ) Tj ET Q q 0 0 0 rg BT 242.57 70.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 278.08 70.75 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 349.18 70.75 Td (promises ) Tj ET Q q 0 0 0 rg BT 394.68 70.75 Td (to ) Tj ET Q q 0 0 0 rg BT 407.96 70.75 Td (pay) Tj ET Q q 0 0 0 rg BT 423.34 70.75 Td (, ) Tj ET Q q 0 0 0 rg BT 431.05 70.75 Td (to ) Tj ET Q q 0 0 0 rg BT 444.33 70.75 Td (the ) Tj ET Q q 0 0 0 rg BT 463.17 70.75 Td (order ) Tj ET Q q 0 0 0 rg BT 491.45 70.75 Td (of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 504.73 70.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 529.11 70.75 Td (BANK ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 58.75 Td (NA) Tj ET Q q 0 0 0 rg BT 139.70 58.75 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 176.74 58.75 Td ( ) Tj ET Q q 0 0 0 rg BT 178.76 58.75 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 223.58 58.75 Td (TION) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 247.46 58.75 Td (, ) Tj ET Q q 0 0 0 rg BT 252.57 58.75 Td (a ) Tj ET Q q 0 0 0 rg BT 260.46 58.75 Td (national ) Tj ET Q q 0 0 0 rg BT 297.82 58.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 335.18 58.75 Td (association ) Tj ET Q q 0 0 0 rg BT 387.54 58.75 Td (\() Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 394.20361328125 57.32421875 m 425.34130859375 57.32421875 l s q 0 0 0 rg BT 394.20 58.75 Td (Lender) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 425.34 58.75 Td (\), ) Tj ET Q q 0 0 0 rg BT 437.11 58.75 Td (on ) Tj ET Q q 0 0 0 rg BT 450.56 58.75 Td (the ) Tj ET Q q 0 0 0 rg BT 466.64 58.75 Td (T) Tj ET Q q 0 0 0 rg BT 471.64 58.75 Td (ermination ) Tj ET Q q 0 0 0 rg BT 520.66 58.75 Td (Date ) Tj ET Q q 0 0 0 rg BT 544.12 58.75 Td (\(as ) Tj ET Q endstream endobj 289 0 obj <> endobj 290 0 obj <> stream BT /F6 10.00 Tf ET q 0 0 0 rg BT 297.10 30.95 Td (- 2 -) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 730.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 160.69 730.75 Td (in ) Tj ET Q q 0 0 0 rg BT 170.35 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.76 730.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 230.45 730.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.02 730.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 290.93 730.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 314.68 730.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 365.48 730.75 Td (between ) Tj ET Q q 0 0 0 rg BT 405.17 730.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 438.19 730.75 Td (and ) Tj ET Q q 0 0 0 rg BT 456.75 730.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 499.20 730.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 526.11 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 536.33 730.75 Td (even ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 718.75 Td (date ) Tj ET Q q 0 0 0 rg BT 147.40 718.75 Td (herewith, ) Tj ET Q q 0 0 0 rg BT 189.92 718.75 Td (as ) Tj ET Q q 0 0 0 rg BT 202.42 718.75 Td (the ) Tj ET Q q 0 0 0 rg BT 218.27 718.75 Td (same ) Tj ET Q q 0 0 0 rg BT 244.66 718.75 Td (may ) Tj ET Q q 0 0 0 rg BT 265.50 718.75 Td (from ) Tj ET Q q 0 0 0 rg BT 287.44 718.75 Td (time ) Tj ET Q q 0 0 0 rg BT 308.27 718.75 Td (to ) Tj ET Q q 0 0 0 rg BT 318.55 718.75 Td (time ) Tj ET Q q 0 0 0 rg BT 339.38 718.75 Td (be ) Tj ET Q q 0 0 0 rg BT 352.45 718.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 396.09 718.75 Td ([the ) Tj ET Q q 0 0 0 rg BT 414.71 718.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 418.0400390625 717.32421875 m 490.7578125 717.32421875 l s q 0 0 0 rg BT 418.04 718.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 441.84 718.75 Td (Agreement) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 490.76 718.75 Td (; ) Tj ET Q q 0 0 0 rg BT 498.81 718.75 Td (all ) Tj ET Q q 0 0 0 rg BT 510.75 718.75 Td (capitalized ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 706.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 153.30 706.75 Td (not ) Tj ET Q q 0 0 0 rg BT 169.49 706.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 214.59 706.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 249.69 706.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 272.55 706.75 Td (have ) Tj ET Q q 0 0 0 rg BT 296.53 706.75 Td (the ) Tj ET Q q 0 0 0 rg BT 312.73 706.75 Td (meanings ) Tj ET Q q 0 0 0 rg BT 358.38 706.75 Td (ascribed ) Tj ET Q q 0 0 0 rg BT 398.48 706.75 Td (to ) Tj ET Q q 0 0 0 rg BT 409.11 706.75 Td (them ) Tj ET Q q 0 0 0 rg BT 433.64 706.75 Td (in ) Tj ET Q q 0 0 0 rg BT 443.72 706.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.91 706.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 484.00 706.75 Td (Agreement]\), ) Tj ET Q q 0 0 0 rg BT 544.10 706.75 Td (the ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 694.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 166.60 694.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 203.31 694.75 Td (of ) Tj ET Q q 0 0 0 rg BT 214.79 694.75 Td (T) Tj ET Q q 0 0 0 rg BT 220.35 694.75 Td (wo ) Tj ET Q q 0 0 0 rg BT 236.49 694.75 Td (Hundred ) Tj ET Q q 0 0 0 rg BT 278.20 694.75 Td (Million ) Tj ET Q q 0 0 0 rg BT 309.90 694.75 Td (Dollars ) Tj ET Q q 0 0 0 rg BT 344.38 694.75 Td (\($200,000,000\) ) Tj ET Q q 0 0 0 rg BT 415.57 694.75 Td (or) Tj ET Q q 0 0 0 rg BT 423.91 694.75 Td (, ) Tj ET Q q 0 0 0 rg BT 430.04 694.75 Td (if ) Tj ET Q q 0 0 0 rg BT 438.40 694.75 Td (less, ) Tj ET Q q 0 0 0 rg BT 462.32 694.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.58 694.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 527.97 694.75 Td (unpaid ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 682.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 165.68 682.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 201.48 682.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.26 682.75 Td (all ) Tj ET Q q 0 0 0 rg BT 224.22 682.75 Td (Advances ) Tj ET Q q 0 0 0 rg BT 270.57 682.75 Td (made ) Tj ET Q q 0 0 0 rg BT 298.03 682.75 Td (by ) Tj ET Q q 0 0 0 rg BT 311.03 682.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 344.61 682.75 Td (to ) Tj ET Q q 0 0 0 rg BT 355.39 682.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 398.40 682.75 Td (and ) Tj ET Q q 0 0 0 rg BT 417.52 682.75 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 465.55 682.75 Td (by ) Tj ET Q q 0 0 0 rg BT 478.55 682.75 Td (this ) Tj ET Q q 0 0 0 rg BT 496.07 682.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 541.32 682.75 Td (and ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 670.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 168.90 670.75 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 215.68 670.75 Td (Credit ) Tj ET Q q 0 0 0 rg BT 245.23 670.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 269.23 670.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 285.99 670.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 333.34 670.75 Td (this ) Tj ET Q q 0 0 0 rg BT 351.78 670.75 Td () Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 355.10546875 669.32421875 m 376.228515625 669.32421875 l s q 0 0 0 rg BT 355.11 670.75 Td (Note) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 376.23 670.75 Td (\), ) Tj ET Q q 0 0 0 rg BT 388.54 670.75 Td (which ) Tj ET Q q 0 0 0 rg BT 416.98 670.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 453.21 670.75 Td (may ) Tj ET Q q 0 0 0 rg BT 474.97 670.75 Td (be ) Tj ET Q q 0 0 0 rg BT 488.97 670.75 Td (borrowed, ) Tj ET Q q 0 0 0 rg BT 536.31 670.75 Td (paid, ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 658.75 Td (reborrowed ) Tj ET Q q 0 0 0 rg BT 178.55 658.75 Td (and ) Tj ET Q q 0 0 0 rg BT 197.21 658.75 Td (repaid, ) Tj ET Q q 0 0 0 rg BT 229.76 658.75 Td (in ) Tj ET Q q 0 0 0 rg BT 239.51 658.75 Td (whole ) Tj ET Q q 0 0 0 rg BT 267.61 658.75 Td (or ) Tj ET Q q 0 0 0 rg BT 278.47 658.75 Td (in ) Tj ET Q q 0 0 0 rg BT 288.23 658.75 Td (part, ) Tj ET Q q 0 0 0 rg BT 310.21 658.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 343.86 658.75 Td (to ) Tj ET Q q 0 0 0 rg BT 354.17 658.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.05 658.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 397.02 658.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.33 658.75 Td (this ) Tj ET Q q 0 0 0 rg BT 424.86 658.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 447.96 658.75 Td (and ) Tj ET Q q 0 0 0 rg BT 466.61 658.75 Td (the ) Tj ET Q q 0 0 0 rg BT 482.48 658.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 506.31 658.75 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 634.75 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 634.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 633.32421875 m 219.74951171875 633.32421875 l s q 0 0 0 rg BT 126.00 634.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 173.05 634.75 Td (Schedules) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 219.75 634.75 Td (. ) Tj ET Q q 0 0 0 rg BT 227.34 634.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.15 634.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 277.52 634.75 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 345.70 634.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 380.53 634.75 Td (of ) Tj ET Q q 0 0 0 rg BT 393.68 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.39 634.75 Td (Schedules ) Tj ET Q q 0 0 0 rg BT 463.90 634.75 Td (of ) Tj ET Q q 0 0 0 rg BT 477.04 634.75 Td (Eligible ) Tj ET Q q 0 0 0 rg BT 514.10 634.75 Td (Securities ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 622.75 Td (attached ) Tj ET Q q 0 0 0 rg BT 95.14 622.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.26 622.75 Td (this ) Tj ET Q q 0 0 0 rg BT 124.05 622.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 180.74 622.75 Td (as ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 194.0830078125 621.32421875 m 232.994140625 621.32421875 l s q 0 0 0 rg BT 194.08 622.75 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 226.32 622.75 Td (A) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 232.99 622.75 Td (, ) Tj ET Q q 0 0 0 rg BT 238.55 622.75 Td (which ) Tj ET Q q 0 0 0 rg BT 266.90 622.75 Td (are ) Tj ET Q q 0 0 0 rg BT 284.13 622.75 Td (the ) Tj ET Q q 0 0 0 rg BT 300.81 622.75 Td (current ) Tj ET Q q 0 0 0 rg BT 334.71 622.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 379.73 622.75 Td (Summaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 598.75 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 598.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 597.32421875 m 177.1376953125 597.32421875 l s q 0 0 0 rg BT 126.00 598.75 Td (References) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 177.14 598.75 Td (. ) Tj ET Q q 0 0 0 rg BT 183.16 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 185.76 598.75 Td (All ) Tj ET Q q 0 0 0 rg BT 200.12 598.75 Td (references ) Tj ET Q q 0 0 0 rg BT 250.61 598.75 Td (in ) Tj ET Q q 0 0 0 rg BT 261.63 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 278.78 598.75 Td (other ) Tj ET Q q 0 0 0 rg BT 304.81 598.75 Td (Credit ) Tj ET Q q 0 0 0 rg BT 334.73 598.75 Td (Documents ) Tj ET Q q 0 0 0 rg BT 388.55 598.75 Td (to ) Tj ET Q q 0 0 0 rg BT 400.14 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.61 598.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 445.46 598.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 500.95 598.75 Td (or ) Tj ET Q q 0 0 0 rg BT 513.08 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.56 598.75 Td (Note ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 586.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.01 586.75 Td (any ) Tj ET Q q 0 0 0 rg BT 91.46 586.75 Td (other ) Tj ET Q q 0 0 0 rg BT 116.58 586.75 Td (references ) Tj ET Q q 0 0 0 rg BT 166.15 586.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.82 586.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 208.03 586.75 Td (import ) Tj ET Q q 0 0 0 rg BT 238.14 586.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 261.04 586.75 Td (mean ) Tj ET Q q 0 0 0 rg BT 288.38 586.75 Td (the ) Tj ET Q q 0 0 0 rg BT 304.14 586.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 355.39 586.75 Td (and ) Tj ET Q q 0 0 0 rg BT 374.40 586.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.63 586.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 414.08 586.75 Td (as ) Tj ET Q q 0 0 0 rg BT 426.96 586.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 470.99 586.75 Td (by ) Tj ET Q q 0 0 0 rg BT 483.88 586.75 Td (this ) Tj ET Q q 0 0 0 rg BT 501.30 586.75 Td (Amendment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 562.75 Td (6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 562.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 561.32421875 m 215.55615234375 561.32421875 l s q 0 0 0 rg BT 126.00 562.75 Td (Full ) Tj ET Q q 0 0 0 rg BT 144.05 562.75 Td (Force ) Tj ET Q q 0 0 0 rg BT 171.55 562.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.17 562.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 199.44 562.75 Td (fect) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 215.56 562.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 218.33 562.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.27 562.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 222.21 562.75 Td (Except ) Tj ET Q q 0 0 0 rg BT 254.72 562.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.99 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.83 562.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 310.01 562.75 Td (specifically ) Tj ET Q q 0 0 0 rg BT 360.30 562.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 403.93 562.75 Td (by ) Tj ET Q q 0 0 0 rg BT 416.43 562.75 Td (this ) Tj ET Q q 0 0 0 rg BT 433.55 562.75 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 492.18 562.75 Td (all ) Tj ET Q q 0 0 0 rg BT 504.12 562.75 Td (of ) Tj ET Q q 0 0 0 rg BT 514.40 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 530.23 562.75 Td (terms, ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 550.75 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 104.56 550.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 155.13 550.75 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 206.26 550.75 Td (representations ) Tj ET Q q 0 0 0 rg BT 277.95 550.75 Td (and ) Tj ET Q q 0 0 0 rg BT 297.40 550.75 Td (warranties ) Tj ET Q q 0 0 0 rg BT 346.29 550.75 Td (contained ) Tj ET Q q 0 0 0 rg BT 392.42 550.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.97 550.75 Td (the ) Tj ET Q q 0 0 0 rg BT 419.09 550.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 470.77 550.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 494.10 550.75 Td (be ) Tj ET Q q 0 0 0 rg BT 507.98 550.75 Td (and ) Tj ET Q q 0 0 0 rg BT 527.43 550.75 Td (remain ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 538.75 Td (in ) Tj ET Q q 0 0 0 rg BT 64.56 538.75 Td (full ) Tj ET Q q 0 0 0 rg BT 80.12 538.75 Td (force ) Tj ET Q q 0 0 0 rg BT 105.13 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.60 538.75 Td (ef) Tj ET Q q 0 0 0 rg BT 132.75 538.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 151.65 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 171.11 538.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.79 538.75 Td (same ) Tj ET Q q 0 0 0 rg BT 215.03 538.75 Td (are ) Tj ET Q q 0 0 0 rg BT 232.26 538.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 265.61 538.75 Td (ratified ) Tj ET Q q 0 0 0 rg BT 298.40 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 317.87 538.75 Td (confirmed.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 514.75 Td (7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 514.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 513.32421875 m 212.03369140625 513.32421875 l s q 0 0 0 rg BT 126.00 514.75 Td (Continuing ) Tj ET Q q 0 0 0 rg BT 176.28 514.75 Td (Security) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 211.66 514.75 Td (. ) Tj ET Q q 0 0 0 rg BT 216.91 514.75 Td ( ) Tj ET Q q 0 0 0 rg BT 219.22 514.75 Td (The ) Tj ET Q q 0 0 0 rg BT 238.43 514.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 292.59 514.75 Td (as ) Tj ET Q q 0 0 0 rg BT 305.62 514.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 338.67 514.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 385.62 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 404.77 514.75 Td (the ) Tj ET Q q 0 0 0 rg BT 421.14 514.75 Td (Note, ) Tj ET Q q 0 0 0 rg BT 447.51 514.75 Td (are, ) Tj ET Q q 0 0 0 rg BT 467.21 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 486.36 514.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 509.40 514.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 549.68 514.75 Td (to ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 502.75 Td (be, ) Tj ET Q q 0 0 0 rg BT 70.68 502.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 109.03 502.75 Td (by ) Tj ET Q q 0 0 0 rg BT 122.37 502.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.05 502.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 184.07 502.75 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 217.44 502.75 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 478.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 478.75 Td (8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 478.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 477.32421875 m 232.47265625 477.32421875 l s q 0 0 0 rg BT 126.00 478.75 Td (Successors ) Tj ET Q q 0 0 0 rg BT 179.40 478.75 Td (and ) Tj ET Q q 0 0 0 rg BT 197.46 478.75 Td (Assigns) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 232.47 478.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 235.25 478.75 Td ( ) Tj ET Q q 0 0 0 rg BT 236.97 478.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 238.68 478.75 Td (This ) Tj ET Q q 0 0 0 rg BT 258.95 478.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 314.58 478.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 336.86 478.75 Td (be ) Tj ET Q q 0 0 0 rg BT 349.70 478.75 Td (binding ) Tj ET Q q 0 0 0 rg BT 383.66 478.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 407.62 478.75 Td (and ) Tj ET Q q 0 0 0 rg BT 426.02 478.75 Td (inure ) Tj ET Q q 0 0 0 rg BT 449.97 478.75 Td (to ) Tj ET Q q 0 0 0 rg BT 460.03 478.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.64 478.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 507.38 478.75 Td (of ) Tj ET Q q 0 0 0 rg BT 517.44 478.75 Td (Borrower ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.11 466.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 106.67 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 125.77 466.75 Td (their ) Tj ET Q q 0 0 0 rg BT 147.65 466.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 195.64 466.75 Td (successors ) Tj ET Q q 0 0 0 rg BT 248.08 466.75 Td (and ) Tj ET Q q 0 0 0 rg BT 267.19 466.75 Td (assigns, ) Tj ET Q q 0 0 0 rg BT 306.29 466.75 Td (except ) Tj ET Q q 0 0 0 rg BT 338.18 466.75 Td (that ) Tj ET Q q 0 0 0 rg BT 357.28 466.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 400.26 466.75 Td (may ) Tj ET Q q 0 0 0 rg BT 421.58 466.75 Td (not ) Tj ET Q q 0 0 0 rg BT 437.90 466.75 Td (assign, ) Tj ET Q q 0 0 0 rg BT 472.01 466.75 Td (transfer ) Tj ET Q q 0 0 0 rg BT 508.33 466.75 Td (or ) Tj ET Q q 0 0 0 rg BT 519.64 466.75 Td (delegate ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 454.75 Td (any ) Tj ET Q q 0 0 0 rg BT 72.90 454.75 Td (of ) Tj ET Q q 0 0 0 rg BT 84.02 454.75 Td (its ) Tj ET Q q 0 0 0 rg BT 96.80 454.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 124.03 454.75 Td (or ) Tj ET Q q 0 0 0 rg BT 135.70 454.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 186.29 454.75 Td (under ) Tj ET Q q 0 0 0 rg BT 214.64 454.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.77 454.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 282.47 454.75 Td (as ) Tj ET Q q 0 0 0 rg BT 295.81 454.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 340.28 454.75 Td (by ) Tj ET Q q 0 0 0 rg BT 353.62 454.75 Td (this ) Tj ET Q q 0 0 0 rg BT 371.41 454.75 Td (Amendment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 430.75 Td (9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 430.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 429.32421875 m 269.037109375 429.32421875 l s q 0 0 0 rg BT 126.00 430.75 Td (Representations ) Tj ET Q q 0 0 0 rg BT 201.60 430.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.06 430.75 Td (W) Tj ET Q q 0 0 0 rg BT 230.13 430.75 Td (arranties) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 269.04 430.75 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 271.82 430.75 Td ( ) Tj ET Q q 0 0 0 rg BT 274.59 430.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 277.37 430.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 320.72 430.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 354.07 430.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 404.10 430.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.56 430.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 464.68 430.75 Td (to ) Tj ET Q q 0 0 0 rg BT 475.80 430.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 509.72 430.75 Td (that:) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 406.75 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 406.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 406.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.04 406.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 191.75 406.75 Td (delivery ) Tj ET Q q 0 0 0 rg BT 229.35 406.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.17 406.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 308.44 406.75 Td (by ) Tj ET Q q 0 0 0 rg BT 322.13 406.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 365.83 406.75 Td (of ) Tj ET Q q 0 0 0 rg BT 377.31 406.75 Td (this ) Tj ET Q q 0 0 0 rg BT 395.38 406.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 452.43 406.75 Td (are ) Tj ET Q q 0 0 0 rg BT 470.02 406.75 Td (within ) Tj ET Q q 0 0 0 rg BT 498.72 406.75 Td (the ) Tj ET Q q 0 0 0 rg BT 515.75 406.75 Td (corporate ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 394.75 Td (powers ) Tj ET Q q 0 0 0 rg BT 125.01 394.75 Td (of ) Tj ET Q q 0 0 0 rg BT 136.13 394.75 Td (Borrower) Tj ET Q q 0 0 0 rg BT 176.14 394.75 Td (, ) Tj ET Q q 0 0 0 rg BT 181.70 394.75 Td (have ) Tj ET Q q 0 0 0 rg BT 206.16 394.75 Td (been ) Tj ET Q q 0 0 0 rg BT 231.18 394.75 Td (duly ) Tj ET Q q 0 0 0 rg BT 252.30 394.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 301.77 394.75 Td (by ) Tj ET Q q 0 0 0 rg BT 315.11 394.75 Td (all ) Tj ET Q q 0 0 0 rg BT 327.89 394.75 Td (necessary ) Tj ET Q q 0 0 0 rg BT 376.24 394.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 421.26 394.75 Td (action ) Tj ET Q q 0 0 0 rg BT 450.72 394.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.18 394.75 Td (require ) Tj ET Q q 0 0 0 rg BT 504.08 394.75 Td (no ) Tj ET Q q 0 0 0 rg BT 517.98 394.75 Td (action ) Tj ET Q q 0 0 0 rg BT 547.44 394.75 Td (by ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 382.75 Td (or ) Tj ET Q q 0 0 0 rg BT 101.59 382.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.07 382.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 147.56 382.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 161.37 382.75 Td (consent ) Tj ET Q q 0 0 0 rg BT 199.09 382.75 Td (of ) Tj ET Q q 0 0 0 rg BT 210.13 382.75 Td (or ) Tj ET Q q 0 0 0 rg BT 221.72 382.75 Td (filing ) Tj ET Q q 0 0 0 rg BT 244.98 382.75 Td (or ) Tj ET Q q 0 0 0 rg BT 256.57 382.75 Td (recording ) Tj ET Q q 0 0 0 rg BT 300.96 382.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 324.22 382.75 Td (any ) Tj ET Q q 0 0 0 rg BT 343.04 382.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 406.32 382.75 Td (or ) Tj ET Q q 0 0 0 rg BT 417.91 382.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 465.08 382.75 Td (body) Tj ET Q q 0 0 0 rg BT 486.02 382.75 Td (, ) Tj ET Q q 0 0 0 rg BT 491.49 382.75 Td (instrumentality) Tj ET Q q 0 0 0 rg BT 555.22 382.75 Td (, ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 370.75 Td (authority) Tj ET Q q 0 0 0 rg BT 127.61 370.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.17 370.75 Td (agency ) Tj ET Q q 0 0 0 rg BT 168.19 370.75 Td (or ) Tj ET Q q 0 0 0 rg BT 179.86 370.75 Td (of) Tj ET Q q 0 0 0 rg BT 188.02 370.75 Td (ficial ) Tj ET Q q 0 0 0 rg BT 210.81 370.75 Td (or ) Tj ET Q q 0 0 0 rg BT 222.48 370.75 Td (any ) Tj ET Q q 0 0 0 rg BT 241.38 370.75 Td (other ) Tj ET Q q 0 0 0 rg BT 266.95 370.75 Td (person ) Tj ET Q q 0 0 0 rg BT 300.30 370.75 Td (or ) Tj ET Q q 0 0 0 rg BT 311.97 370.75 Td (entity;) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 346.75 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 346.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 346.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.57 346.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 192.83 346.75 Td (delivery ) Tj ET Q q 0 0 0 rg BT 230.96 346.75 Td (and ) Tj ET Q q 0 0 0 rg BT 251.32 346.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 311.13 346.75 Td (by ) Tj ET Q q 0 0 0 rg BT 325.36 346.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 369.60 346.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.61 346.75 Td (this ) Tj ET Q q 0 0 0 rg BT 400.12 346.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 457.71 346.75 Td (do ) Tj ET Q q 0 0 0 rg BT 472.50 346.75 Td (not ) Tj ET Q q 0 0 0 rg BT 490.08 346.75 Td (conflict ) Tj ET Q q 0 0 0 rg BT 524.87 346.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 549.11 346.75 Td (or ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 334.75 Td (result ) Tj ET Q q 0 0 0 rg BT 118.11 334.75 Td (in ) Tj ET Q q 0 0 0 rg BT 129.55 334.75 Td (a ) Tj ET Q q 0 0 0 rg BT 138.76 334.75 Td (breach ) Tj ET Q q 0 0 0 rg BT 172.99 334.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.99 334.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.54 334.75 Td (terms, ) Tj ET Q q 0 0 0 rg BT 233.98 334.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 282.66 334.75 Td (or ) Tj ET Q q 0 0 0 rg BT 295.21 334.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 343.88 334.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 358.65 334.75 Td (or ) Tj ET Q q 0 0 0 rg BT 371.20 334.75 Td (constitute ) Tj ET Q q 0 0 0 rg BT 417.66 334.75 Td (a ) Tj ET Q q 0 0 0 rg BT 426.88 334.75 Td (default ) Tj ET Q q 0 0 0 rg BT 460.55 334.75 Td (under ) Tj ET Q q 0 0 0 rg BT 489.79 334.75 Td (or ) Tj ET Q q 0 0 0 rg BT 502.33 334.75 Td (result ) Tj ET Q q 0 0 0 rg BT 530.44 334.75 Td (in ) Tj ET Q q 0 0 0 rg BT 541.88 334.75 Td (any ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 322.75 Td (violation ) Tj ET Q q 0 0 0 rg BT 130.30 322.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 145.03 322.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.54 322.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 191.15 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.11 322.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.62 322.75 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 269.24 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 281.20 322.75 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 343.18 322.75 Td (or ) Tj ET Q q 0 0 0 rg BT 355.68 322.75 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 390.96 322.75 Td (of ) Tj ET Q q 0 0 0 rg BT 402.92 322.75 Td (Borrower) Tj ET Q q 0 0 0 rg BT 442.93 322.75 Td (, ) Tj ET Q q 0 0 0 rg BT 449.32 322.75 Td (any ) Tj ET Q q 0 0 0 rg BT 469.05 322.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 517.70 322.75 Td (law) Tj ET Q q 0 0 0 rg BT 532.15 322.75 Td (, ) Tj ET Q q 0 0 0 rg BT 538.54 322.75 Td (rule, ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 310.75 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 139.49 310.75 Td (order) Tj ET Q q 0 0 0 rg BT 162.28 310.75 Td (, ) Tj ET Q q 0 0 0 rg BT 167.85 310.75 Td (writ, ) Tj ET Q q 0 0 0 rg BT 188.97 310.75 Td (judgment ) Tj ET Q q 0 0 0 rg BT 232.90 310.75 Td (or ) Tj ET Q q 0 0 0 rg BT 244.58 310.75 Td (decree ) Tj ET Q q 0 0 0 rg BT 277.95 310.75 Td (of ) Tj ET Q q 0 0 0 rg BT 289.08 310.75 Td (any ) Tj ET Q q 0 0 0 rg BT 307.99 310.75 Td (court ) Tj ET Q q 0 0 0 rg BT 333.02 310.75 Td (or ) Tj ET Q q 0 0 0 rg BT 344.70 310.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 408.08 310.75 Td (or ) Tj ET Q q 0 0 0 rg BT 419.76 310.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 467.02 310.75 Td (body) Tj ET Q q 0 0 0 rg BT 487.96 310.75 Td (, ) Tj ET Q q 0 0 0 rg BT 493.53 310.75 Td (instrumentality ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 298.75 Td (authority) Tj ET Q q 0 0 0 rg BT 127.61 298.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.58 298.75 Td (agency ) Tj ET Q q 0 0 0 rg BT 169.02 298.75 Td (or ) Tj ET Q q 0 0 0 rg BT 181.11 298.75 Td (of) Tj ET Q q 0 0 0 rg BT 189.27 298.75 Td (ficial ) Tj ET Q q 0 0 0 rg BT 212.47 298.75 Td (or ) Tj ET Q q 0 0 0 rg BT 224.55 298.75 Td (any ) Tj ET Q q 0 0 0 rg BT 243.87 298.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 297.65 298.75 Td (document ) Tj ET Q q 0 0 0 rg BT 344.76 298.75 Td (or ) Tj ET Q q 0 0 0 rg BT 356.84 298.75 Td (instrument ) Tj ET Q q 0 0 0 rg BT 406.72 298.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.25 298.75 Td (which ) Tj ET Q q 0 0 0 rg BT 447.01 298.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 490.77 298.75 Td (is ) Tj ET Q q 0 0 0 rg BT 501.19 298.75 Td (a ) Tj ET Q q 0 0 0 rg BT 509.94 298.75 Td (party ) Tj ET Q q 0 0 0 rg BT 535.37 298.75 Td (or ) Tj ET Q q 0 0 0 rg BT 547.45 298.75 Td (by ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 286.75 Td (which ) Tj ET Q q 0 0 0 rg BT 117.66 286.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 160.32 286.75 Td (or ) Tj ET Q q 0 0 0 rg BT 171.30 286.75 Td (any ) Tj ET Q q 0 0 0 rg BT 189.51 286.75 Td (of ) Tj ET Q q 0 0 0 rg BT 199.95 286.75 Td (its ) Tj ET Q q 0 0 0 rg BT 212.04 286.75 Td (property ) Tj ET Q q 0 0 0 rg BT 250.81 286.75 Td (or ) Tj ET Q q 0 0 0 rg BT 261.80 286.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 292.79 286.75 Td (is ) Tj ET Q q 0 0 0 rg BT 302.10 286.75 Td (bound ) Tj ET Q q 0 0 0 rg BT 332.00 286.75 Td (or ) Tj ET Q q 0 0 0 rg BT 342.99 286.75 Td (to ) Tj ET Q q 0 0 0 rg BT 353.42 286.75 Td (which ) Tj ET Q q 0 0 0 rg BT 381.08 286.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 423.74 286.75 Td (or ) Tj ET Q q 0 0 0 rg BT 434.72 286.75 Td (any ) Tj ET Q q 0 0 0 rg BT 452.93 286.75 Td (of ) Tj ET Q q 0 0 0 rg BT 463.37 286.75 Td (its ) Tj ET Q q 0 0 0 rg BT 475.46 286.75 Td (property ) Tj ET Q q 0 0 0 rg BT 514.23 286.75 Td (is ) Tj ET Q q 0 0 0 rg BT 523.55 286.75 Td (subject;) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 262.75 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.66 262.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 262.75 Td (this ) Tj ET Q q 0 0 0 rg BT 143.53 262.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 199.91 262.75 Td (has ) Tj ET Q q 0 0 0 rg BT 218.49 262.75 Td (been ) Tj ET Q q 0 0 0 rg BT 243.20 262.75 Td (duly ) Tj ET Q q 0 0 0 rg BT 264.01 262.75 Td (executed ) Tj ET Q q 0 0 0 rg BT 307.05 262.75 Td (and ) Tj ET Q q 0 0 0 rg BT 326.20 262.75 Td (delivered ) Tj ET Q q 0 0 0 rg BT 369.24 262.75 Td (by ) Tj ET Q q 0 0 0 rg BT 382.26 262.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 425.29 262.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.44 262.75 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 494.70 262.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.06 262.75 Td (legal, ) Tj ET Q q 0 0 0 rg BT 537.43 262.75 Td (valid ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 250.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.06 250.75 Td (binding ) Tj ET Q q 0 0 0 rg BT 145.68 250.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 191.87 250.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.58 250.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 247.52 250.75 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 303.15 250.75 Td (against ) Tj ET Q q 0 0 0 rg BT 338.77 250.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 382.71 250.75 Td (in ) Tj ET Q q 0 0 0 rg BT 393.86 250.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 448.94 250.75 Td (with ) Tj ET Q q 0 0 0 rg BT 470.09 250.75 Td (its ) Tj ET Q q 0 0 0 rg BT 483.46 250.75 Td (terms, ) Tj ET Q q 0 0 0 rg BT 514.61 250.75 Td (except ) Tj ET Q q 0 0 0 rg BT 547.45 250.75 Td (as ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 238.75 Td (such ) Tj ET Q q 0 0 0 rg BT 115.24 238.75 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 178.28 238.75 Td (may ) Tj ET Q q 0 0 0 rg BT 201.28 238.75 Td (be ) Tj ET Q q 0 0 0 rg BT 216.52 238.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 249.53 238.75 Td (by ) Tj ET Q q 0 0 0 rg BT 264.21 238.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 277.21 238.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 326.36 238.75 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 374.53 238.75 Td (, ) Tj ET Q q 0 0 0 rg BT 381.43 238.75 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 432.23 238.75 Td (or ) Tj ET Q q 0 0 0 rg BT 445.24 238.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 478.24 238.75 Td (laws ) Tj ET Q q 0 0 0 rg BT 502.36 238.75 Td (af) Tj ET Q q 0 0 0 rg BT 510.52 238.75 Td (fecting ) Tj ET Q q 0 0 0 rg BT 544.10 238.75 Td (the ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 226.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 148.83 226.75 Td (of ) Tj ET Q q 0 0 0 rg BT 160.41 226.75 Td (creditors) Tj ET Q q 0 0 0 rg BT 200.60 226.75 Td ( ) Tj ET Q q 0 0 0 rg BT 203.84 226.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 231.54 226.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 275.36 226.75 Td (and ) Tj ET Q q 0 0 0 rg BT 295.28 226.75 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 309.63 226.75 Td (general ) Tj ET Q q 0 0 0 rg BT 346.23 226.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 391.71 226.75 Td (of ) Tj ET Q q 0 0 0 rg BT 403.29 226.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 433.22 226.75 Td (\(regardless ) Tj ET Q q 0 0 0 rg BT 486.48 226.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.06 226.75 Td (whether ) Tj ET Q q 0 0 0 rg BT 536.87 226.75 Td (such ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 214.75 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 151.70 214.75 Td (is ) Tj ET Q q 0 0 0 rg BT 161.70 214.75 Td (considered ) Tj ET Q q 0 0 0 rg BT 213.40 214.75 Td (in ) Tj ET Q q 0 0 0 rg BT 223.96 214.75 Td (a ) Tj ET Q q 0 0 0 rg BT 232.30 214.75 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 284.56 214.75 Td (in ) Tj ET Q q 0 0 0 rg BT 295.12 214.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 324.58 214.75 Td (or ) Tj ET Q q 0 0 0 rg BT 336.25 214.75 Td (at ) Tj ET Q q 0 0 0 rg BT 347.37 214.75 Td (law\); ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 190.75 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 190.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 190.75 Td (all ) Tj ET Q q 0 0 0 rg BT 137.66 190.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.66 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.22 190.75 Td (representations ) Tj ET Q q 0 0 0 rg BT 233.81 190.75 Td (and ) Tj ET Q q 0 0 0 rg BT 252.16 190.75 Td (warranties ) Tj ET Q q 0 0 0 rg BT 299.94 190.75 Td (made ) Tj ET Q q 0 0 0 rg BT 326.62 190.75 Td (by ) Tj ET Q q 0 0 0 rg BT 338.84 190.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 381.06 190.75 Td (in ) Tj ET Q q 0 0 0 rg BT 390.51 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.74 190.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 459.09 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 474.65 190.75 Td (Note, ) Tj ET Q q 0 0 0 rg BT 500.21 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 515.77 190.75 Td (Collateral ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 178.75 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 123.34 178.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 177.77 178.75 Td (and ) Tj ET Q q 0 0 0 rg BT 197.20 178.75 Td (the ) Tj ET Q q 0 0 0 rg BT 213.85 178.75 Td (other ) Tj ET Q q 0 0 0 rg BT 239.38 178.75 Td (Credit ) Tj ET Q q 0 0 0 rg BT 268.80 178.75 Td (Documents ) Tj ET Q q 0 0 0 rg BT 322.12 178.75 Td (are ) Tj ET Q q 0 0 0 rg BT 339.32 178.75 Td (true ) Tj ET Q q 0 0 0 rg BT 359.29 178.75 Td (and ) Tj ET Q q 0 0 0 rg BT 378.72 178.75 Td (correct ) Tj ET Q q 0 0 0 rg BT 412.02 178.75 Td (in ) Tj ET Q q 0 0 0 rg BT 422.55 178.75 Td (all ) Tj ET Q q 0 0 0 rg BT 435.30 178.75 Td (material ) Tj ET Q q 0 0 0 rg BT 473.61 178.75 Td (respects ) Tj ET Q q 0 0 0 rg BT 514.14 178.75 Td (on ) Tj ET Q q 0 0 0 rg BT 528.01 178.75 Td (and ) Tj ET Q q 0 0 0 rg BT 547.44 178.75 Td (as ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 166.75 Td (of ) Tj ET Q q 0 0 0 rg BT 101.12 166.75 Td (the ) Tj ET Q q 0 0 0 rg BT 117.80 166.75 Td (date ) Tj ET Q q 0 0 0 rg BT 140.04 166.75 Td (of ) Tj ET Q q 0 0 0 rg BT 151.16 166.75 Td (this ) Tj ET Q q 0 0 0 rg BT 168.95 166.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 225.64 166.75 Td (as ) Tj ET Q q 0 0 0 rg BT 238.98 166.75 Td (if ) Tj ET Q q 0 0 0 rg BT 246.76 166.75 Td (made ) Tj ET Q q 0 0 0 rg BT 274.55 166.75 Td (on ) Tj ET Q q 0 0 0 rg BT 288.45 166.75 Td (and ) Tj ET Q q 0 0 0 rg BT 307.92 166.75 Td (as ) Tj ET Q q 0 0 0 rg BT 321.25 166.75 Td (of ) Tj ET Q q 0 0 0 rg BT 332.37 166.75 Td (the ) Tj ET Q q 0 0 0 rg BT 349.05 166.75 Td (date ) Tj ET Q q 0 0 0 rg BT 371.29 166.75 Td (of ) Tj ET Q q 0 0 0 rg BT 382.41 166.75 Td (this ) Tj ET Q q 0 0 0 rg BT 400.20 166.75 Td (Amendment; ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 142.75 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 142.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 142.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 171.49 142.75 Td (is ) Tj ET Q q 0 0 0 rg BT 183.64 142.75 Td (an ) Tj ET Q q 0 0 0 rg BT 199.69 142.75 Td (exempted ) Tj ET Q q 0 0 0 rg BT 251.86 142.75 Td (borrower ) Tj ET Q q 0 0 0 rg BT 299.57 142.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 318.39 142.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 356.12 142.75 Td (in ) Tj ET Q q 0 0 0 rg BT 368.83 142.75 Td (Section ) Tj ET Q q 0 0 0 rg BT 407.11 142.75 Td (221.2 ) Tj ET Q q 0 0 0 rg BT 437.06 142.75 Td (of ) Tj ET Q q 0 0 0 rg BT 450.32 142.75 Td (Federal ) Tj ET Q q 0 0 0 rg BT 489.16 142.75 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 531.32 142.75 Td (Board ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 130.75 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 142.28 130.75 Td (U\) ) Tj ET Q q 0 0 0 rg BT 157.30 130.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.45 130.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 223.48 130.75 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 291.32 130.75 Td (that ) Tj ET Q q 0 0 0 rg BT 312.46 130.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 348.07 130.75 Td (is ) Tj ET Q q 0 0 0 rg BT 359.75 130.75 Td (entering ) Tj ET Q q 0 0 0 rg BT 400.36 130.75 Td (into ) Tj ET Q q 0 0 0 rg BT 420.95 130.75 Td (this ) Tj ET Q q 0 0 0 rg BT 440.09 130.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 493.47 130.75 Td (and ) Tj ET Q q 0 0 0 rg BT 514.62 130.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.99 130.75 Td (Other ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 118.75 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 146.69 118.75 Td (based ) Tj ET Q q 0 0 0 rg BT 176.72 118.75 Td (on ) Tj ET Q q 0 0 0 rg BT 190.62 118.75 Td (Lender) Tj ET Q q 0 0 0 rg BT 222.13 118.75 Td () Tj ET Q q 0 0 0 rg BT 224.17 118.75 Td (s ) Tj ET Q q 0 0 0 rg BT 231.95 118.75 Td (good ) Tj ET Q q 0 0 0 rg BT 256.97 118.75 Td (faith ) Tj ET Q q 0 0 0 rg BT 278.65 118.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 342.02 118.75 Td (that ) Tj ET Q q 0 0 0 rg BT 361.48 118.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 404.82 118.75 Td (is ) Tj ET Q q 0 0 0 rg BT 414.82 118.75 Td (an ) Tj ET Q q 0 0 0 rg BT 428.73 118.75 Td (exempted ) Tj ET Q q 0 0 0 rg BT 478.75 118.75 Td (borrower; ) Tj ET Q q 0 0 0 rg BT 527.09 118.75 Td (and) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 94.75 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.44 94.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 126.00 94.75 Td (as ) Tj ET Q q 0 0 0 rg BT 139.53 94.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.83 94.75 Td (the ) Tj ET Q q 0 0 0 rg BT 167.70 94.75 Td (date ) Tj ET Q q 0 0 0 rg BT 190.12 94.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.43 94.75 Td (this ) Tj ET Q q 0 0 0 rg BT 219.36 94.75 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 279.02 94.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 322.55 94.75 Td (is ) Tj ET Q q 0 0 0 rg BT 332.74 94.75 Td (in ) Tj ET Q q 0 0 0 rg BT 343.49 94.75 Td (compliance ) Tj ET Q q 0 0 0 rg BT 397.03 94.75 Td (with ) Tj ET Q q 0 0 0 rg BT 417.78 94.75 Td (all ) Tj ET Q q 0 0 0 rg BT 430.75 94.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 478.73 94.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.04 94.75 Td (the ) Tj ET Q q 0 0 0 rg BT 506.31 94.75 Td (Agreement, ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 82.75 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 82.75 Td (Note, ) Tj ET Q q 0 0 0 rg BT 133.36 82.75 Td (the ) Tj ET Q q 0 0 0 rg BT 150.04 82.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 195.06 82.75 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 228.42 82.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 282.90 82.75 Td (and ) Tj ET Q q 0 0 0 rg BT 302.36 82.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.04 82.75 Td (other ) Tj ET Q q 0 0 0 rg BT 344.61 82.75 Td (Credit ) Tj ET Q q 0 0 0 rg BT 374.06 82.75 Td (Documents.) Tj ET Q endstream endobj 291 0 obj <> endobj 292 0 obj <> stream BT /F6 10.00 Tf ET q 0 0 0 rg BT 297.10 30.95 Td (- 3 -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td (10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.90 731.10 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 729.67421875 m 186.21484375 729.67421875 l s q 0 0 0 rg BT 126.00 731.10 Td (Inconsistency) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 185.84 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 192.99 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.36 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 210.07 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.34 731.10 Td (event ) Tj ET Q q 0 0 0 rg BT 257.17 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.88 731.10 Td (any ) Tj ET Q q 0 0 0 rg BT 290.37 731.10 Td (inconsistency ) Tj ET Q q 0 0 0 rg BT 354.77 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.03 731.10 Td (conflict ) Tj ET Q q 0 0 0 rg BT 403.52 731.10 Td (between ) Tj ET Q q 0 0 0 rg BT 445.70 731.10 Td (this ) Tj ET Q q 0 0 0 rg BT 464.76 731.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 523.04 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.10 731.10 Td (the ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 108.47 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.15 719.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 155.71 719.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 203.51 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.97 719.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 270.78 719.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 316.92 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.49 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 345.27 719.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 401.97 719.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 425.31 719.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 458.67 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.13 719.10 Td (control.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 695.10 Td (1) Tj ET Q q 0 0 0 rg BT 94.82 695.10 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.16 695.10 Td ( ) Tj ET Q BT /F6 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 693.67421875 m 194.3388671875 693.67421875 l s q 0 0 0 rg BT 126.00 695.10 Td (Governing ) Tj ET Q q 0 0 0 rg BT 176.27 695.10 Td (Law) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 194.06 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 200.97 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.84 695.10 Td (This ) Tj ET Q q 0 0 0 rg BT 227.04 695.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 285.09 695.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 309.79 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 325.04 695.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 370.87 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 385.57 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.38 695.10 Td (construed ) Tj ET Q q 0 0 0 rg BT 454.43 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.35 695.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 522.18 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 544.10 695.10 Td (the ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 106.87 683.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 129.16 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.79 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.97 683.10 Td (State ) Tj ET Q q 0 0 0 rg BT 181.61 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.24 683.10 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 240.66 683.10 Td (\(without ) Tj ET Q q 0 0 0 rg BT 277.96 683.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 322.49 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.12 683.10 Td (conflict ) Tj ET Q q 0 0 0 rg BT 366.52 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.15 683.10 Td (law ) Tj ET Q q 0 0 0 rg BT 394.44 683.10 Td (principles\) ) Tj ET Q q 0 0 0 rg BT 442.30 683.10 Td (but ) Tj ET Q q 0 0 0 rg BT 458.48 683.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 486.90 683.10 Td (ef) Tj ET Q q 0 0 0 rg BT 495.06 683.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 513.46 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.09 683.10 Td (Federal ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 76.78 671.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 124.60 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.71 671.10 Td (national ) Tj ET Q q 0 0 0 rg BT 173.52 671.10 Td (banks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 647.10 Td (12.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 90.00 575.10 Td (13.) 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Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 670.75 Td (800 ) Tj ET Q q 0 0 0 rg BT 73.46 670.75 Td (Nicollet ) Tj ET Q q 0 0 0 rg BT 109.03 670.75 Td (Mall, ) Tj ET Q q 0 0 0 rg BT 132.92 670.75 Td (J09S04) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 658.75 Td (Minneapolis, Minnesota 55402) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 646.75 Td (Attention: Debbra L. Schoneman, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 286.72 646.75 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 327.68 646.75 Td (T) Tj ET Q q 0 0 0 rg BT 333.41 646.75 Td (imothy L. 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 476.90 Td (The ) Tj ET Q q 0 0 0 rg BT 106.89 476.90 Td (Plan ) Tj ET Q q 0 0 0 rg BT 130.46 476.90 Td (provides ) Tj ET Q q 0 0 0 rg BT 174.01 476.90 Td (for ) Tj ET Q q 0 0 0 rg BT 190.24 476.90 Td (restricted ) Tj ET Q q 0 0 0 rg BT 237.11 476.90 Td (property ) Tj ET Q q 0 0 0 rg BT 280.00 476.90 Td (transfers ) Tj ET Q q 0 0 0 rg BT 323.54 476.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 359.77 476.90 Td (to ) Tj ET Q q 0 0 0 rg BT 371.33 476.90 Td (Section ) Tj ET Q q 0 0 0 rg BT 409.56 476.90 Td (83 ) Tj ET Q q 0 0 0 rg BT 423.79 476.90 Td (of ) Tj ET Q q 0 0 0 rg BT 436.02 476.90 Td (the ) Tj ET Q q 0 0 0 rg BT 452.91 476.90 Td (Internal ) Tj ET Q q 0 0 0 rg BT 492.46 476.90 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 536.67 476.90 Td (Code ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 462.50 Td (of ) Tj ET Q q 0 0 0 rg BT 63.40 462.50 Td (1986, ) Tj ET Q q 0 0 0 rg BT 93.81 462.50 Td (as ) Tj ET Q q 0 0 0 rg BT 107.21 462.50 Td (amended ) Tj ET Q q 0 0 0 rg BT 153.93 462.50 Td (\(Code\). ) Tj ET Q q 0 0 0 rg BT 204.32 462.50 Td ( ) Tj ET Q q 0 0 0 rg BT 207.72 462.50 Td (Because ) Tj ET Q q 0 0 0 rg BT 251.11 462.50 Td (Section ) Tj ET Q q 0 0 0 rg BT 290.51 462.50 Td (83 ) Tj ET Q q 0 0 0 rg BT 305.92 462.50 Td (of ) Tj ET Q q 0 0 0 rg BT 319.32 462.50 Td (the ) Tj ET Q q 0 0 0 rg BT 337.39 462.50 Td (Code ) Tj ET Q q 0 0 0 rg BT 366.13 462.50 Td (applies, ) Tj ET Q q 0 0 0 rg BT 406.52 462.50 Td (awards ) Tj ET Q q 0 0 0 rg BT 443.91 462.50 Td (and ) Tj ET Q q 0 0 0 rg BT 464.65 462.50 Td (payments ) Tj ET Q q 0 0 0 rg BT 514.04 462.50 Td (hereunder ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (are ) Tj ET Q q 0 0 0 rg BT 67.65 448.10 Td (not ) Tj ET Q q 0 0 0 rg BT 85.98 448.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 122.97 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.31 448.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 174.30 448.10 Td (409A) Tj ET Q q 0 0 0 rg BT 200.30 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.30 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.30 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.96 448.10 Td (Code. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 421.70 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 421.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 419.8220703125 m 136.3466796875 419.8220703125 l s q 0 0 0 rg BT 86.00 421.70 Td (Eligibility) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 136.02 421.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 395.30 Td (The ) Tj ET Q q 0 0 0 rg BT 107.58 395.30 Td (Plan ) Tj ET Q q 0 0 0 rg BT 131.84 395.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 157.43 395.30 Td (be ) Tj ET Q q 0 0 0 rg BT 171.69 395.30 Td (available ) Tj ET Q q 0 0 0 rg BT 217.92 395.30 Td (to ) Tj ET Q q 0 0 0 rg BT 230.18 395.30 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 254.45 395.30 Td (and ) Tj ET Q q 0 0 0 rg BT 274.70 395.30 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 300.96 395.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 355.20 395.30 Td (\(each ) Tj ET Q q 0 0 0 rg BT 384.10 395.30 Td (an ) Tj ET Q q 0 0 0 rg BT 398.36 395.30 Td (Employee\) ) Tj ET Q q 0 0 0 rg BT 464.58 395.30 Td (of ) Tj ET Q q 0 0 0 rg BT 477.51 395.30 Td (the ) Tj ET Q q 0 0 0 rg BT 495.09 395.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 544.68 395.30 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 380.90 Td (its ) Tj ET Q q 0 0 0 rg BT 65.09 380.90 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 125.51 380.90 Td (\(each, ) Tj ET Q q 0 0 0 rg BT 158.24 380.90 Td (an ) Tj ET Q q 0 0 0 rg BT 173.32 380.90 Td (Af) Tj ET Q q 0 0 0 rg BT 191.09 380.90 Td (filiate\) ) Tj ET Q q 0 0 0 rg BT 232.15 380.90 Td (who ) Tj ET Q q 0 0 0 rg BT 256.57 380.90 Td (are ) Tj ET Q q 0 0 0 rg BT 274.97 380.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 314.71 380.90 Td (to ) Tj ET Q q 0 0 0 rg BT 327.80 380.90 Td (receive ) Tj ET Q q 0 0 0 rg BT 366.19 380.90 Td (a ) Tj ET Q q 0 0 0 rg BT 375.27 380.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 403.68 380.90 Td (of ) Tj ET Q q 0 0 0 rg BT 417.43 380.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 469.84 380.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 542.92 380.90 Td (as ) Tj ET Q q 0 0 0 rg BT 556.67 380.90 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 366.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 87.19 366.50 Td (of ) Tj ET Q q 0 0 0 rg BT 99.70 366.50 Td (their ) Tj ET Q q 0 0 0 rg BT 124.21 366.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 158.72 366.50 Td (incentive ) Tj ET Q q 0 0 0 rg BT 205.22 366.50 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 277.39 366.50 Td (and ) Tj ET Q q 0 0 0 rg BT 297.24 366.50 Td (who ) Tj ET Q q 0 0 0 rg BT 320.43 366.50 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 354.28 366.50 Td (such ) Tj ET Q q 0 0 0 rg BT 378.80 366.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 429.31 366.50 Td (eligibility ) Tj ET Q q 0 0 0 rg BT 478.49 366.50 Td (criteria ) Tj ET Q q 0 0 0 rg BT 514.98 366.50 Td (as ) Tj ET Q q 0 0 0 rg BT 527.50 366.50 Td (may ) Tj ET Q q 0 0 0 rg BT 550.68 366.50 Td (be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (established ) Tj ET Q q 0 0 0 rg BT 106.32 352.10 Td (from ) Tj ET Q q 0 0 0 rg BT 132.65 352.10 Td (time ) Tj ET Q q 0 0 0 rg BT 156.97 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.31 352.10 Td (time ) Tj ET Q q 0 0 0 rg BT 193.64 352.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.64 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.30 352.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 282.62 352.10 Td (\(Participants\). ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 325.70 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 325.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 323.8220703125 m 253.771484375 323.8220703125 l s q 0 0 0 rg BT 86.00 325.70 Td (Grant of Restricted Fund Shar) Tj ET Q q 0 0 0 rg BT 243.78 325.70 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 253.77 325.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 299.30 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 299.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 297.700390625 m 213.8427734375 297.700390625 l s q 0 0 0 rg BT 122.00 299.30 Td (Mandatory ) Tj ET Q q 0 0 0 rg BT 177.19 299.30 Td (Receipt) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 213.84 299.30 Td (. ) Tj ET Q q 0 0 0 rg BT 218.82 299.30 Td (At ) Tj ET Q q 0 0 0 rg BT 233.36 299.30 Td (the ) Tj ET Q q 0 0 0 rg BT 250.56 299.30 Td (time ) Tj ET Q q 0 0 0 rg BT 274.43 299.30 Td (that ) Tj ET Q q 0 0 0 rg BT 294.96 299.30 Td (it ) Tj ET Q q 0 0 0 rg BT 304.17 299.30 Td (approves ) Tj ET Q q 0 0 0 rg BT 350.03 299.30 Td (the ) Tj ET Q q 0 0 0 rg BT 367.23 299.30 Td (annual ) Tj ET Q q 0 0 0 rg BT 401.76 299.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 428.95 299.30 Td (of ) Tj ET Q q 0 0 0 rg BT 441.49 299.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 492.68 299.30 Td (Compensation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 284.90 Td (to ) Tj ET Q q 0 0 0 rg BT 62.03 284.90 Td (Participants, ) Tj ET Q q 0 0 0 rg BT 124.38 284.90 Td (the ) Tj ET Q q 0 0 0 rg BT 141.74 284.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 197.76 284.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 223.12 284.90 Td (specify ) Tj ET Q q 0 0 0 rg BT 260.47 284.90 Td (the ) Tj ET Q q 0 0 0 rg BT 277.83 284.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 332.49 284.90 Td (of ) Tj ET Q q 0 0 0 rg BT 345.18 284.90 Td (the ) Tj ET Q q 0 0 0 rg BT 362.54 284.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 413.88 284.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 485.91 284.90 Td (to ) Tj ET Q q 0 0 0 rg BT 497.94 284.90 Td (be ) Tj ET Q q 0 0 0 rg BT 511.96 284.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 535.32 284.90 Td (in ) Tj ET Q q 0 0 0 rg BT 547.35 284.90 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 270.50 Td (form ) Tj ET Q q 0 0 0 rg BT 75.59 270.50 Td (of ) Tj ET Q q 0 0 0 rg BT 87.85 270.50 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 138.77 270.50 Td (Fund ) Tj ET Q q 0 0 0 rg BT 165.71 270.50 Td (Shares ) Tj ET Q q 0 0 0 rg BT 199.96 270.50 Td (\(the ) Tj ET Q q 0 0 0 rg BT 220.88 270.50 Td (Mandatory ) Tj ET Q q 0 0 0 rg BT 281.13 270.50 Td (Percentage\). ) Tj ET Q q 0 0 0 rg BT 348.35 270.50 Td ( ) Tj ET Q q 0 0 0 rg BT 350.61 270.50 Td (If ) Tj ET Q q 0 0 0 rg BT 360.87 270.50 Td (the ) Tj ET Q q 0 0 0 rg BT 377.79 270.50 Td (Committee ) Tj ET Q q 0 0 0 rg BT 433.38 270.50 Td (does ) Tj ET Q q 0 0 0 rg BT 457.65 270.50 Td (not ) Tj ET Q q 0 0 0 rg BT 475.24 270.50 Td (so ) Tj ET Q q 0 0 0 rg BT 488.18 270.50 Td (act ) Tj ET Q q 0 0 0 rg BT 504.43 270.50 Td (with ) Tj ET Q q 0 0 0 rg BT 528.03 270.50 Td (respect ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.77 256.10 Td (an ) Tj ET Q q 0 0 0 rg BT 75.53 256.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 109.95 256.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 137.04 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.46 256.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 200.55 256.10 Td (Compensation, ) Tj ET Q q 0 0 0 rg BT 275.31 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.40 256.10 Td (Mandatory ) Tj ET Q q 0 0 0 rg BT 347.49 256.10 Td (Percentage ) Tj ET Q q 0 0 0 rg BT 402.56 256.10 Td (for ) Tj ET Q q 0 0 0 rg BT 418.98 256.10 Td (that ) Tj ET Q q 0 0 0 rg BT 439.41 256.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 473.83 256.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 500.92 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.35 256.10 Td (Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 241.70 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 121.19 241.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 145.72 241.70 Td (be ) Tj ET Q q 0 0 0 rg BT 158.91 241.70 Td (fifty ) Tj ET Q q 0 0 0 rg BT 181.44 241.70 Td (percent ) Tj ET Q q 0 0 0 rg BT 218.61 241.70 Td (\(50%\). ) Tj ET Q q 0 0 0 rg BT 253.33 241.70 Td (The ) Tj ET Q q 0 0 0 rg BT 273.85 241.70 Td (Mandatory ) Tj ET Q q 0 0 0 rg BT 328.37 241.70 Td (Percentage ) Tj ET Q q 0 0 0 rg BT 382.87 241.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 407.40 241.70 Td (apply ) Tj ET Q q 0 0 0 rg BT 435.92 241.70 Td (to ) Tj ET Q q 0 0 0 rg BT 447.12 241.70 Td (the ) Tj ET Q q 0 0 0 rg BT 463.64 241.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 501.50 241.70 Td (of ) Tj ET Q q 0 0 0 rg BT 513.36 241.70 Td (Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 227.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 122.96 227.30 Td (paid ) Tj ET Q q 0 0 0 rg BT 147.26 227.30 Td (to ) Tj ET Q q 0 0 0 rg BT 160.23 227.30 Td (each ) Tj ET Q q 0 0 0 rg BT 185.84 227.30 Td (Participant; ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 244.80 227.30 Td (pr) Tj ET Q q 0 0 0 rg BT 255.02 227.30 Td (ovided, ) Tj ET Q q 0 0 0 rg BT 293.64 227.30 Td (however) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 334.30 227.30 Td (, ) Tj ET Q q 0 0 0 rg BT 340.93 227.30 Td (that ) Tj ET Q q 0 0 0 rg BT 362.56 227.30 Td (the ) Tj ET Q q 0 0 0 rg BT 380.86 227.30 Td (Committee ) Tj ET Q q 0 0 0 rg BT 437.82 227.30 Td (may ) Tj ET Q q 0 0 0 rg BT 462.12 227.30 Td (separately ) Tj ET Q q 0 0 0 rg BT 514.39 227.30 Td (approve ) Tj ET Q q 0 0 0 rg BT 556.67 227.30 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 212.90 Td (dif) Tj ET Q q 0 0 0 rg BT 63.11 212.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 95.27 212.90 Td (Mandatory ) Tj ET Q q 0 0 0 rg BT 152.11 212.90 Td (Percentage ) Tj ET Q q 0 0 0 rg BT 208.92 212.90 Td (for ) Tj ET Q q 0 0 0 rg BT 227.09 212.90 Td (individual ) Tj ET Q q 0 0 0 rg BT 279.94 212.90 Td (employees ) Tj ET Q q 0 0 0 rg BT 335.43 212.90 Td (or ) Tj ET Q q 0 0 0 rg BT 349.61 212.90 Td (a ) Tj ET Q q 0 0 0 rg BT 359.12 212.90 Td (class ) Tj ET Q q 0 0 0 rg BT 386.62 212.90 Td (of ) Tj ET Q q 0 0 0 rg BT 400.80 212.90 Td (employees, ) Tj ET Q q 0 0 0 rg BT 459.30 212.90 Td (or ) Tj ET Q q 0 0 0 rg BT 473.47 212.90 Td (it ) Tj ET Q q 0 0 0 rg BT 484.32 212.90 Td (may ) Tj ET Q q 0 0 0 rg BT 509.16 212.90 Td (permit ) Tj ET Q q 0 0 0 rg BT 544.67 212.90 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 198.50 Td (employee ) Tj ET Q q 0 0 0 rg BT 99.01 198.50 Td (or ) Tj ET Q q 0 0 0 rg BT 111.38 198.50 Td (class ) Tj ET Q q 0 0 0 rg BT 137.07 198.50 Td (of ) Tj ET Q q 0 0 0 rg BT 149.43 198.50 Td (employee ) Tj ET Q q 0 0 0 rg BT 198.45 198.50 Td (to ) Tj ET Q q 0 0 0 rg BT 210.15 198.50 Td (elect ) Tj ET Q q 0 0 0 rg BT 235.16 198.50 Td (to ) Tj ET Q q 0 0 0 rg BT 246.86 198.50 Td (receive ) Tj ET Q q 0 0 0 rg BT 283.87 198.50 Td (a ) Tj ET Q q 0 0 0 rg BT 291.56 198.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 345.89 198.50 Td (greater ) Tj ET Q q 0 0 0 rg BT 381.56 198.50 Td (or ) Tj ET Q q 0 0 0 rg BT 393.92 198.50 Td (less ) Tj ET Q q 0 0 0 rg BT 414.29 198.50 Td (than ) Tj ET Q q 0 0 0 rg BT 437.32 198.50 Td (the ) Tj ET Q q 0 0 0 rg BT 454.34 198.50 Td (Mandatory ) Tj ET Q q 0 0 0 rg BT 509.36 198.50 Td (Percentage ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 63.00 184.10 Td (their ) Tj ET Q q 0 0 0 rg BT 87.99 184.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 139.64 184.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 211.96 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.30 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.96 184.10 Td (form ) Tj ET Q q 0 0 0 rg BT 268.29 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.28 184.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 332.93 184.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 360.61 184.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 395.60 184.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 417.25 184.10 Td (Elective ) Tj ET Q q 0 0 0 rg BT 464.89 184.10 Td (Percentage\). ) Tj ET Q q 0 0 0 rg BT 532.85 184.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 157.70 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 157.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 156.10039062500005 m 218.72509765625 156.10039062500005 l s q 0 0 0 rg BT 122.00 157.70 Td (Employee ) Tj ET Q q 0 0 0 rg BT 174.07 157.70 Td (Elections) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 218.73 157.70 Td (. ) Tj ET Q q 0 0 0 rg BT 225.15 157.70 Td ( ) Tj ET Q q 0 0 0 rg BT 228.57 157.70 Td (Participants ) Tj ET Q q 0 0 0 rg BT 288.64 157.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 314.73 157.70 Td (specify ) Tj ET Q q 0 0 0 rg BT 352.80 157.70 Td (how ) Tj ET Q q 0 0 0 rg BT 376.88 157.70 Td (the ) Tj ET Q q 0 0 0 rg BT 394.96 157.70 Td (percentage ) Tj ET Q q 0 0 0 rg BT 450.35 157.70 Td (of ) Tj ET Q q 0 0 0 rg BT 463.76 157.70 Td (his ) Tj ET Q q 0 0 0 rg BT 481.19 157.70 Td (or ) Tj ET Q q 0 0 0 rg BT 494.60 157.70 Td (her ) Tj ET Q q 0 0 0 rg BT 513.35 157.70 Td (Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 143.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 123.91 143.30 Td (to ) Tj ET Q q 0 0 0 rg BT 137.83 143.30 Td (be ) Tj ET Q q 0 0 0 rg BT 153.74 143.30 Td (received ) Tj ET Q q 0 0 0 rg BT 198.96 143.30 Td (in ) Tj ET Q q 0 0 0 rg BT 212.88 143.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 266.12 143.30 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.38 143.30 Td (Shares ) Tj ET Q q 0 0 0 rg BT 331.96 143.30 Td (will ) Tj ET Q q 0 0 0 rg BT 355.21 143.30 Td (be ) Tj ET Q q 0 0 0 rg BT 371.12 143.30 Td (allocated ) Tj ET Q q 0 0 0 rg BT 419.01 143.30 Td (among ) Tj ET Q q 0 0 0 rg BT 456.26 143.30 Td (the ) Tj ET Q q 0 0 0 rg BT 475.51 143.30 Td (mutual ) Tj ET Q q 0 0 0 rg BT 513.42 143.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 544.67 143.30 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 128.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 97.67 128.90 Td (traded ) Tj ET Q q 0 0 0 rg BT 130.02 128.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 159.05 128.90 Td (selected ) Tj ET Q q 0 0 0 rg BT 200.05 128.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 243.74 128.90 Td (to ) Tj ET Q q 0 0 0 rg BT 255.44 128.90 Td (Section ) Tj ET Q q 0 0 0 rg BT 293.80 128.90 Td (5. ) Tj ET Q q 0 0 0 rg BT 305.16 128.90 Td (In ) Tj ET Q q 0 0 0 rg BT 317.52 128.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 362.22 128.90 Td (to ) Tj ET Q q 0 0 0 rg BT 373.92 128.90 Td (the ) Tj ET Q q 0 0 0 rg BT 390.94 128.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 422.62 128.90 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 477.29 128.90 Td (a ) Tj ET Q q 0 0 0 rg BT 484.99 128.90 Td (Participant ) Tj ET Q q 0 0 0 rg BT 539.33 128.90 Td (shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 114.50 Td (specify ) Tj ET Q q 0 0 0 rg BT 88.66 114.50 Td (an ) Tj ET Q q 0 0 0 rg BT 104.00 114.50 Td (Elective ) Tj ET Q q 0 0 0 rg BT 147.32 114.50 Td (Percentage ) Tj ET Q q 0 0 0 rg BT 203.97 114.50 Td (if ) Tj ET Q q 0 0 0 rg BT 215.31 114.50 Td (they ) Tj ET Q q 0 0 0 rg BT 239.98 114.50 Td (are ) Tj ET Q q 0 0 0 rg BT 258.64 114.50 Td (eligible ) Tj ET Q q 0 0 0 rg BT 298.64 114.50 Td (to ) Tj ET Q q 0 0 0 rg BT 311.98 114.50 Td (do ) Tj ET Q q 0 0 0 rg BT 327.99 114.50 Td (so ) Tj ET Q q 0 0 0 rg BT 342.67 114.50 Td (with ) Tj ET Q q 0 0 0 rg BT 368.02 114.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 406.01 114.50 Td (to ) Tj ET Q q 0 0 0 rg BT 419.35 114.50 Td (an ) Tj ET Q q 0 0 0 rg BT 434.69 114.50 Td (annual ) Tj ET Q q 0 0 0 rg BT 470.69 114.50 Td (grant ) Tj ET Q q 0 0 0 rg BT 499.35 114.50 Td (of ) Tj ET Q q 0 0 0 rg BT 513.36 114.50 Td (Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (Compensation. ) Tj ET Q q 0 0 0 rg BT 125.79 100.10 Td (These ) Tj ET Q q 0 0 0 rg BT 158.18 100.10 Td (elections ) Tj ET Q q 0 0 0 rg BT 204.57 100.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 230.97 100.10 Td (be ) Tj ET Q q 0 0 0 rg BT 246.03 100.10 Td (made ) Tj ET Q q 0 0 0 rg BT 275.75 100.10 Td (at ) Tj ET Q q 0 0 0 rg BT 288.15 100.10 Td (such ) Tj ET Q q 0 0 0 rg BT 313.88 100.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 341.94 100.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.68 100.10 Td (such ) Tj ET Q q 0 0 0 rg BT 383.41 100.10 Td (form\(s\) ) Tj ET Q q 0 0 0 rg BT 423.13 100.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.19 100.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.26 100.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 514.95 100.10 Td (with ) Tj ET Q q 0 0 0 rg BT 540.02 100.10 Td (such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 85.70 Td (rules ) Tj ET Q q 0 0 0 rg BT 76.69 85.70 Td (as ) Tj ET Q q 0 0 0 rg BT 90.05 85.70 Td (may ) Tj ET Q q 0 0 0 rg BT 114.07 85.70 Td (be ) Tj ET Q q 0 0 0 rg BT 128.76 85.70 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 182.10 85.70 Td (for ) Tj ET Q q 0 0 0 rg BT 199.46 85.70 Td (this ) Tj ET Q q 0 0 0 rg BT 220.16 85.70 Td (purpose ) Tj ET Q q 0 0 0 rg BT 261.51 85.70 Td (by ) Tj ET Q q 0 0 0 rg BT 276.88 85.70 Td (the ) Tj ET Q q 0 0 0 rg BT 294.90 85.70 Td (Company) Tj ET Q q 0 0 0 rg BT 340.78 85.70 Td (. ) Tj ET Q q 0 0 0 rg BT 347.15 85.70 Td ( ) Tj ET Q q 0 0 0 rg BT 350.51 85.70 Td (If ) Tj ET Q q 0 0 0 rg BT 361.87 85.70 Td (a ) Tj ET Q q 0 0 0 rg BT 370.55 85.70 Td (Participant ) Tj ET Q q 0 0 0 rg BT 425.90 85.70 Td (fails ) Tj ET Q q 0 0 0 rg BT 449.93 85.70 Td (to ) Tj ET Q q 0 0 0 rg BT 462.62 85.70 Td (make ) Tj ET Q q 0 0 0 rg BT 491.97 85.70 Td (an ) Tj ET Q q 0 0 0 rg BT 506.66 85.70 Td (election ) Tj ET Q q 0 0 0 rg BT 548.01 85.70 Td (for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 71.30 Td (the ) Tj ET Q q 0 0 0 rg BT 67.53 71.30 Td (allocation ) Tj ET Q q 0 0 0 rg BT 117.71 71.30 Td (among ) Tj ET Q q 0 0 0 rg BT 153.23 71.30 Td (the ) Tj ET Q q 0 0 0 rg BT 170.76 71.30 Td (mutual ) Tj ET Q q 0 0 0 rg BT 206.96 71.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 236.49 71.30 Td (and ) Tj ET Q q 0 0 0 rg BT 256.68 71.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 304.85 71.30 Td (traded ) Tj ET Q q 0 0 0 rg BT 337.70 71.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 367.24 71.30 Td (before ) Tj ET Q q 0 0 0 rg BT 400.75 71.30 Td (the ) Tj ET Q q 0 0 0 rg BT 418.27 71.30 Td (deadline ) Tj ET Q q 0 0 0 rg BT 461.79 71.30 Td (for ) Tj ET Q q 0 0 0 rg BT 478.65 71.30 Td (such ) Tj ET Q q 0 0 0 rg BT 503.51 71.30 Td (election, ) Tj ET Q q 0 0 0 rg BT 547.36 71.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 56.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 99.75 56.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 125.50 56.90 Td (make ) Tj ET Q q 0 0 0 rg BT 154.57 56.90 Td (such ) Tj ET Q q 0 0 0 rg BT 179.66 56.90 Td (allocation ) Tj ET Q q 0 0 0 rg BT 230.06 56.90 Td (on ) Tj ET Q q 0 0 0 rg BT 245.14 56.90 Td (behalf ) Tj ET Q q 0 0 0 rg BT 278.21 56.90 Td (of ) Tj ET Q q 0 0 0 rg BT 291.29 56.90 Td (the ) Tj ET Q q 0 0 0 rg BT 309.04 56.90 Td (Participant ) Tj ET Q q 0 0 0 rg BT 364.11 56.90 Td (in ) Tj ET Q q 0 0 0 rg BT 376.53 56.90 Td (its ) Tj ET Q q 0 0 0 rg BT 390.96 56.90 Td (sole ) Tj ET Q q 0 0 0 rg BT 413.37 56.90 Td (discretion. ) Tj ET Q q 0 0 0 rg BT 466.78 56.90 Td (If ) Tj ET Q q 0 0 0 rg BT 477.86 56.90 Td (a ) Tj ET Q q 0 0 0 rg BT 486.27 56.90 Td (Participant ) Tj ET Q q 0 0 0 rg BT 541.34 56.90 Td (fails ) Tj ET Q endstream endobj 301 0 obj <> endobj 302 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td (to ) Tj ET Q q 0 0 0 rg BT 63.55 740.70 Td (specify ) Tj ET Q q 0 0 0 rg BT 102.42 740.70 Td (an ) Tj ET Q q 0 0 0 rg BT 117.96 740.70 Td (Elective ) Tj ET Q q 0 0 0 rg BT 161.48 740.70 Td (Percentage ) Tj ET Q q 0 0 0 rg BT 218.33 740.70 Td (before ) Tj ET Q q 0 0 0 rg BT 253.19 740.70 Td (the ) Tj ET Q q 0 0 0 rg BT 272.06 740.70 Td (deadline ) Tj ET Q q 0 0 0 rg BT 316.92 740.70 Td (for ) Tj ET Q q 0 0 0 rg BT 335.13 740.70 Td (such ) Tj ET Q q 0 0 0 rg BT 361.34 740.70 Td (election, ) Tj ET Q q 0 0 0 rg BT 406.54 740.70 Td (the ) Tj ET Q q 0 0 0 rg BT 425.41 740.70 Td (Participant ) Tj ET Q q 0 0 0 rg BT 481.61 740.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 508.49 740.70 Td (receive ) Tj ET Q q 0 0 0 rg BT 547.34 740.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (Mandatory ) Tj ET Q q 0 0 0 rg BT 107.59 726.30 Td (Percentage ) Tj ET Q q 0 0 0 rg BT 165.17 726.30 Td (of ) Tj ET Q q 0 0 0 rg BT 180.10 726.30 Td (his ) Tj ET Q q 0 0 0 rg BT 199.04 726.30 Td (or ) Tj ET Q q 0 0 0 rg BT 213.98 726.30 Td (her ) Tj ET Q q 0 0 0 rg BT 234.24 726.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 287.83 726.30 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 362.10 726.30 Td (in ) Tj ET Q q 0 0 0 rg BT 376.37 726.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 429.96 726.30 Td (Fund ) Tj ET Q q 0 0 0 rg BT 459.57 726.30 Td (Shares. ) Tj ET Q q 0 0 0 rg BT 498.41 726.30 Td (Any ) Tj ET Q q 0 0 0 rg BT 524.02 726.30 Td (election ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 100.83 711.90 Td (to ) Tj ET Q q 0 0 0 rg BT 112.34 711.90 Td (the ) Tj ET Q q 0 0 0 rg BT 129.18 711.90 Td (allocation ) Tj ET Q q 0 0 0 rg BT 178.68 711.90 Td (of ) Tj ET Q q 0 0 0 rg BT 190.85 711.90 Td (the ) Tj ET Q q 0 0 0 rg BT 207.69 711.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 258.52 711.90 Td (Fund ) Tj ET Q q 0 0 0 rg BT 285.38 711.90 Td (Shares ) Tj ET Q q 0 0 0 rg BT 319.55 711.90 Td (or ) Tj ET Q q 0 0 0 rg BT 331.72 711.90 Td (the ) Tj ET Q q 0 0 0 rg BT 348.56 711.90 Td (Elective ) Tj ET Q q 0 0 0 rg BT 390.05 711.90 Td (Percentage ) Tj ET Q q 0 0 0 rg BT 444.87 711.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 469.71 711.90 Td (be ) Tj ET Q q 0 0 0 rg BT 483.22 711.90 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 539.36 711.90 Td (once ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 697.50 Td (the ) Tj ET Q q 0 0 0 rg BT 67.66 697.50 Td (applicable ) Tj ET Q q 0 0 0 rg BT 119.97 697.50 Td (election ) Tj ET Q q 0 0 0 rg BT 160.95 697.50 Td (deadline ) Tj ET Q q 0 0 0 rg BT 204.59 697.50 Td (has ) Tj ET Q q 0 0 0 rg BT 223.59 697.50 Td (passed.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 671.10 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 671.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 669.500390625 m 200.38525390625 669.500390625 l s q 0 0 0 rg BT 122.00 671.10 Td (No ) Tj ET Q q 0 0 0 rg BT 139.74 671.10 Td (Reallocation) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 200.39 671.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.46 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.53 671.10 Td (Unless ) Tj ET Q q 0 0 0 rg BT 245.28 671.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 295.00 671.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 352.05 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 367.13 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.86 671.10 Td (Company) Tj ET Q q 0 0 0 rg BT 430.75 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 436.82 671.10 Td (no ) Tj ET Q q 0 0 0 rg BT 451.90 671.10 Td (reallocation ) Tj ET Q q 0 0 0 rg BT 511.61 671.10 Td (among ) Tj ET Q q 0 0 0 rg BT 547.34 671.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 656.70 Td (selected ) Tj ET Q q 0 0 0 rg BT 90.40 656.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 125.50 656.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 153.92 656.70 Td (and ) Tj ET Q q 0 0 0 rg BT 173.01 656.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 220.08 656.70 Td (traded ) Tj ET Q q 0 0 0 rg BT 251.82 656.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 280.25 656.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 304.68 656.70 Td (be ) Tj ET Q q 0 0 0 rg BT 317.77 656.70 Td (permitted ) Tj ET Q q 0 0 0 rg BT 365.51 656.70 Td (after ) Tj ET Q q 0 0 0 rg BT 389.25 656.70 Td (the ) Tj ET Q q 0 0 0 rg BT 405.68 656.70 Td (deadline ) Tj ET Q q 0 0 0 rg BT 448.08 656.70 Td (for ) Tj ET Q q 0 0 0 rg BT 463.84 656.70 Td (making ) Tj ET Q q 0 0 0 rg BT 501.60 656.70 Td (an ) Tj ET Q q 0 0 0 rg BT 514.68 656.70 Td (allocation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 642.30 Td (election ) Tj ET Q q 0 0 0 rg BT 90.98 642.30 Td (has ) Tj ET Q q 0 0 0 rg BT 109.98 642.30 Td (passed. ) Tj ET Q q 0 0 0 rg BT 147.97 642.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 615.90 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 615.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 614.0220703125 m 318.810546875 614.0220703125 l s q 0 0 0 rg BT 86.00 615.90 Td (Funds Distributed ) Tj ET Q q 0 0 0 rg BT 182.03 615.90 Td (As Restricted Fund Shar) Tj ET Q q 0 0 0 rg BT 308.81 615.90 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 318.81 615.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 589.50 Td (The ) Tj ET Q q 0 0 0 rg BT 108.37 589.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.75 589.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 185.13 589.50 Td (select ) Tj ET Q q 0 0 0 rg BT 216.16 589.50 Td (the ) Tj ET Q q 0 0 0 rg BT 234.54 589.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 264.92 589.50 Td (in ) Tj ET Q q 0 0 0 rg BT 277.96 589.50 Td (which ) Tj ET Q q 0 0 0 rg BT 311.01 589.50 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 363.37 589.50 Td (Fund ) Tj ET Q q 0 0 0 rg BT 391.76 589.50 Td (Shares ) Tj ET Q q 0 0 0 rg BT 427.47 589.50 Td (will ) Tj ET Q q 0 0 0 rg BT 449.85 589.50 Td (be ) Tj ET Q q 0 0 0 rg BT 464.89 589.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 498.61 589.50 Td (in ) Tj ET Q q 0 0 0 rg BT 511.65 589.50 Td (any ) Tj ET Q q 0 0 0 rg BT 532.70 589.50 Td (award ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 78.79 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 105.60 575.10 Td (among ) Tj ET Q q 0 0 0 rg BT 141.74 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.88 575.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 196.68 575.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 226.83 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 248.30 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 266.43 575.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 313.22 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 328.70 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 342.74 575.10 Td (Af) Tj ET Q q 0 0 0 rg BT 355.18 575.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 386.64 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.45 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 434.25 575.10 Td (among ) Tj ET Q q 0 0 0 rg BT 470.39 575.10 Td (other ) Tj ET Q q 0 0 0 rg BT 498.53 575.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 535.34 575.10 Td (funds ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 560.70 Td (and ) Tj ET Q q 0 0 0 rg BT 69.67 560.70 Td (exchange ) Tj ET Q q 0 0 0 rg BT 117.31 560.70 Td (traded ) Tj ET Q q 0 0 0 rg BT 149.63 560.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 178.64 560.70 Td (that ) Tj ET Q q 0 0 0 rg BT 198.97 560.70 Td (have ) Tj ET Q q 0 0 0 rg BT 223.96 560.70 Td (been ) Tj ET Q q 0 0 0 rg BT 248.95 560.70 Td (approved ) Tj ET Q q 0 0 0 rg BT 295.94 560.70 Td (for ) Tj ET Q q 0 0 0 rg BT 312.27 560.70 Td (such ) Tj ET Q q 0 0 0 rg BT 336.61 560.70 Td (purpose ) Tj ET Q q 0 0 0 rg BT 376.94 560.70 Td (by ) Tj ET Q q 0 0 0 rg BT 391.28 560.70 Td (the ) Tj ET Q q 0 0 0 rg BT 408.28 560.70 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 466.94 560.70 Td ( ) Tj ET Q q 0 0 0 rg BT 469.11 560.70 Td (The ) Tj ET Q q 0 0 0 rg BT 490.11 560.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 539.11 560.70 Td (may) Tj ET Q q 0 0 0 rg BT 558.99 560.70 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 546.30 Td (from ) Tj ET Q q 0 0 0 rg BT 76.44 546.30 Td (time ) Tj ET Q q 0 0 0 rg BT 100.87 546.30 Td (to ) Tj ET Q q 0 0 0 rg BT 113.32 546.30 Td (time ) Tj ET Q q 0 0 0 rg BT 137.76 546.30 Td (and ) Tj ET Q q 0 0 0 rg BT 158.19 546.30 Td (in ) Tj ET Q q 0 0 0 rg BT 170.64 546.30 Td (its ) Tj ET Q q 0 0 0 rg BT 185.08 546.30 Td (sole ) Tj ET Q q 0 0 0 rg BT 207.52 546.30 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 260.95 546.30 Td (add ) Tj ET Q q 0 0 0 rg BT 281.39 546.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 296.83 546.30 Td (remove ) Tj ET Q q 0 0 0 rg BT 335.93 546.30 Td (or ) Tj ET Q q 0 0 0 rg BT 349.03 546.30 Td (substitute ) Tj ET Q q 0 0 0 rg BT 398.14 546.30 Td (such ) Tj ET Q q 0 0 0 rg BT 423.25 546.30 Td (funds, ) Tj ET Q q 0 0 0 rg BT 456.03 546.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 501.79 546.30 Td (that ) Tj ET Q q 0 0 0 rg BT 522.90 546.30 Td (only ) Tj ET Q q 0 0 0 rg BT 547.34 546.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 531.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 106.31 531.90 Td (may ) Tj ET Q q 0 0 0 rg BT 129.96 531.90 Td (approve ) Tj ET Q q 0 0 0 rg BT 171.60 531.90 Td (the ) Tj ET Q q 0 0 0 rg BT 189.25 531.90 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 236.23 531.90 Td (of ) Tj ET Q q 0 0 0 rg BT 249.22 531.90 Td (mutual ) Tj ET Q q 0 0 0 rg BT 285.54 531.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 315.19 531.90 Td (or ) Tj ET Q q 0 0 0 rg BT 328.17 531.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 376.47 531.90 Td (traded ) Tj ET Q q 0 0 0 rg BT 409.44 531.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 439.09 531.90 Td (other ) Tj ET Q q 0 0 0 rg BT 466.74 531.90 Td (than ) Tj ET Q q 0 0 0 rg BT 490.38 531.90 Td (those ) Tj ET Q q 0 0 0 rg BT 518.70 531.90 Td (managed ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 517.50 Td (by ) Tj ET Q q 0 0 0 rg BT 65.00 517.50 Td (an ) Tj ET Q q 0 0 0 rg BT 78.66 517.50 Td (Af) Tj ET Q q 0 0 0 rg BT 91.11 517.50 Td (filiate ) Tj ET Q q 0 0 0 rg BT 122.09 517.50 Td (among ) Tj ET Q q 0 0 0 rg BT 157.75 517.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.41 517.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 205.08 517.50 Td (from ) Tj ET Q q 0 0 0 rg BT 231.41 517.50 Td (which ) Tj ET Q q 0 0 0 rg BT 263.73 517.50 Td (the ) Tj ET Q q 0 0 0 rg BT 281.39 517.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 331.06 517.50 Td (may ) Tj ET Q q 0 0 0 rg BT 354.72 517.50 Td (select ) Tj ET Q q 0 0 0 rg BT 385.03 517.50 Td (for ) Tj ET Q q 0 0 0 rg BT 402.03 517.50 Td (any ) Tj ET Q q 0 0 0 rg BT 422.35 517.50 Td (award ) Tj ET Q q 0 0 0 rg BT 454.67 517.50 Td (cycle.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 491.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 489.2220703125 m 307.98828125 489.2220703125 l s q 0 0 0 rg BT 86.00 491.10 Td (T) Tj ET Q q 0 0 0 rg BT 92.90 491.10 Td (erms of the Restricted Fund Shar) Tj ET Q q 0 0 0 rg BT 263.66 491.10 Td (e Grants) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 307.99 491.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 464.70 Td (A) Tj ET Q q 0 0 0 rg BT 94.00 464.70 Td ( ) Tj ET Q q 0 0 0 rg BT 96.90 464.70 Td (Participant ) Tj ET Q q 0 0 0 rg BT 151.78 464.70 Td (who ) Tj ET Q q 0 0 0 rg BT 175.35 464.70 Td (receives ) Tj ET Q q 0 0 0 rg BT 217.55 464.70 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 269.10 464.70 Td (Fund ) Tj ET Q q 0 0 0 rg BT 296.67 464.70 Td (Shares ) Tj ET Q q 0 0 0 rg BT 331.56 464.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 357.12 464.70 Td (be ) Tj ET Q q 0 0 0 rg BT 371.34 464.70 Td (issued ) Tj ET Q q 0 0 0 rg BT 404.24 464.70 Td (and ) Tj ET Q q 0 0 0 rg BT 424.46 464.70 Td (required ) Tj ET Q q 0 0 0 rg BT 467.34 464.70 Td (to ) Tj ET Q q 0 0 0 rg BT 479.57 464.70 Td (execute ) Tj ET Q q 0 0 0 rg BT 519.11 464.70 Td (a ) Tj ET Q q 0 0 0 rg BT 527.33 464.70 Td (Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 450.30 Td (Fund ) Tj ET Q q 0 0 0 rg BT 77.93 450.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 129.84 450.30 Td (Share ) Tj ET Q q 0 0 0 rg BT 159.71 450.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 216.27 450.30 Td (\(Agreement\) ) Tj ET Q q 0 0 0 rg BT 291.49 450.30 Td (which ) Tj ET Q q 0 0 0 rg BT 324.07 450.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 349.99 450.30 Td (set ) Tj ET Q q 0 0 0 rg BT 366.58 450.30 Td (forth ) Tj ET Q q 0 0 0 rg BT 393.17 450.30 Td (the ) Tj ET Q q 0 0 0 rg BT 411.09 450.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 441.01 450.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 493.57 450.30 Td (to ) Tj ET Q q 0 0 0 rg BT 506.17 450.30 Td (the ) Tj ET Q q 0 0 0 rg BT 524.09 450.30 Td (grant ) Tj ET Q q 0 0 0 rg BT 552.00 450.30 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 435.90 Td (such ) Tj ET Q q 0 0 0 rg BT 75.00 435.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 126.65 435.90 Td (Fund ) Tj ET Q q 0 0 0 rg BT 154.32 435.90 Td (Shares.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 409.50 Td (7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 409.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 407.6220703125 m 164.673828125 407.6220703125 l s q 0 0 0 rg BT 86.00 409.50 Td (Administration) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 164.67 409.50 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 383.10 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 383.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 381.500390625 m 334.95849609375 381.500390625 l s q 0 0 0 rg BT 122.00 383.10 Td (Administration ) Tj ET Q q 0 0 0 rg BT 198.76 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.18 383.10 Td (Discretionary ) Tj ET Q q 0 0 0 rg BT 288.68 383.10 Td (Authority) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 334.57 383.10 Td (. ) Tj ET Q q 0 0 0 rg BT 341.67 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.47 383.10 Td (The ) Tj ET Q q 0 0 0 rg BT 368.22 383.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 418.98 383.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 445.74 383.10 Td (administer ) Tj ET Q q 0 0 0 rg BT 500.49 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.25 383.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 544.68 383.10 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 368.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 86.79 368.70 Td (under ) Tj ET Q q 0 0 0 rg BT 116.92 368.70 Td (the ) Tj ET Q q 0 0 0 rg BT 134.38 368.70 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 161.52 368.70 Td ( ) Tj ET Q q 0 0 0 rg BT 164.33 368.70 Td ( ) Tj ET Q q 0 0 0 rg BT 167.13 368.70 Td (Except ) Tj ET Q q 0 0 0 rg BT 203.25 368.70 Td (with ) Tj ET Q q 0 0 0 rg BT 227.39 368.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 264.18 368.70 Td (to ) Tj ET Q q 0 0 0 rg BT 276.32 368.70 Td (Participants ) Tj ET Q q 0 0 0 rg BT 335.77 368.70 Td (that ) Tj ET Q q 0 0 0 rg BT 356.57 368.70 Td (are ) Tj ET Q q 0 0 0 rg BT 374.03 368.70 Td (of) Tj ET Q q 0 0 0 rg BT 383.81 368.70 Td (ficers ) Tj ET Q q 0 0 0 rg BT 413.26 368.70 Td (of ) Tj ET Q q 0 0 0 rg BT 426.06 368.70 Td (the ) Tj ET Q q 0 0 0 rg BT 443.53 368.70 Td (Company) Tj ET Q q 0 0 0 rg BT 489.41 368.70 Td (, ) Tj ET Q q 0 0 0 rg BT 495.22 368.70 Td (as ) Tj ET Q q 0 0 0 rg BT 508.02 368.70 Td (determined ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 354.30 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 95.45 354.30 Td (to ) Tj ET Q q 0 0 0 rg BT 108.91 354.30 Td (Rule ) Tj ET Q q 0 0 0 rg BT 135.69 354.30 Td (16a-1\(f\) ) Tj ET Q q 0 0 0 rg BT 179.13 354.30 Td (under ) Tj ET Q q 0 0 0 rg BT 210.57 354.30 Td (the ) Tj ET Q q 0 0 0 rg BT 229.36 354.30 Td (Securities ) Tj ET Q q 0 0 0 rg BT 280.80 354.30 Td (and ) Tj ET Q q 0 0 0 rg BT 302.25 354.30 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 352.77 354.30 Td (Act ) Tj ET Q q 0 0 0 rg BT 374.22 354.30 Td (of ) Tj ET Q q 0 0 0 rg BT 388.34 354.30 Td (1934, ) Tj ET Q q 0 0 0 rg BT 419.47 354.30 Td (as ) Tj ET Q q 0 0 0 rg BT 433.59 354.30 Td (amended ) Tj ET Q q 0 0 0 rg BT 481.02 354.30 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 540.21 354.30 Td (, ) Tj ET Q q 0 0 0 rg BT 547.34 354.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 339.90 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 55.326171875 338.300390625 m 146.60791015625 338.300390625 l s q 0 0 0 rg BT 55.33 339.90 Td (Executive ) Tj ET Q q 0 0 0 rg BT 107.51 339.90 Td (Of) Tj ET Q q 0 0 0 rg BT 119.96 339.90 Td (ficers) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 146.61 339.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 163.14 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 182.01 339.90 Td (Global ) Tj ET Q q 0 0 0 rg BT 218.88 339.90 Td (Head ) Tj ET Q q 0 0 0 rg BT 248.41 339.90 Td (of ) Tj ET Q q 0 0 0 rg BT 262.62 339.90 Td (Human ) Tj ET Q q 0 0 0 rg BT 302.16 339.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 341.03 339.90 Td (of ) Tj ET Q q 0 0 0 rg BT 355.24 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 374.11 339.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 424.98 339.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 451.86 339.90 Td (have ) Tj ET Q q 0 0 0 rg BT 478.72 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 497.59 339.90 Td (full ) Tj ET Q q 0 0 0 rg BT 518.47 339.90 Td (and ) Tj ET Q q 0 0 0 rg BT 540.01 339.90 Td (final ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 325.50 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 116.30 325.50 Td (authority ) Tj ET Q q 0 0 0 rg BT 163.29 325.50 Td (and ) Tj ET Q q 0 0 0 rg BT 184.28 325.50 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 253.27 325.50 Td (to ) Tj ET Q q 0 0 0 rg BT 266.27 325.50 Td (interpret ) Tj ET Q q 0 0 0 rg BT 310.58 325.50 Td (and ) Tj ET Q q 0 0 0 rg BT 331.57 325.50 Td (construe ) Tj ET Q q 0 0 0 rg BT 375.88 325.50 Td (the ) Tj ET Q q 0 0 0 rg BT 394.20 325.50 Td (Plan ) Tj ET Q q 0 0 0 rg BT 419.20 325.50 Td (and ) Tj ET Q q 0 0 0 rg BT 440.19 325.50 Td (the ) Tj ET Q q 0 0 0 rg BT 457.70 325.50 Td (Agreements, ) Tj ET Q q 0 0 0 rg BT 522.34 325.50 Td (to ) Tj ET Q q 0 0 0 rg BT 535.34 325.50 Td (adopt ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 69.57 311.10 Td (revise ) Tj ET Q q 0 0 0 rg BT 100.47 311.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 126.04 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.61 311.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 185.18 311.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 224.08 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.66 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.56 311.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 276.14 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.72 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.30 311.10 Td (make ) Tj ET Q q 0 0 0 rg BT 335.53 311.10 Td (any ) Tj ET Q q 0 0 0 rg BT 355.10 311.10 Td (other ) Tj ET Q q 0 0 0 rg BT 382.00 311.10 Td (determinations ) Tj ET Q q 0 0 0 rg BT 455.56 311.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 504.45 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.69 311.10 Td (advisable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 296.70 Td (for ) Tj ET Q q 0 0 0 rg BT 67.18 296.70 Td (the ) Tj ET Q q 0 0 0 rg BT 85.02 296.70 Td (administration ) Tj ET Q q 0 0 0 rg BT 157.53 296.70 Td (of ) Tj ET Q q 0 0 0 rg BT 170.71 296.70 Td (the ) Tj ET Q q 0 0 0 rg BT 188.55 296.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 213.07 296.70 Td (and ) Tj ET Q q 0 0 0 rg BT 233.58 296.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 270.75 296.70 Td (under ) Tj ET Q q 0 0 0 rg BT 301.26 296.70 Td (the ) Tj ET Q q 0 0 0 rg BT 319.10 296.70 Td (Plan; ) Tj ET Q q 0 0 0 rg BT 346.96 296.70 Td (the ) Tj ET Q q 0 0 0 rg BT 364.80 296.70 Td (Committee ) Tj ET Q q 0 0 0 rg BT 421.31 296.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 447.16 296.70 Td (have ) Tj ET Q q 0 0 0 rg BT 473.00 296.70 Td (such ) Tj ET Q q 0 0 0 rg BT 498.18 296.70 Td (authority ) Tj ET Q q 0 0 0 rg BT 544.69 296.70 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 282.30 Td (responsbilitiy ) Tj ET Q q 0 0 0 rg BT 117.37 282.30 Td (with ) Tj ET Q q 0 0 0 rg BT 140.73 282.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 176.74 282.30 Td (to ) Tj ET Q q 0 0 0 rg BT 188.11 282.30 Td (any ) Tj ET Q q 0 0 0 rg BT 207.47 282.30 Td (action ) Tj ET Q q 0 0 0 rg BT 238.82 282.30 Td (af) Tj ET Q q 0 0 0 rg BT 247.93 282.30 Td (fecting ) Tj ET Q q 0 0 0 rg BT 283.28 282.30 Td (Executive ) Tj ET Q q 0 0 0 rg BT 333.29 282.30 Td (Of) Tj ET Q q 0 0 0 rg BT 345.73 282.30 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 377.42 282.30 Td ( ) Tj ET Q q 0 0 0 rg BT 379.30 282.30 Td (The ) Tj ET Q q 0 0 0 rg BT 399.99 282.30 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 471.34 282.30 Td (and ) Tj ET Q q 0 0 0 rg BT 490.69 282.30 Td (determinations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 267.90 Td (of ) Tj ET Q q 0 0 0 rg BT 63.39 267.90 Td (the ) Tj ET Q q 0 0 0 rg BT 81.44 267.90 Td (Global ) Tj ET Q q 0 0 0 rg BT 117.49 267.90 Td (Head ) Tj ET Q q 0 0 0 rg BT 146.20 267.90 Td (of ) Tj ET Q q 0 0 0 rg BT 159.59 267.90 Td (Human ) Tj ET Q q 0 0 0 rg BT 198.30 267.90 Td (Capital ) Tj ET Q q 0 0 0 rg BT 236.35 267.90 Td (\(or) Tj ET Q q 0 0 0 rg BT 249.86 267.90 Td (, ) Tj ET Q q 0 0 0 rg BT 256.26 267.90 Td (the ) Tj ET Q q 0 0 0 rg BT 274.31 267.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 331.02 267.90 Td (in ) Tj ET Q q 0 0 0 rg BT 343.75 267.90 Td (the ) Tj ET Q q 0 0 0 rg BT 361.80 267.90 Td (case ) Tj ET Q q 0 0 0 rg BT 385.84 267.90 Td (of ) Tj ET Q q 0 0 0 rg BT 399.23 267.90 Td (an ) Tj ET Q q 0 0 0 rg BT 413.94 267.90 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 481.98 267.90 Td (or ) Tj ET Q q 0 0 0 rg BT 495.36 267.90 Td (determination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 253.50 Td (af) Tj ET Q q 0 0 0 rg BT 59.11 253.50 Td (fecting ) Tj ET Q q 0 0 0 rg BT 94.11 253.50 Td (an ) Tj ET Q q 0 0 0 rg BT 107.12 253.50 Td (Executive ) Tj ET Q q 0 0 0 rg BT 156.78 253.50 Td (Of) Tj ET Q q 0 0 0 rg BT 169.22 253.50 Td (ficer\) ) Tj ET Q q 0 0 0 rg BT 196.88 253.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 221.23 253.50 Td (be ) Tj ET Q q 0 0 0 rg BT 234.24 253.50 Td (binding ) Tj ET Q q 0 0 0 rg BT 272.59 253.50 Td (on ) Tj ET Q q 0 0 0 rg BT 286.28 253.50 Td (all ) Tj ET Q q 0 0 0 rg BT 299.96 253.50 Td (persons, ) Tj ET Q q 0 0 0 rg BT 341.30 253.50 Td (including ) Tj ET Q q 0 0 0 rg BT 388.32 253.50 Td (Participants. ) Tj ET Q q 0 0 0 rg BT 449.66 253.50 Td ( ) Tj ET Q q 0 0 0 rg BT 451.34 253.50 Td (By ) Tj ET Q q 0 0 0 rg BT 467.03 253.50 Td (receiving ) Tj ET Q q 0 0 0 rg BT 513.36 253.50 Td (Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 78.44 239.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 117.20 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.62 239.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 188.04 239.10 Td (is ) Tj ET Q q 0 0 0 rg BT 199.80 239.10 Td (agreeing ) Tj ET Q q 0 0 0 rg BT 244.88 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 266.64 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.06 239.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 358.14 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.23 239.10 Td (determinations ) Tj ET Q q 0 0 0 rg BT 454.31 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.07 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.49 239.10 Td (Global ) Tj ET Q q 0 0 0 rg BT 522.92 239.10 Td (Head ) Tj ET Q q 0 0 0 rg BT 552.00 239.10 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 224.70 Td (Human ) Tj ET Q q 0 0 0 rg BT 89.41 224.70 Td (Capital ) Tj ET Q q 0 0 0 rg BT 128.15 224.70 Td (\(or) Tj ET Q q 0 0 0 rg BT 141.66 224.70 Td (, ) Tj ET Q q 0 0 0 rg BT 148.75 224.70 Td (the ) Tj ET Q q 0 0 0 rg BT 167.49 224.70 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 227.90 224.70 Td (as ) Tj ET Q q 0 0 0 rg BT 241.98 224.70 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 299.37 224.70 Td (be ) Tj ET Q q 0 0 0 rg BT 314.78 224.70 Td (given ) Tj ET Q q 0 0 0 rg BT 345.52 224.70 Td (deference ) Tj ET Q q 0 0 0 rg BT 396.23 224.70 Td (in ) Tj ET Q q 0 0 0 rg BT 409.65 224.70 Td (all ) Tj ET Q q 0 0 0 rg BT 425.73 224.70 Td (courts ) Tj ET Q q 0 0 0 rg BT 459.14 224.70 Td (to ) Tj ET Q q 0 0 0 rg BT 472.55 224.70 Td (the ) Tj ET Q q 0 0 0 rg BT 491.30 224.70 Td (greatest ) Tj ET Q q 0 0 0 rg BT 532.70 224.70 Td (extent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 210.30 Td (allowed ) Tj ET Q q 0 0 0 rg BT 90.65 210.30 Td (under ) Tj ET Q q 0 0 0 rg BT 120.64 210.30 Td (law) Tj ET Q q 0 0 0 rg BT 137.18 210.30 Td (, ) Tj ET Q q 0 0 0 rg BT 142.85 210.30 Td (and ) Tj ET Q q 0 0 0 rg BT 162.84 210.30 Td (that ) Tj ET Q q 0 0 0 rg BT 183.50 210.30 Td (they ) Tj ET Q q 0 0 0 rg BT 206.82 210.30 Td (not ) Tj ET Q q 0 0 0 rg BT 224.82 210.30 Td (be ) Tj ET Q q 0 0 0 rg BT 238.81 210.30 Td (overturned ) Tj ET Q q 0 0 0 rg BT 293.46 210.30 Td (or ) Tj ET Q q 0 0 0 rg BT 306.12 210.30 Td (set ) Tj ET Q q 0 0 0 rg BT 322.11 210.30 Td (aside ) Tj ET Q q 0 0 0 rg BT 349.43 210.30 Td (by ) Tj ET Q q 0 0 0 rg BT 364.10 210.30 Td (any ) Tj ET Q q 0 0 0 rg BT 384.09 210.30 Td (court ) Tj ET Q q 0 0 0 rg BT 411.41 210.30 Td (unless ) Tj ET Q q 0 0 0 rg BT 444.07 210.30 Td (found ) Tj ET Q q 0 0 0 rg BT 474.73 210.30 Td (to ) Tj ET Q q 0 0 0 rg BT 486.73 210.30 Td (be ) Tj ET Q q 0 0 0 rg BT 500.72 210.30 Td (arbitrary ) Tj ET Q q 0 0 0 rg BT 544.70 210.30 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 195.90 Td (capricious, ) Tj ET Q q 0 0 0 rg BT 105.31 195.90 Td (or ) Tj ET Q q 0 0 0 rg BT 118.31 195.90 Td (made ) Tj ET Q q 0 0 0 rg BT 147.29 195.90 Td (in ) Tj ET Q q 0 0 0 rg BT 159.63 195.90 Td (bad ) Tj ET Q q 0 0 0 rg BT 179.96 195.90 Td (faith.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 175.50 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 175.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 173.900390625 m 219.453125 173.900390625 l s q 0 0 0 rg BT 122.00 175.50 Td (Correction ) Tj ET Q q 0 0 0 rg BT 176.39 175.50 Td (of ) Tj ET Q q 0 0 0 rg BT 189.46 175.50 Td (Errors) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 219.45 175.50 Td (. ) Tj ET Q q 0 0 0 rg BT 225.53 175.50 Td ( ) Tj ET Q q 0 0 0 rg BT 228.61 175.50 Td (Errors ) Tj ET Q q 0 0 0 rg BT 261.67 175.50 Td (may ) Tj ET Q q 0 0 0 rg BT 285.41 175.50 Td (occur ) Tj ET Q q 0 0 0 rg BT 315.13 175.50 Td (in ) Tj ET Q q 0 0 0 rg BT 327.54 175.50 Td (the ) Tj ET Q q 0 0 0 rg BT 345.28 175.50 Td (administration ) Tj ET Q q 0 0 0 rg BT 417.68 175.50 Td (and ) Tj ET Q q 0 0 0 rg BT 438.08 175.50 Td (operation ) Tj ET Q q 0 0 0 rg BT 486.47 175.50 Td (of ) Tj ET Q q 0 0 0 rg BT 499.54 175.50 Td (the ) Tj ET Q q 0 0 0 rg BT 517.28 175.50 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 544.69 175.50 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 67.85 161.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.70 161.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 160.20 161.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.04 161.10 Td (power ) Tj ET Q q 0 0 0 rg BT 211.22 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.74 161.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 253.58 161.10 Td (such ) Tj ET Q q 0 0 0 rg BT 278.76 161.10 Td (equitable ) Tj ET Q q 0 0 0 rg BT 325.93 161.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 386.45 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.97 161.10 Td (be ) Tj ET Q q 0 0 0 rg BT 413.48 161.10 Td (made ) Tj ET Q q 0 0 0 rg BT 442.65 161.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.18 161.10 Td (correct ) Tj ET Q q 0 0 0 rg BT 491.67 161.10 Td (for ) Tj ET Q q 0 0 0 rg BT 508.85 161.10 Td (such ) Tj ET Q q 0 0 0 rg BT 534.03 161.10 Td (errors ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 146.70 Td (as ) Tj ET Q q 0 0 0 rg BT 63.00 146.70 Td (it ) Tj ET Q q 0 0 0 rg BT 72.66 146.70 Td (considers ) Tj ET Q q 0 0 0 rg BT 120.99 146.70 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 181.63 146.70 Td ( ) Tj ET Q q 0 0 0 rg BT 184.63 146.70 Td (Such ) Tj ET Q q 0 0 0 rg BT 211.63 146.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 271.95 146.70 Td (will ) Tj ET Q q 0 0 0 rg BT 293.62 146.70 Td (be ) Tj ET Q q 0 0 0 rg BT 307.95 146.70 Td (final ) Tj ET Q q 0 0 0 rg BT 332.94 146.70 Td (and ) Tj ET Q q 0 0 0 rg BT 353.26 146.70 Td (binding ) Tj ET Q q 0 0 0 rg BT 392.93 146.70 Td (on ) Tj ET Q q 0 0 0 rg BT 407.93 146.70 Td (all ) Tj ET Q q 0 0 0 rg BT 422.93 146.70 Td (persons.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 120.30 Td (8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 120.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 118.42207031249995 m 238.021484375 118.42207031249995 l s q 0 0 0 rg BT 86.00 120.30 Td (Amendment and ) Tj ET Q q 0 0 0 rg BT 174.46 120.30 Td (T) Tj ET Q q 0 0 0 rg BT 181.36 120.30 Td (ermination) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 238.02 120.30 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 93.90 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 93.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 92.30039062499998 m 181.3203125 92.30039062499998 l s q 0 0 0 rg BT 122.00 93.90 Td (Amendment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.32 93.90 Td (. ) Tj ET Q q 0 0 0 rg BT 187.32 93.90 Td ( ) Tj ET Q q 0 0 0 rg BT 190.11 93.90 Td (The ) Tj ET Q q 0 0 0 rg BT 211.76 93.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.43 93.90 Td (may ) Tj ET Q q 0 0 0 rg BT 285.09 93.90 Td (amend ) Tj ET Q q 0 0 0 rg BT 320.08 93.90 Td (the ) Tj ET Q q 0 0 0 rg BT 337.74 93.90 Td (Plan ) Tj ET Q q 0 0 0 rg BT 362.08 93.90 Td (or ) Tj ET Q q 0 0 0 rg BT 375.07 93.90 Td (any ) Tj ET Q q 0 0 0 rg BT 394.74 93.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 451.05 93.90 Td (at ) Tj ET Q q 0 0 0 rg BT 462.71 93.90 Td (any ) Tj ET Q q 0 0 0 rg BT 483.04 93.90 Td (time ) Tj ET Q q 0 0 0 rg BT 507.37 93.90 Td (and ) Tj ET Q q 0 0 0 rg BT 527.70 93.90 Td (for ) Tj ET Q q 0 0 0 rg BT 544.69 93.90 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 79.50 Td (reason ) Tj ET Q q 0 0 0 rg BT 84.50 79.50 Td (by ) Tj ET Q q 0 0 0 rg BT 99.69 79.50 Td (action ) Tj ET Q q 0 0 0 rg BT 132.19 79.50 Td (of ) Tj ET Q q 0 0 0 rg BT 145.37 79.50 Td (the ) Tj ET Q q 0 0 0 rg BT 163.22 79.50 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 222.73 79.50 Td ( ) Tj ET Q q 0 0 0 rg BT 225.91 79.50 Td (However) Tj ET Q q 0 0 0 rg BT 269.41 79.50 Td (, ) Tj ET Q q 0 0 0 rg BT 275.60 79.50 Td (the ) Tj ET Q q 0 0 0 rg BT 293.44 79.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 343.29 79.50 Td (may ) Tj ET Q q 0 0 0 rg BT 367.14 79.50 Td (not ) Tj ET Q q 0 0 0 rg BT 385.65 79.50 Td (amend ) Tj ET Q q 0 0 0 rg BT 420.83 79.50 Td (the ) Tj ET Q q 0 0 0 rg BT 438.67 79.50 Td (Plan ) Tj ET Q q 0 0 0 rg BT 463.19 79.50 Td (or ) Tj ET Q q 0 0 0 rg BT 476.37 79.50 Td (any ) Tj ET Q q 0 0 0 rg BT 496.18 79.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 552.67 79.50 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (a ) Tj ET Q q 0 0 0 rg BT 58.37 65.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 97.39 65.10 Td (that ) Tj ET Q q 0 0 0 rg BT 118.42 65.10 Td (has ) Tj ET Q q 0 0 0 rg BT 137.46 65.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.16 65.10 Td (ef) Tj ET Q q 0 0 0 rg BT 164.26 65.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 185.28 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.32 65.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 243.34 65.10 Td (any ) Tj ET Q q 0 0 0 rg BT 263.71 65.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 322.75 65.10 Td (award ) Tj ET Q q 0 0 0 rg BT 355.10 65.10 Td (\(an ) Tj ET Q q 0 0 0 rg BT 373.46 65.10 Td (award ) Tj ET Q q 0 0 0 rg BT 405.81 65.10 Td (that ) Tj ET Q q 0 0 0 rg BT 426.85 65.10 Td (has ) Tj ET Q q 0 0 0 rg BT 445.88 65.10 Td (been ) Tj ET Q q 0 0 0 rg BT 471.58 65.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 510.60 65.10 Td (but ) Tj ET Q q 0 0 0 rg BT 528.97 65.10 Td (not ) Tj ET Q q 0 0 0 rg BT 547.35 65.10 Td (yet ) Tj ET Q endstream endobj 303 0 obj <> endobj 304 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 740.70 Td (paid\), ) Tj ET Q q 0 0 0 rg BT 79.79 740.70 Td (except ) Tj ET Q q 0 0 0 rg BT 113.23 740.70 Td (for ) Tj ET Q q 0 0 0 rg BT 129.36 740.70 Td (an ) Tj ET Q q 0 0 0 rg BT 142.82 740.70 Td (amendment ) Tj ET Q q 0 0 0 rg BT 200.93 740.70 Td (that ) Tj ET Q q 0 0 0 rg BT 221.06 740.70 Td (is ) Tj ET Q q 0 0 0 rg BT 231.20 740.70 Td (required ) Tj ET Q q 0 0 0 rg BT 273.31 740.70 Td (by ) Tj ET Q q 0 0 0 rg BT 287.44 740.70 Td (law ) Tj ET Q q 0 0 0 rg BT 306.90 740.70 Td (or ) Tj ET Q q 0 0 0 rg BT 319.03 740.70 Td (for ) Tj ET Q q 0 0 0 rg BT 335.15 740.70 Td (which ) Tj ET Q q 0 0 0 rg BT 366.61 740.70 Td (the ) Tj ET Q q 0 0 0 rg BT 383.40 740.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 416.85 740.70 Td (to ) Tj ET Q q 0 0 0 rg BT 428.32 740.70 Td (adopt ) Tj ET Q q 0 0 0 rg BT 457.11 740.70 Td (the ) Tj ET Q q 0 0 0 rg BT 473.90 740.70 Td (amendment ) Tj ET Q q 0 0 0 rg BT 532.02 740.70 Td (would ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (have ) Tj ET Q q 0 0 0 rg BT 75.65 726.30 Td (adverse ) Tj ET Q q 0 0 0 rg BT 115.30 726.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 132.96 726.30 Td (consequences ) Tj ET Q q 0 0 0 rg BT 201.93 726.30 Td (to ) Tj ET Q q 0 0 0 rg BT 214.26 726.30 Td (the ) Tj ET Q q 0 0 0 rg BT 231.92 726.30 Td (Participant. ) Tj ET Q q 0 0 0 rg BT 289.91 726.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 699.90 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 699.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 698.300390625 m 180.4765625 698.300390625 l s q 0 0 0 rg BT 122.00 699.90 Td (T) Tj ET Q q 0 0 0 rg BT 128.49 699.90 Td (ermination) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.48 699.90 Td (. ) Tj ET Q q 0 0 0 rg BT 184.94 699.90 Td (The ) Tj ET Q q 0 0 0 rg BT 205.18 699.90 Td (Committee ) Tj ET Q q 0 0 0 rg BT 260.08 699.90 Td (may ) Tj ET Q q 0 0 0 rg BT 282.32 699.90 Td (terminate ) Tj ET Q q 0 0 0 rg BT 329.21 699.90 Td (the ) Tj ET Q q 0 0 0 rg BT 345.45 699.90 Td (Plan ) Tj ET Q q 0 0 0 rg BT 368.36 699.90 Td (at ) Tj ET Q q 0 0 0 rg BT 378.60 699.90 Td (any ) Tj ET Q q 0 0 0 rg BT 397.51 699.90 Td (time ) Tj ET Q q 0 0 0 rg BT 420.42 699.90 Td (and ) Tj ET Q q 0 0 0 rg BT 439.32 699.90 Td (grant ) Tj ET Q q 0 0 0 rg BT 465.56 699.90 Td (no ) Tj ET Q q 0 0 0 rg BT 479.13 699.90 Td (further ) Tj ET Q q 0 0 0 rg BT 513.36 699.90 Td (Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 685.50 Td (Fund ) Tj ET Q q 0 0 0 rg BT 77.67 685.50 Td (Shares.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 659.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 86 657.2220703125 m 157.994140625 657.2220703125 l s q 0 0 0 rg BT 86.00 659.10 Td (Miscellaneous) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 157.99 659.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 632.70 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 632.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 631.100390625 m 251.10302734375 631.100390625 l s q 0 0 0 rg BT 122.00 632.70 Td (No ) Tj ET Q q 0 0 0 rg BT 138.66 632.70 Td (Assignment ) Tj ET Q q 0 0 0 rg BT 198.56 632.70 Td (of ) Tj ET Q q 0 0 0 rg BT 211.11 632.70 Td (Benefits) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 251.10 632.70 Td (. ) Tj ET Q q 0 0 0 rg BT 256.66 632.70 Td ( ) Tj ET Q q 0 0 0 rg BT 259.22 632.70 Td ( ) Tj ET Q q 0 0 0 rg BT 261.78 632.70 Td (Rights ) Tj ET Q q 0 0 0 rg BT 295.69 632.70 Td (and ) Tj ET Q q 0 0 0 rg BT 315.57 632.70 Td (benefits ) Tj ET Q q 0 0 0 rg BT 356.12 632.70 Td (under ) Tj ET Q q 0 0 0 rg BT 386.00 632.70 Td (this ) Tj ET Q q 0 0 0 rg BT 405.90 632.70 Td (Plan ) Tj ET Q q 0 0 0 rg BT 429.80 632.70 Td (with ) Tj ET Q q 0 0 0 rg BT 453.69 632.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 490.23 632.70 Td (to ) Tj ET Q q 0 0 0 rg BT 502.12 632.70 Td (a ) Tj ET Q q 0 0 0 rg BT 510.01 632.70 Td (Participant ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 618.30 Td (may ) Tj ET Q q 0 0 0 rg BT 73.94 618.30 Td (not ) Tj ET Q q 0 0 0 rg BT 92.56 618.30 Td (be ) Tj ET Q q 0 0 0 rg BT 107.17 618.30 Td (alienated, ) Tj ET Q q 0 0 0 rg BT 156.76 618.30 Td (assigned, ) Tj ET Q q 0 0 0 rg BT 204.37 618.30 Td (transferred, ) Tj ET Q q 0 0 0 rg BT 262.63 618.30 Td (pledged ) Tj ET Q q 0 0 0 rg BT 303.90 618.30 Td (or ) Tj ET Q q 0 0 0 rg BT 317.18 618.30 Td (hypothecated ) Tj ET Q q 0 0 0 rg BT 384.43 618.30 Td (by ) Tj ET Q q 0 0 0 rg BT 399.72 618.30 Td (any ) Tj ET Q q 0 0 0 rg BT 420.33 618.30 Td (person, ) Tj ET Q q 0 0 0 rg BT 458.60 618.30 Td (at ) Tj ET Q q 0 0 0 rg BT 470.55 618.30 Td (any ) Tj ET Q q 0 0 0 rg BT 491.16 618.30 Td (time, ) Tj ET Q q 0 0 0 rg BT 518.77 618.30 Td (or ) Tj ET Q q 0 0 0 rg BT 532.05 618.30 Td (to ) Tj ET Q q 0 0 0 rg BT 544.67 618.30 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 603.90 Td (person ) Tj ET Q q 0 0 0 rg BT 84.99 603.90 Td (whatsoever) Tj ET Q q 0 0 0 rg BT 138.97 603.90 Td (. ) Tj ET Q q 0 0 0 rg BT 144.97 603.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 577.50 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 577.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 575.900390625 m 182.181640625 575.900390625 l s q 0 0 0 rg BT 122.00 577.50 Td (W) Tj ET Q q 0 0 0 rg BT 132.85 577.50 Td (ithholding) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 182.18 577.50 Td (. ) Tj ET Q q 0 0 0 rg BT 188.94 577.50 Td ( ) Tj ET Q q 0 0 0 rg BT 191.87 577.50 Td (A) Tj ET Q q 0 0 0 rg BT 199.87 577.50 Td ( ) Tj ET Q q 0 0 0 rg BT 203.63 577.50 Td (Participant ) Tj ET Q q 0 0 0 rg BT 259.37 577.50 Td (must ) Tj ET Q q 0 0 0 rg BT 286.47 577.50 Td (make ) Tj ET Q q 0 0 0 rg BT 316.21 577.50 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 374.60 577.50 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 443.00 577.50 Td (with ) Tj ET Q q 0 0 0 rg BT 468.09 577.50 Td (the ) Tj ET Q q 0 0 0 rg BT 486.51 577.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 536.93 577.50 Td (or ) Tj ET Q q 0 0 0 rg BT 550.68 577.50 Td (an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (Af) Tj ET Q q 0 0 0 rg BT 62.45 563.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 92.17 563.10 Td (for ) Tj ET Q q 0 0 0 rg BT 107.90 563.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 164.28 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.02 563.10 Td (any ) Tj ET Q q 0 0 0 rg BT 195.08 563.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 233.12 563.10 Td (state ) Tj ET Q q 0 0 0 rg BT 256.85 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 268.58 563.10 Td (local ) Tj ET Q q 0 0 0 rg BT 293.64 563.10 Td (income ) Tj ET Q q 0 0 0 rg BT 330.70 563.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 347.10 563.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 406.84 563.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 471.22 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.28 563.10 Td (Social ) Tj ET Q q 0 0 0 rg BT 522.01 563.10 Td (Security ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 548.70 Td (or ) Tj ET Q q 0 0 0 rg BT 63.28 548.70 Td (other ) Tj ET Q q 0 0 0 rg BT 91.23 548.70 Td (employee ) Tj ET Q q 0 0 0 rg BT 141.16 548.70 Td (tax ) Tj ET Q q 0 0 0 rg BT 159.11 548.70 Td (requirements ) Tj ET Q q 0 0 0 rg BT 225.04 548.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 277.63 548.70 Td (to ) Tj ET Q q 0 0 0 rg BT 290.25 548.70 Td (the ) Tj ET Q q 0 0 0 rg BT 308.20 548.70 Td (awards ) Tj ET Q q 0 0 0 rg BT 345.47 548.70 Td (under ) Tj ET Q q 0 0 0 rg BT 376.08 548.70 Td (the ) Tj ET Q q 0 0 0 rg BT 394.03 548.70 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 421.65 548.70 Td ( ) Tj ET Q q 0 0 0 rg BT 424.94 548.70 Td (If ) Tj ET Q q 0 0 0 rg BT 436.21 548.70 Td (no ) Tj ET Q q 0 0 0 rg BT 451.50 548.70 Td (other ) Tj ET Q q 0 0 0 rg BT 479.45 548.70 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 547.37 548.70 Td (are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 534.30 Td (made, ) Tj ET Q q 0 0 0 rg BT 82.70 534.30 Td (the ) Tj ET Q q 0 0 0 rg BT 101.08 534.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 151.46 534.30 Td (or ) Tj ET Q q 0 0 0 rg BT 164.36 534.30 Td (Af) Tj ET Q q 0 0 0 rg BT 176.80 534.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 208.50 534.30 Td (may ) Tj ET Q q 0 0 0 rg BT 232.88 534.30 Td (provide, ) Tj ET Q q 0 0 0 rg BT 276.26 534.30 Td (at ) Tj ET Q q 0 0 0 rg BT 288.63 534.30 Td (its ) Tj ET Q q 0 0 0 rg BT 303.69 534.30 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 357.73 534.30 Td (for ) Tj ET Q q 0 0 0 rg BT 375.44 534.30 Td (such ) Tj ET Q q 0 0 0 rg BT 401.15 534.30 Td (withholding ) Tj ET Q q 0 0 0 rg BT 462.87 534.30 Td (and ) Tj ET Q q 0 0 0 rg BT 483.92 534.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 502.29 534.30 Td (payments ) Tj ET Q q 0 0 0 rg BT 552.00 534.30 Td (as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 519.90 Td (may ) Tj ET Q q 0 0 0 rg BT 73.25 519.90 Td (be ) Tj ET Q q 0 0 0 rg BT 87.16 519.90 Td (required, ) Tj ET Q q 0 0 0 rg BT 132.73 519.90 Td (including, ) Tj ET Q q 0 0 0 rg BT 183.64 519.90 Td (without ) Tj ET Q q 0 0 0 rg BT 222.90 519.90 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 275.15 519.90 Td (by ) Tj ET Q q 0 0 0 rg BT 289.73 519.90 Td (the ) Tj ET Q q 0 0 0 rg BT 306.98 519.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 354.88 519.90 Td (of ) Tj ET Q q 0 0 0 rg BT 367.47 519.90 Td (other ) Tj ET Q q 0 0 0 rg BT 394.71 519.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 437.96 519.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 477.86 519.90 Td (to ) Tj ET Q q 0 0 0 rg BT 489.78 519.90 Td (the ) Tj ET Q q 0 0 0 rg BT 507.03 519.90 Td (Participant.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 493.50 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 493.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 491.900390625 m 236.9287109375 491.900390625 l s q 0 0 0 rg BT 122.00 493.50 Td (Successors of Company) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 236.54 493.50 Td (. ) Tj ET Q q 0 0 0 rg BT 245.32 493.50 Td (The rights and obligations of the Company or an ) Tj ET Q q 0 0 0 rg BT 480.95 493.50 Td (Af) Tj ET Q q 0 0 0 rg BT 493.40 493.50 Td (filiate under ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (the Plan will inure to the benefit of, and will be binding upon, the successors and assigns of the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 464.70 Td (or any ) Tj ET Q q 0 0 0 rg BT 82.66 464.70 Td (Af) Tj ET Q q 0 0 0 rg BT 95.11 464.70 Td (filiate.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 438.30 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 438.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 436.700390625 m 237.46484375 436.700390625 l s q 0 0 0 rg BT 122.00 438.30 Td (No ) Tj ET Q q 0 0 0 rg BT 140.40 438.30 Td (Employment ) Tj ET Q q 0 0 0 rg BT 206.12 438.30 Td (Rights) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 237.46 438.30 Td (. ) Tj ET Q q 0 0 0 rg BT 244.20 438.30 Td ( ) Tj ET Q q 0 0 0 rg BT 247.93 438.30 Td (Nothing ) Tj ET Q q 0 0 0 rg BT 291.00 438.30 Td (contained ) Tj ET Q q 0 0 0 rg BT 341.38 438.30 Td (in ) Tj ET Q q 0 0 0 rg BT 354.44 438.30 Td (the ) Tj ET Q q 0 0 0 rg BT 372.83 438.30 Td (Plan ) Tj ET Q q 0 0 0 rg BT 397.90 438.30 Td (or ) Tj ET Q q 0 0 0 rg BT 411.63 438.30 Td (any ) Tj ET Q q 0 0 0 rg BT 431.86 438.30 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 491.90 438.30 Td (nor ) Tj ET Q q 0 0 0 rg BT 511.63 438.30 Td (any ) Tj ET Q q 0 0 0 rg BT 532.69 438.30 Td (action ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 423.90 Td (taken ) Tj ET Q q 0 0 0 rg BT 79.85 423.90 Td (hereunder) Tj ET Q q 0 0 0 rg BT 127.34 423.90 Td (, ) Tj ET Q q 0 0 0 rg BT 134.20 423.90 Td (will ) Tj ET Q q 0 0 0 rg BT 156.73 423.90 Td (be ) Tj ET Q q 0 0 0 rg BT 171.92 423.90 Td (construed ) Tj ET Q q 0 0 0 rg BT 222.43 423.90 Td (as ) Tj ET Q q 0 0 0 rg BT 236.29 423.90 Td (a ) Tj ET Q q 0 0 0 rg BT 245.47 423.90 Td (contract ) Tj ET Q q 0 0 0 rg BT 287.98 423.90 Td (of ) Tj ET Q q 0 0 0 rg BT 301.84 423.90 Td (employment ) Tj ET Q q 0 0 0 rg BT 365.69 423.90 Td (or ) Tj ET Q q 0 0 0 rg BT 379.54 423.90 Td (as ) Tj ET Q q 0 0 0 rg BT 393.40 423.90 Td (giving ) Tj ET Q q 0 0 0 rg BT 427.93 423.90 Td (any ) Tj ET Q q 0 0 0 rg BT 449.12 423.90 Td (Participant ) Tj ET Q q 0 0 0 rg BT 504.96 423.90 Td (any ) Tj ET Q q 0 0 0 rg BT 526.15 423.90 Td (right ) Tj ET Q q 0 0 0 rg BT 552.68 423.90 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 409.50 Td (continued ) Tj ET Q q 0 0 0 rg BT 100.32 409.50 Td (employment ) Tj ET Q q 0 0 0 rg BT 163.31 409.50 Td (with ) Tj ET Q q 0 0 0 rg BT 187.64 409.50 Td (the ) Tj ET Q q 0 0 0 rg BT 205.30 409.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 254.97 409.50 Td (or ) Tj ET Q q 0 0 0 rg BT 267.96 409.50 Td (any ) Tj ET Q q 0 0 0 rg BT 287.63 409.50 Td (Af) Tj ET Q q 0 0 0 rg BT 300.07 409.50 Td (filiate.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 383.10 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.32 383.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 381.500390625 m 370.51513671875 381.500390625 l s q 0 0 0 rg BT 122.00 383.10 Td (Modification ) Tj ET Q q 0 0 0 rg BT 187.42 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 202.19 383.10 Td (Employment ) Tj ET Q q 0 0 0 rg BT 266.95 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 279.72 383.10 Td (Similar ) Tj ET Q q 0 0 0 rg BT 317.21 383.10 Td (Agreement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 370.52 383.10 Td (. ) Tj ET Q q 0 0 0 rg BT 376.28 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.85 383.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.28 383.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.71 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 462.47 383.10 Td (an ) Tj ET Q q 0 0 0 rg BT 475.96 383.10 Td (Af) Tj ET Q q 0 0 0 rg BT 488.40 383.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 519.16 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 542.58 383.10 Td (be ) Tj ET Q q 0 0 0 rg BT 556.68 383.10 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 368.70 Td (party ) Tj ET Q q 0 0 0 rg BT 77.39 368.70 Td (to ) Tj ET Q q 0 0 0 rg BT 89.46 368.70 Td (an ) Tj ET Q q 0 0 0 rg BT 103.52 368.70 Td (employment ) Tj ET Q q 0 0 0 rg BT 166.24 368.70 Td (or ) Tj ET Q q 0 0 0 rg BT 178.98 368.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 215.04 368.70 Td (agreement ) Tj ET Q q 0 0 0 rg BT 267.74 368.70 Td (with ) Tj ET Q q 0 0 0 rg BT 291.81 368.70 Td (a ) Tj ET Q q 0 0 0 rg BT 299.87 368.70 Td (Participant, ) Tj ET Q q 0 0 0 rg BT 357.59 368.70 Td (the ) Tj ET Q q 0 0 0 rg BT 374.99 368.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 404.38 368.70 Td (of ) Tj ET Q q 0 0 0 rg BT 417.11 368.70 Td (which ) Tj ET Q q 0 0 0 rg BT 449.17 368.70 Td (may ) Tj ET Q q 0 0 0 rg BT 472.57 368.70 Td (enhance ) Tj ET Q q 0 0 0 rg BT 514.61 368.70 Td (or ) Tj ET Q q 0 0 0 rg BT 527.34 368.70 Td (modify ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 354.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.95 354.30 Td (some ) Tj ET Q q 0 0 0 rg BT 87.89 354.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 123.48 354.30 Td (the ) Tj ET Q q 0 0 0 rg BT 139.75 354.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 179.35 354.30 Td (provided ) Tj ET Q q 0 0 0 rg BT 223.62 354.30 Td (under ) Tj ET Q q 0 0 0 rg BT 252.56 354.30 Td (this ) Tj ET Q q 0 0 0 rg BT 271.51 354.30 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 297.45 354.30 Td (including, ) Tj ET Q q 0 0 0 rg BT 347.40 354.30 Td (but ) Tj ET Q q 0 0 0 rg BT 364.34 354.30 Td (not ) Tj ET Q q 0 0 0 rg BT 381.29 354.30 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 436.21 354.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 471.82 354.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 485.77 354.30 Td (an ) Tj ET Q q 0 0 0 rg BT 498.71 354.30 Td (enhancement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 339.90 Td (to ) Tj ET Q q 0 0 0 rg BT 62.65 339.90 Td (or ) Tj ET Q q 0 0 0 rg BT 75.97 339.90 Td (modification ) Tj ET Q q 0 0 0 rg BT 140.60 339.90 Td (of ) Tj ET Q q 0 0 0 rg BT 153.92 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 171.89 339.90 Td (benefit ) Tj ET Q q 0 0 0 rg BT 208.53 339.90 Td (amount, ) Tj ET Q q 0 0 0 rg BT 250.84 339.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 295.48 339.90 Td (forms ) Tj ET Q q 0 0 0 rg BT 326.79 339.90 Td (and/or ) Tj ET Q q 0 0 0 rg BT 360.77 339.90 Td (other ) Tj ET Q q 0 0 0 rg BT 388.74 339.90 Td (rights ) Tj ET Q q 0 0 0 rg BT 419.39 339.90 Td (and ) Tj ET Q q 0 0 0 rg BT 440.04 339.90 Td (features ) Tj ET Q q 0 0 0 rg BT 481.33 339.90 Td (of ) Tj ET Q q 0 0 0 rg BT 494.64 339.90 Td (the ) Tj ET Q q 0 0 0 rg BT 512.62 339.90 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 540.27 339.90 Td ( ) Tj ET Q q 0 0 0 rg BT 543.35 339.90 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 325.50 Td (Plan ) Tj ET Q q 0 0 0 rg BT 73.14 325.50 Td (consists ) Tj ET Q q 0 0 0 rg BT 112.95 325.50 Td (only ) Tj ET Q q 0 0 0 rg BT 136.09 325.50 Td (of ) Tj ET Q q 0 0 0 rg BT 147.89 325.50 Td (this ) Tj ET Q q 0 0 0 rg BT 167.04 325.50 Td (document ) Tj ET Q q 0 0 0 rg BT 216.16 325.50 Td (and ) Tj ET Q q 0 0 0 rg BT 235.30 325.50 Td (other ) Tj ET Q q 0 0 0 rg BT 261.76 325.50 Td (documents ) Tj ET Q q 0 0 0 rg BT 315.55 325.50 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 382.00 325.50 Td (under ) Tj ET Q q 0 0 0 rg BT 411.13 325.50 Td (this ) Tj ET Q q 0 0 0 rg BT 430.27 325.50 Td (document, ) Tj ET Q q 0 0 0 rg BT 482.40 325.50 Td (but ) Tj ET Q q 0 0 0 rg BT 499.54 325.50 Td (not ) Tj ET Q q 0 0 0 rg BT 516.68 325.50 Td (including ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (such ) Tj ET Q q 0 0 0 rg BT 74.90 311.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 137.79 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.69 311.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 186.92 311.10 Td (agreement; ) Tj ET Q q 0 0 0 rg BT 243.12 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.35 311.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 319.21 311.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.11 311.10 Td (any ) Tj ET Q q 0 0 0 rg BT 345.34 311.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 401.55 311.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 431.78 311.10 Td (that ) Tj ET Q q 0 0 0 rg BT 452.68 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 460.91 311.10 Td (Participant ) Tj ET Q q 0 0 0 rg BT 515.79 311.10 Td (may ) Tj ET Q q 0 0 0 rg BT 539.35 311.10 Td (have ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 296.70 Td (to ) Tj ET Q q 0 0 0 rg BT 63.08 296.70 Td (any ) Tj ET Q q 0 0 0 rg BT 84.15 296.70 Td (enhancement ) Tj ET Q q 0 0 0 rg BT 151.20 296.70 Td (or ) Tj ET Q q 0 0 0 rg BT 164.94 296.70 Td (modification ) Tj ET Q q 0 0 0 rg BT 230.00 296.70 Td (called ) Tj ET Q q 0 0 0 rg BT 262.39 296.70 Td (for ) Tj ET Q q 0 0 0 rg BT 280.13 296.70 Td (under ) Tj ET Q q 0 0 0 rg BT 311.20 296.70 Td (an ) Tj ET Q q 0 0 0 rg BT 326.27 296.70 Td (employment ) Tj ET Q q 0 0 0 rg BT 390.00 296.70 Td (or ) Tj ET Q q 0 0 0 rg BT 403.75 296.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 440.82 296.70 Td (agreement ) Tj ET Q q 0 0 0 rg BT 494.53 296.70 Td (are ) Tj ET Q q 0 0 0 rg BT 512.93 296.70 Td (rights ) Tj ET Q q 0 0 0 rg BT 544.01 296.70 Td (that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 282.30 Td (derive ) Tj ET Q q 0 0 0 rg BT 82.98 282.30 Td (from ) Tj ET Q q 0 0 0 rg BT 109.31 282.30 Td (such ) Tj ET Q q 0 0 0 rg BT 134.30 282.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.27 282.30 Td (and ) Tj ET Q q 0 0 0 rg BT 207.60 282.30 Td (notunder ) Tj ET Q q 0 0 0 rg BT 256.26 282.30 Td (the ) Tj ET Q q 0 0 0 rg BT 273.92 282.30 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 301.25 282.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 255.90 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.99 255.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 254.30039062499998 m 198.70654296875 254.30039062499998 l s q 0 0 0 rg BT 122.00 255.90 Td (Governing ) Tj ET Q q 0 0 0 rg BT 177.77 255.90 Td (Law) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 198.32 255.90 Td (. ) Tj ET Q q 0 0 0 rg BT 205.77 255.90 Td ( ) Tj ET Q q 0 0 0 rg BT 209.90 255.90 Td (The ) Tj ET Q q 0 0 0 rg BT 233.01 255.90 Td (Plan ) Tj ET Q q 0 0 0 rg BT 258.79 255.90 Td (and ) Tj ET Q q 0 0 0 rg BT 280.57 255.90 Td (all ) Tj ET Q q 0 0 0 rg BT 296.03 255.90 Td (A) Tj ET Q q 0 0 0 rg BT 303.60 255.90 Td (wards ) Tj ET Q q 0 0 0 rg BT 336.71 255.90 Td (granted ) Tj ET Q q 0 0 0 rg BT 377.14 255.90 Td (and ) Tj ET Q q 0 0 0 rg BT 398.92 255.90 Td (actions ) Tj ET Q q 0 0 0 rg BT 437.36 255.90 Td (taken ) Tj ET Q q 0 0 0 rg BT 467.80 255.90 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 523.56 255.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 550.67 255.90 Td (be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 241.50 Td (governed ) Tj ET Q q 0 0 0 rg BT 99.14 241.50 Td (by ) Tj ET Q q 0 0 0 rg BT 115.63 241.50 Td (and ) Tj ET Q q 0 0 0 rg BT 137.45 241.50 Td (construed ) Tj ET Q q 0 0 0 rg BT 188.59 241.50 Td (in ) Tj ET Q q 0 0 0 rg BT 202.42 241.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 260.86 241.50 Td (with ) Tj ET Q q 0 0 0 rg BT 286.69 241.50 Td (the ) Tj ET Q q 0 0 0 rg BT 305.84 241.50 Td (laws ) Tj ET Q q 0 0 0 rg BT 332.33 241.50 Td (of ) Tj ET Q q 0 0 0 rg BT 346.81 241.50 Td (the ) Tj ET Q q 0 0 0 rg BT 365.96 241.50 Td (State ) Tj ET Q q 0 0 0 rg BT 394.45 241.50 Td (of ) Tj ET Q q 0 0 0 rg BT 408.94 241.50 Td (Delaware, ) Tj ET Q q 0 0 0 rg BT 462.39 241.50 Td (without ) Tj ET Q q 0 0 0 rg BT 503.55 241.50 Td (reference ) Tj ET Q q 0 0 0 rg BT 552.66 241.50 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 100.32 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.32 227.10 Td (conflict ) Tj ET Q q 0 0 0 rg BT 152.97 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.96 227.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 190.96 227.10 Td (thereof.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 200.70 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 200.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 199.10039062500005 m 254.0556640625 199.10039062500005 l s q 0 0 0 rg BT 122.00 200.70 Td (Gender) Tj ET Q q 0 0 0 rg BT 156.83 200.70 Td (, ) Tj ET Q q 0 0 0 rg BT 162.36 200.70 Td (Singular ) Tj ET Q q 0 0 0 rg BT 205.54 200.70 Td (and ) Tj ET Q q 0 0 0 rg BT 225.39 200.70 Td (Plural) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 254.06 200.70 Td (. ) Tj ET Q q 0 0 0 rg BT 259.58 200.70 Td ( ) Tj ET Q q 0 0 0 rg BT 261.54 200.70 Td (All ) Tj ET Q q 0 0 0 rg BT 279.40 200.70 Td (pronouns ) Tj ET Q q 0 0 0 rg BT 326.59 200.70 Td (and ) Tj ET Q q 0 0 0 rg BT 346.44 200.70 Td (any ) Tj ET Q q 0 0 0 rg BT 366.29 200.70 Td (variations ) Tj ET Q q 0 0 0 rg BT 416.13 200.70 Td (thereof ) Tj ET Q q 0 0 0 rg BT 452.63 200.70 Td (will ) Tj ET Q q 0 0 0 rg BT 473.82 200.70 Td (be ) Tj ET Q q 0 0 0 rg BT 487.67 200.70 Td (deemed ) Tj ET Q q 0 0 0 rg BT 527.50 200.70 Td (to ) Tj ET Q q 0 0 0 rg BT 539.36 200.70 Td (refer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 186.30 Td (to ) Tj ET Q q 0 0 0 rg BT 62.67 186.30 Td (the ) Tj ET Q q 0 0 0 rg BT 80.67 186.30 Td (masculine, ) Tj ET Q q 0 0 0 rg BT 135.65 186.30 Td (feminine, ) Tj ET Q q 0 0 0 rg BT 184.64 186.30 Td (or ) Tj ET Q q 0 0 0 rg BT 197.97 186.30 Td (neuter) Tj ET Q q 0 0 0 rg BT 227.47 186.30 Td (, ) Tj ET Q q 0 0 0 rg BT 233.81 186.30 Td (as ) Tj ET Q q 0 0 0 rg BT 247.14 186.30 Td (the ) Tj ET Q q 0 0 0 rg BT 265.13 186.30 Td (identity ) Tj ET Q q 0 0 0 rg BT 305.13 186.30 Td (of ) Tj ET Q q 0 0 0 rg BT 318.46 186.30 Td (the ) Tj ET Q q 0 0 0 rg BT 336.46 186.30 Td (person ) Tj ET Q q 0 0 0 rg BT 371.79 186.30 Td (or ) Tj ET Q q 0 0 0 rg BT 385.12 186.30 Td (persons ) Tj ET Q q 0 0 0 rg BT 425.11 186.30 Td (may ) Tj ET Q q 0 0 0 rg BT 449.11 186.30 Td (require. ) Tj ET Q q 0 0 0 rg BT 489.42 186.30 Td ( ) Tj ET Q q 0 0 0 rg BT 492.02 186.30 Td (As ) Tj ET Q q 0 0 0 rg BT 508.69 186.30 Td (the ) Tj ET Q q 0 0 0 rg BT 526.69 186.30 Td (context ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 171.90 Td (may ) Tj ET Q q 0 0 0 rg BT 73.66 171.90 Td (require, ) Tj ET Q q 0 0 0 rg BT 113.64 171.90 Td (the ) Tj ET Q q 0 0 0 rg BT 131.30 171.90 Td (singular ) Tj ET Q q 0 0 0 rg BT 172.96 171.90 Td (may ) Tj ET Q q 0 0 0 rg BT 196.62 171.90 Td (be ) Tj ET Q q 0 0 0 rg BT 210.95 171.90 Td (read ) Tj ET Q q 0 0 0 rg BT 234.59 171.90 Td (as ) Tj ET Q q 0 0 0 rg BT 247.59 171.90 Td (the ) Tj ET Q q 0 0 0 rg BT 265.25 171.90 Td (plural ) Tj ET Q q 0 0 0 rg BT 296.24 171.90 Td (and ) Tj ET Q q 0 0 0 rg BT 316.57 171.90 Td (the ) Tj ET Q q 0 0 0 rg BT 334.23 171.90 Td (plural ) Tj ET Q q 0 0 0 rg BT 365.22 171.90 Td (as ) Tj ET Q q 0 0 0 rg BT 378.21 171.90 Td (the ) Tj ET Q q 0 0 0 rg BT 395.87 171.90 Td (singular) Tj ET Q q 0 0 0 rg BT 433.87 171.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 145.50 Td (\(h\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 145.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 143.900390625 m 164.66796875 143.900390625 l s q 0 0 0 rg BT 122.00 145.50 Td (Captions) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 164.67 145.50 Td (. ) Tj ET Q q 0 0 0 rg BT 172.08 145.50 Td ( ) Tj ET Q q 0 0 0 rg BT 176.18 145.50 Td (The ) Tj ET Q q 0 0 0 rg BT 199.25 145.50 Td (captions ) Tj ET Q q 0 0 0 rg BT 243.65 145.50 Td (of ) Tj ET Q q 0 0 0 rg BT 258.06 145.50 Td (the ) Tj ET Q q 0 0 0 rg BT 277.13 145.50 Td (articles, ) Tj ET Q q 0 0 0 rg BT 319.19 145.50 Td (paragraphs ) Tj ET Q q 0 0 0 rg BT 376.25 145.50 Td (and ) Tj ET Q q 0 0 0 rg BT 397.99 145.50 Td (sections ) Tj ET Q q 0 0 0 rg BT 441.06 145.50 Td (of ) Tj ET Q q 0 0 0 rg BT 455.47 145.50 Td (this ) Tj ET Q q 0 0 0 rg BT 477.22 145.50 Td (document ) Tj ET Q q 0 0 0 rg BT 528.96 145.50 Td (are ) Tj ET Q q 0 0 0 rg BT 548.02 145.50 Td (for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (convenience ) Tj ET Q q 0 0 0 rg BT 112.96 131.10 Td (only ) Tj ET Q q 0 0 0 rg BT 137.30 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.63 131.10 Td (will ) Tj ET Q q 0 0 0 rg BT 179.29 131.10 Td (not ) Tj ET Q q 0 0 0 rg BT 197.63 131.10 Td (control ) Tj ET Q q 0 0 0 rg BT 234.62 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 247.61 131.10 Td (af) Tj ET Q q 0 0 0 rg BT 256.72 131.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 277.70 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.36 131.10 Td (meaning ) Tj ET Q q 0 0 0 rg BT 339.68 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 352.68 131.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 415.00 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.99 131.10 Td (any ) Tj ET Q q 0 0 0 rg BT 448.32 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.32 131.10 Td (its ) Tj ET Q q 0 0 0 rg BT 475.65 131.10 Td (provisions.) 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Tj ET Q endstream endobj 305 0 obj <> endobj 306 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 740.70 Td (\(j\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 122 739.100390625 m 206.322265625 739.100390625 l s q 0 0 0 rg BT 122.00 740.70 Td (W) Tj ET Q q 0 0 0 rg BT 132.37 740.70 Td (aiver of Breach) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 206.32 740.70 Td (. ) Tj ET Q q 0 0 0 rg BT 215.11 740.70 Td (The waiver by the Company of any breach of any provision of the Plan ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 726.30 Td (or any ) Tj ET Q q 0 0 0 rg BT 82.66 726.30 Td (Agreement will not operate or be construed as a waiver of any subsequent breach by that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 711.90 Td (Participant or any other Participant.) 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rg BT 457.68 656.70 Td (to ) Tj ET Q q 0 0 0 rg BT 470.44 656.70 Td (the ) Tj ET Q q 0 0 0 rg BT 488.52 656.70 Td (attention ) Tj ET Q q 0 0 0 rg BT 533.93 656.70 Td (of ) Tj ET Q q 0 0 0 rg BT 547.35 656.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 642.30 Td (Head ) Tj ET Q q 0 0 0 rg BT 78.73 642.30 Td (of ) Tj ET Q q 0 0 0 rg BT 92.15 642.30 Td (Human ) Tj ET Q q 0 0 0 rg BT 130.89 642.30 Td (Resources, ) Tj ET Q q 0 0 0 rg BT 186.62 642.30 Td (and ) Tj ET Q q 0 0 0 rg BT 207.37 642.30 Td (in ) Tj ET Q q 0 0 0 rg BT 220.12 642.30 Td (the ) Tj ET Q q 0 0 0 rg BT 238.19 642.30 Td (case ) Tj ET Q q 0 0 0 rg BT 262.26 642.30 Td (of ) Tj ET Q q 0 0 0 rg BT 275.67 642.30 Td (the ) Tj ET Q q 0 0 0 rg BT 293.74 642.30 Td (Participant, ) Tj ET Q q 0 0 0 rg BT 352.14 642.30 Td (to ) Tj ET Q q 0 0 0 rg BT 364.89 642.30 Td (the ) Tj ET Q q 0 0 0 rg BT 382.97 642.30 Td (last ) Tj ET Q q 0 0 0 rg BT 403.05 642.30 Td (known ) Tj ET Q q 0 0 0 rg BT 439.13 642.30 Td (address ) Tj ET Q 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Tj ET Q endstream endobj 307 0 obj <> endobj 308 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.30 760.60 Td (Exhibit 10.41) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 81.3 710.0220703125 m 530.7228515625 710.0220703125 l s q 0 0 0 rg BT 81.30 711.90 Td (RESTRICTED ST) Tj ET Q q 0 0 0 rg BT 176.78 711.90 Td (OCK ) Tj ET Q q 0 0 0 rg BT 206.46 711.90 Td (AND MUTUAL) Tj ET Q q 0 0 0 rg BT 288.12 711.90 Td ( FUND RESTRICTED SHARE ) Tj ET Q q 0 0 0 rg BT 452.16 711.90 Td (AGREEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 256.00 697.50 Td (\(2017 ) Tj ET Q q 0 0 0 rg BT 286.33 697.50 Td (Annual Grant\)) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 280.25 671.10 Td (Under) Tj ET Q q 0 0 0 rg BT 312.70 671.10 Td ( the) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 221.85 644.70 Td (PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 306.41 644.70 Td (Y) Tj ET Q q 0 0 0 rg BT 314.63 644.70 Td ( COMP) Tj ET Q q 0 0 0 rg BT 353.39 644.70 Td (ANIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0 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0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 473.4 m 249.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 509.4 m 305.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 509.4 m 305.5 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 473.4 m 305.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 509.4 m 361.5 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 473.4 m 361.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 509.4 m 417.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 509.4 m 417.5 509.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 473.4 m 417.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 509.4 m 538.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 509.4 m 540.5 473.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 473.4 m 72.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 473.4 m 70.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 467.4 m 81.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 467.4 m 137.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 467.4 m 193.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 467.4 m 249.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 467.4 m 305.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 467.4 m 361.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 467.4 m 417.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 467.4 m 473.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 467.4 m 529.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 473.4 m 538.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 473.4 m 540.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 467.4 m 539.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 467.4 m 72.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 467.4 m 70.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 467.4 m 538.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 467.4 m 540.5 448.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 448.4 m 72.5 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 448.4 m 70.5 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 448.4 m 538.5 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 448.4 m 540.5 436.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 436.4 m 72.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 436.4 m 70.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 436.4 m 538.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 436.4 m 540.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 424.4 m 72.5 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 424.4 m 70.5 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 424.4 m 538.5 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 424.4 m 540.5 412.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 412.4 m 72.5 400.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 412.4 m 70.5 400.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 412.4 m 538.5 400.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 412.4 m 540.5 400.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 400.4 m 72.5 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 400.4 m 70.5 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 400.4 m 538.5 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 400.4 m 540.5 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 388.4 m 72.5 376.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 388.4 m 70.5 376.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 388.4 m 538.5 376.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 388.4 m 540.5 376.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 376.4 m 72.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 376.4 m 70.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 365.4 m 81.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 363.4 m 81.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 365.4 m 137.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 363.4 m 137.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 365.4 m 193.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 363.4 m 193.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 365.4 m 249.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 363.4 m 249.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 365.4 m 305.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 363.4 m 305.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 365.4 m 361.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 363.4 m 361.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 365.4 m 417.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 363.4 m 417.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 365.4 m 473.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 363.4 m 473.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 365.4 m 529.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 363.4 m 529.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 376.4 m 538.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 376.4 m 540.5 363.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 365.4 m 538.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 363.4 m 540.5 363.4 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 684.58 Td (Restricted Mutual Fund Shares Covered:*) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 659.58 Td (JP Morgan Short-Duration Bond Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 629.58 Td (Dodge & Cox Income Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 596.58 Td (Vanguard Institutional Index Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 560.58 Td (Vanguard Extended Market Index Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 524.58 Td (ARI MLP & Energy Infrastructure Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 488.58 Td (ARI International Small Cap Value Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 453.53 Td (Vesting Schedule pursuant to Section 3:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 427.58 Td (The Restricted Mutual Fund Shares shall vest ratably over three years on the 16) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 456.23 433.02 Td (th) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 462.30 427.58 Td ( day of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 415.58 Td (month \(or) Tj ET Q q 0 0 0 rg BT 121.18 415.58 Td (, if the 16) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 167.17 421.02 Td (th) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 173.24 415.58 Td ( falls on a weekend or another day on which the New ) Tj ET Q q 0 0 0 rg BT 431.37 415.58 Td (Y) Tj ET Q q 0 0 0 rg BT 438.84 415.58 Td (ork Stock Exchange ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 403.58 Td (is closed, on the immediately preceding business day\) in which the first, second, and third ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 391.58 Td (anniversaries of the date of issuance occurs.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 340.90 Td (* ) Tj ET Q q 0 0 0 rg BT 79.50 340.90 Td (Subject ) Tj ET Q q 0 0 0 rg BT 112.00 340.90 Td (to ) Tj ET Q q 0 0 0 rg BT 122.27 340.90 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 168.66 340.90 Td (in ) Tj ET Q q 0 0 0 rg BT 178.93 340.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 226.39 340.90 Td (with ) Tj ET Q q 0 0 0 rg BT 246.67 340.90 Td (the ) Tj ET Q q 0 0 0 rg BT 261.39 340.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 286.11 340.90 Td (of ) Tj ET Q q 0 0 0 rg BT 296.94 340.90 Td (this ) Tj ET Q q 0 0 0 rg BT 313.33 340.90 Td (Agreement) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 314.50 Td (IMPOR) Tj ET Q q 0 0 0 rg BT 112.90 314.50 Td (T) Tj ET Q q 0 0 0 rg BT 120.02 314.50 Td (ANT) Tj ET Q q 0 0 0 rg BT 145.14 314.50 Td ( ) Tj ET Q q 0 0 0 rg BT 147.47 314.50 Td (ACKNOWLEDGEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 282.15 314.50 Td (: ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 291.49 314.50 Td (By signing this ) Tj ET Q q 0 0 0 rg BT 365.60 314.50 Td (Agr) Tj ET Q q 0 0 0 rg BT 383.16 314.50 Td (eement, Employee voluntarily ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 300.10 Td (elects to r) Tj ET Q q 0 0 0 rg BT 118.88 300.10 Td (eceive and accept the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 305.23 300.10 Td (A) Tj ET Q q 0 0 0 rg BT 311.90 300.10 Td (war) Tj ET Q q 0 0 0 rg BT 330.13 300.10 Td (d and MFRS ) Tj ET Q q 0 0 0 rg BT 393.57 300.10 Td (A) Tj ET Q q 0 0 0 rg BT 400.24 300.10 Td (war) Tj ET Q q 0 0 0 rg BT 418.46 300.10 Td (d subject to all of the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 285.70 Td (terms and conditions set forth in this ) Tj ET Q q 0 0 0 rg BT 250.79 285.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 268.34 285.70 Td (eement, and specifically acknowledges and agr) Tj ET Q q 0 0 0 rg BT 494.50 285.70 Td (ees that ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 271.30 Td (under certain cir) Tj ET Q q 0 0 0 rg BT 152.87 271.30 Td (cumstances, as specified in Section 5\(a\), the unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 486.67 271.30 Td (es and ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 256.90 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 211.87 256.90 Td (es may cease to vest and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 465.81 256.90 Td (. Employee ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 242.50 Td (also acknowledges and agr) Tj ET Q q 0 0 0 rg BT 202.54 242.50 Td (ees that such terms and conditions ar) Tj ET Q q 0 0 0 rg BT 381.42 242.50 Td (e fair and r) Tj ET Q q 0 0 0 rg BT 435.30 242.50 Td (easonable under the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 228.10 Td (cir) Tj ET Q q 0 0 0 rg BT 84.88 228.10 Td (cumstances.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 201.70 Td (EMPLOYEE) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 176.36699218750005 m 289.5 176.36699218750005 l s q 0 0 0 rg BT 72.00 177.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.50 177.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 151.30 Td (PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 149.93 151.30 Td (Y) Tj ET Q q 0 0 0 rg BT 158.15 151.30 Td ( COMP) Tj ET Q q 0 0 0 rg BT 194.06 151.30 Td (ANIES) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 124.90 Td (By__________________________________) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 110.50 Td ( Its________________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 98.50 Td ( ) Tj ET Q endstream endobj 311 0 obj <> endobj 312 0 obj <> stream BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 260.2 725.8220703125 m 373.78984375 725.8220703125 l s q 0 0 0 rg BT 260.20 727.70 Td (T) Tj ET Q q 0 0 0 rg BT 267.10 727.70 Td (erms and Conditions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 701.30 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 701.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 699.4220703125 m 198.09375 699.4220703125 l s q 0 0 0 rg BT 108.00 701.30 Td (Restricted Shar) Tj ET Q q 0 0 0 rg BT 188.10 701.30 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 198.09 701.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 674.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 674.90 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 674.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 674.90 Td (The Shares subject to the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 348.96 674.90 Td (A) Tj ET Q q 0 0 0 rg BT 356.52 674.90 Td (ward are subject to the restrictions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 660.50 Td (provided for in this ) Tj ET Q q 0 0 0 rg BT 166.66 660.50 Td (Agreement and are referred to collectively as the Restricted Shares and each as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 646.10 Td (a Restricted Share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 619.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 619.70 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 619.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 619.70 Td (The Restricted Shares will be evidenced by a book entry made in the records of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 605.30 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 605.30 Td (s transfer agent in the name of the Employee \(unless the Employee requests a certificate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 590.90 Td (evidencing the Restricted Shares\). ) Tj ET Q q 0 0 0 rg BT 241.28 590.90 Td (All restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 410.60 590.90 Td (Agreement will apply to each ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 576.50 Td (Restricted Share and to any other securities distributed with respect to that Restricted Share. Unless ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 562.10 Td (otherwise permitted by the Committee in accordance with the terms of the Plan, the Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 547.70 Td (may not \(until such Restricted Shares have vested in the Employee in accordance with all terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 533.30 Td (conditions of this ) Tj ET Q q 0 0 0 rg BT 157.67 533.30 Td (Agreement\) be assigned or transferred other than by will or the laws of descent and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 518.90 Td (distribution and shall not be subject to pledge, hypothecation, execution, attachment or similar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 504.50 Td (process. Each Restricted Share will remain restricted and subject to forfeiture to the Company unless ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 490.10 Td (and until that Restricted Share has vested in the Employee in accordance with all of the terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 475.70 Td (conditions of this ) Tj ET Q q 0 0 0 rg BT 157.67 475.70 Td (Agreement and the 2003 Plan. Each book entry \(or stock certificate if requested by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 461.30 Td (the Employee\) evidencing any Restricted Share may contain such notations or legends and stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 446.90 Td (transfer instructions or limitations as may be determined or authorized by the Company in its sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 432.50 Td (discretion. If a certificate evidencing any Restricted Share is requested by the Employee, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 418.10 Td (Company may) Tj ET Q q 0 0 0 rg BT 141.54 418.10 Td (, in its sole discretion, retain custody of the certificate throughout the period during ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 403.70 Td (which any restrictions are in ef) Tj ET Q q 0 0 0 rg BT 220.06 403.70 Td (fect and require, as a condition to issuing a certificate, that the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 389.30 Td (Employee tender to the Company a stock power duly executed in blank relating to such custody) Tj ET Q q 0 0 0 rg BT 531.43 389.30 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 362.90 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 362.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 361.0220703125 m 269.44921875 361.0220703125 l s q 0 0 0 rg BT 108.00 362.90 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 259.45 362.90 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 269.45 362.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 336.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 336.50 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 336.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 336.50 Td (The Restricted Mutual Fund Shares represent Restricted Mutual Fund Shares that have ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.10 Td (been awarded to the Employee by the Company as well as any additional Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 307.70 Td (Shares that the Employee has elected to receive in lieu of amounts that would have been otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 293.30 Td (awarded as Restricted Shares, in accordance with the Committee) Tj ET Q q 0 0 0 rg BT 386.22 293.30 Td (s determination to permit such an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 278.90 Td (election and in the amount so permitted. ) Tj ET Q q 0 0 0 rg BT 267.73 278.90 Td (The Restricted Mutual Fund Shares were to be allocated by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 264.50 Td (the Employee among mutual funds and exchange-traded funds selected by the Company) Tj ET Q q 0 0 0 rg BT 495.43 264.50 Td (. ) Tj ET Q q 0 0 0 rg BT 501.21 264.50 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.10 Td (deadline for submitting an allocation form for this award cycle has passed and no reallocation among ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 235.70 Td (selected mutual funds or exchange-traded funds shall be permitted. ) Tj ET Q q 0 0 0 rg BT 396.34 235.70 Td (The Employee) Tj ET Q q 0 0 0 rg BT 469.98 235.70 Td (s allocation, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 221.30 Td (any election to increase the amount of Restricted Mutual Fund Shares received in lieu of amounts that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 206.90 Td (would have been otherwise awarded as Restricted Shares, is irrevocable. If the Employee failed to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 192.50 Td (allocate their Restricted Mutual Fund Shares among the available mutual funds and exchange-traded ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.10 Td (funds prior to the deadline, the Company) Tj ET Q q 0 0 0 rg BT 272.29 178.10 Td (s determination of the allocation shall be binding on the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 163.70 Td (Employee, and no reallocation shall be permitted. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 149.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 134.90 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 134.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 134.90 Td (All vesting contingencies and restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 440.28 134.90 Td (Agreement will apply to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 120.50 Td (each Restricted Mutual Fund Share. ) Tj ET Q q 0 0 0 rg BT 247.07 120.50 Td (The Restricted Mutual Fund Shares may not \(until such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.10 Td (Restricted Mutual Fund Shares have vested in the Employee in accordance with all terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 91.70 Td (conditions of this ) Tj ET Q q 0 0 0 rg BT 157.67 91.70 Td (Agreement\) be assigned or transferred other than by will or the laws of descent and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 77.30 Td (distribution and shall not be subject to pledge, hypothecation, execution, attachment or similar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 62.90 Td (process. Each Restricted Mutual Fund Share will remain restricted, and its unvested portion subject ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 48.50 Td (to forfeiture to the Company) Tj ET Q q 0 0 0 rg BT 208.52 48.50 Td (, unless and until that Restricted Mutual Fund Share has vested in the ) Tj ET Q endstream endobj 313 0 obj <> endobj 314 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 740.70 Td (Employee in accordance with all of the terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 398.58 740.70 Td (Agreement and the MFRS Plan. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (The Employee shall execute such pledge or other agreement that the Company may require at any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (time to perfect such restriction.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 685.50 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 685.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 683.6220703125 m 145.564453125 683.6220703125 l s q 0 0 0 rg BT 108.00 685.50 Td (V) Tj ET Q q 0 0 0 rg BT 115.56 685.50 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 145.56 685.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 659.10 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 659.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 657.500390625 m 264.333984375 657.500390625 l s q 0 0 0 rg BT 144.00 659.10 Td (Continuous Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 264.33 659.10 Td (: So long as the Employee remains continuously employed ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 644.70 Td (\(including during the continuance of any leave of absence as approved by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 630.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 630.30 Td (filiate\) by the Company or an ) Tj ET Q q 0 0 0 rg BT 228.41 630.30 Td (Af) Tj ET Q q 0 0 0 rg BT 240.86 630.30 Td (filiate, then the Restricted Shares and Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 615.90 Td (Shares will vest in the numbers and on the dates specified in their respective ) Tj ET Q q 0 0 0 rg BT 441.01 615.90 Td (V) Tj ET Q q 0 0 0 rg BT 448.35 615.90 Td (esting Schedules in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 601.50 Td (Notice of Grant. Except as otherwise provided herein, if and when the Employee) Tj ET Q q 0 0 0 rg BT 466.20 601.50 Td (s employment with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (the Company or an ) Tj ET Q q 0 0 0 rg BT 165.98 587.10 Td (Af) Tj ET Q q 0 0 0 rg BT 178.43 587.10 Td (filiate terminates, whether by the Employee or by the Company \(or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 572.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 572.70 Td (filiate\), voluntarily or involuntarily) Tj ET Q q 0 0 0 rg BT 252.29 572.70 Td (, for any reason, then, in accordance with Section 5 of this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 558.30 Td (Agreement, the Restricted Shares and Restricted Mutual Fund Shares shall cease vesting, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 543.90 Td (unvested Restricted Shares and Restricted Mutual Fund Shares as of the termination date shall be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 529.50 Td (forfeited to the Company) Tj ET Q q 0 0 0 rg BT 192.19 529.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 503.10 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 503.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 501.500390625 m 267.97265625 501.500390625 l s q 0 0 0 rg BT 144.00 503.10 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 503.10 Td (esting in Event of Death) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 267.97 503.10 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 357.94 503.10 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 488.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 488.70 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 292.03 488.70 Td (s death, then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 474.30 Td (Restricted Mutual Fund Shares will immediately vest in full.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 447.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 447.90 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 447.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 446.300390625 m 344.126953125 446.300390625 l s q 0 0 0 rg BT 144.00 447.90 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 447.90 Td (esting in Event of Long-T) Tj ET Q q 0 0 0 rg BT 275.14 447.90 Td (erm Disability) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 344.13 447.90 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 434.10 447.90 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 433.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 433.50 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 433.50 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 368.35 433.50 Td (s long-term disability \(as defined in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 419.10 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 419.10 Td (s long-term disability plan, a Disability\), then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 404.70 Td (Restricted Mutual Fund Shares will continue vesting during the Employee) Tj ET Q q 0 0 0 rg BT 431.61 404.70 Td (s long-term disability ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 390.30 Td (period in accordance with their respective ) Tj ET Q q 0 0 0 rg BT 275.69 390.30 Td (V) Tj ET Q q 0 0 0 rg BT 283.03 390.30 Td (esting Schedules set forth in the Notice of Grant. If, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 375.90 Td (however) Tj ET Q q 0 0 0 rg BT 112.83 375.90 Td (, the Employee recovers from the Disability) Tj ET Q q 0 0 0 rg BT 322.32 375.90 Td (, and returns to gainful employment with any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 361.50 Td (employer other than the Company or an ) Tj ET Q q 0 0 0 rg BT 265.62 361.50 Td (Af) Tj ET Q q 0 0 0 rg BT 278.06 361.50 Td (filiate, the Employee) Tj ET Q q 0 0 0 rg BT 381.69 361.50 Td (s entitlement to the unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 347.10 Td (Restricted Shares and Restricted Mutual Fund Shares will be subject to the requirements of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 332.70 Td (subparagraph 3\(f\) below) Tj ET Q q 0 0 0 rg BT 189.18 332.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 306.30 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.99 306.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 304.700390625 m 319.611328125 304.700390625 l s q 0 0 0 rg BT 144.00 306.30 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 306.30 Td (esting in Event of Severance Event) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 319.61 306.30 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 409.58 306.30 Td (s employment by the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 291.90 Td (or an ) Tj ET Q q 0 0 0 rg BT 98.66 291.90 Td (Af) Tj ET Q q 0 0 0 rg BT 111.11 291.90 Td (filiate is involuntarily terminated as a result of a Company-determined severance event \(i.e., ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 277.50 Td (an event specifically designated as a severance event by the Company in a written notice to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 263.10 Td (Employee that he or she is eligible for severance benefits under the Company) Tj ET Q q 0 0 0 rg BT 447.21 263.10 Td (s Severance Plan, as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 248.70 Td (may be amended from time to time\), then the unvested Restricted Shares and Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 234.30 Td (Shares will, as set forth in writing in a severance agreement, vest in full upon the expiration of a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 219.90 Td (thirty-day period commencing upon the Employee) Tj ET Q q 0 0 0 rg BT 317.60 219.90 Td (s execution of a general release of all claims ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 205.50 Td (against the Company and its ) Tj ET Q q 0 0 0 rg BT 210.32 205.50 Td (Af) Tj ET Q q 0 0 0 rg BT 222.76 205.50 Td (filiates, on a form provided by the Company for this purpose and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (within the timeframe designated by the Company; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 315.609375 189.50039062500002 m 358.265625 189.50039062500002 l s q 0 0 0 rg BT 315.61 191.10 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 358.27 191.10 Td ( that, no such vesting will occur unless \(i\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 176.70 Td (the Employee has not revoked the general release and it remains ef) Tj ET Q q 0 0 0 rg BT 392.65 176.70 Td (fective and enforceable upon ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 162.30 Td (expiration of the thirty-day period following its execution, and \(ii\) the Employee has complied with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 147.90 Td (the terms and conditions of the Company) Tj ET Q q 0 0 0 rg BT 273.30 147.90 Td (s Severance Plan and the applicable severance agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 121.50 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.32 121.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 119.900390625 m 339.744140625 119.900390625 l s q 0 0 0 rg BT 144.00 121.50 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 121.50 Td (esting in Event of For Cause Dischar) Tj ET Q q 0 0 0 rg BT 328.42 121.50 Td (ge) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 339.74 121.50 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 429.71 121.50 Td (s employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 107.10 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 107.10 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 107.10 Td (filiate terminates because the Employee was dischar) Tj ET Q q 0 0 0 rg BT 411.12 107.10 Td (ged for Cause \(as that term ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.70 Td (is defined in subparagraph 5\(b\)\) below) Tj ET Q q 0 0 0 rg BT 257.50 92.70 Td (, then the unvested Restricted Shares and Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.30 Td (Fund Shares shall cease vesting and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 381.81 78.30 Td (.) Tj ET Q endstream endobj 315 0 obj <> endobj 316 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 740.70 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.99 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 739.100390625 m 401.220703125 739.100390625 l s q 0 0 0 rg BT 144.00 740.70 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 740.70 Td (esting in the Event of ) Tj ET Q q 0 0 0 rg BT 256.32 740.70 Td (Any Other ) Tj ET Q q 0 0 0 rg BT 310.09 740.70 Td (T) Tj ET Q q 0 0 0 rg BT 316.58 740.70 Td (ype of Separation) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 401.22 740.70 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 491.19 740.70 Td (s employment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (with the Company or an ) Tj ET Q q 0 0 0 rg BT 190.32 726.30 Td (Af) Tj ET Q q 0 0 0 rg BT 202.76 726.30 Td (filiate terminates for any reason other than the Employee) Tj ET Q q 0 0 0 rg BT 479.33 726.30 Td (s death, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (Disability) Tj ET Q q 0 0 0 rg BT 118.55 711.90 Td (, termination in a Company-determined severance event, or for Cause \(all as described ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.50 Td (above\), then the unvested Restricted Shares and Restricted Mutual Fund Shares shall cease vesting ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (and be forfeited to the Company; ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 233.95 683.10 Td (pr) Tj ET Q q 0 0 0 rg BT 244.18 683.10 Td (ovided, however) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 322.82 683.10 Td (, that at the time of termination, the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.70 Td (shall of) Tj ET Q q 0 0 0 rg BT 107.44 668.70 Td (fer the Employee an opportunity to \(a\) sign a Post-T) Tj ET Q q 0 0 0 rg BT 357.54 668.70 Td (ermination ) Tj ET Q q 0 0 0 rg BT 411.87 668.70 Td (Agreement, and \(b\) execute a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.30 Td (general release of all claims against the Company and its ) Tj ET Q q 0 0 0 rg BT 347.24 654.30 Td (Af) Tj ET Q q 0 0 0 rg BT 359.69 654.30 Td (filiates on a form provided by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.90 Td (Company for this purpose and within the timeframe designated by the Company) Tj ET Q q 0 0 0 rg BT 456.81 639.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 613.50 Td (If the Employee signs a Post-T) Tj ET Q q 0 0 0 rg BT 255.47 613.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 309.79 613.50 Td (Agreement, and thereafter complies with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 599.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 599.10 Td (s obligations under such Post-T) Tj ET Q q 0 0 0 rg BT 274.47 599.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 328.79 599.10 Td (Agreement, including the obligation to refrain ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.70 Td (from engaging in any Restricted ) Tj ET Q q 0 0 0 rg BT 228.96 584.70 Td (Activities \(as defined below\) for the shorter of the remaining vesting ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.30 Td (period of the unvested Restricted Shares and Restricted Mutual Fund Shares, or the restricted period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.90 Td (identified in the Post-T) Tj ET Q q 0 0 0 rg BT 182.14 555.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 236.47 555.90 Td (Agreement \(which may extend beyond the ) Tj ET Q q 0 0 0 rg BT 443.07 555.90 Td (Applicable Post-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.50 Td (Employment Restricted Period \(as defined below\) and be up to two years following the date of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (termination\), and the Employee signs and does not rescind or take any action to revoke the general ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 512.70 Td (release as described above in whole or in part, then the unvested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 498.30 Td (Mutual Fund Shares shall not cease to vest and shall not be forfeited, but rather) Tj ET Q q 0 0 0 rg BT 451.76 498.30 Td (, as set forth in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.90 Td (Post-T) Tj ET Q q 0 0 0 rg BT 103.17 483.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 157.49 483.90 Td (Agreement, shall continue to vest in the numbers and on the dates specified in their ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 123.42 469.50 Td (V) Tj ET Q q 0 0 0 rg BT 130.76 469.50 Td (esting Schedules in the Notice of Grant for so long as the Employee continuously refrains ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (from engaging in all Restricted ) Tj ET Q q 0 0 0 rg BT 223.63 455.10 Td (Activities for the shorter of the remaining vesting period of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 440.70 Td (unvested Restricted Shares and Restricted Mutual Fund Shares, or the restricted period identified in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.30 Td (the Post-T) Tj ET Q q 0 0 0 rg BT 120.83 426.30 Td (ermination ) Tj ET Q q 0 0 0 rg BT 175.15 426.30 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 399.90 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 399.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 399.90 Td (Notwithstanding any other provisions of this ) Tj ET Q q 0 0 0 rg BT 360.66 399.90 Td (Agreement to the contrary) Tj ET Q q 0 0 0 rg BT 486.16 399.90 Td (, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 385.50 Td (Committee may) Tj ET Q q 0 0 0 rg BT 148.21 385.50 Td (, in its sole discretion, declare at any time that the unvested Restricted Shares or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (Restricted Mutual Fund Shares, or any portion of either thereof, shall vest immediately or) Tj ET Q q 0 0 0 rg BT 501.75 371.10 Td (, to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.70 Td (extent they otherwise would be forfeited, shall vest in the numbers and on such dates as are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.30 Td (determined by the Committee to be in the interests of the Company as determined by the Committee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.90 Td (in its sole discretion.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 301.50 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 301.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 299.6220703125 m 191.98828125 299.6220703125 l s q 0 0 0 rg BT 108.00 301.50 Td (Effect of ) Tj ET Q q 0 0 0 rg BT 154.42 301.50 Td (V) Tj ET Q q 0 0 0 rg BT 161.99 301.50 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 191.99 301.50 Td (. Upon the vesting of any Restricted Shares or Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 287.10 Td (Shares, such vested Restricted Shares and Restricted Mutual Fund Shares will no longer be subject to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 272.70 Td (forfeiture; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 123.638671875 271.10039062500005 m 166.294921875 271.10039062500005 l s q 0 0 0 rg BT 123.64 272.70 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 166.29 272.70 Td (, however) Tj ET Q q 0 0 0 rg BT 213.13 272.70 Td (, that such vested Restricted Shares and Restricted Mutual Fund Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 258.30 Td (shall remain subject to potential recovery by the Company pursuant to Section 7 of this ) Tj ET Q q 0 0 0 rg BT 492.91 258.30 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 231.90 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 231.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 230.02207031249998 m 503.63671875 230.02207031249998 l s q 0 0 0 rg BT 108.00 231.90 Td (Forfeitur) Tj ET Q q 0 0 0 rg BT 155.09 231.90 Td (e of Unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 306.84 231.90 Td (es and Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 493.64 231.90 Td (es) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 503.64 231.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 205.50 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 205.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 205.50 Td (If \(i\) the Employee attempts to pledge, encumber) Tj ET Q q 0 0 0 rg BT 379.44 205.50 Td (, assign, transfer or otherwise dispose ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (of any of the Restricted Shares \(except as permitted by Section 1\(b\) of this ) Tj ET Q q 0 0 0 rg BT 432.57 191.10 Td (Agreement\) or the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 176.70 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 176.70 Td (s interest in or rights to any of the Restricted Mutual Fund Shares \(except as permitted by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 162.30 Td (Section 2\(b\) of this ) Tj ET Q q 0 0 0 rg BT 166.66 162.30 Td (Agreement\), or the Restricted Shares or Restricted Mutual Fund Shares become ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 147.90 Td (subject to attachment or any similar involuntary process in violation of this ) Tj ET Q q 0 0 0 rg BT 434.60 147.90 Td (Agreement, or \(ii\) the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 133.50 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 133.50 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 312.96 133.50 Td (Af) Tj ET Q q 0 0 0 rg BT 325.41 133.50 Td (filiate \(A\) is terminated for Cause or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 119.10 Td (\(B\)terminates under the circumstances covered by Section 3\(d\) or Section 3\(f\) \(including as Section ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 104.70 Td (3\(f\) applies with respect to Section 3\(c\)\) of this ) Tj ET Q q 0 0 0 rg BT 301.61 104.70 Td (Agreement and either \(1\) the conditions or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 90.30 Td (restrictions of such Section, as applicable, are not satisfied or \(2\)the conditions or restrictions of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 75.90 Td (Section, as applicable, are satisfied but the Employee subsequently violates any of them, then any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 61.50 Td (Restricted Shares and Restricted Mutual Fund Shares that have not previously vested shall cease to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 47.10 Td (vest and shall be forfeited to the Company immediately) Tj ET Q q 0 0 0 rg BT 337.82 47.10 Td (, the Employee shall thereafter have no right, ) Tj ET Q endstream endobj 317 0 obj <> endobj 318 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 740.70 Td (title or interest whatsoever in such unvested Restricted Shares and Restricted Mutual Fund Shares, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (and, if the Company does not have custody of any and all certificates representing Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (so forfeited, the Employee shall immediately return to the Company any and all certificates ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.50 Td (representing Restricted Shares so forfeited. ) Tj ET Q q 0 0 0 rg BT 284.27 697.50 Td (Additionally) Tj ET Q q 0 0 0 rg BT 344.15 697.50 Td (, the Employee will deliver to the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (a stock power duly executed in blank relating to any and all certificates representing such forfeited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.70 Td (Restricted Shares to the Company in accordance with the previous sentence or) Tj ET Q q 0 0 0 rg BT 447.73 668.70 Td (, if such stock power ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.30 Td (has previously been tendered to the Company) Tj ET Q q 0 0 0 rg BT 290.50 654.30 Td (, the Company will be authorized to deem such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.90 Td (previously tendered stock power delivered, and the Company will be authorized to cancel any and all ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.50 Td (certificates representing Restricted Shares so forfeited and to cause a book entry to be made in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (records of the Company) Tj ET Q q 0 0 0 rg BT 190.97 611.10 Td (s transfer agent in the name of the Employee \(or a new stock certificate to be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.70 Td (issued, if requested by the Employee\) evidencing any Restricted Shares that vested prior to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.30 Td (forfeiture of unvested Restricted Shares under this Section 5. If the Restricted Shares are evidenced ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.90 Td (by a book entry made in the records of the Company) Tj ET Q q 0 0 0 rg BT 327.93 567.90 Td (s transfer agent, then the Company will be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.50 Td (authorized to cause such book entry to be adjusted to reflect the number of Restricted Shares so ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (forfeited.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 512.70 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 512.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 512.70 Td (For purposes of this ) Tj ET Q q 0 0 0 rg BT 242.00 512.70 Td (Agreement, Cause means \(i\) the Employee) Tj ET Q q 0 0 0 rg BT 461.92 512.70 Td (s continued failure ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 498.30 Td (to substantially perform his or her duties with the Company or an ) Tj ET Q q 0 0 0 rg BT 387.95 498.30 Td (Af) Tj ET Q q 0 0 0 rg BT 400.39 498.30 Td (filiate after written demand for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.90 Td (substantial performance is delivered to the Employee; the Employee shall be provided thirty \(30\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.50 Td (days to attempt to remedy the deficiencies identified by the Company or an ) Tj ET Q q 0 0 0 rg BT 435.56 469.50 Td (Af) Tj ET Q q 0 0 0 rg BT 448.01 469.50 Td (filiate in its written ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (demand; \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 203.63 455.10 Td (s conviction of a felony; \(iii\) the Employee committing a felony or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 440.70 Td (engaging in other misconduct that the Company determines in its sole discretion impairs the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.30 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 426.30 Td (s ability to perform his or her duties with the Company or an ) Tj ET Q q 0 0 0 rg BT 417.60 426.30 Td (Af) Tj ET Q q 0 0 0 rg BT 430.05 426.30 Td (filiate, and/or results in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.90 Td (negative or otherwise adverse publicity for the Company or an ) Tj ET Q q 0 0 0 rg BT 374.58 411.90 Td (Af) Tj ET Q q 0 0 0 rg BT 387.02 411.90 Td (filiate; \(iv\) the Employee) Tj ET Q q 0 0 0 rg BT 511.31 411.90 Td (s violation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 397.50 Td (of any policy of the Company or an ) Tj ET Q q 0 0 0 rg BT 245.30 397.50 Td (Af) Tj ET Q q 0 0 0 rg BT 257.74 397.50 Td (filiate that the Company) Tj ET Q q 0 0 0 rg BT 373.27 397.50 Td (, in its sole discretion, deems material; ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (\(v\) the Employee) Tj ET Q q 0 0 0 rg BT 158.64 383.10 Td (s violation of any securities law) Tj ET Q q 0 0 0 rg BT 310.15 383.10 Td (, rule or regulation that the Company) Tj ET Q q 0 0 0 rg BT 487.00 383.10 Td (, in its sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 368.70 Td (discretion, deems material; \(vi\) the Employee) Tj ET Q q 0 0 0 rg BT 294.59 368.70 Td (s engagement in conduct that, in the Company) Tj ET Q q 0 0 0 rg BT 520.54 368.70 Td (s sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 354.30 Td (discretion, exposes the Company or an ) Tj ET Q q 0 0 0 rg BT 260.30 354.30 Td (Af) Tj ET Q q 0 0 0 rg BT 272.74 354.30 Td (filiate to civil or regulatory liability or injury to its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 339.90 Td (reputation; \(vii\) the Employee) Tj ET Q q 0 0 0 rg BT 220.29 339.90 Td (s engagement in conduct that would subject the Employee to statutory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 325.50 Td (disqualification pursuant to Section 15\(b\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 354.60 325.50 Td (Act and the regulations promulgated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 311.10 Td (thereunder; or \(viii\) the Employee) Tj ET Q q 0 0 0 rg BT 239.27 311.10 Td (s gross or willful misconduct that the Company) Tj ET Q q 0 0 0 rg BT 466.14 311.10 Td (, in its sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 296.70 Td (discretion, deems material.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 270.30 Td (6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 270.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 268.42207031249995 m 210.9609375 268.42207031249995 l s q 0 0 0 rg BT 108.00 270.30 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 162.98 270.30 Td (Activities) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 210.96 270.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.96 270.30 Td ( In consideration of the grant of this ) Tj ET Q q 0 0 0 rg BT 391.59 270.30 Td (A) Tj ET Q q 0 0 0 rg BT 399.15 270.30 Td (ward, the Employee agrees to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 255.90 Td (comply with and be bound by the following restrictive covenants \(each a Restricted ) Tj ET Q q 0 0 0 rg BT 480.88 255.90 Td (Activity and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 241.50 Td (together the Restricted ) Tj ET Q q 0 0 0 rg BT 188.29 241.50 Td (Activities\):) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 215.10 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 215.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 215.10 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 215.10 Td (s employment by the Company or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 200.70 Td (an ) Tj ET Q q 0 0 0 rg BT 85.66 200.70 Td (Af) Tj ET Q q 0 0 0 rg BT 98.11 200.70 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 243.88 200.70 Td (, except in connection with the performance of the Employee) Tj ET Q q 0 0 0 rg BT 540.44 200.70 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 186.30 Td (job duties for the benefit of the Company) Tj ET Q q 0 0 0 rg BT 269.51 186.30 Td (, use, disclose or misappropriate any Company-Confidential ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 171.90 Td (Information \(as defined below\) unless the Company or an ) Tj ET Q q 0 0 0 rg BT 351.60 171.90 Td (Af) Tj ET Q q 0 0 0 rg BT 364.04 171.90 Td (filiate consents otherwise in writing. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 157.50 Td (Company-Confidential Information shall have the same meaning as provided in the Company) Tj ET Q q 0 0 0 rg BT 536.21 157.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 143.10 Td (Code of Ethics and Business Conduct, and shall include without limitation any confidential, secret or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 128.70 Td (proprietary knowledge or information of the Company or an ) Tj ET Q q 0 0 0 rg BT 363.59 128.70 Td (Af) Tj ET Q q 0 0 0 rg BT 376.04 128.70 Td (filiate that the Employee has acquired ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 114.30 Td (or become acquainted with during the Employee) Tj ET Q q 0 0 0 rg BT 308.59 114.30 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 497.57 114.30 Td (Af) Tj ET Q q 0 0 0 rg BT 510.01 114.30 Td (filiate. For ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 99.90 Td (the avoidance of doubt, nothing in this paragraph or any other provision of this ) Tj ET Q q 0 0 0 rg BT 452.92 99.90 Td (Agreement precludes ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 85.50 Td (you from reporting to the Company) Tj ET Q q 0 0 0 rg BT 246.30 85.50 Td (s management or directors or to the government, a regulator) Tj ET Q q 0 0 0 rg BT 533.72 85.50 Td (, or a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 71.10 Td (self-regulatory agency conduct that you believe to be in violation of the law) Tj ET Q q 0 0 0 rg BT 435.10 71.10 Td (, or responding truthfully ) Tj ET Q endstream endobj 319 0 obj <> endobj 320 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 740.70 Td (to questions or requests from the government, a regulator) Tj ET Q q 0 0 0 rg BT 346.45 740.70 Td (, a self-regulatory agency) Tj ET Q q 0 0 0 rg BT 467.61 740.70 Td (, or in a court of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (law) Tj ET Q q 0 0 0 rg BT 88.55 726.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 699.90 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.99 699.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 699.90 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 699.90 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 685.50 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 685.50 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 685.50 Td (Applicable Post-Employment Restricted Period, directly or indirectly) Tj ET Q q 0 0 0 rg BT 519.23 685.50 Td (, on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (behalf of the Employee or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 441.69 671.10 Td (T) Tj ET Q q 0 0 0 rg BT 448.18 671.10 Td (alent Competitor \(as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 656.70 Td (defined below\)\), solicit, induce or encourage any person then employed, or employed within the 180-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 642.30 Td (day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 245.94 642.30 Td (s termination, by the Company or an ) Tj ET Q q 0 0 0 rg BT 423.91 642.30 Td (Af) Tj ET Q q 0 0 0 rg BT 436.35 642.30 Td (filiate to terminate or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 627.90 Td (otherwise modify their employment relationship with the Company;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 601.50 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 601.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 601.50 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 601.50 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 587.10 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 587.10 Td (Applicable Post-Employment Restricted Period, on behalf of the Employee or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 572.70 Td (any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 313.41 572.70 Td (T) Tj ET Q q 0 0 0 rg BT 319.90 572.70 Td (alent Competitor \(as defined below\)\), hire, retain ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 558.30 Td (or employ in any capacity any person then employed, or employed within the 180-day period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 543.90 Td (preceding the Employee) Tj ET Q q 0 0 0 rg BT 191.95 543.90 Td (s termination, by the Company or an ) Tj ET Q q 0 0 0 rg BT 369.93 543.90 Td (Af) Tj ET Q q 0 0 0 rg BT 382.37 543.90 Td (filiate;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 517.50 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 517.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 517.50 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 517.50 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 503.10 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 503.10 Td (Applicable Post-Employment Restricted Period, directly or indirectly) Tj ET Q q 0 0 0 rg BT 519.23 503.10 Td (, on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 488.70 Td (behalf of the Employee or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 441.69 488.70 Td (T) Tj ET Q q 0 0 0 rg BT 448.18 488.70 Td (alent Competitor\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 474.30 Td (solicit any customer) Tj ET Q q 0 0 0 rg BT 168.16 474.30 Td (, client or account of the Company or an ) Tj ET Q q 0 0 0 rg BT 364.11 474.30 Td (Af) Tj ET Q q 0 0 0 rg BT 376.55 474.30 Td (filiate, or otherwise otherwise seek to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (divert any customer) Tj ET Q q 0 0 0 rg BT 166.82 459.90 Td (, client or account of the Company or an ) Tj ET Q q 0 0 0 rg BT 362.77 459.90 Td (Af) Tj ET Q q 0 0 0 rg BT 375.21 459.90 Td (filiate away from engaging in business ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.50 Td (with the Company or an ) Tj ET Q q 0 0 0 rg BT 190.32 445.50 Td (Af) Tj ET Q q 0 0 0 rg BT 202.76 445.50 Td (filiate. For purposes of this subparagraph, customer) Tj ET Q q 0 0 0 rg BT 457.89 445.50 Td (, client or account ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (shall include the following: then-current customers, clients, or accounts of the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 416.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 416.70 Td (filiate; any customers, clients or accounts that had been represented by or had a business ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 402.30 Td (relationship with the Company or an ) Tj ET Q q 0 0 0 rg BT 249.97 402.30 Td (Af) Tj ET Q q 0 0 0 rg BT 262.42 402.30 Td (filiate within the 365-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 540.66 402.30 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 387.90 Td (termination; and any individual, company or other form of legal entity that had been solicited or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 373.50 Td (pitched for business by the Company or an ) Tj ET Q q 0 0 0 rg BT 279.97 373.50 Td (Af) Tj ET Q q 0 0 0 rg BT 292.41 373.50 Td (filiate within the 365-day period preceding the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 359.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 359.10 Td (s termination, if the Employee was involved in any capacity in the solicitation or pitch;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 332.70 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 332.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 332.70 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 332.70 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 318.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 318.30 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 318.30 Td (Applicable Post-Employment Restricted Period, without the prior written ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 303.90 Td (consent of the Company or an ) Tj ET Q q 0 0 0 rg BT 218.64 303.90 Td (Af) Tj ET Q q 0 0 0 rg BT 231.08 303.90 Td (filiate, \(x\) become a director) Tj ET Q q 0 0 0 rg BT 367.53 303.90 Td (, of) Tj ET Q q 0 0 0 rg BT 383.31 303.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 404.81 303.90 Td (, employee, partner) Tj ET Q q 0 0 0 rg BT 496.95 303.90 Td (, consultant ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 289.50 Td (or independent contractor of, or otherwise work or provide services for) Tj ET Q q 0 0 0 rg BT 412.40 289.50 Td (, a ) Tj ET Q q 0 0 0 rg BT 426.51 289.50 Td (T) Tj ET Q q 0 0 0 rg BT 433.00 289.50 Td (alent Competitor doing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 275.10 Td (business in the same geographic or market area\(s\) in which the Company or an ) Tj ET Q q 0 0 0 rg BT 453.22 275.10 Td (Af) Tj ET Q q 0 0 0 rg BT 465.67 275.10 Td (filiate is also doing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 260.70 Td (business, or \(y\) acquire any material ownership or similar financial interest in any such ) Tj ET Q q 0 0 0 rg BT 492.66 260.70 Td (T) Tj ET Q q 0 0 0 rg BT 499.15 260.70 Td (alent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 246.30 Td (Competitor;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 219.90 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.99 219.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 219.90 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 219.90 Td (s employment by the Company or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 205.50 Td (an ) Tj ET Q q 0 0 0 rg BT 85.66 205.50 Td (Af) Tj ET Q q 0 0 0 rg BT 98.11 205.50 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 243.88 205.50 Td (, make disparaging, derogatory) Tj ET Q q 0 0 0 rg BT 392.06 205.50 Td (, or defamatory statements about ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (the Company or an ) Tj ET Q q 0 0 0 rg BT 165.98 191.10 Td (Af) Tj ET Q q 0 0 0 rg BT 178.43 191.10 Td (filiate in any public forum or media; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 164.70 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 164.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 164.70 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 164.70 Td (s employment by the Company or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.30 Td (an ) Tj ET Q q 0 0 0 rg BT 85.66 150.30 Td (Af) Tj ET Q q 0 0 0 rg BT 98.11 150.30 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 243.88 150.30 Td (, fail to cooperate fully with and provide full and accurate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.90 Td (information to the Company and its counsel with respect to any matter \(including any audit, tax ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.50 Td (proceeding, litigation, investigation or governmental proceeding\) with respect to which the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 107.10 Td (may have knowledge or information, subject to reimbursement for actual, appropriate and reasonable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.70 Td (expenses incurred by the Employee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 66.30 Td (For purposes of this Section 6, the Applicable Post-Employment Restricted Period means: ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 51.90 Td (\(i\) with respect to Sections 6\(b\) and \(c\), one year following any termination of the Employee) Tj ET Q q 0 0 0 rg BT 521.20 51.90 Td (s ) Tj ET Q endstream endobj 321 0 obj <> endobj 322 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 740.70 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 253.31 740.70 Td (Af) Tj ET Q q 0 0 0 rg BT 265.75 740.70 Td (filiate \(not including any period of notice provided by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (Employee\); \(ii\) with respect to Section 6\(d\), six months following any termination of the Employee) Tj ET Q q 0 0 0 rg BT 553.56 726.30 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 253.31 711.90 Td (Af) Tj ET Q q 0 0 0 rg BT 265.75 711.90 Td (filiate \(not including any period of notice provided by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.50 Td (Employee\); and \(iii\) with respect to Section 6\(e\), one month following any termination of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 683.10 Td (s employment initiated and ef) Tj ET Q q 0 0 0 rg BT 266.40 683.10 Td (fected by the Company or an ) Tj ET Q q 0 0 0 rg BT 407.69 683.10 Td (Af) Tj ET Q q 0 0 0 rg BT 420.13 683.10 Td (filiate without Cause, or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.70 Td (three months following any other termination of the Employee) Tj ET Q q 0 0 0 rg BT 375.93 668.70 Td (s employment with the Company or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.30 Td (an ) Tj ET Q q 0 0 0 rg BT 85.66 654.30 Td (Af) Tj ET Q q 0 0 0 rg BT 98.11 654.30 Td (filiate \(not including any period of notice provided by the Employee\); ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 436.34765625 652.700390625 m 479.00390625 652.700390625 l s q 0 0 0 rg BT 436.35 654.30 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 479.00 654.30 Td (, however) Tj ET Q q 0 0 0 rg BT 525.84 654.30 Td (, that if ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.90 Td (the Employee voluntarily elects to sign a Post-T) Tj ET Q q 0 0 0 rg BT 302.12 639.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 356.44 639.90 Td (Agreement with the Company pursuant to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.50 Td (Section 3\(f\), then such Post-T) Tj ET Q q 0 0 0 rg BT 214.80 625.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 269.13 625.50 Td (Agreement may include one or more restricted periods that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (are longer than the ) Tj ET Q q 0 0 0 rg BT 163.96 611.10 Td (Applicable Post-Employment Restricted Period with respect to one or more of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.70 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 122.99 596.70 Td (Activities.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 570.30 Td (For purposes of this Section 6, a T) Tj ET Q q 0 0 0 rg BT 277.80 570.30 Td (alent Competitor means any corporation, partnership, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.90 Td (limited liability company or other business association, or) Tj ET Q q 0 0 0 rg BT 349.73 555.90 Td (ganization or entity that engages in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.50 Td (investment banking, securities brokerage or investment management business, including, but not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (limited to, investment banks, sell-side broker dealers, mer) Tj ET Q q 0 0 0 rg BT 349.71 527.10 Td (gers and acquisitions or strategic advisory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 512.70 Td (firms, merchant banks, hedge funds, private equity firms, venture capital firms, asset managers and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 498.30 Td (investment advisory firms.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 471.90 Td (7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 471.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 470.0220703125 m 208.330078125 470.0220703125 l s q 0 0 0 rg BT 108.00 471.90 Td (Potential Clawback) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 208.33 471.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 211.33 471.90 Td ( ) Tj ET Q q 0 0 0 rg BT 217.11 471.90 Td (The Employee acknowledges that he or she has been provided a copy ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 457.50 Td (of the Company) Tj ET Q q 0 0 0 rg BT 152.65 457.50 Td (s Incentive Compensation Recovery Policy) Tj ET Q q 0 0 0 rg BT 359.16 457.50 Td (, dated February 4, 2014 \(the Recovery ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 443.10 Td (Policy\), and understands, accepts and agrees that this grant in this ) Tj ET Q q 0 0 0 rg BT 394.92 443.10 Td (Agreement of Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 428.70 Td (and Restricted Mutual Fund Shares, and any other outstanding ) Tj ET Q q 0 0 0 rg BT 373.95 428.70 Td (A) Tj ET Q q 0 0 0 rg BT 381.52 428.70 Td (ward he or she may have been ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 414.30 Td (granted under the Plans after May 8, 2013 \(a Prior ) Tj ET Q q 0 0 0 rg BT 320.93 414.30 Td (A) Tj ET Q q 0 0 0 rg BT 328.49 414.30 Td (ward\) are subject to the terms and conditions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 399.90 Td (of the Recovery Policy as it currently exists and as it may be amended from time to time, which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 385.50 Td (include the potential forfeiture to or recovery by the Company of the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 485.88 385.50 Td (A) Tj ET Q q 0 0 0 rg BT 493.44 385.50 Td (ward or the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 106.36 371.10 Td (A) Tj ET Q q 0 0 0 rg BT 113.92 371.10 Td (ward, any Prior ) Tj ET Q q 0 0 0 rg BT 190.58 371.10 Td (A) Tj ET Q q 0 0 0 rg BT 198.14 371.10 Td (ward, any Shares issued or mutual fund shares vested pursuant to this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.70 Td (Agreement or any Prior ) Tj ET Q q 0 0 0 rg BT 187.97 356.70 Td (A) Tj ET Q q 0 0 0 rg BT 195.53 356.70 Td (ward, any proceeds received by the Employee upon the sale of any such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.30 Td (Shares or mutual fund shares, and any other compensatory value received by Employee under the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.90 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 153.32 327.90 Td (A) Tj ET Q q 0 0 0 rg BT 160.89 327.90 Td (ward, the MFRS ) Tj ET Q q 0 0 0 rg BT 242.89 327.90 Td (A) Tj ET Q q 0 0 0 rg BT 250.46 327.90 Td (ward or any Prior ) Tj ET Q q 0 0 0 rg BT 337.11 327.90 Td (A) Tj ET Q q 0 0 0 rg BT 344.67 327.90 Td (ward under the circumstances and to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.50 Td (extent set forth in the Recovery Policy) Tj ET Q q 0 0 0 rg BT 255.84 313.50 Td (. ) Tj ET Q q 0 0 0 rg BT 264.62 313.50 Td (This ) Tj ET Q q 0 0 0 rg BT 288.29 313.50 Td (Agreement may be unilaterally amended by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 299.10 Td (Committee at any time to comply with the Recovery Policy as it may be amended from time to time.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 272.70 Td (8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 272.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 270.82207031250005 m 207.240234375 270.82207031250005 l s q 0 0 0 rg BT 108.00 272.70 Td (Shar) Tj ET Q q 0 0 0 rg BT 132.46 272.70 Td (eholder) Tj ET Q q 0 0 0 rg BT 170.90 272.70 Td ( Rights) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 207.24 272.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 210.24 272.70 Td ( ) Tj ET Q q 0 0 0 rg BT 215.58 272.70 Td (As of the date of issuance specified at the beginning of this ) Tj ET Q q 0 0 0 rg BT 501.50 272.70 Td (Agreement, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 258.30 Td (the Employee shall have all of the rights of a shareholder of the Company with respect to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 243.90 Td (Restricted Shares, and all the rights of a mutual fund shareholder with respect to the Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 229.50 Td (Mutual Fund Shares, except as otherwise specifically provided in this ) Tj ET Q q 0 0 0 rg BT 408.26 229.50 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 203.10 Td (9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 203.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 201.22207031250002 m 253.69921875 201.22207031250002 l s q 0 0 0 rg BT 108.00 203.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 138.35 203.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 164.00 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.35 203.10 Td (Distributions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 253.70 203.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 176.70 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 176.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 176.70 Td (Management fees of the applicable mutual funds for the Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 162.30 Td (Shares shall be the sole responsibility of the Employee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 135.90 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 135.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 135.90 Td (If any mutual fund in which the Employee holds an interest distributes dividends, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.50 Td (income or earnings with respect to the Restricted Mutual Fund Shares prior to the vesting of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 107.10 Td (Restricted Mutual Fund Shares, then the following shall apply) Tj ET Q q 0 0 0 rg BT 369.51 107.10 Td (. In the event of distributions made in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.70 Td (cash, such cash distributions shall be reinvested in the mutual fund from which the distribution ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.30 Td (occurred and the mutual fund shares representing the reinvested amounts shall be considered ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 63.90 Td (Restricted Mutual Fund Shares under this ) Tj ET Q q 0 0 0 rg BT 273.98 63.90 Td (Agreement, and shall vest along with the other unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 49.50 Td (Restricted Mutual Fund Shares in equal installments over the remaining vesting dates provided in the ) Tj ET Q endstream endobj 323 0 obj <> endobj 324 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 740.70 Td (V) Tj ET Q q 0 0 0 rg BT 79.34 740.70 Td (esting Schedule in the Notice of Grant. In the event of in-kind distributions, extraordinary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (distributions \(whether in other securities or other property\) or other adjustments, such distributions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (shall be held in the account of the Employee together with the Restricted Mutual Fund Shares. ) Tj ET Q q 0 0 0 rg BT 529.89 711.90 Td (All ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.50 Td (Restricted Mutual Fund Shares received via distributions shall also be restricted and shall vest on the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (dates specified in the applicable ) Tj ET Q q 0 0 0 rg BT 228.05 683.10 Td (V) Tj ET Q q 0 0 0 rg BT 235.39 683.10 Td (esting Schedule in the Notice of Grant. For the avoidance of doubt, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.70 Td (in the event that any unvested Restricted Mutual Fund Shares are forfeited in accordance with this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.30 Td (Agreement, the distributions with respect to any such Restricted Mutual Fund Shares not previously ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.90 Td (paid out will also be forfeited.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 613.50 Td (10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 613.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 611.6220703125 m 194.162109375 611.6220703125 l s q 0 0 0 rg BT 108.00 613.50 Td (T) Tj ET Q q 0 0 0 rg BT 114.90 613.50 Td (ax ) Tj ET Q q 0 0 0 rg BT 129.69 613.50 Td (W) Tj ET Q q 0 0 0 rg BT 141.47 613.50 Td (ithholding) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 194.16 613.50 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 203.16 613.50 Td (The parties hereto recognize that the Company or an ) Tj ET Q q 0 0 0 rg BT 457.40 613.50 Td (Af) Tj ET Q q 0 0 0 rg BT 469.85 613.50 Td (filiate may be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 599.10 Td (obligated to withhold federal and state taxes or other taxes upon the vesting of the Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.70 Td (or Restricted Mutual Fund Shares, or) Tj ET Q q 0 0 0 rg BT 249.49 584.70 Td (, in the event that the Employee elects under Code Section 83\(b\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.30 Td (to report the receipt of the Restricted Shares or Restricted Mutual Fund Shares as income in the year ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.90 Td (of receipt, upon the Employee) Tj ET Q q 0 0 0 rg BT 220.28 555.90 Td (s receipt of the Restricted Shares or Restricted Mutual Fund Shares, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 129.19 541.50 Td (. ) Tj ET Q q 0 0 0 rg BT 137.98 541.50 Td (The Employee agrees that, at such time, if the Company or an ) Tj ET Q q 0 0 0 rg BT 437.22 541.50 Td (Af) Tj ET Q q 0 0 0 rg BT 449.67 541.50 Td (filiate is required to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (withhold such taxes, the Employee will promptly pay) Tj ET Q q 0 0 0 rg BT 327.84 527.10 Td (, in cash upon demand \(or in any other manner ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 512.70 Td (permitted by the Committee in accordance with the terms of the Plans\), to the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 498.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 498.30 Td (filiate such amounts as shall be necessary to satisfy such obligation. ) Tj ET Q q 0 0 0 rg BT 415.82 498.30 Td (The Employee further ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.90 Td (acknowledges that the Company has directed the Employee to seek independent advice regarding the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.50 Td (applicable provisions of the Code, the income tax laws of any municipality) Tj ET Q q 0 0 0 rg BT 431.13 469.50 Td (, state or foreign country in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (which the Employee may reside, and the tax consequences of the Employee) Tj ET Q q 0 0 0 rg BT 439.21 455.10 Td (s death.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 428.70 Td (1) Tj ET Q q 0 0 0 rg BT 77.34 428.70 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.34 428.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 426.8220703125 m 193.65234375 426.8220703125 l s q 0 0 0 rg BT 108.00 428.70 Td (Injunctive Relief) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 193.65 428.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 196.65 428.70 Td ( In the event of a breach by the Employee of the Employee) Tj ET Q q 0 0 0 rg BT 485.54 428.70 Td (s obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 414.30 Td (under this ) Tj ET Q q 0 0 0 rg BT 122.00 414.30 Td (Agreement, including but not limited to a commission by the Employee of a Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 399.90 Td (Activity as described in Section 6, in addition to being entitled to exercise all rights granted by law) Tj ET Q q 0 0 0 rg BT 545.77 399.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 385.50 Td (including recovery of damages, the Company will be entitled to specific performance of its rights ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (under this ) Tj ET Q q 0 0 0 rg BT 122.00 371.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 184.09 371.10 Td (The Employee acknowledges that a violation or attempted violation of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.70 Td (obligations set forth herein will cause immediate and irreparable damage to the Company) Tj ET Q q 0 0 0 rg BT 500.41 356.70 Td (, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.30 Td (therefore agrees that the Company shall be entitled as a matter of right to an injunction, from any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.90 Td (court of competent jurisdiction, restraining any violation or further violation of such obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.50 Td (\(without posting any bond or other security\). ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 287.10 Td (12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 287.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 285.2220703125 m 345.533203125 285.2220703125 l s q 0 0 0 rg BT 108.00 287.10 Td (Restrictive Legends and Stop-T) Tj ET Q q 0 0 0 rg BT 268.78 287.10 Td (ransfer) Tj ET Q q 0 0 0 rg BT 305.88 287.10 Td ( Orders) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 345.53 287.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 260.70 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 260.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 259.10039062500005 m 184.65234375 259.10039062500005 l s q 0 0 0 rg BT 144.00 260.70 Td (Legends) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 184.65 260.70 Td (. ) Tj ET Q q 0 0 0 rg BT 193.44 260.70 Td (The book entry or certificate representing the Restricted Shares shall contain ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 246.30 Td (a notation or bear the following legend \(as well as any notations or legends required by applicable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 231.90 Td (state and federal corporate and securities laws\) noting the existence of the restrictions and the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 217.50 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 217.50 Td (s rights to reacquire the Restricted Shares set forth in this ) Tj ET Q q 0 0 0 rg BT 398.94 217.50 Td (Agreement:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 191.10 Td (THE SHARES REPRESENTED BY) Tj ET Q q 0 0 0 rg BT 327.23 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.01 191.10 Td (THIS [BOOK ENTR) Tj ET Q q 0 0 0 rg BT 431.34 191.10 Td (Y] ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 176.70 Td ([CER) Tj ET Q q 0 0 0 rg BT 170.61 176.70 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 207.95 176.70 Td (TE] MA) Tj ET Q q 0 0 0 rg BT 247.84 176.70 Td (Y) Tj ET Q q 0 0 0 rg BT 256.06 176.70 Td ( BE ) Tj ET Q q 0 0 0 rg BT 277.18 176.70 Td (TRANSFERRED ONL) Tj ET Q q 0 0 0 rg BT 388.99 176.70 Td (Y) Tj ET Q q 0 0 0 rg BT 397.21 176.70 Td ( IN ) Tj ET Q q 0 0 0 rg BT 415.21 176.70 Td (ACCORDANCE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 162.30 Td (WITH ) Tj ET Q q 0 0 0 rg BT 178.10 162.30 Td (THE ) Tj ET Q q 0 0 0 rg BT 204.21 162.30 Td (TERMS OF ) Tj ET Q q 0 0 0 rg BT 264.90 162.30 Td (A) Tj ET Q q 0 0 0 rg BT 272.90 162.30 Td ( RESTRICTED ST) Tj ET Q q 0 0 0 rg BT 365.36 162.30 Td (OCK ) Tj ET Q q 0 0 0 rg BT 393.03 162.30 Td (AND MUTUAL) Tj ET Q q 0 0 0 rg BT 472.91 162.30 Td ( FUND ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 147.90 Td (RESTRICTED SHARE ) Tj ET Q q 0 0 0 rg BT 261.35 147.90 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 335.12 147.90 Td ( BETWEEN ) Tj ET Q q 0 0 0 rg BT 398.22 147.90 Td (THE COMP) Tj ET Q q 0 0 0 rg BT 457.46 147.90 Td (ANY) Tj ET Q q 0 0 0 rg BT 483.01 147.90 Td ( ) Tj ET Q q 0 0 0 rg BT 485.35 147.90 Td (AND ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 133.50 Td (THE ST) Tj ET Q q 0 0 0 rg BT 184.11 133.50 Td (OCKHOLDER, ) Tj ET Q q 0 0 0 rg BT 263.45 133.50 Td (A) Tj ET Q q 0 0 0 rg BT 271.45 133.50 Td ( COPY) Tj ET Q q 0 0 0 rg BT 306.02 133.50 Td ( OF ) Tj ET Q q 0 0 0 rg BT 327.14 133.50 Td (WHICH IS ON FILE ) Tj ET Q q 0 0 0 rg BT 432.91 133.50 Td (WITH ) Tj ET Q q 0 0 0 rg BT 467.02 133.50 Td (THE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 119.10 Td (SECRET) Tj ET Q q 0 0 0 rg BT 187.71 119.10 Td (AR) Tj ET Q q 0 0 0 rg BT 203.72 119.10 Td (Y) Tj ET Q q 0 0 0 rg BT 211.94 119.10 Td ( OF ) Tj ET Q q 0 0 0 rg BT 233.06 119.10 Td (THE COMP) Tj ET Q q 0 0 0 rg BT 292.30 119.10 Td (ANY) Tj ET Q q 0 0 0 rg BT 316.75 119.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 92.70 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 92.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 91.10039062500005 m 249.87890625 91.10039062500005 l s q 0 0 0 rg BT 144.00 92.70 Td (Stop-T) Tj ET Q q 0 0 0 rg BT 176.91 92.70 Td (ransfer Notices) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 249.88 92.70 Td (. ) Tj ET Q q 0 0 0 rg BT 258.66 92.70 Td (The Employee agrees that, in order to ensure compliance with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.30 Td (the restrictions referred to herein, the Company may issue appropriate stop transfer instructions to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 63.90 Td (its transfer agent, if any) Tj ET Q q 0 0 0 rg BT 184.85 63.90 Td (, and that, if the Company transfers its own securities, it may make ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 49.50 Td (appropriate notations to the same ef) Tj ET Q q 0 0 0 rg BT 243.39 49.50 Td (fect in its own records.) Tj ET Q endstream endobj 325 0 obj <> endobj 326 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 740.70 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 740.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 739.100390625 m 235.6611328125 739.100390625 l s q 0 0 0 rg BT 144.00 740.70 Td (Refusal to ) Tj ET Q q 0 0 0 rg BT 195.77 740.70 Td (T) Tj ET Q q 0 0 0 rg BT 202.68 740.70 Td (ransfer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 235.33 740.70 Td (. ) Tj ET Q q 0 0 0 rg BT 244.11 740.70 Td (The Company shall not be required \(i\)to transfer on its books any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (Restricted Shares that have been sold or otherwise transferred in violation of any of the provisions of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (this ) Tj ET Q q 0 0 0 rg BT 91.68 711.90 Td (Agreement or \(ii\)to treat as owner of the Restricted Shares or to accord the right to vote or pay ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.50 Td (dividends to any purchaser or other transferee to whom the Restricted Shares shall have been so ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (transferred.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 656.70 Td (13.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 656.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 654.8220703125 m 278.3203125 654.8220703125 l s q 0 0 0 rg BT 108.00 656.70 Td (Interpr) Tj ET Q q 0 0 0 rg BT 145.78 656.70 Td (etation of ) Tj ET Q q 0 0 0 rg BT 196.88 656.70 Td (This ) Tj ET Q q 0 0 0 rg BT 221.90 656.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 241.68 656.70 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 278.32 656.70 Td (. ) Tj ET Q q 0 0 0 rg BT 286.66 656.70 Td (All decisions and interpretations made by the Committee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 642.30 Td (with regard to any question arising hereunder or under the Plans shall be binding and conclusive upon ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 627.90 Td (the Company and the Employee. If there is any inconsistency between the provisions of this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 613.50 Td (Agreement and the Plans, the provisions of the Plans shall govern.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 587.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 585.2220703125 m 400.11328125 585.2220703125 l s q 0 0 0 rg BT 108.00 587.10 Td (No Pr) Tj ET Q q 0 0 0 rg BT 138.11 587.10 Td (omise of Futur) Tj ET Q q 0 0 0 rg BT 213.21 587.10 Td (e ) Tj ET Q q 0 0 0 rg BT 220.88 587.10 Td (A) Tj ET Q q 0 0 0 rg BT 228.65 587.10 Td (wards or) Tj ET Q q 0 0 0 rg BT 274.10 587.10 Td ( Continued Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 400.11 587.10 Td (. ) Tj ET Q q 0 0 0 rg BT 408.90 587.10 Td (The Employee acknowledges ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 572.70 Td (that this ) Tj ET Q q 0 0 0 rg BT 112.67 572.70 Td (Agreement awards restricted stock and/or property to the Employee, but does not impose any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 558.30 Td (obligation on the Company to make any future grants or issue any future restricted shares or restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 543.90 Td (mutual fund shares to the Employee or otherwise continue the participation of the Employee under ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 529.50 Td (either of the Plans. ) Tj ET Q q 0 0 0 rg BT 167.76 529.50 Td (This ) Tj ET Q q 0 0 0 rg BT 191.43 529.50 Td (Agreement shall not give the Employee a right to continued employment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (with the Company or any ) Tj ET Q q 0 0 0 rg BT 196.32 515.10 Td (Af) Tj ET Q q 0 0 0 rg BT 208.76 515.10 Td (filiate, and the Company or ) Tj ET Q q 0 0 0 rg BT 342.73 515.10 Td (Af) Tj ET Q q 0 0 0 rg BT 355.18 515.10 Td (filiate employing the Employee may ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 500.70 Td (terminate his or her employment at will, and otherwise deal with the Employee without regard to this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.30 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (15.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 459.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 458.0220703125 m 182.337890625 458.0220703125 l s q 0 0 0 rg BT 108.00 459.90 Td (Binding Effect) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 182.34 459.90 Td (. ) Tj ET Q q 0 0 0 rg BT 191.12 459.90 Td (This ) Tj ET Q q 0 0 0 rg BT 214.79 459.90 Td (Agreement shall be binding in all respects on the heirs, administrators, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.50 Td (representatives, executors and successors of the Employee, and on the Company and its successors ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (and assigns.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 404.70 Td (16.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 404.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 404.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 111 402.8220703125 m 231.3984375 402.8220703125 l s q 0 0 0 rg BT 111.00 404.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 130.78 404.70 Td (eement to ) Tj ET Q q 0 0 0 rg BT 182.75 404.70 Td (Arbitrate) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 231.40 404.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 234.40 404.70 Td ( ) Tj ET Q q 0 0 0 rg BT 240.18 404.70 Td (The Company and the Employee each agrees \(i\) that any dispute, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 390.30 Td (claim or controversy arising out of or relating directly or indirectly to the construction, performance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 375.90 Td (or breach of this ) Tj ET Q q 0 0 0 rg BT 152.64 375.90 Td (Agreement \(including, without limitation, the grant, issuance or forfeiture of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 361.50 Td (Restricted Shares and Restricted Mutual Fund Shares\) shall be settled by arbitration conducted before ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 347.10 Td (and in accordance with the rules of the Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 406.90 347.10 Td (Authority; and \(ii\) that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 332.70 Td (judgment upon any award rendered by the arbitrator\(s\) may be entered in any court having ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 318.30 Td (jurisdiction thereof. ) Tj ET Q q 0 0 0 rg BT 171.98 318.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 231.18 318.30 Td (, the Company and the Employee each waive their right \(if any\) to a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 303.90 Td (trial before a court judge and/or jury to resolve any such disputes; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 390.57421875 302.300390625 m 433.23046875 302.300390625 l s q 0 0 0 rg BT 390.57 303.90 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 433.23 303.90 Td (, this Section 16 shall not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 289.50 Td (be construed to limit the Company) Tj ET Q q 0 0 0 rg BT 241.64 289.50 Td (s right to obtain equitable relief under Section 1) Tj ET Q q 0 0 0 rg BT 470.47 289.50 Td (1 with respect to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 275.10 Td (any matter or controversy subject to Section 1) Tj ET Q q 0 0 0 rg BT 292.49 275.10 Td (1, and pending a final determination by the arbitrators ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 260.70 Td (with respect to any such matter or controversy) Tj ET Q q 0 0 0 rg BT 293.48 260.70 Td (, the Company shall be entitled to obtain any such relief ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 246.30 Td (by direct application to state, federal, or other applicable court, without being required to first ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 231.90 Td (arbitrate such matter or controversy) Tj ET Q q 0 0 0 rg BT 242.48 231.90 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 205.50 Td (17.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 205.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 203.6220703125 m 181.9921875 203.6220703125 l s q 0 0 0 rg BT 108.00 205.50 Td (Choice of Law) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.99 205.50 Td (. ) Tj ET Q q 0 0 0 rg BT 190.78 205.50 Td (The Company is incorporated in the State of Delaware, and by their terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (the Plans are governed by the laws of the State of Delaware. ) Tj ET Q q 0 0 0 rg BT 366.57 191.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 425.77 191.10 Td (, this ) Tj ET Q q 0 0 0 rg BT 451.45 191.10 Td (Agreement is entered ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 176.70 Td (into under the laws of the State of Delaware and shall be construed and interpreted thereunder ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 162.30 Td (\(without regard to its conflict-of-law principles\). ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 135.90 Td (18.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 135.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 134.02207031249998 m 173.994140625 134.02207031249998 l s q 0 0 0 rg BT 108.00 135.90 Td (Modification) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 173.99 135.90 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 182.99 135.90 Td (In the event that any one or more of the Restricted ) Tj ET Q q 0 0 0 rg BT 426.58 135.90 Td (Activities described in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.50 Td (Section 6 above shall be held to be unenforceable, invalid or illegal for any reason including, but not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 107.10 Td (limited to, being excessively broad as to duration, geographical scope, activity or subject, such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.70 Td (restriction shall be construed or modified by limiting and reducing it, so as to provide the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.30 Td (with the maximum protection of its business interests and the intent of the parties as set forth herein ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 63.90 Td (and yet be valid and enforceable under the applicable law as it shall then exist. If any such restriction ) Tj ET Q endstream endobj 327 0 obj <> endobj 328 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 740.70 Td (held to be unenforceable, invalid or illegal cannot be so construed or modified, such finding shall not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 726.30 Td (af) Tj ET Q q 0 0 0 rg BT 81.11 726.30 Td (fect the enforceability of any of the other restrictions contained herein. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 699.90 Td (19.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 699.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 698.0220703125 m 199.201171875 698.0220703125 l s q 0 0 0 rg BT 108.00 699.90 Td (Entir) Tj ET Q q 0 0 0 rg BT 135.12 699.90 Td (e ) Tj ET Q q 0 0 0 rg BT 142.78 699.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 162.56 699.90 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 199.20 699.90 Td (. ) Tj ET Q q 0 0 0 rg BT 207.98 699.90 Td (This ) Tj ET Q q 0 0 0 rg BT 231.66 699.90 Td (Agreement and the Plans set forth the entire agreement and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 685.50 Td (understanding of the parties hereto with respect to the issuance and sale of the Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (Restricted Mutual Fund Shares and the administration of the Plans, and supersede all prior ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 656.70 Td (agreements, arrangements, plans, and understandings relating to the issuance and sale of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 642.30 Td (Restricted Shares and Restricted Mutual Fund Shares and the administration of the Plans.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 615.90 Td (20.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 615.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 614.0220703125 m 233.783203125 614.0220703125 l s q 0 0 0 rg BT 108.00 615.90 Td (Amendment and ) Tj ET Q q 0 0 0 rg BT 196.46 615.90 Td (W) Tj ET Q q 0 0 0 rg BT 207.80 615.90 Td (aiver) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 233.78 615.90 Td (. Except as provided in the Plans or in Section 7 above, this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 601.50 Td (Agreement may be amended, modified, or canceled only by a written instrument executed by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (parties. No term or condition of this ) Tj ET Q q 0 0 0 rg BT 249.64 587.10 Td (Agreement shall be deemed to have been waived, nor shall there ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 572.70 Td (be any estoppel to enforce any provision of this ) Tj ET Q q 0 0 0 rg BT 302.28 572.70 Td (Agreement, except by a statement in writing signed ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 558.30 Td (by the party against whom enforcement of the waiver or estoppel is sought. ) Tj ET Q q 0 0 0 rg BT 438.91 558.30 Td (Any written waiver shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 543.90 Td (not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 529.50 Td (term or condition waived, and shall not constitute a waiver of such term or condition for the future or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (as to any other act other than that specifically waived.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 488.70 Td (21.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 488.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 486.8220703125 m 295.3125 486.8220703125 l s q 0 0 0 rg BT 108.00 488.70 Td (Acknowledgment of Receipt of Copy) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 295.31 488.70 Td (. By execution hereof, the Employee acknowledges ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 474.30 Td (having received a copy of the prospectus related to the 2003 Plan and instructions on how to access a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (copy of each of the Plans.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 433.50 Td (22.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 433.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 431.6220703125 m 365.326171875 431.6220703125 l s q 0 0 0 rg BT 108.00 433.50 Td (Acknowledgement of ) Tj ET Q q 0 0 0 rg BT 218.44 433.50 Td (V) Tj ET Q q 0 0 0 rg BT 226.00 433.50 Td (oluntary Election; Fairness) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 365.33 433.50 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 374.33 433.50 Td (By executing this ) Tj ET Q q 0 0 0 rg BT 460.65 433.50 Td (Agreement, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 419.10 Td (Employee acknowledges his or her voluntary election to receive and accept the Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 404.70 Td (any Restricted Mutual Fund Shares subject to all of the terms and conditions set forth in this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 390.30 Td (Agreement, and agrees to be bound thereby) Tj ET Q q 0 0 0 rg BT 280.14 390.30 Td (, including, without limitation, the terms and conditions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 375.90 Td (specifying the circumstances under which the unvested Restricted Shares and Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 361.50 Td (Shares shall cease to vest and be forfeited. Employee further acknowledges and agrees that such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 347.10 Td (terms and conditions are fair and reasonable in light of the circumstances under which the award of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 332.70 Td (Restricted Shares and any award of Restricted Mutual Fund Shares is being made.) Tj ET Q endstream endobj 329 0 obj <> endobj 330 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.30 759.20 Td (Exhibit 10.42) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 81.3 710.0220703125 m 530.7228515625 710.0220703125 l s q 0 0 0 rg BT 81.30 711.90 Td (RESTRICTED ST) Tj ET Q q 0 0 0 rg BT 176.78 711.90 Td (OCK ) Tj ET Q q 0 0 0 rg BT 206.46 711.90 Td (AND MUTUAL) Tj ET Q q 0 0 0 rg BT 288.12 711.90 Td ( FUND RESTRICTED SHARE ) Tj ET Q q 0 0 0 rg BT 452.16 711.90 Td (AGREEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 183.85 697.50 Td (\(2017 ) Tj ET Q q 0 0 0 rg BT 214.18 697.50 Td (Annual Grant - California-based employees\)) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 280.25 668.70 Td (Under) Tj ET Q q 0 0 0 rg BT 312.70 668.70 Td ( the) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 221.85 639.90 Td (PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 306.41 639.90 Td (Y) Tj ET Q q 0 0 0 rg BT 314.63 639.90 Td ( COMP) Tj ET Q q 0 0 0 rg BT 353.39 639.90 Td (ANIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 81.15 625.50 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 145.49 625.50 Td (AND REST) Tj ET Q q 0 0 0 rg BT 204.94 625.50 Td (A) Tj ET Q q 0 0 0 rg BT 212.72 625.50 Td (TED 2003 ) Tj ET Q q 0 0 0 rg BT 266.73 625.50 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 317.40 625.50 Td ( ) Tj ET Q q 0 0 0 rg BT 319.74 625.50 Td (AND LONG-TERM INCENTIVE PLAN) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 293.00 611.10 Td (AND) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 139.25 596.70 Td (MUTUAL) Tj ET Q q 0 0 0 rg BT 191.92 596.70 Td ( FUND RESTRICTED SHARE INVESTMENT) Tj ET Q q 0 0 0 rg BT 437.08 596.70 Td ( PLAN) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 266 566.0220703125 m 345.974609375 566.0220703125 l s q 0 0 0 rg BT 266.00 567.90 Td (Notice of Grant) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 539.10 Td (Piper Jaf) Tj ET Q q 0 0 0 rg BT 150.11 539.10 Td (fray Companies, a Delaware corporation \(the Company\), hereby grants to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.70 Td (below-named employee of the Company or an ) Tj ET Q q 0 0 0 rg BT 296.94 524.70 Td (Af) Tj ET Q q 0 0 0 rg BT 309.38 524.70 Td (filiate of the Company \(the Employee\) \(i\) a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 153.32 510.30 Td (A) Tj ET Q q 0 0 0 rg BT 160.89 510.30 Td (ward pursuant to the Company) Tj ET Q q 0 0 0 rg BT 312.19 510.30 Td (s ) Tj ET Q q 0 0 0 rg BT 319.20 510.30 Td (Amended and Restated 2003 ) Tj ET Q q 0 0 0 rg BT 459.84 510.30 Td (Annual and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.90 Td (Long-T) Tj ET Q q 0 0 0 rg BT 107.82 495.90 Td (erm Incentive Plan, as amended from time to time \(the 2003 Plan\), and \(ii\) a Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.50 Td (Fund Restricted Share ) Tj ET Q q 0 0 0 rg BT 180.98 481.50 Td (A) Tj ET Q q 0 0 0 rg BT 188.55 481.50 Td (ward \(the MFRS ) Tj ET Q q 0 0 0 rg BT 276.88 481.50 Td (A) Tj ET Q q 0 0 0 rg BT 284.44 481.50 Td (ward\) pursuant to the Company) Tj ET Q q 0 0 0 rg BT 445.07 481.50 Td (s Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 467.10 Td (Restricted Share Investment Plan, as amended from time to time \(the MFRS Plan and together ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.70 Td (with the Restricted Stock Plan, the Plans\). ) Tj ET Q q 0 0 0 rg BT 290.41 452.70 Td (The terms and conditions of the Restricted Stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.30 Td (A) Tj ET Q q 0 0 0 rg BT 79.56 438.30 Td (ward and MFRS ) Tj ET Q q 0 0 0 rg BT 161.24 438.30 Td (A) Tj ET Q q 0 0 0 rg BT 168.80 438.30 Td (ward \(collectively) Tj ET Q q 0 0 0 rg BT 254.98 438.30 Td (, the A) Tj ET Q q 0 0 0 rg BT 291.53 438.30 Td (wards\) are set forth in this Restricted Stock and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.90 Td (Mutual Fund Restricted Share ) Tj ET Q q 0 0 0 rg BT 218.65 423.90 Td (Agreement \(the Agreement\), consisting of this Notice of Grant ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.50 Td (and the ) Tj ET Q q 0 0 0 rg BT 109.77 409.50 Td (T) Tj ET Q q 0 0 0 rg BT 116.26 409.50 Td (erms and Conditions on the following pages. ) Tj ET Q q 0 0 0 rg BT 337.02 409.50 Td (This ) Tj ET Q q 0 0 0 rg BT 360.69 409.50 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 454.32 409.50 Td (A) Tj ET Q q 0 0 0 rg BT 461.89 409.50 Td (wards are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (subject to all of the provisions of the applicable Plans. ) Tj ET Q q 0 0 0 rg BT 337.28 395.10 Td (Any capitalized term that is not defined in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.70 Td (this ) Tj ET Q q 0 0 0 rg BT 91.68 380.70 Td (Agreement shall have the meaning set forth in the Plans as they currently exist or as they are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.30 Td (amended in the future. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 323.10 Td (Name of Employee: ________________________) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.30 Td (Date of Issuance: _______________, 2017) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 265.50 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 158.65 265.50 Td (A) Tj ET Q q 0 0 0 rg BT 166.42 265.50 Td (ward ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 248 m 72.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 249.5 m 70.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 248 m 304.5 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 249.5 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 248 m 538.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 249.5 m 540.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 248 m 538.5 248 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 249.5 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 225 m 72.5 190 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 225 m 70.5 190 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 225 m 305.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 225 m 538.5 190 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 225 m 540.5 190 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 225 m 539.5 225 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 190 m 72.5 121 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 190 m 70.5 119 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 121 m 305.5 121 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 119 m 305.5 119 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 190 m 538.5 121 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 190 m 540.5 119 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 121 m 538.5 121 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 119 m 540.5 119 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 230.13 Td (No. of Restricted Shares Covered:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 207.13 Td (V) Tj ET Q q 0 0 0 rg BT 81.34 207.13 Td (esting Schedule pursuant to Section 3: ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 170.18 Td (The Restricted Shares shall vest ratably over three years on the 16th day of the month \(or, if the) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 158.18 Td (16th falls on a weekend or another day on which the New York Stock Exchange is closed, on) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 146.18 Td (the immediately preceding business day\) in which the first, second, and third anniversaries of) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 134.18 Td (the date of issuance occurs.) Tj ET Q BT /F1 12.00 Tf ET endstream endobj 331 0 obj <> endobj 332 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (Mutual Fund Restricted Shar) Tj ET Q q 0 0 0 rg BT 223.45 711.90 Td (e ) Tj ET Q q 0 0 0 rg BT 231.12 711.90 Td (A) Tj ET Q q 0 0 0 rg BT 238.89 711.90 Td (ward ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 692.4 m 81.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 690.4 m 81.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 692.4 m 137.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 690.4 m 137.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 692.4 m 193.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 690.4 m 193.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 692.4 m 249.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 690.4 m 249.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 692.4 m 305.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 690.4 m 305.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 692.4 m 361.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 690.4 m 361.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 692.4 m 417.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 690.4 m 417.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 692.4 m 473.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 690.4 m 473.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 692.4 m 529.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 690.4 m 529.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 692.4 m 539.5 692.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 690.4 m 538.5 690.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 690.4 m 72.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 692.4 m 70.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 690.4 m 538.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 692.4 m 540.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 671.4 m 72.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 671.4 m 70.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 671.4 m 81.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 671.4 m 137.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 671.4 m 193.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 671.4 m 249.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 671.4 m 305.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 671.4 m 305.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 671.4 m 361.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 671.4 m 417.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 671.4 m 417.5 671.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 671.4 m 538.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 671.4 m 540.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 641.4 m 72.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 641.4 m 70.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 641.4 m 81.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 641.4 m 137.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 641.4 m 193.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 641.4 m 249.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 641.4 m 305.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 641.4 m 305.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 641.4 m 361.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 641.4 m 417.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 641.4 m 417.5 641.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 641.4 m 538.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 641.4 m 540.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 611.4 m 72.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 611.4 m 70.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 611.4 m 81.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 611.4 m 137.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 575.4 m 137.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 611.4 m 193.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 575.4 m 193.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 611.4 m 249.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 575.4 m 249.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 611.4 m 305.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 611.4 m 305.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 575.4 m 305.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 611.4 m 305.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 611.4 m 361.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 575.4 m 361.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 611.4 m 417.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 611.4 m 417.5 611.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 575.4 m 417.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 611.4 m 538.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 611.4 m 540.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 575.4 m 72.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 575.4 m 70.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 575.4 m 81.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 575.4 m 137.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 575.4 m 193.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 575.4 m 249.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 575.4 m 305.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 575.4 m 305.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 575.4 m 361.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 539.4 m 361.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 575.4 m 417.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 575.4 m 417.5 575.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 539.4 m 417.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 575.4 m 538.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 575.4 m 540.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 539.4 m 72.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 539.4 m 70.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 539.4 m 81.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 539.4 m 137.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 503.4 m 137.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 539.4 m 193.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 503.4 m 193.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 539.4 m 249.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 503.4 m 249.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 539.4 m 305.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 539.4 m 305.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 503.4 m 305.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 539.4 m 361.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 503.4 m 361.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 539.4 m 417.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 539.4 m 417.5 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 503.4 m 417.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 539.4 m 538.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 539.4 m 540.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 503.4 m 72.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 503.4 m 70.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 503.4 m 81.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 503.4 m 137.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 467.4 m 137.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 503.4 m 193.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 467.4 m 193.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 503.4 m 249.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 467.4 m 249.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 503.4 m 305.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 503.4 m 305.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 467.4 m 305.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 503.4 m 361.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 467.4 m 361.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 503.4 m 417.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 503.4 m 417.5 503.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 467.4 m 417.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 503.4 m 538.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 503.4 m 540.5 467.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 467.4 m 72.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 467.4 m 70.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 461.4 m 81.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 461.4 m 137.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 461.4 m 193.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 461.4 m 249.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 461.4 m 305.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 461.4 m 361.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 461.4 m 417.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 461.4 m 473.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 461.4 m 529.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 467.4 m 538.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 467.4 m 540.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 461.4 m 539.5 461.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 461.4 m 72.5 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 461.4 m 70.5 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 461.4 m 538.5 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 461.4 m 540.5 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 442.4 m 72.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 442.4 m 70.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 442.4 m 538.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 442.4 m 540.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.4 m 72.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 430.4 m 70.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 430.4 m 538.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 430.4 m 540.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 418.4 m 72.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 418.4 m 70.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 418.4 m 538.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 418.4 m 540.5 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 406.4 m 72.5 394.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 406.4 m 70.5 394.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 406.4 m 538.5 394.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 406.4 m 540.5 394.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 394.4 m 72.5 382.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 394.4 m 70.5 382.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 394.4 m 538.5 382.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 394.4 m 540.5 382.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 382.4 m 72.5 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 382.4 m 70.5 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 382.4 m 538.5 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 382.4 m 540.5 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 370.4 m 72.5 359.4 l 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 359.4 m 417.5 359.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 357.4 m 417.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 359.4 m 473.5 359.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 357.4 m 473.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 359.4 m 529.5 359.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 357.4 m 529.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 370.4 m 538.5 359.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 370.4 m 540.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 359.4 m 538.5 359.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 357.4 m 540.5 357.4 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 678.58 Td (Restricted Mutual Fund Shares Covered:*) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 653.58 Td (JP Morgan Short-Duration Bond Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 623.58 Td (Dodge & Cox Income Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 590.58 Td (Vanguard Institutional Index Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 554.58 Td (Vanguard Extended Market Index Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 518.58 Td (ARI MLP & Energy Infrastructure Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 84.00 482.58 Td (ARI International Small Cap Value Fund) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 447.53 Td (Vesting Schedule pursuant to Section 3:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 421.58 Td (The Restricted Mutual Fund Shares shall vest ratably over three years on the 16) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 456.23 427.02 Td (th) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 462.30 421.58 Td ( day of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 409.58 Td (month \(or) Tj ET Q q 0 0 0 rg BT 121.18 409.58 Td (, if the 16) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 167.17 415.02 Td (th) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 173.24 409.58 Td ( falls on a weekend or another day on which the New ) Tj ET Q q 0 0 0 rg BT 431.37 409.58 Td (Y) Tj ET Q q 0 0 0 rg BT 438.84 409.58 Td (ork Stock Exchange ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 397.58 Td (is closed, on the immediately preceding business day\) in which the first, second, and third ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 385.58 Td (anniversaries of the date of issuance occurs.) Tj ET Q BT /F1 12.00 Tf ET BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 338.50 Td (* ) Tj ET Q q 0 0 0 rg BT 81.00 338.50 Td (Subject ) Tj ET Q q 0 0 0 rg BT 119.99 338.50 Td (to ) Tj ET Q q 0 0 0 rg BT 132.33 338.50 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 187.99 338.50 Td (in ) Tj ET Q q 0 0 0 rg BT 200.32 338.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 257.27 338.50 Td (with ) Tj ET Q q 0 0 0 rg BT 281.61 338.50 Td (the ) Tj ET Q q 0 0 0 rg BT 299.27 338.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 328.93 338.50 Td (of ) Tj ET Q q 0 0 0 rg BT 341.92 338.50 Td (this ) Tj ET Q q 0 0 0 rg BT 361.60 338.50 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 309.70 Td (IMPOR) Tj ET Q q 0 0 0 rg BT 112.90 309.70 Td (T) Tj ET Q q 0 0 0 rg BT 120.02 309.70 Td (ANT) Tj ET Q q 0 0 0 rg BT 145.14 309.70 Td ( ) Tj ET Q q 0 0 0 rg BT 147.47 309.70 Td (ACKNOWLEDGEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 282.15 309.70 Td (: ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 291.49 309.70 Td (By signing this ) Tj ET Q q 0 0 0 rg BT 365.60 309.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 383.16 309.70 Td (eement, Employee voluntarily ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 295.30 Td (elects to r) Tj ET Q q 0 0 0 rg BT 118.88 295.30 Td (eceive and accept the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 305.23 295.30 Td (A) Tj ET Q q 0 0 0 rg BT 311.90 295.30 Td (war) Tj ET Q q 0 0 0 rg BT 330.13 295.30 Td (d and MFRS ) Tj ET Q q 0 0 0 rg BT 393.57 295.30 Td (A) Tj ET Q q 0 0 0 rg BT 400.24 295.30 Td (war) Tj ET Q q 0 0 0 rg BT 418.46 295.30 Td (d subject to all of the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 280.90 Td (terms and conditions set forth in this ) Tj ET Q q 0 0 0 rg BT 250.79 280.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 268.34 280.90 Td (eement, and specifically acknowledges and agr) Tj ET Q q 0 0 0 rg BT 494.50 280.90 Td (ees that ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 266.50 Td (under certain cir) Tj ET Q q 0 0 0 rg BT 152.87 266.50 Td (cumstances, as specified in Section 5\(a\), the unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 486.67 266.50 Td (es and ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 252.10 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 211.87 252.10 Td (es may cease to vest and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 465.81 252.10 Td (. Employee ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 237.70 Td (also acknowledges and agr) Tj ET Q q 0 0 0 rg BT 202.54 237.70 Td (ees that such terms and conditions ar) Tj ET Q q 0 0 0 rg BT 381.42 237.70 Td (e fair and r) Tj ET Q q 0 0 0 rg BT 435.30 237.70 Td (easonable under the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 223.30 Td (cir) Tj ET Q q 0 0 0 rg BT 84.88 223.30 Td (cumstances.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 196.90 Td (EMPLOYEE) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 170.50 Td (___________________________________________) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 144.10 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 104.70 144.10 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 143.44 144.10 Td (Y) Tj ET Q q 0 0 0 rg BT 150.97 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.72 144.10 Td (COMP) Tj ET Q q 0 0 0 rg BT 183.89 144.10 Td (ANIES) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 104.50 Td (By_________________________________________) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 85.30 Td ( ) Tj ET Q q 0 0 0 rg BT 74.75 85.30 Td ( ) Tj ET Q q 0 0 0 rg BT 77.50 85.30 Td ( ) Tj ET Q q 0 0 0 rg BT 80.25 85.30 Td ( ) Tj ET Q q 0 0 0 rg BT 83.00 85.30 Td (Its ) Tj ET Q q 0 0 0 rg BT 96.75 85.30 Td (_______________________________________) Tj ET Q endstream endobj 333 0 obj <> endobj 334 0 obj <> stream BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 249.2 695.4220703125 m 362.78984375 695.4220703125 l s q 0 0 0 rg BT 249.20 697.30 Td (T) Tj ET Q q 0 0 0 rg BT 256.10 697.30 Td (erms and Conditions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (1.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 668.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 666.6220703125 m 198.09375 666.6220703125 l s q 0 0 0 rg BT 108.00 668.50 Td (Restricted Shar) Tj ET Q q 0 0 0 rg BT 188.10 668.50 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 198.09 668.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 639.70 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 144.00 639.70 Td (The Shares subject to the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 348.96 639.70 Td (A) Tj ET Q q 0 0 0 rg BT 356.52 639.70 Td (ward are subject to the restrictions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (provided for in this ) Tj ET Q q 0 0 0 rg BT 166.66 625.30 Td (Agreement and are referred to collectively as the Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (each as a Restricted Share.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 582.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 582.10 Td (The Restricted Shares will be evidenced by a book entry made in the records of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (the Company) Tj ET Q q 0 0 0 rg BT 139.66 567.70 Td (s transfer agent in the name of the Employee \(unless the Employee requests a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (certificate evidencing the Restricted Shares\). ) Tj ET Q q 0 0 0 rg BT 292.24 553.30 Td (All restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 461.55 553.30 Td (Agreement will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (apply to each Restricted Share and to any other securities distributed with respect to that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (Restricted Share. Unless otherwise permitted by the Committee in accordance with the terms of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (the Plan, the Restricted Shares may not \(until such Restricted Shares have vested in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (Employee in accordance with all terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 367.92 495.70 Td (Agreement\) be assigned or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (transferred other than by will or the laws of descent and distribution and shall not be subject to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (pledge, hypothecation, execution, attachment or similar process. Each Restricted Share will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (remain restricted and subject to forfeiture to the Company unless and until that Restricted Share ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (has vested in the Employee in accordance with all of the terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 481.22 438.10 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (and the 2003 Plan. Each book entry \(or stock certificate if requested by the Employee\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (evidencing any Restricted Share may contain such notations or legends and stock transfer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (instructions or limitations as may be determined or authorized by the Company in its sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (discretion. If a certificate evidencing any Restricted Share is requested by the Employee, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (Company may) Tj ET Q q 0 0 0 rg BT 141.54 366.10 Td (, in its sole discretion, retain custody of the certificate throughout the period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (during which any restrictions are in ef) Tj ET Q q 0 0 0 rg BT 254.39 351.70 Td (fect and require, as a condition to issuing a certificate, that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (the Employee tender to the Company a stock power duly executed in blank relating to such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (custody) Tj ET Q q 0 0 0 rg BT 108.55 322.90 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (2.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 294.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 292.2220703125 m 269.44921875 292.2220703125 l s q 0 0 0 rg BT 108.00 294.10 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 259.45 294.10 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 269.45 294.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 265.30 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 144.00 265.30 Td (The Restricted Mutual Fund Shares represent Restricted Mutual Fund Shares that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (have been awarded to the Employee by the Company as well as any additional Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (Fund Shares that the Employee has elected to receive in lieu of amounts that would have been ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (otherwise awarded as Restricted Shares, in accordance with the Committee) Tj ET Q q 0 0 0 rg BT 435.87 222.10 Td (s determination to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (permit such an election and in the amount so permitted. ) Tj ET Q q 0 0 0 rg BT 341.38 207.70 Td (The Restricted Mutual Fund Shares were ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (to be allocated by the Employee among mutual funds and exchange-traded funds selected by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (Company) Tj ET Q q 0 0 0 rg BT 117.88 178.90 Td (. ) Tj ET Q q 0 0 0 rg BT 123.67 178.90 Td (The deadline for submitting an allocation form for this award cycle has passed and no ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (reallocation among selected mutual funds or exchange-traded funds shall be permitted. ) Tj ET Q q 0 0 0 rg BT 491.64 164.50 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 150.10 Td (s allocation, and any election to increase the amount of Restricted Mutual Fund Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (received in lieu of amounts that would have been otherwise awarded as Restricted Shares, is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (irrevocable. If the Employee failed to allocate their Restricted Mutual Fund Shares among the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (available mutual funds and exchange-traded funds prior to the deadline, the Company) Tj ET Q q 0 0 0 rg BT 487.20 106.90 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (determination of the allocation shall be binding on the Employee, and no reallocation shall be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (permitted. ) Tj ET Q endstream endobj 335 0 obj <> endobj 336 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 697.30 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 697.30 Td (All vesting contingencies and restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 440.28 697.30 Td (Agreement will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (apply to each Restricted Mutual Fund Share. ) Tj ET Q q 0 0 0 rg BT 289.07 682.90 Td (The Restricted Mutual Fund Shares may not \(until ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (such Restricted Mutual Fund Shares have vested in the Employee in accordance with all terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (and conditions of this ) Tj ET Q q 0 0 0 rg BT 178.00 654.10 Td (Agreement\) be assigned or transferred other than by will or the laws of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (descent and distribution and shall not be subject to pledge, hypothecation, execution, attachment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (or similar process. Each Restricted Mutual Fund Share will remain restricted, and its unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (portion subject to forfeiture to the Company) Tj ET Q q 0 0 0 rg BT 283.17 610.90 Td (, unless and until that Restricted Mutual Fund Share ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (has vested in the Employee in accordance with all of the terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 481.22 596.50 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (and the MFRS Plan. ) Tj ET Q q 0 0 0 rg BT 175.13 582.10 Td (The Employee shall execute such pledge or other agreement that the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (Company may require at any time to perfect such restriction.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (3.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 538.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 537.0220703125 m 145.564453125 537.0220703125 l s q 0 0 0 rg BT 108.00 538.90 Td (V) Tj ET Q q 0 0 0 rg BT 115.56 538.90 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 145.56 538.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 510.10 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 508.500390625 m 264.333984375 508.500390625 l s q 0 0 0 rg BT 144.00 510.10 Td (Continuous Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 264.33 510.10 Td (: So long as the Employee remains continuously ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (employed \(including during the continuance of any leave of absence as approved by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 481.30 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 481.30 Td (filiate\) by the Company or an ) Tj ET Q q 0 0 0 rg BT 304.73 481.30 Td (Af) Tj ET Q q 0 0 0 rg BT 317.18 481.30 Td (filiate, then the Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (Restricted Mutual Fund Shares will vest in the numbers and on the dates specified in their ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 123.42 452.50 Td (V) Tj ET Q q 0 0 0 rg BT 130.76 452.50 Td (esting Schedules in the Notice of Grant. Except as otherwise provided herein, if and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (when the Employee) Tj ET Q q 0 0 0 rg BT 170.64 438.10 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 359.61 438.10 Td (Af) Tj ET Q q 0 0 0 rg BT 372.06 438.10 Td (filiate terminates, whether by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (Employee or by the Company \(or an ) Tj ET Q q 0 0 0 rg BT 249.63 423.70 Td (Af) Tj ET Q q 0 0 0 rg BT 262.07 423.70 Td (filiate\), voluntarily or involuntarily) Tj ET Q q 0 0 0 rg BT 429.92 423.70 Td (, for any reason, then, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (in accordance with Section 5 of this ) Tj ET Q q 0 0 0 rg BT 246.29 409.30 Td (Agreement, the Restricted Shares and Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (Fund Shares shall cease vesting, the unvested Restricted Shares and Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (Shares as of the termination date shall be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 392.13 380.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 351.70 Td (\(b\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 350.100390625 m 267.97265625 350.100390625 l s q 0 0 0 rg BT 144.00 351.70 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 351.70 Td (esting in Event of Death) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 267.97 351.70 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 357.94 351.70 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 337.30 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 292.03 337.30 Td (s death, then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (Restricted Mutual Fund Shares will immediately vest in full.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 294.10 Td (\(c\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 292.500390625 m 344.126953125 292.500390625 l s q 0 0 0 rg BT 144.00 294.10 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 294.10 Td (esting in Event of Long-T) Tj ET Q q 0 0 0 rg BT 275.14 294.10 Td (erm Disability) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 344.13 294.10 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 434.10 294.10 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 279.70 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 279.70 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 368.35 279.70 Td (s long-term disability \(as defined in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (the Company) Tj ET Q q 0 0 0 rg BT 139.66 265.30 Td (s long-term disability plan, a Disability\), then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (Restricted Mutual Fund Shares will continue vesting during the Employee) Tj ET Q q 0 0 0 rg BT 431.61 250.90 Td (s long-term disability ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (period in accordance with their respective ) Tj ET Q q 0 0 0 rg BT 275.69 236.50 Td (V) Tj ET Q q 0 0 0 rg BT 283.03 236.50 Td (esting Schedules set forth in the Notice of Grant. If, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (however) Tj ET Q q 0 0 0 rg BT 112.83 222.10 Td (, the Employee recovers from the Disability) Tj ET Q q 0 0 0 rg BT 322.32 222.10 Td (, and returns to gainful employment with any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (employer other than the Company or an ) Tj ET Q q 0 0 0 rg BT 265.62 207.70 Td (Af) Tj ET Q q 0 0 0 rg BT 278.06 207.70 Td (filiate, the Employee) Tj ET Q q 0 0 0 rg BT 381.69 207.70 Td (s entitlement to the unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (Restricted Shares and Restricted Mutual Fund Shares will be subject to the requirements of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (subparagraph 3\(f\) below) Tj ET Q q 0 0 0 rg BT 189.18 178.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 150.10 Td (\(d\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 148.50039062500002 m 319.611328125 148.50039062500002 l s q 0 0 0 rg BT 144.00 150.10 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 150.10 Td (esting in Event of Severance Event) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 319.61 150.10 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 409.58 150.10 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 135.70 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 135.70 Td (filiate is involuntarily terminated as a result of a Company-determined ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (severance event \(i.e., an event specifically designated as a severance event by the Company in a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (written notice to the Employee that he or she is eligible for severance benefits under the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 92.50 Td (s Severance Plan, as may be amended from time to time\), then the unvested Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (Shares and Restricted Mutual Fund Shares will, as set forth in writing in a severance agreement, ) Tj ET Q endstream endobj 337 0 obj <> endobj 338 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (vest in full upon the expiration of a thirty-day period commencing upon the Employee) Tj ET Q q 0 0 0 rg BT 489.56 711.70 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (execution of a general release of all claims against the Company and its ) Tj ET Q q 0 0 0 rg BT 418.21 697.30 Td (Af) Tj ET Q q 0 0 0 rg BT 430.66 697.30 Td (filiates, on a form ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (provided by the Company for this purpose and within the timeframe designated by the Company; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 666.900390625 m 114.65625 666.900390625 l s q 0 0 0 rg BT 72.00 668.50 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 114.66 668.50 Td ( that, no such vesting will occur unless \(i\) the Employee has not revoked the general ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (release and it remains ef) Tj ET Q q 0 0 0 rg BT 188.39 654.10 Td (fective and enforceable upon expiration of the thirty-day period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (following its execution, and \(ii\) the Employee has complied with the terms and conditions of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 625.30 Td (s Severance Plan and the applicable severance agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 596.50 Td (\(e\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 594.900390625 m 339.744140625 594.900390625 l s q 0 0 0 rg BT 144.00 596.50 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 596.50 Td (esting in Event of For Cause Dischar) Tj ET Q q 0 0 0 rg BT 328.42 596.50 Td (ge) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 339.74 596.50 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 429.71 596.50 Td (s employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 582.10 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 582.10 Td (filiate terminates because the Employee was dischar) Tj ET Q q 0 0 0 rg BT 411.12 582.10 Td (ged for Cause \(as that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (term is defined in subparagraph 5\(b\)\) below) Tj ET Q q 0 0 0 rg BT 282.49 567.70 Td (, then the unvested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (Mutual Fund Shares shall cease vesting and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 419.47 553.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 524.50 Td (\(f\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 522.900390625 m 401.220703125 522.900390625 l s q 0 0 0 rg BT 144.00 524.50 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 524.50 Td (esting in the Event of ) Tj ET Q q 0 0 0 rg BT 256.32 524.50 Td (Any Other ) Tj ET Q q 0 0 0 rg BT 310.09 524.50 Td (T) Tj ET Q q 0 0 0 rg BT 316.58 524.50 Td (ype of Separation) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 401.22 524.50 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 491.19 524.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 253.31 510.10 Td (Af) Tj ET Q q 0 0 0 rg BT 265.75 510.10 Td (filiate terminates for any reason other than the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 495.70 Td (s death, Disability) Tj ET Q q 0 0 0 rg BT 210.19 495.70 Td (, termination in a Company-determined severance event, or for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (Cause \(all as described above\), then the unvested Restricted Shares and Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (Shares shall cease vesting and be forfeited to the Company; ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 361.25 466.90 Td (pr) Tj ET Q q 0 0 0 rg BT 371.47 466.90 Td (ovided, however) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 450.11 466.90 Td (, that at the time ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (of termination, the Company shall of) Tj ET Q q 0 0 0 rg BT 249.08 452.50 Td (fer the Employee an opportunity to \(a\) sign a Post-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (T) Tj ET Q q 0 0 0 rg BT 78.49 438.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 132.81 438.10 Td (Agreement, and \(b\) execute a general release of all claims against the Company and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (its ) Tj ET Q q 0 0 0 rg BT 85.68 423.70 Td (Af) Tj ET Q q 0 0 0 rg BT 98.12 423.70 Td (filiates on a form provided by the Company for this purpose and within the timeframe ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (designated by the Company) Tj ET Q q 0 0 0 rg BT 204.86 409.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 380.50 Td (If the Employee signs a Post-T) Tj ET Q q 0 0 0 rg BT 255.47 380.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 309.79 380.50 Td (Agreement, and thereafter complies with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 366.10 Td (s obligations under such Post-T) Tj ET Q q 0 0 0 rg BT 274.47 366.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 328.79 366.10 Td (Agreement, including the obligation to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (refrain from engaging in any Restricted ) Tj ET Q q 0 0 0 rg BT 263.94 351.70 Td (Activities \(as defined below\) for the shorter of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (remaining vesting period of the unvested Restricted Shares and Restricted Mutual Fund Shares, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (or the restricted period identified in the Post-T) Tj ET Q q 0 0 0 rg BT 294.10 322.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 348.42 322.90 Td (Agreement \(which may extend beyond ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 89.00 308.50 Td (Applicable Post-Employment Restricted Period \(as defined below\) and be up to two years ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (following the date of termination\), and the Employee signs and does not rescind or take any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (action to revoke the general release as described above in whole or in part, then the unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (Restricted Shares and Restricted Mutual Fund Shares shall not cease to vest and shall not be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (forfeited, but rather) Tj ET Q q 0 0 0 rg BT 165.14 250.90 Td (, as set forth in the Post-T) Tj ET Q q 0 0 0 rg BT 287.95 250.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 342.28 250.90 Td (Agreement, shall continue to vest in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (numbers and on the dates specified in their respective ) Tj ET Q q 0 0 0 rg BT 332.03 236.50 Td (V) Tj ET Q q 0 0 0 rg BT 339.36 236.50 Td (esting Schedules in the Notice of Grant ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (for so long as the Employee continuously refrains from engaging in all Post-T) Tj ET Q q 0 0 0 rg BT 445.75 222.10 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 122.99 207.70 Td (Activities for the shorter of the remaining vesting period of the unvested Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (Shares and Restricted Mutual Fund Shares, or the restricted period identified in the Post-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (T) Tj ET Q q 0 0 0 rg BT 78.49 178.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 132.81 178.90 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 150.10 Td (Post-T) Tj ET Q q 0 0 0 rg BT 144.49 150.10 Td (ermination Restricted ) Tj ET Q q 0 0 0 rg BT 250.46 150.10 Td (Activites shall include the following restrictive covenants:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 121.30 Td (\(i\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 121.30 Td (the Employee will not at any time during the period set forth in the Post-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 106.90 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 106.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 240.81 106.90 Td (Agreement engage in a Restricted ) Tj ET Q q 0 0 0 rg BT 405.75 106.90 Td (Activity as defined in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 92.50 Td (Section 6 below;) Tj ET Q endstream endobj 339 0 obj <> endobj 340 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 711.70 Td (\(ii\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 711.70 Td (the Employee will not during the period set forth in the Post-T) Tj ET Q q 0 0 0 rg BT 478.78 711.70 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 697.30 Td (Agreement, on behalf of the Employee or any other person \(including but ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 682.90 Td (not limited to any ) Tj ET Q q 0 0 0 rg BT 267.77 682.90 Td (T) Tj ET Q q 0 0 0 rg BT 274.27 682.90 Td (alent Competitor \(as defined below\)\), hire, retain or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 668.50 Td (employ in any capacity any person then employed, or employed within the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 654.10 Td (180-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 375.93 654.10 Td (s termination, by the Company or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 639.70 Td (an ) Tj ET Q q 0 0 0 rg BT 193.66 639.70 Td (Af) Tj ET Q q 0 0 0 rg BT 206.11 639.70 Td (filiate;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 610.90 Td (\(iii\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 610.90 Td (the Employee will not at any time during the period set forth in the Post ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 596.50 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 596.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 240.81 596.50 Td (Agreement, directly or indirectly) Tj ET Q q 0 0 0 rg BT 397.97 596.50 Td (, on behalf of the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 582.10 Td (or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 434.40 582.10 Td (T) Tj ET Q q 0 0 0 rg BT 440.89 582.10 Td (alent Competitor\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 567.70 Td (solicit any customer) Tj ET Q q 0 0 0 rg BT 276.16 567.70 Td (, client or account of the Company or an ) Tj ET Q q 0 0 0 rg BT 472.11 567.70 Td (Af) Tj ET Q q 0 0 0 rg BT 484.55 567.70 Td (filiate, or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 553.30 Td (otherwise otherwise seek to divert any customer) Tj ET Q q 0 0 0 rg BT 410.78 553.30 Td (, client or account of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 538.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 256.32 538.90 Td (Af) Tj ET Q q 0 0 0 rg BT 268.77 538.90 Td (filiate away from engaging in business with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 524.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 256.32 524.50 Td (Af) Tj ET Q q 0 0 0 rg BT 268.77 524.50 Td (filiate. For purposes of this subparagraph, customer) Tj ET Q q 0 0 0 rg BT 523.89 524.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 510.10 Td (client or account shall include the following: then-current customers, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 495.70 Td (clients, or accounts of the Company or an ) Tj ET Q q 0 0 0 rg BT 382.28 495.70 Td (Af) Tj ET Q q 0 0 0 rg BT 394.73 495.70 Td (filiate; any customers, clients ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 481.30 Td (or accounts that had been represented by or had a business relationship ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 466.90 Td (with the Company or an ) Tj ET Q q 0 0 0 rg BT 298.32 466.90 Td (Af) Tj ET Q q 0 0 0 rg BT 310.76 466.90 Td (filiate within the 365-day period preceding the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 452.50 Td (Employee) Tj ET Q q 0 0 0 rg BT 231.98 452.50 Td (s termination; and any individual, company or other form of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 438.10 Td (legal entity that had been solicited or pitched for business by the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 423.70 Td (or an ) Tj ET Q q 0 0 0 rg BT 206.66 423.70 Td (Af) Tj ET Q q 0 0 0 rg BT 219.11 423.70 Td (filiate within the 365-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 497.35 423.70 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 409.30 Td (termination, if the Employee was involved in any capacity in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 394.90 Td (solicitation or pitch; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 366.10 Td (\(iv\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 366.10 Td (the Employee will not during the period set forth in the Post-T) Tj ET Q q 0 0 0 rg BT 478.78 366.10 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 351.70 Td (Agreement , without the prior written consent of the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 337.30 Td (Af) Tj ET Q q 0 0 0 rg BT 192.45 337.30 Td (filiate, \(x\)become a director) Tj ET Q q 0 0 0 rg BT 328.89 337.30 Td (, of) Tj ET Q q 0 0 0 rg BT 344.67 337.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 366.17 337.30 Td (, employee, partner) Tj ET Q q 0 0 0 rg BT 458.31 337.30 Td (, consultant or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 322.90 Td (independent contractor of, or otherwise work or provide services for) Tj ET Q q 0 0 0 rg BT 507.40 322.90 Td (, a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 308.50 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 308.50 Td (alent Competitor doing business in the same geographic or market area) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 294.10 Td (\(s\) in which the Company or an ) Tj ET Q q 0 0 0 rg BT 334.31 294.10 Td (Af) Tj ET Q q 0 0 0 rg BT 346.75 294.10 Td (filiate is also doing business, or \(y\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 279.70 Td (acquire any material ownership or similar financial interest in any such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 265.30 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 265.30 Td (alent Competitor) Tj ET Q q 0 0 0 rg BT 266.81 265.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 236.50 Td (For purposes of this ) Tj ET Q q 0 0 0 rg BT 206.00 236.50 Td (Agreement, a T) Tj ET Q q 0 0 0 rg BT 285.46 236.50 Td (alent Competitor means any corporation, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (partnership, limited liability company or other business association, or) Tj ET Q q 0 0 0 rg BT 409.72 222.10 Td (ganization or entity that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (engages in the investment banking, securities brokerage or investment management business, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (including, but not limited to, investment banks, sell-side broker dealers, mer) Tj ET Q q 0 0 0 rg BT 437.71 193.30 Td (gers and acquisitions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (or strategic advisory firms, merchant banks, hedge funds, private equity firms, venture capital ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (firms, asset managers and investment advisory firms.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 135.70 Td (For clarity of understanding, Employee acknowledges and agrees that this Section 3\(f\) is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (not intended, and shall not operate, to prevent Employee from working or providing services for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (a ) Tj ET Q q 0 0 0 rg BT 80.11 106.90 Td (T) Tj ET Q q 0 0 0 rg BT 86.60 106.90 Td (alent Competitor upon termination of employment. Rather) Tj ET Q q 0 0 0 rg BT 369.39 106.90 Td (, this Section 3\(f\) specifies the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (circumstances under which Employee has the opportunity to choose to forestall the cancellation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (of the unvested Restricted Shares and Restricted Mutual Fund Shares under this Section 3\(f\) by ) Tj ET Q endstream endobj 341 0 obj <> endobj 342 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (voluntarily electing to sign a Post-T) Tj ET Q q 0 0 0 rg BT 243.47 711.70 Td (ermination ) Tj ET Q q 0 0 0 rg BT 297.79 711.70 Td (Agreement and complying with the obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (thereunder \(including the obligation to refrain from engaging in the specified Post-T) Tj ET Q q 0 0 0 rg BT 476.04 697.30 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 122.99 682.90 Td (Activities during the period set forth in the specified Post-T) Tj ET Q q 0 0 0 rg BT 408.42 682.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 462.74 682.90 Td (Agreement\). ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (Employee need not so choose, however) Tj ET Q q 0 0 0 rg BT 261.46 668.50 Td (, and is free to elect not to sign a Post-T) Tj ET Q q 0 0 0 rg BT 451.58 668.50 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (Agreement, in which case the unvested Restricted Shares and Restricted Mutual Fund Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (shall cease vesting and be forfeited to the Company as described above.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 610.90 Td (\(g\) ) Tj ET Q q 0 0 0 rg BT 144.00 610.90 Td (Notwithstanding any other provisions of this ) Tj ET Q q 0 0 0 rg BT 360.66 610.90 Td (Agreement to the contrary) Tj ET Q q 0 0 0 rg BT 486.16 610.90 Td (, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (Committee may) Tj ET Q q 0 0 0 rg BT 148.21 596.50 Td (, in its sole discretion, declare at any time that the unvested Restricted Shares or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (Restricted Mutual Fund Shares, or any portion of either thereof, shall vest immediately or) Tj ET Q q 0 0 0 rg BT 501.75 582.10 Td (, to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (extent they otherwise would be forfeited, shall vest in the numbers and on such dates as are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (determined by the Committee to be in the interests of the Company as determined by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (Committee in its sole discretion.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (4.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 510.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 508.2220703125 m 191.98828125 508.2220703125 l s q 0 0 0 rg BT 108.00 510.10 Td (Effect of ) Tj ET Q q 0 0 0 rg BT 154.42 510.10 Td (V) Tj ET Q q 0 0 0 rg BT 161.99 510.10 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 191.99 510.10 Td (. Upon the vesting of any Restricted Shares or Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (Shares, such vested Restricted Shares and Restricted Mutual Fund Shares will no longer be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (subject to forfeiture; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 172.962890625 479.700390625 m 215.619140625 479.700390625 l s q 0 0 0 rg BT 172.96 481.30 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.62 481.30 Td (, however) Tj ET Q q 0 0 0 rg BT 262.45 481.30 Td (, that such vested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (Mutual Fund Shares shall remain subject to potential recovery by the Company pursuant to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (Section 7 of this ) Tj ET Q q 0 0 0 rg BT 152.67 452.50 Td (Agreement. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (5.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 423.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 421.8220703125 m 503.63671875 421.8220703125 l s q 0 0 0 rg BT 108.00 423.70 Td (Forfeitur) Tj ET Q q 0 0 0 rg BT 155.09 423.70 Td (e of Unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 306.84 423.70 Td (es and Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 493.64 423.70 Td (es) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 503.64 423.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 394.90 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 144.00 394.90 Td (If \(i\) the Employee attempts to pledge, encumber) Tj ET Q q 0 0 0 rg BT 379.44 394.90 Td (, assign, transfer or otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (dispose of any of the Restricted Shares \(except as permitted by Section 1\(b\) of this ) Tj ET Q q 0 0 0 rg BT 471.57 380.50 Td (Agreement\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (or the Employee) Tj ET Q q 0 0 0 rg BT 154.64 366.10 Td (s interest in or rights to any of the Restricted Mutual Fund Shares \(except as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (permitted by Section 2\(b\) of this ) Tj ET Q q 0 0 0 rg BT 230.64 351.70 Td (Agreement\), or the Restricted Shares or Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (Shares become subject to attachment or any similar involuntary process in violation of this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (Agreement, or \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 231.61 322.90 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 420.59 322.90 Td (Af) Tj ET Q q 0 0 0 rg BT 433.03 322.90 Td (filiate \(A\) is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (terminated for Cause or \(B\)terminates under the circumstances covered by Section 3\(d\) or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (Section 3\(f\) \(including as Section 3\(f\) applies with respect to Section 3\(c\)\) of this ) Tj ET Q q 0 0 0 rg BT 465.90 294.10 Td (Agreement and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (either \(1\) the conditions or restrictions of such Section, as applicable, are not satisfied or \(2\)the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (conditions or restrictions of such Section, as applicable, are satisfied but the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (subsequently violates any of them, then any Restricted Shares and Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (Shares that have not previously vested shall cease to vest and shall be forfeited to the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 131.20 222.10 Td (, the Employee shall thereafter have no right, title or interest whatsoever in such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (unvested Restricted Shares and Restricted Mutual Fund Shares, and, if the Company does not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (have custody of any and all certificates representing Restricted Shares so forfeited, the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (shall immediately return to the Company any and all certificates representing Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (so forfeited. ) Tj ET Q q 0 0 0 rg BT 135.32 164.50 Td (Additionally) Tj ET Q q 0 0 0 rg BT 195.20 164.50 Td (, the Employee will deliver to the Company a stock power duly ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (executed in blank relating to any and all certificates representing such forfeited Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (to the Company in accordance with the previous sentence or) Tj ET Q q 0 0 0 rg BT 361.09 135.70 Td (, if such stock power has previously ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (been tendered to the Company) Tj ET Q q 0 0 0 rg BT 217.84 121.30 Td (, the Company will be authorized to deem such previously ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (tendered stock power delivered, and the Company will be authorized to cancel any and all ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (certificates representing Restricted Shares so forfeited and to cause a book entry to be made in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (the records of the Company) Tj ET Q q 0 0 0 rg BT 208.63 78.10 Td (s transfer agent in the name of the Employee \(or a new stock ) Tj ET Q endstream endobj 343 0 obj <> endobj 344 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (certificate to be issued, if requested by the Employee\) evidencing any Restricted Shares that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (vested prior to the forfeiture of unvested Restricted Shares under this Section 5. If the Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (Shares are evidenced by a book entry made in the records of the Company) Tj ET Q q 0 0 0 rg BT 432.21 682.90 Td (s transfer agent, then ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (the Company will be authorized to cause such book entry to be adjusted to reflect the number of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (Restricted Shares so forfeited. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 625.30 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 625.30 Td (For purposes of this ) Tj ET Q q 0 0 0 rg BT 242.00 625.30 Td (Agreement, Cause means \(i\) the Employee) Tj ET Q q 0 0 0 rg BT 461.92 625.30 Td (s continued ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (failure to substantially perform his or her duties with the Company or an ) Tj ET Q q 0 0 0 rg BT 422.26 610.90 Td (Af) Tj ET Q q 0 0 0 rg BT 434.71 610.90 Td (filiate after written ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (demand for substantial performance is delivered to the Employee; the Employee shall be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (provided thirty \(30\) days to attempt to remedy the deficiencies identified by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 567.70 Td (filiate in its written demand; \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 310.72 567.70 Td (s conviction of a felony; \(iii\) the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (committing a felony or engaging in other misconduct that the Company determines in its sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (discretion impairs the Employee) Tj ET Q q 0 0 0 rg BT 230.96 538.90 Td (s ability to perform his or her duties with the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 524.50 Td (filiate, and/or results in negative or otherwise adverse publicity for the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 510.10 Td (filiate; \(iv\) the Employee) Tj ET Q q 0 0 0 rg BT 208.73 510.10 Td (s violation of any policy of the Company or an ) Tj ET Q q 0 0 0 rg BT 435.36 510.10 Td (Af) Tj ET Q q 0 0 0 rg BT 447.81 510.10 Td (filiate that the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (Company) Tj ET Q q 0 0 0 rg BT 117.88 495.70 Td (, in its sole discretion, deems material; \(v\) the Employee) Tj ET Q q 0 0 0 rg BT 392.14 495.70 Td (s violation of any securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (law) Tj ET Q q 0 0 0 rg BT 88.55 481.30 Td (, rule or regulation that the Company) Tj ET Q q 0 0 0 rg BT 265.39 481.30 Td (, in its sole discretion, deems material; \(vi\) the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 466.90 Td (s engagement in conduct that, in the Company) Tj ET Q q 0 0 0 rg BT 349.93 466.90 Td (s sole discretion, exposes the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (or an ) Tj ET Q q 0 0 0 rg BT 98.66 452.50 Td (Af) Tj ET Q q 0 0 0 rg BT 111.11 452.50 Td (filiate to civil or regulatory liability or injury to its reputation; \(vii\) the Employee) Tj ET Q q 0 0 0 rg BT 504.01 452.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (engagement in conduct that would subject the Employee to statutory disqualification pursuant to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (Section 15\(b\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 220.29 423.70 Td (Act and the regulations promulgated thereunder; or \(viii\) the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 409.30 Td (s gross or willful misconduct that the Company) Tj ET Q q 0 0 0 rg BT 350.85 409.30 Td (, in its sole discretion, deems material.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (6.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 380.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 378.6220703125 m 210.9609375 378.6220703125 l s q 0 0 0 rg BT 108.00 380.50 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 162.98 380.50 Td (Activities) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 210.96 380.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.96 380.50 Td ( In consideration of the grant of this ) Tj ET Q q 0 0 0 rg BT 391.59 380.50 Td (A) Tj ET Q q 0 0 0 rg BT 399.15 380.50 Td (ward, the Employee agrees ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (to comply with and be bound by the following restrictive covenants \(each a Restricted ) Tj ET Q q 0 0 0 rg BT 493.21 366.10 Td (Activity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (and together the Restricted ) Tj ET Q q 0 0 0 rg BT 208.62 351.70 Td (Activities\):) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 322.90 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 144.00 322.90 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 322.90 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 308.50 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 308.50 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 308.50 Td (, except in connection with the performance of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (the Employee) Tj ET Q q 0 0 0 rg BT 141.64 294.10 Td (s job duties for the benefit of the Company) Tj ET Q q 0 0 0 rg BT 346.82 294.10 Td (, use, disclose or misappropriate any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (Company-Confidential Information \(as defined below\) unless the Company or an ) Tj ET Q q 0 0 0 rg BT 465.25 279.70 Td (Af) Tj ET Q q 0 0 0 rg BT 477.69 279.70 Td (filiate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (consents otherwise in writing. Company-Confidential Information shall have the same ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (meaning as provided in the Company) Tj ET Q q 0 0 0 rg BT 254.96 250.90 Td (s Code of Ethics and Business Conduct, and shall include ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (without limitation any confidential, secret or proprietary knowledge or information of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 222.10 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 222.10 Td (filiate that the Employee has acquired or become acquainted with during the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 207.70 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 312.96 207.70 Td (Af) Tj ET Q q 0 0 0 rg BT 325.41 207.70 Td (filiate. For the avoidance of doubt, nothing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (in this paragraph or any other provision of this ) Tj ET Q q 0 0 0 rg BT 297.63 193.30 Td (Agreement precludes you from reporting to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 178.90 Td (s management or directors or to the government, a regulator) Tj ET Q q 0 0 0 rg BT 409.42 178.90 Td (, or a self-regulatory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (agency conduct that you believe to be in violation of the law) Tj ET Q q 0 0 0 rg BT 361.46 164.50 Td (, or responding truthfully to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (questions or requests from the government, a regulator) Tj ET Q q 0 0 0 rg BT 334.11 150.10 Td (, a self-regulatory agency) Tj ET Q q 0 0 0 rg BT 455.27 150.10 Td (, or in a court of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (law) Tj ET Q q 0 0 0 rg BT 88.55 135.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 106.90 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 106.90 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 106.90 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 92.50 Td (filiate and during the twelve-month period following any termination of the Employee) Tj ET Q q 0 0 0 rg BT 502.00 92.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 253.31 78.10 Td (Af) Tj ET Q q 0 0 0 rg BT 265.75 78.10 Td (filiate \(not including any period of notice provided by ) Tj ET Q endstream endobj 345 0 obj <> endobj 346 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (the Employee\), directly or indirectly) Tj ET Q q 0 0 0 rg BT 246.16 711.70 Td (, on behalf of the Employee or any other person \(including ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (but not limited to any ) Tj ET Q q 0 0 0 rg BT 178.11 697.30 Td (T) Tj ET Q q 0 0 0 rg BT 184.60 697.30 Td (alent Competitor) Tj ET Q q 0 0 0 rg BT 265.10 697.30 Td (, solicit, induce or encourage any person then employed, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (or employed within the 180-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 382.58 682.90 Td (s termination, by the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (or an ) Tj ET Q q 0 0 0 rg BT 98.66 668.50 Td (Af) Tj ET Q q 0 0 0 rg BT 111.11 668.50 Td (filiate to terminate or otherwise modify their employment relationship with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (Company;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 625.30 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 144.00 625.30 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 625.30 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 610.90 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 610.90 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 610.90 Td (, make disparaging, derogatory) Tj ET Q q 0 0 0 rg BT 454.72 610.90 Td (, or defamatory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (statements about the Company or an ) Tj ET Q q 0 0 0 rg BT 249.30 596.50 Td (Af) Tj ET Q q 0 0 0 rg BT 261.74 596.50 Td (filiate in any public forum or media; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 567.70 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 144.00 567.70 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 567.70 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 553.30 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 553.30 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 553.30 Td (, fail to cooperate fully with and provide full ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (and accurate information to the Company and its counsel with respect to any matter \(including ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (any audit, tax proceeding, litigation, investigation or governmental proceeding\) with respect to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (which the Employee may have knowledge or information, subject to reimbursement for actual, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (appropriate and reasonable expenses incurred by the Employee.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (7.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 466.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 465.0220703125 m 208.330078125 465.0220703125 l s q 0 0 0 rg BT 108.00 466.90 Td (Potential Clawback) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 208.33 466.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 211.33 466.90 Td ( ) Tj ET Q q 0 0 0 rg BT 217.11 466.90 Td (The Employee acknowledges that he or she has been provided a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (copy of the Company) Tj ET Q q 0 0 0 rg BT 178.98 452.50 Td (s Incentive Compensation Recovery Policy) Tj ET Q q 0 0 0 rg BT 385.49 452.50 Td (, dated February 4, 2014 \(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (Recovery Policy\), and understands, accepts and agrees that this grant in this ) Tj ET Q q 0 0 0 rg BT 449.22 438.10 Td (Agreement of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (Restricted Shares and Restricted Mutual Fund Shares, and any other outstanding ) Tj ET Q q 0 0 0 rg BT 460.59 423.70 Td (A) Tj ET Q q 0 0 0 rg BT 468.16 423.70 Td (ward he or she ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (may have been granted under the Plans after May 8, 2013 \(a Prior ) Tj ET Q q 0 0 0 rg BT 395.89 409.30 Td (A) Tj ET Q q 0 0 0 rg BT 403.46 409.30 Td (ward\) are subject to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (terms and conditions of the Recovery Policy as it currently exists and as it may be amended from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (time to time, which include the potential forfeiture to or recovery by the Company of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 153.32 366.10 Td (A) Tj ET Q q 0 0 0 rg BT 160.89 366.10 Td (ward or the MFRS ) Tj ET Q q 0 0 0 rg BT 252.89 366.10 Td (A) Tj ET Q q 0 0 0 rg BT 260.46 366.10 Td (ward, any Prior ) Tj ET Q q 0 0 0 rg BT 337.11 366.10 Td (A) Tj ET Q q 0 0 0 rg BT 344.67 366.10 Td (ward, any Shares issued or mutual fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (shares vested pursuant to this ) Tj ET Q q 0 0 0 rg BT 214.98 351.70 Td (Agreement or any Prior ) Tj ET Q q 0 0 0 rg BT 330.95 351.70 Td (A) Tj ET Q q 0 0 0 rg BT 338.51 351.70 Td (ward, any proceeds received by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (Employee upon the sale of any such Shares or mutual fund shares, and any other compensatory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (value received by Employee under the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 340.58 322.90 Td (A) Tj ET Q q 0 0 0 rg BT 348.14 322.90 Td (ward, the MFRS ) Tj ET Q q 0 0 0 rg BT 430.15 322.90 Td (A) Tj ET Q q 0 0 0 rg BT 437.71 322.90 Td (ward or any Prior ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (A) Tj ET Q q 0 0 0 rg BT 79.56 308.50 Td (ward under the circumstances and to the extent set forth in the Recovery Policy) Tj ET Q q 0 0 0 rg BT 459.66 308.50 Td (. ) Tj ET Q q 0 0 0 rg BT 468.45 308.50 Td (This ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (Agreement may be unilaterally amended by the Committee at any time to comply with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (Recovery Policy as it may be amended from time to time.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (8.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 250.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 249.02207031249998 m 207.240234375 249.02207031249998 l s q 0 0 0 rg BT 108.00 250.90 Td (Shar) Tj ET Q q 0 0 0 rg BT 132.46 250.90 Td (eholder) Tj ET Q q 0 0 0 rg BT 170.90 250.90 Td ( Rights) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 207.24 250.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 210.24 250.90 Td ( ) Tj ET Q q 0 0 0 rg BT 215.58 250.90 Td (As of the date of issuance specified at the beginning of this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (Agreement, the Employee shall have all of the rights of a shareholder of the Company with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (respect to the Restricted Shares, and all the rights of a mutual fund shareholder with respect to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (the Restricted Mutual Fund Shares, except as otherwise specifically provided in this ) Tj ET Q q 0 0 0 rg BT 477.57 207.70 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (9.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 178.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 177.02207031249998 m 253.69921875 177.02207031249998 l s q 0 0 0 rg BT 108.00 178.90 Td (Fund Fees and Distributions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 253.70 178.90 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 150.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 144.00 150.10 Td (Management fees of the applicable mutual funds for the Restricted Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (Shares shall be the sole responsibility of the Employee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 106.90 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 106.90 Td (If any mutual fund in which the Employee holds an interest distributes dividends, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (income or earnings with respect to the Restricted Mutual Fund Shares prior to the vesting of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (Restricted Mutual Fund Shares, then the following shall apply) Tj ET Q q 0 0 0 rg BT 369.51 78.10 Td (. In the event of distributions made ) Tj ET Q endstream endobj 347 0 obj <> endobj 348 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (in cash, such cash distributions shall be reinvested in the mutual fund from which the distribution ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (occurred and the mutual fund shares representing the reinvested amounts shall be considered ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (Restricted Mutual Fund Shares under this ) Tj ET Q q 0 0 0 rg BT 273.98 682.90 Td (Agreement, and shall vest along with the other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (unvested Restricted Mutual Fund Shares in equal installments over the remaining vesting dates ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (provided in the ) Tj ET Q q 0 0 0 rg BT 147.43 654.10 Td (V) Tj ET Q q 0 0 0 rg BT 154.77 654.10 Td (esting Schedule in the Notice of Grant. In the event of in-kind distributions, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (extraordinary distributions \(whether in other securities or other property\) or other adjustments, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (such distributions shall be held in the account of the Employee together with the Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (Mutual Fund Shares. ) Tj ET Q q 0 0 0 rg BT 177.67 610.90 Td (All Restricted Mutual Fund Shares received via distributions shall also be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (restricted and shall vest on the dates specified in the applicable ) Tj ET Q q 0 0 0 rg BT 376.68 596.50 Td (V) Tj ET Q q 0 0 0 rg BT 384.01 596.50 Td (esting Schedule in the Notice of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (Grant. For the avoidance of doubt, in the event that any unvested Restricted Mutual Fund Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (are forfeited in accordance with this ) Tj ET Q q 0 0 0 rg BT 247.25 567.70 Td (Agreement, the distributions with respect to any such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (Restricted Mutual Fund Shares not previously paid out will also be forfeited.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (10.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 524.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 522.6220703125 m 194.162109375 522.6220703125 l s q 0 0 0 rg BT 108.00 524.50 Td (T) Tj ET Q q 0 0 0 rg BT 114.90 524.50 Td (ax ) Tj ET Q q 0 0 0 rg BT 129.69 524.50 Td (W) Tj ET Q q 0 0 0 rg BT 141.47 524.50 Td (ithholding) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 194.16 524.50 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 203.16 524.50 Td (The parties hereto recognize that the Company or an ) Tj ET Q q 0 0 0 rg BT 457.40 524.50 Td (Af) Tj ET Q q 0 0 0 rg BT 469.85 524.50 Td (filiate may be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (obligated to withhold federal and state taxes or other taxes upon the vesting of the Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (Shares or Restricted Mutual Fund Shares, or) Tj ET Q q 0 0 0 rg BT 284.48 495.70 Td (, in the event that the Employee elects under Code ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (Section 83\(b\) to report the receipt of the Restricted Shares or Restricted Mutual Fund Shares as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (income in the year of receipt, upon the Employee) Tj ET Q q 0 0 0 rg BT 312.25 466.90 Td (s receipt of the Restricted Shares or Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (Mutual Fund Shares, respectively) Tj ET Q q 0 0 0 rg BT 232.52 452.50 Td (. ) Tj ET Q q 0 0 0 rg BT 241.31 452.50 Td (The Employee agrees that, at such time, if the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 438.10 Td (filiate is required to withhold such taxes, the Employee will promptly pay) Tj ET Q q 0 0 0 rg BT 437.59 438.10 Td (, in cash upon ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (demand \(or in any other manner permitted by the Committee in accordance with the terms of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (Plans\), to the Company or an ) Tj ET Q q 0 0 0 rg BT 214.32 409.30 Td (Af) Tj ET Q q 0 0 0 rg BT 226.76 409.30 Td (filiate such amounts as shall be necessary to satisfy such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 129.45 394.90 Td (The Employee further acknowledges that the Company has directed the Employee to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (seek independent advice regarding the applicable provisions of the Code, the income tax laws of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (any municipality) Tj ET Q q 0 0 0 rg BT 152.20 366.10 Td (, state or foreign country in which the Employee may reside, and the tax ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (consequences of the Employee) Tj ET Q q 0 0 0 rg BT 223.61 351.70 Td (s death.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (1) Tj ET Q q 0 0 0 rg BT 77.34 322.90 Td (1.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.34 322.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 321.0220703125 m 193.65234375 321.0220703125 l s q 0 0 0 rg BT 108.00 322.90 Td (Injunctive Relief) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 193.65 322.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 196.65 322.90 Td ( In the event of a breach by the Employee of the Employee) Tj ET Q q 0 0 0 rg BT 485.54 322.90 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (obligations under this ) Tj ET Q q 0 0 0 rg BT 178.33 308.50 Td (Agreement, including but not limited to a commission by the Employee of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (a Restricted ) Tj ET Q q 0 0 0 rg BT 131.31 294.10 Td (Activity as described in Section 6, in addition to being entitled to exercise all rights ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (granted by law) Tj ET Q q 0 0 0 rg BT 142.53 279.70 Td (, including recovery of damages, the Company will be entitled to specific ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (performance of its rights under this ) Tj ET Q q 0 0 0 rg BT 243.29 265.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 305.38 265.30 Td (The Employee acknowledges that a violation or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (attempted violation of the obligations set forth herein will cause immediate and irreparable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (damage to the Company) Tj ET Q q 0 0 0 rg BT 188.19 236.50 Td (, and therefore agrees that the Company shall be entitled as a matter of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (right to an injunction, from any court of competent jurisdiction, restraining any violation or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (further violation of such obligations \(without posting any bond or other security\). ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (12.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 178.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 177.02207031249998 m 345.533203125 177.02207031249998 l s q 0 0 0 rg BT 108.00 178.90 Td (Restrictive Legends and Stop-T) Tj ET Q q 0 0 0 rg BT 268.78 178.90 Td (ransfer) Tj ET Q q 0 0 0 rg BT 305.88 178.90 Td ( Orders) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 345.53 178.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 150.10 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 148.50039062500002 m 184.65234375 148.50039062500002 l s q 0 0 0 rg BT 144.00 150.10 Td (Legends) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 184.65 150.10 Td (. ) Tj ET Q q 0 0 0 rg BT 193.44 150.10 Td (The book entry or certificate representing the Restricted Shares shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (contain a notation or bear the following legend \(as well as any notations or legends required by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (applicable state and federal corporate and securities laws\) noting the existence of the restrictions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (and the Company) Tj ET Q q 0 0 0 rg BT 159.98 106.90 Td (s rights to reacquire the Restricted Shares set forth in this ) Tj ET Q q 0 0 0 rg BT 436.92 106.90 Td (Agreement:) Tj ET Q endstream endobj 349 0 obj <> endobj 350 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 711.70 Td (THE SHARES REPRESENTED BY) Tj ET Q q 0 0 0 rg BT 327.23 711.70 Td ( ) Tj ET Q q 0 0 0 rg BT 330.01 711.70 Td (THIS [BOOK ENTR) Tj ET Q q 0 0 0 rg BT 431.34 711.70 Td (Y] ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 697.30 Td ([CER) Tj ET Q q 0 0 0 rg BT 170.61 697.30 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 207.95 697.30 Td (TE] MA) Tj ET Q q 0 0 0 rg BT 247.84 697.30 Td (Y) Tj ET Q q 0 0 0 rg BT 256.06 697.30 Td ( BE ) Tj ET Q q 0 0 0 rg BT 277.18 697.30 Td (TRANSFERRED ONL) Tj ET Q q 0 0 0 rg BT 388.99 697.30 Td (Y) Tj ET Q q 0 0 0 rg BT 397.21 697.30 Td ( IN ) Tj ET Q q 0 0 0 rg BT 415.21 697.30 Td (ACCORDANCE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 682.90 Td (WITH ) Tj ET Q q 0 0 0 rg BT 178.10 682.90 Td (THE ) Tj ET Q q 0 0 0 rg BT 204.21 682.90 Td (TERMS OF ) Tj ET Q q 0 0 0 rg BT 264.90 682.90 Td (A) Tj ET Q q 0 0 0 rg BT 272.90 682.90 Td ( RESTRICTED ST) Tj ET Q q 0 0 0 rg BT 365.36 682.90 Td (OCK ) Tj ET Q q 0 0 0 rg BT 393.03 682.90 Td (AND MUTUAL) Tj ET Q q 0 0 0 rg BT 472.91 682.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 668.50 Td (FUND RESTRICTED SHARE ) Tj ET Q q 0 0 0 rg BT 297.02 668.50 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 370.79 668.50 Td ( BETWEEN ) Tj ET Q q 0 0 0 rg BT 433.89 668.50 Td (THE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 654.10 Td (COMP) Tj ET Q q 0 0 0 rg BT 176.91 654.10 Td (ANY) Tj ET Q q 0 0 0 rg BT 202.46 654.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.80 654.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 233.58 654.10 Td (THE ST) Tj ET Q q 0 0 0 rg BT 273.70 654.10 Td (OCKHOLDER, ) Tj ET Q q 0 0 0 rg BT 353.03 654.10 Td (A) Tj ET Q q 0 0 0 rg BT 361.04 654.10 Td ( COPY) Tj ET Q q 0 0 0 rg BT 395.60 654.10 Td ( OF ) Tj ET Q q 0 0 0 rg BT 416.72 654.10 Td (WHICH IS ON ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 639.70 Td (FILE ) Tj ET Q q 0 0 0 rg BT 172.11 639.70 Td (WITH ) Tj ET Q q 0 0 0 rg BT 206.21 639.70 Td (THE SECRET) Tj ET Q q 0 0 0 rg BT 276.25 639.70 Td (AR) Tj ET Q q 0 0 0 rg BT 292.26 639.70 Td (Y) Tj ET Q q 0 0 0 rg BT 300.48 639.70 Td ( OF ) Tj ET Q q 0 0 0 rg BT 321.60 639.70 Td (THE COMP) Tj ET Q q 0 0 0 rg BT 380.84 639.70 Td (ANY) Tj ET Q q 0 0 0 rg BT 405.29 639.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 613.30 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 613.30 Td (\(b\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 611.700390625 m 249.87890625 611.700390625 l s q 0 0 0 rg BT 144.00 613.30 Td (Stop-T) Tj ET Q q 0 0 0 rg BT 176.91 613.30 Td (ransfer Notices) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 249.88 613.30 Td (. ) Tj ET Q q 0 0 0 rg BT 258.66 613.30 Td (The Employee agrees that, in order to ensure compliance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 598.90 Td (with the restrictions referred to herein, the Company may issue appropriate stop transfer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.50 Td (instructions to its transfer agent, if any) Tj ET Q q 0 0 0 rg BT 256.18 584.50 Td (, and that, if the Company transfers its own securities, it ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.10 Td (may make appropriate notations to the same ef) Tj ET Q q 0 0 0 rg BT 296.04 570.10 Td (fect in its own records.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 543.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 543.70 Td (\(c\) ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 542.100390625 m 235.6611328125 542.100390625 l s q 0 0 0 rg BT 144.00 543.70 Td (Refusal to ) Tj ET Q q 0 0 0 rg BT 195.77 543.70 Td (T) Tj ET Q q 0 0 0 rg BT 202.68 543.70 Td (ransfer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 235.33 543.70 Td (. ) Tj ET Q q 0 0 0 rg BT 244.11 543.70 Td (The Company shall not be required \(i\)to transfer on its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 529.30 Td (books any Restricted Shares that have been sold or otherwise transferred in violation of any of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 514.90 Td (the provisions of this ) Tj ET Q q 0 0 0 rg BT 175.34 514.90 Td (Agreement or \(ii\)to treat as owner of the Restricted Shares or to accord the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 500.50 Td (right to vote or pay dividends to any purchaser or other transferee to whom the Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.10 Td (shall have been so transferred.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 457.30 Td (13.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 457.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 455.4220703125 m 278.3203125 455.4220703125 l s q 0 0 0 rg BT 108.00 457.30 Td (Interpr) Tj ET Q q 0 0 0 rg BT 145.78 457.30 Td (etation of ) Tj ET Q q 0 0 0 rg BT 196.88 457.30 Td (This ) Tj ET Q q 0 0 0 rg BT 221.90 457.30 Td (Agr) Tj ET Q q 0 0 0 rg BT 241.68 457.30 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 278.32 457.30 Td (. ) Tj ET Q q 0 0 0 rg BT 286.66 457.30 Td (All decisions and interpretations made by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 442.90 Td (Committee with regard to any question arising hereunder or under the Plans shall be binding and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 428.50 Td (conclusive upon the Company and the Employee. If there is any inconsistency between the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 414.10 Td (provisions of this ) Tj ET Q q 0 0 0 rg BT 157.68 414.10 Td (Agreement and the Plans, the provisions of the Plans shall govern.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 385.30 Td (14.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 385.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 383.4220703125 m 400.11328125 383.4220703125 l s q 0 0 0 rg BT 108.00 385.30 Td (No Pr) Tj ET Q q 0 0 0 rg BT 138.11 385.30 Td (omise of Futur) Tj ET Q q 0 0 0 rg BT 213.21 385.30 Td (e ) Tj ET Q q 0 0 0 rg BT 220.88 385.30 Td (A) Tj ET Q q 0 0 0 rg BT 228.65 385.30 Td (wards or) Tj ET Q q 0 0 0 rg BT 274.10 385.30 Td ( Continued Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 400.11 385.30 Td (. ) Tj ET Q q 0 0 0 rg BT 408.90 385.30 Td (The Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 370.90 Td (acknowledges that this ) Tj ET Q q 0 0 0 rg BT 183.64 370.90 Td (Agreement awards restricted stock and/or property to the Employee, but ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 Td (does not impose any obligation on the Company to make any future grants or issue any future ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (restricted shares or restricted mutual fund shares to the Employee or otherwise continue the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.70 Td (participation of the Employee under either of the Plans. ) Tj ET Q q 0 0 0 rg BT 344.03 327.70 Td (This ) Tj ET Q q 0 0 0 rg BT 367.71 327.70 Td (Agreement shall not give the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.30 Td (Employee a right to continued employment with the Company or any ) Tj ET Q q 0 0 0 rg BT 407.60 313.30 Td (Af) Tj ET Q q 0 0 0 rg BT 420.05 313.30 Td (filiate, and the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 298.90 Td (or ) Tj ET Q q 0 0 0 rg BT 84.33 298.90 Td (Af) Tj ET Q q 0 0 0 rg BT 96.78 298.90 Td (filiate employing the Employee may terminate his or her employment at will, and otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 284.50 Td (deal with the Employee without regard to this ) Tj ET Q q 0 0 0 rg BT 293.95 284.50 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 255.70 Td (15.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 255.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 253.82207031250005 m 182.337890625 253.82207031250005 l s q 0 0 0 rg BT 108.00 255.70 Td (Binding Effect) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 182.34 255.70 Td (. ) Tj ET Q q 0 0 0 rg BT 191.12 255.70 Td (This ) Tj ET Q q 0 0 0 rg BT 214.79 255.70 Td (Agreement shall be binding in all respects on the heirs, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 241.30 Td (administrators, representatives, executors and successors of the Employee, and on the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 226.90 Td (and its successors and assigns.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 200.50 Td (16.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 200.50 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 200.50 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 111 198.6220703125 m 231.3984375 198.6220703125 l s q 0 0 0 rg BT 111.00 200.50 Td (Agr) Tj ET Q q 0 0 0 rg BT 130.78 200.50 Td (eement to ) Tj ET Q q 0 0 0 rg BT 182.75 200.50 Td (Arbitrate) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 231.40 200.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 234.40 200.50 Td ( ) Tj ET Q q 0 0 0 rg BT 240.18 200.50 Td (The Company and the Employee each agrees \(i\) that any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 186.10 Td (dispute, claim or controversy arising out of or relating directly or indirectly to the construction, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 171.70 Td (performance or breach of this ) Tj ET Q q 0 0 0 rg BT 216.27 171.70 Td (Agreement \(including, without limitation, the grant, issuance or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 157.30 Td (forfeiture of Restricted Shares and Restricted Mutual Fund Shares\) shall be settled by arbitration ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 142.90 Td (conducted before and in accordance with the rules of the Financial Industry Regulatory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 128.50 Td (Authority; and \(ii\) that judgment upon any award rendered by the arbitrator\(s\) may be entered in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 114.10 Td (any court having jurisdiction thereof. ) Tj ET Q q 0 0 0 rg BT 255.62 114.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 314.82 114.10 Td (, the Company and the Employee each waive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 99.70 Td (their right \(if any\) to a trial before a court judge and/or jury to resolve any such disputes; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 83.70039062499995 m 114.65625 83.70039062499995 l s q 0 0 0 rg BT 72.00 85.30 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 114.66 85.30 Td (, this Section 16 shall not be construed to limit the Company) Tj ET Q q 0 0 0 rg BT 408.63 85.30 Td (s right to obtain equitable ) Tj ET Q endstream endobj 351 0 obj <> endobj 352 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (relief under Section 1) Tj ET Q q 0 0 0 rg BT 175.18 711.70 Td (1 with respect to any matter or controversy subject to Section 1) Tj ET Q q 0 0 0 rg BT 478.32 711.70 Td (1, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (pending a final determination by the arbitrators with respect to any such matter or controversy) Tj ET Q q 0 0 0 rg BT 523.08 697.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (the Company shall be entitled to obtain any such relief by direct application to state, federal, or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (other applicable court, without being required to first arbitrate such matter or controversy) Tj ET Q q 0 0 0 rg BT 500.07 668.50 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (17.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 639.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 637.8220703125 m 181.9921875 637.8220703125 l s q 0 0 0 rg BT 108.00 639.70 Td (Choice of Law) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.99 639.70 Td (. ) Tj ET Q q 0 0 0 rg BT 190.78 639.70 Td (The Company is incorporated in the State of Delaware, and by their ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (terms the Plans are governed by the laws of the State of Delaware. ) Tj ET Q q 0 0 0 rg BT 396.23 625.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 455.43 625.30 Td (, this ) Tj ET Q q 0 0 0 rg BT 481.11 625.30 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (is entered into under the laws of the State of Delaware and shall be construed and interpreted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (thereunder \(without regard to its conflict-of-law principles\). ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 570.10 Td (18.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 570.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 568.2220703125 m 244.552734375 568.2220703125 l s q 0 0 0 rg BT 108.00 570.10 Td (T) Tj ET Q q 0 0 0 rg BT 114.90 570.10 Td (ermination; Modification) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 244.55 570.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 253.55 570.10 Td (In the event that any one or more of the Post-T) Tj ET Q q 0 0 0 rg BT 477.32 570.10 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.70 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 122.99 555.70 Td (Activities described in Section 3\(f\) above shall be held to be unenforceable, invalid or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.30 Td (illegal for any reason including, but not limited to, being excessively broad as to duration, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 526.90 Td (geographical scope, activity or subject, such restriction shall be construed or modified by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 512.50 Td (limiting and reducing it, so as to provide the Company with the maximum protection of its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 498.10 Td (business interests and the intent of the parties as set forth herein and yet be valid and enforceable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.70 Td (under the applicable law as it shall then exist. If any such restriction held to be unenforceable, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.30 Td (invalid or illegal cannot be so construed or modified, then this ) Tj ET Q q 0 0 0 rg BT 372.60 469.30 Td (Agreement shall terminate in its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 454.90 Td (entirety) Tj ET Q q 0 0 0 rg BT 107.87 454.90 Td (, and at the time of such termination, vesting of the Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 440.50 Td (Mutual Fund Shares that are the subject of this ) Tj ET Q q 0 0 0 rg BT 298.29 440.50 Td (Agreement shall cease immediately and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.10 Td (automatically and unvested Restricted Shares and Restricted Mutual Fund Shares shall be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.70 Td (forfeited and shall be cancelled in accordance with Section 5 above.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 385.30 Td (19.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 385.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 383.4220703125 m 199.201171875 383.4220703125 l s q 0 0 0 rg BT 108.00 385.30 Td (Entir) Tj ET Q q 0 0 0 rg BT 135.12 385.30 Td (e ) Tj ET Q q 0 0 0 rg BT 142.78 385.30 Td (Agr) Tj ET Q q 0 0 0 rg BT 162.56 385.30 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 199.20 385.30 Td (. ) Tj ET Q q 0 0 0 rg BT 207.98 385.30 Td (This ) Tj ET Q q 0 0 0 rg BT 231.66 385.30 Td (Agreement and the Plans set forth the entire agreement and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 370.90 Td (understanding of the parties hereto with respect to the issuance and sale of the Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 Td (and Restricted Mutual Fund Shares and the administration of the Plans, and supersede all prior ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (agreements, arrangements, plans, and understandings relating to the issuance and sale of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.70 Td (Restricted Shares and Restricted Mutual Fund Shares and the administration of the Plans.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 301.30 Td (20.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 301.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 299.4220703125 m 233.783203125 299.4220703125 l s q 0 0 0 rg BT 108.00 301.30 Td (Amendment and ) Tj ET Q q 0 0 0 rg BT 196.46 301.30 Td (W) Tj ET Q q 0 0 0 rg BT 207.80 301.30 Td (aiver) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 233.78 301.30 Td (. Except as provided in the Plans or in Section 7 above, this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 286.90 Td (Agreement may be amended, modified, or canceled only by a written instrument executed by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 272.50 Td (parties. No term or condition of this ) Tj ET Q q 0 0 0 rg BT 249.64 272.50 Td (Agreement shall be deemed to have been waived, nor shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 258.10 Td (there be any estoppel to enforce any provision of this ) Tj ET Q q 0 0 0 rg BT 329.26 258.10 Td (Agreement, except by a statement in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 243.70 Td (writing signed by the party against whom enforcement of the waiver or estoppel is sought. ) Tj ET Q q 0 0 0 rg BT 510.90 243.70 Td (Any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 229.30 Td (written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 214.90 Td (only as to the specific term or condition waived, and shall not constitute a waiver of such term or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 200.50 Td (condition for the future or as to any other act other than that specifically waived.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 171.70 Td (21.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 171.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 169.82207031250005 m 295.3125 169.82207031250005 l s q 0 0 0 rg BT 108.00 171.70 Td (Acknowledgment of Receipt of Copy) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 295.31 171.70 Td (. By execution hereof, the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 157.30 Td (acknowledges having received a copy of the prospectus related to the 2003 Plan and instructions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 142.90 Td (on how to access a copy of each of the Plans.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 114.10 Td (22.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 114.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 108 112.22207031250002 m 365.326171875 112.22207031250002 l s q 0 0 0 rg BT 108.00 114.10 Td (Acknowledgement of ) Tj ET Q q 0 0 0 rg BT 218.44 114.10 Td (V) Tj ET Q q 0 0 0 rg BT 226.00 114.10 Td (oluntary Election; Fairness) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 365.33 114.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 374.33 114.10 Td (By executing this ) Tj ET Q q 0 0 0 rg BT 460.65 114.10 Td (Agreement, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 99.70 Td (Employee acknowledges his or her voluntary election to receive and accept the Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 85.30 Td (and any Restricted Mutual Fund Shares subject to all of the terms and conditions set forth in this ) Tj ET Q endstream endobj 353 0 obj <> endobj 354 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (Agreement, and agrees to be bound thereby) Tj ET Q q 0 0 0 rg BT 280.14 711.70 Td (, including, without limitation, the terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (conditions specifying the circumstances under which the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (Restricted Mutual Fund Shares shall cease to vest and be forfeited. Employee further ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (acknowledges and agrees that such terms and conditions are fair and reasonable in light of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (circumstances under which the award of Restricted Shares and any award of Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (Fund Shares is being made.) Tj ET Q endstream endobj 355 0 obj <> endobj 356 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.60 Td (Exhibit 21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.60 742.10 Td (SUBSIDIARIES OF PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 348.11 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 354.96 742.10 Td ( COMP) Tj ET Q q 0 0 0 rg BT 384.89 742.10 Td (ANIES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 730.10 Td (\(as of January 10, 2017\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 702.6 m 305.5 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 702.6 m 561.5 702.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 707.27 Td (Name*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 707.27 Td (State or Jurisdiction of Entity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 690.27 Td (Piper Jaffray & Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 690.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 673.27 Td (Piper Jaffray EVP, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 673.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 656.27 Td (Edgeview Partners, L.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 656.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 639.27 Td (Piper Jaffray European Holdings Co.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 639.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 622.27 Td (Piper Jaffray Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.25 622.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 605.27 Td (Simmons & Company International Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.25 605.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 588.27 Td (Parallel General Partner Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 588.27 Td (Guernsey) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 571.27 Td (Simmons Private Equity II, L.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 571.27 Td (Guernsey) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 554.27 Td (Piper Jaffray Financial Products Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 554.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 537.27 Td (Piper Jaffray Financial Products II Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 537.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 520.27 Td (Piper Jaffray Financial Products III Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 520.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 503.27 Td (Piper Jaffray Foundation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 503.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 486.27 Td (Piper Jaffray Lending LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 486.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 469.27 Td (Piper Jaffray Private Capital Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 469.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 452.27 Td (PJC Capital LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 452.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 435.27 Td (Piper Jaffray Asset Management Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 435.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 418.27 Td (Advisory Research, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 418.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 401.27 Td (Piper Jaffray Investment Group Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 401.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 384.27 Td (Piper Jaffray Investment Management LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 384.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 367.27 Td (Piper Jaffray Municipal Opportunities Fund, L.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 367.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 350.27 Td (Piper Jaffray Funds Management LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 350.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 333.27 Td (Piper Jaffray Municipal Opportunities Fund II, L.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 333.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 316.27 Td (Piper Jaffray Senior Living, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 316.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 299.27 Td (Piper Jaffray Senior Living Fund I, L.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 299.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 282.27 Td (PJC Capital Management LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 282.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 265.27 Td (Piper Jaffray Merchant Banking Fund I, L.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 265.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 248.27 Td (PJC Merchant Banking Partners I, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 248.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 231.27 Td (PJC Merchant Banking Partners II, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 231.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 214.27 Td (PJC Merchant Banking Partners III, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 214.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 197.27 Td (PJC Merchant Banking Partners IV, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 197.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 180.27 Td (PJC Capital Partners LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 180.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 163.27 Td (Piper Jaffray Hong Kong Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 163.27 Td (Hong Kong) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (* Indentation indicates the principal parent of each subsidiary) Tj ET Q q 0 0 0 rg BT 295.93 144.10 Td (.) Tj ET Q endstream endobj 357 0 obj <> endobj 358 0 obj <> stream BT /F2 11.00 Tf ET q 0 0 0 rg BT 478.15 759.40 Td (Exhibit 23.1) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 138.40 723.30 Td (Consent of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 377.52 723.30 Td (Accounting Firm) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 682.50 Td (W) Tj ET Q q 0 0 0 rg BT 91.37 682.50 Td (e ) Tj ET Q q 0 0 0 rg BT 99.69 682.50 Td (consent ) Tj ET Q q 0 0 0 rg BT 139.35 682.50 Td (to ) Tj ET Q q 0 0 0 rg BT 151.68 682.50 Td (the ) Tj ET Q q 0 0 0 rg BT 169.34 682.50 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 236.99 682.50 Td (by ) Tj ET Q q 0 0 0 rg BT 251.99 682.50 Td (reference ) Tj ET Q q 0 0 0 rg BT 299.61 682.50 Td (in ) Tj ET Q q 0 0 0 rg BT 311.94 682.50 Td (the ) Tj ET Q q 0 0 0 rg BT 329.60 682.50 Td (following ) Tj ET Q q 0 0 0 rg BT 379.27 682.50 Td (Registration ) Tj ET Q q 0 0 0 rg BT 440.92 682.50 Td (Statements: ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 656.10 Td (1. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 656.10 Td (Registration ) Tj ET Q q 0 0 0 rg BT 169.32 656.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 219.98 656.10 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 252.64 656.10 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 271.97 656.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 292.31 656.10 Td (333-1) Tj ET Q q 0 0 0 rg BT 319.86 656.10 Td (1) Tj ET Q q 0 0 0 rg BT 325.41 656.10 Td (1665\) ) Tj ET Q q 0 0 0 rg BT 356.07 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.73 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.06 656.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 435.39 656.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 464.04 656.10 Td (December ) Tj ET Q q 0 0 0 rg BT 516.00 656.10 Td (31, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 641.70 Td (2003 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 615.30 Td (2. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 615.30 Td (Registration ) Tj ET Q q 0 0 0 rg BT 170.40 615.30 Td (Statement ) Tj ET Q q 0 0 0 rg BT 222.13 615.30 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 255.87 615.30 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 276.28 615.30 Td (No. ) Tj ET Q q 0 0 0 rg BT 297.68 615.30 Td (333-122494\) ) Tj ET Q q 0 0 0 rg BT 363.41 615.30 Td (of ) Tj ET Q q 0 0 0 rg BT 377.15 615.30 Td (the ) Tj ET Q q 0 0 0 rg BT 395.55 615.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 445.95 615.30 Td (dated ) Tj ET Q q 0 0 0 rg BT 475.68 615.30 Td (February2, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 600.90 Td (2005) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 574.50 Td (3. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 574.50 Td (Registration ) Tj ET Q q 0 0 0 rg BT 169.66 574.50 Td (Statement ) Tj ET Q q 0 0 0 rg BT 220.65 574.50 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 253.65 574.50 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 273.32 574.50 Td (No. ) Tj ET Q q 0 0 0 rg BT 293.98 574.50 Td (333-142699\) ) Tj ET Q q 0 0 0 rg BT 358.97 574.50 Td (of ) Tj ET Q q 0 0 0 rg BT 371.97 574.50 Td (the ) Tj ET Q q 0 0 0 rg BT 389.63 574.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 439.29 574.50 Td (dated ) Tj ET Q q 0 0 0 rg BT 468.28 574.50 Td (May8, ) Tj ET Q q 0 0 0 rg BT 505.28 574.50 Td (2007) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 548.10 Td (4. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 548.10 Td (Registration ) Tj ET Q q 0 0 0 rg BT 169.30 548.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 219.93 548.10 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 252.58 548.10 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 271.89 548.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 292.20 548.10 Td (333-150962\) ) Tj ET Q q 0 0 0 rg BT 356.84 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.48 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.78 548.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 436.09 548.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 464.72 548.10 Td (May ) Tj ET Q q 0 0 0 rg BT 489.36 548.10 Td (16, ) Tj ET Q q 0 0 0 rg BT 507.01 548.10 Td (2008) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 521.70 Td (5. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 521.70 Td (Registration ) Tj ET Q q 0 0 0 rg BT 169.30 521.70 Td (Statement ) Tj ET Q q 0 0 0 rg BT 219.93 521.70 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 252.58 521.70 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 271.89 521.70 Td (No. ) Tj ET Q q 0 0 0 rg BT 292.20 521.70 Td (333-159360\) ) Tj ET Q q 0 0 0 rg BT 356.84 521.70 Td (of ) Tj ET Q q 0 0 0 rg BT 369.48 521.70 Td (the ) Tj ET Q q 0 0 0 rg BT 386.78 521.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 436.09 521.70 Td (dated ) Tj ET Q q 0 0 0 rg BT 464.72 521.70 Td (May ) Tj ET Q q 0 0 0 rg BT 489.36 521.70 Td (20, ) Tj ET Q q 0 0 0 rg BT 507.01 521.70 Td (2009) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 495.30 Td (6. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 495.30 Td (Registration ) Tj ET Q q 0 0 0 rg BT 169.79 495.30 Td (Statement ) Tj ET Q q 0 0 0 rg BT 220.90 495.30 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 254.03 495.30 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 273.83 495.30 Td (No. ) Tj ET Q q 0 0 0 rg BT 294.62 495.30 Td (333-165094\) ) Tj ET Q q 0 0 0 rg BT 359.74 495.30 Td (of ) Tj ET Q q 0 0 0 rg BT 372.86 495.30 Td (the ) Tj ET Q q 0 0 0 rg BT 390.65 495.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.44 495.30 Td (dated ) Tj ET Q q 0 0 0 rg BT 469.56 495.30 Td (February ) Tj ET Q q 0 0 0 rg BT 516.00 495.30 Td (26, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 480.90 Td (2010 ) Tj ET Q q 0 0 0 rg BT 135.00 480.90 Td (and ) Tj ET Q q 0 0 0 rg BT 155.33 480.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 201.64 480.90 Td (March ) Tj ET Q q 0 0 0 rg BT 235.96 480.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 253.96 480.90 Td (2015) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 452.10 Td (7. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 452.10 Td (Registration ) Tj ET Q q 0 0 0 rg BT 169.30 452.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 219.93 452.10 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 252.58 452.10 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 271.89 452.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 292.20 452.10 Td (333-205229\) ) Tj ET Q q 0 0 0 rg BT 356.84 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.48 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.78 452.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 436.09 452.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 464.72 452.10 Td (June ) Tj ET Q q 0 0 0 rg BT 489.36 452.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 507.01 452.10 Td (2015) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.00 423.30 Td (8. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 423.30 Td (Registration ) Tj ET Q q 0 0 0 rg BT 169.83 423.30 Td (Statement ) Tj ET Q q 0 0 0 rg BT 220.98 423.30 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 254.15 423.30 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 273.99 423.30 Td (No. ) Tj ET Q q 0 0 0 rg BT 294.82 423.30 Td (333-20971) Tj ET Q q 0 0 0 rg BT 346.38 423.30 Td (1\) ) Tj ET Q q 0 0 0 rg BT 359.54 423.30 Td (of ) Tj ET Q q 0 0 0 rg BT 372.70 423.30 Td (the ) Tj ET Q q 0 0 0 rg BT 390.53 423.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.37 423.30 Td (dated ) Tj ET Q q 0 0 0 rg BT 469.52 423.30 Td (February ) Tj ET Q q 0 0 0 rg BT 516.01 423.30 Td (25, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 408.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 135.00 408.90 Td (and ) Tj ET Q q 0 0 0 rg BT 155.33 408.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 200.98 408.90 Td (August ) Tj ET Q q 0 0 0 rg BT 238.65 408.90 Td (5, ) Tj ET Q q 0 0 0 rg BT 250.65 408.90 Td (2016) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 382.50 Td (of ) Tj ET Q q 0 0 0 rg BT 93.60 382.50 Td (our ) Tj ET Q q 0 0 0 rg BT 112.19 382.50 Td (reports ) Tj ET Q q 0 0 0 rg BT 148.11 382.50 Td (dated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 176.70 382.50 Td (February24, ) Tj ET Q q 0 0 0 rg BT 240.62 382.50 Td (2017) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 264.62 382.50 Td (, ) Tj ET Q q 0 0 0 rg BT 270.22 382.50 Td (with ) Tj ET Q q 0 0 0 rg BT 294.15 382.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 330.73 382.50 Td (to ) Tj ET Q q 0 0 0 rg BT 342.67 382.50 Td (the ) Tj ET Q q 0 0 0 rg BT 359.93 382.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 423.18 382.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.75 382.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 521.01 382.50 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 368.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 108.01 368.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 121.78 368.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 142.78 368.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 198.45 368.10 Td (\("the ) Tj ET Q q 0 0 0 rg BT 223.69 368.10 Td (Company"\) ) Tj ET Q q 0 0 0 rg BT 280.92 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.93 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.27 368.10 Td (ef) Tj ET Q q 0 0 0 rg BT 325.37 368.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 380.36 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.04 368.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 430.37 368.10 Td (control ) Tj ET Q q 0 0 0 rg BT 466.03 368.10 Td (over ) Tj ET Q q 0 0 0 rg BT 489.04 368.10 Td (financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 353.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 127.55 353.70 Td (of ) Tj ET Q q 0 0 0 rg BT 140.11 353.70 Td (the ) Tj ET Q q 0 0 0 rg BT 157.33 353.70 Td (Company) Tj ET Q q 0 0 0 rg BT 203.21 353.70 Td (, ) Tj ET Q q 0 0 0 rg BT 208.78 353.70 Td (included ) Tj ET Q q 0 0 0 rg BT 252.66 353.70 Td (in ) Tj ET Q q 0 0 0 rg BT 264.55 353.70 Td (this ) Tj ET Q q 0 0 0 rg BT 283.89 353.70 Td (Annual ) Tj ET Q q 0 0 0 rg BT 321.78 353.70 Td (Report ) Tj ET Q q 0 0 0 rg BT 357.00 353.70 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 389.56 353.70 Td (10-K\) ) Tj ET Q q 0 0 0 rg BT 420.78 353.70 Td (of ) Tj ET Q q 0 0 0 rg BT 433.34 353.70 Td (the ) Tj ET Q q 0 0 0 rg BT 450.56 353.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 499.79 353.70 Td (for ) Tj ET Q q 0 0 0 rg BT 516.34 353.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 339.30 Td (year ) Tj ET Q q 0 0 0 rg BT 104.65 339.30 Td (ended ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 136.30 339.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 206.60 339.30 Td (2016) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 230.60 339.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.00 284.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 333.00 284.10 Td (/s/ Ernst & ) Tj ET Q q 0 0 0 rg BT 387.56 284.10 Td (Y) Tj ET Q q 0 0 0 rg BT 395.02 284.10 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.36 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.00 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.00 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 272.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 233.70 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 146.99 233.70 Td (Minnesota ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 219.30 Td (February24, ) Tj ET Q q 0 0 0 rg BT 145.32 219.30 Td (2017) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 169.32 219.30 Td ( ) Tj ET Q endstream endobj 359 0 obj <> endobj 360 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.60 Td (Exhibit 24.1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 243.30 725.70 Td (POWER OF ) Tj ET Q q 0 0 0 rg BT 305.98 725.70 Td (A) Tj ET Q q 0 0 0 rg BT 313.31 725.70 Td (TT) Tj ET Q q 0 0 0 rg BT 327.76 725.70 Td (ORNEY) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 699.30 Td (KNOW) Tj ET Q q 0 0 0 rg BT 118.11 699.30 Td ( ) Tj ET Q q 0 0 0 rg BT 120.93 699.30 Td (ALL) Tj ET Q q 0 0 0 rg BT 143.81 699.30 Td ( ) Tj ET Q q 0 0 0 rg BT 147.44 699.30 Td (PERSONS ) Tj ET Q q 0 0 0 rg BT 203.76 699.30 Td (BY) Tj ET Q q 0 0 0 rg BT 219.98 699.30 Td ( ) Tj ET Q q 0 0 0 rg BT 223.35 699.30 Td (THESE ) Tj ET Q q 0 0 0 rg BT 264.30 699.30 Td (PRESENTS, ) Tj ET Q q 0 0 0 rg BT 329.61 699.30 Td (that ) Tj ET Q q 0 0 0 rg BT 351.23 699.30 Td (each ) Tj ET Q q 0 0 0 rg BT 376.84 699.30 Td (person ) Tj ET Q q 0 0 0 rg BT 412.46 699.30 Td (whose ) Tj ET Q q 0 0 0 rg BT 446.75 699.30 Td (signature ) Tj ET Q q 0 0 0 rg BT 494.36 699.30 Td (appears ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 684.90 Td (below ) Tj ET Q q 0 0 0 rg BT 113.93 684.90 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 168.86 684.90 Td (and ) Tj ET Q q 0 0 0 rg BT 189.78 684.90 Td (appoints ) Tj ET Q q 0 0 0 rg BT 233.25 684.90 Td (Andrew ) Tj ET Q q 0 0 0 rg BT 275.51 684.90 Td (S. ) Tj ET Q q 0 0 0 rg BT 288.78 684.90 Td (Duf) Tj ET Q q 0 0 0 rg BT 307.23 684.90 Td (f, ) Tj ET Q q 0 0 0 rg BT 317.82 684.90 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 356.74 684.90 Td (L. ) Tj ET Q q 0 0 0 rg BT 370.67 684.90 Td (Schoneman ) Tj ET Q q 0 0 0 rg BT 430.26 684.90 Td (and ) Tj ET Q q 0 0 0 rg BT 451.18 684.90 Td (John ) Tj ET Q q 0 0 0 rg BT 477.19 684.90 Td (W) Tj ET Q q 0 0 0 rg BT 487.42 684.90 Td (. ) Tj ET Q q 0 0 0 rg BT 494.02 684.90 Td (Geelan, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 670.50 Td (and ) Tj ET Q q 0 0 0 rg BT 100.57 670.50 Td (each ) Tj ET Q q 0 0 0 rg BT 124.79 670.50 Td (of ) Tj ET Q q 0 0 0 rg BT 137.02 670.50 Td (them, ) Tj ET Q q 0 0 0 rg BT 166.26 670.50 Td (his ) Tj ET Q q 0 0 0 rg BT 182.50 670.50 Td (or ) Tj ET Q q 0 0 0 rg BT 194.74 670.50 Td (her ) Tj ET Q q 0 0 0 rg BT 212.31 670.50 Td (true ) Tj ET Q q 0 0 0 rg BT 233.20 670.50 Td (and ) Tj ET Q q 0 0 0 rg BT 252.77 670.50 Td (lawful ) Tj ET Q q 0 0 0 rg BT 285.67 670.50 Td (attorneys-in-fact ) Tj ET Q q 0 0 0 rg BT 367.20 670.50 Td (and ) Tj ET Q q 0 0 0 rg BT 386.77 670.50 Td (agents, ) Tj ET Q q 0 0 0 rg BT 422.67 670.50 Td (each ) Tj ET Q q 0 0 0 rg BT 446.89 670.50 Td (acting ) Tj ET Q q 0 0 0 rg BT 478.45 670.50 Td (alone, ) Tj ET Q q 0 0 0 rg BT 509.68 670.50 Td (with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 656.10 Td (full ) Tj ET Q q 0 0 0 rg BT 100.96 656.10 Td (power ) Tj ET Q q 0 0 0 rg BT 134.25 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.55 656.10 Td (substitution ) Tj ET Q q 0 0 0 rg BT 206.86 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.49 656.10 Td (resubstitution, ) Tj ET Q q 0 0 0 rg BT 299.12 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 316.41 656.10 Td (him ) Tj ET Q q 0 0 0 rg BT 338.38 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.68 656.10 Td (her ) Tj ET Q q 0 0 0 rg BT 370.30 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.92 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.56 656.10 Td (his ) Tj ET Q q 0 0 0 rg BT 420.86 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 434.16 656.10 Td (her ) Tj ET Q q 0 0 0 rg BT 452.78 656.10 Td (name, ) Tj ET Q q 0 0 0 rg BT 485.07 656.10 Td (place ) Tj ET Q q 0 0 0 rg BT 513.68 656.10 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 641.70 Td (stead, ) Tj ET Q q 0 0 0 rg BT 113.28 641.70 Td (in ) Tj ET Q q 0 0 0 rg BT 127.24 641.70 Td (any ) Tj ET Q q 0 0 0 rg BT 149.19 641.70 Td (and ) Tj ET Q q 0 0 0 rg BT 171.14 641.70 Td (all ) Tj ET Q q 0 0 0 rg BT 187.76 641.70 Td (capacities, ) Tj ET Q q 0 0 0 rg BT 242.69 641.70 Td (to ) Tj ET Q q 0 0 0 rg BT 256.65 641.70 Td (sign ) Tj ET Q q 0 0 0 rg BT 281.28 641.70 Td (the ) Tj ET Q q 0 0 0 rg BT 299.55 641.70 Td (Annual ) Tj ET Q q 0 0 0 rg BT 339.50 641.70 Td (Report ) Tj ET Q q 0 0 0 rg BT 376.78 641.70 Td (on ) Tj ET Q q 0 0 0 rg BT 393.41 641.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 424.04 641.70 Td (10-K ) Tj ET Q q 0 0 0 rg BT 453.33 641.70 Td (of ) Tj ET Q q 0 0 0 rg BT 467.95 641.70 Td (Piper ) Tj ET Q q 0 0 0 rg BT 497.90 641.70 Td (Jaf) Tj ET Q q 0 0 0 rg BT 511.68 641.70 Td (fray ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 627.30 Td (Companies ) Tj ET Q q 0 0 0 rg BT 137.47 627.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 158.59 627.30 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 222.38 627.30 Td (for ) Tj ET Q q 0 0 0 rg BT 238.84 627.30 Td (the ) Tj ET Q q 0 0 0 rg BT 255.97 627.30 Td (Company's ) Tj ET Q q 0 0 0 rg BT 311.94 627.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 340.40 627.30 Td (year ) Tj ET Q q 0 0 0 rg BT 363.52 627.30 Td (ended ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 394.64 627.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 464.41 627.30 Td (2016) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 488.41 627.30 Td (, ) Tj ET Q q 0 0 0 rg BT 493.88 627.30 Td (and ) Tj ET Q q 0 0 0 rg BT 513.68 627.30 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 612.90 Td (or ) Tj ET Q q 0 0 0 rg BT 93.96 612.90 Td (all ) Tj ET Q q 0 0 0 rg BT 108.93 612.90 Td (amendments ) Tj ET Q q 0 0 0 rg BT 172.54 612.90 Td (to ) Tj ET Q q 0 0 0 rg BT 184.85 612.90 Td (said ) Tj ET Q q 0 0 0 rg BT 207.14 612.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 236.12 612.90 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 266.75 612.90 Td (and ) Tj ET Q q 0 0 0 rg BT 287.04 612.90 Td (to ) Tj ET Q q 0 0 0 rg BT 299.34 612.90 Td (file ) Tj ET Q q 0 0 0 rg BT 318.30 612.90 Td (the ) Tj ET Q q 0 0 0 rg BT 335.93 612.90 Td (same, ) Tj ET Q q 0 0 0 rg BT 366.55 612.90 Td (with ) Tj ET Q q 0 0 0 rg BT 390.85 612.90 Td (all ) Tj ET Q q 0 0 0 rg BT 405.81 612.90 Td (exhibits ) Tj ET Q q 0 0 0 rg BT 446.78 612.90 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 486.06 612.90 Td (and ) Tj ET Q q 0 0 0 rg BT 506.36 612.90 Td (other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 598.50 Td (documents ) Tj ET Q q 0 0 0 rg BT 135.78 598.50 Td (in ) Tj ET Q q 0 0 0 rg BT 147.90 598.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 203.33 598.50 Td (therewith, ) Tj ET Q q 0 0 0 rg BT 254.43 598.50 Td (with ) Tj ET Q q 0 0 0 rg BT 278.55 598.50 Td (the ) Tj ET Q q 0 0 0 rg BT 296.00 598.50 Td (Securities ) Tj ET Q q 0 0 0 rg BT 346.10 598.50 Td (and ) Tj ET Q q 0 0 0 rg BT 366.22 598.50 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 416.31 598.50 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 482.78 598.50 Td (and ) Tj ET Q q 0 0 0 rg BT 502.89 598.50 Td (to ) Tj ET Q q 0 0 0 rg BT 515.01 598.50 Td (file ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.42 584.10 Td (same ) Tj ET Q q 0 0 0 rg BT 125.84 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.94 584.10 Td (such ) Tj ET Q q 0 0 0 rg BT 174.70 584.10 Td (other ) Tj ET Q q 0 0 0 rg BT 202.12 584.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 255.54 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 268.30 584.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 314.16 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 319.93 584.10 Td (granting ) Tj ET Q q 0 0 0 rg BT 362.68 584.10 Td (unto ) Tj ET Q q 0 0 0 rg BT 386.78 584.10 Td (each ) Tj ET Q q 0 0 0 rg BT 411.52 584.10 Td (such ) Tj ET Q q 0 0 0 rg BT 436.28 584.10 Td (attorney-in-fact ) Tj ET Q q 0 0 0 rg BT 513.67 584.10 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 569.70 Td (agent ) Tj ET Q q 0 0 0 rg BT 110.66 569.70 Td (full ) Tj ET Q q 0 0 0 rg BT 131.00 569.70 Td (power ) Tj ET Q q 0 0 0 rg BT 164.67 569.70 Td (and ) Tj ET Q q 0 0 0 rg BT 185.67 569.70 Td (authority ) Tj ET Q q 0 0 0 rg BT 232.67 569.70 Td (to ) Tj ET Q q 0 0 0 rg BT 245.68 569.70 Td (do ) Tj ET Q q 0 0 0 rg BT 261.36 569.70 Td (and ) Tj ET Q q 0 0 0 rg BT 282.36 569.70 Td (perform ) Tj ET Q q 0 0 0 rg BT 324.69 569.70 Td (each ) Tj ET Q q 0 0 0 rg BT 350.34 569.70 Td (and ) Tj ET Q q 0 0 0 rg BT 371.35 569.70 Td (every ) Tj ET Q q 0 0 0 rg BT 401.67 569.70 Td (act ) Tj ET Q q 0 0 0 rg BT 419.33 569.70 Td (and ) Tj ET Q q 0 0 0 rg BT 440.34 569.70 Td (thing ) Tj ET Q q 0 0 0 rg BT 468.68 569.70 Td (requisite ) Tj ET Q q 0 0 0 rg BT 513.68 569.70 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 555.30 Td (necessary ) Tj ET Q q 0 0 0 rg BT 130.40 555.30 Td (to ) Tj ET Q q 0 0 0 rg BT 142.50 555.30 Td (be ) Tj ET Q q 0 0 0 rg BT 156.58 555.30 Td (done ) Tj ET Q q 0 0 0 rg BT 182.67 555.30 Td (in ) Tj ET Q q 0 0 0 rg BT 194.77 555.30 Td (and ) Tj ET Q q 0 0 0 rg BT 214.85 555.30 Td (about ) Tj ET Q q 0 0 0 rg BT 244.28 555.30 Td (the ) Tj ET Q q 0 0 0 rg BT 261.70 555.30 Td (premises, ) Tj ET Q q 0 0 0 rg BT 310.11 555.30 Td (as ) Tj ET Q q 0 0 0 rg BT 322.87 555.30 Td (fully ) Tj ET Q q 0 0 0 rg BT 348.30 555.30 Td (to ) Tj ET Q q 0 0 0 rg BT 360.39 555.30 Td (all ) Tj ET Q q 0 0 0 rg BT 375.15 555.30 Td (intents ) Tj ET Q q 0 0 0 rg BT 409.91 555.30 Td (and ) Tj ET Q q 0 0 0 rg BT 429.99 555.30 Td (purposes ) Tj ET Q q 0 0 0 rg BT 475.42 555.30 Td (as ) Tj ET Q q 0 0 0 rg BT 488.18 555.30 Td (he ) Tj ET Q q 0 0 0 rg BT 502.26 555.30 Td (or ) Tj ET Q q 0 0 0 rg BT 515.02 555.30 Td (she ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 540.90 Td (might ) Tj ET Q q 0 0 0 rg BT 111.56 540.90 Td (or ) Tj ET Q q 0 0 0 rg BT 124.12 540.90 Td (could ) Tj ET Q q 0 0 0 rg BT 153.34 540.90 Td (do ) Tj ET Q q 0 0 0 rg BT 167.89 540.90 Td (in ) Tj ET Q q 0 0 0 rg BT 179.79 540.90 Td (person, ) Tj ET Q q 0 0 0 rg BT 217.34 540.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 252.55 540.90 Td (ratifying ) Tj ET Q q 0 0 0 rg BT 296.43 540.90 Td (and ) Tj ET Q q 0 0 0 rg BT 316.31 540.90 Td (confirming ) Tj ET Q q 0 0 0 rg BT 372.19 540.90 Td (all ) Tj ET Q q 0 0 0 rg BT 386.74 540.90 Td (that ) Tj ET Q q 0 0 0 rg BT 407.30 540.90 Td (each ) Tj ET Q q 0 0 0 rg BT 431.83 540.90 Td (such ) Tj ET Q q 0 0 0 rg BT 456.39 540.90 Td (attorney-in-fact ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 526.50 Td (and ) Tj ET Q q 0 0 0 rg BT 101.33 526.50 Td (agent, ) Tj ET Q q 0 0 0 rg BT 133.31 526.50 Td (or ) Tj ET Q q 0 0 0 rg BT 146.31 526.50 Td (his ) Tj ET Q q 0 0 0 rg BT 163.31 526.50 Td (substitute, ) Tj ET Q q 0 0 0 rg BT 215.31 526.50 Td (may ) Tj ET Q q 0 0 0 rg BT 238.97 526.50 Td (lawfully ) Tj ET Q q 0 0 0 rg BT 281.96 526.50 Td (do ) Tj ET Q q 0 0 0 rg BT 296.96 526.50 Td (or ) Tj ET Q q 0 0 0 rg BT 309.96 526.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 339.61 526.50 Td (to ) Tj ET Q q 0 0 0 rg BT 351.94 526.50 Td (be ) Tj ET Q q 0 0 0 rg BT 366.27 526.50 Td (done ) Tj ET Q q 0 0 0 rg BT 392.60 526.50 Td (by ) Tj ET Q q 0 0 0 rg BT 407.60 526.50 Td (virtue ) Tj ET Q q 0 0 0 rg BT 438.59 526.50 Td (hereof.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 500.10 Td (Dated ) Tj ET Q q 0 0 0 rg BT 112.65 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.98 500.10 Td (ef) Tj ET Q q 0 0 0 rg BT 142.08 500.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 177.73 500.10 Td (as ) Tj ET Q q 0 0 0 rg BT 190.72 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.72 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.38 500.10 Td (24th ) Tj ET Q q 0 0 0 rg BT 245.71 500.10 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 258.71 500.10 Td (February) Tj ET Q q 0 0 0 rg BT 301.25 500.10 Td (, ) Tj ET Q q 0 0 0 rg BT 307.25 500.10 Td (2017) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 331.25 500.10 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80.5 435.79999999999995 m 285.5 435.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 435.79999999999995 m 530.5 435.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80.5 361.79999999999995 m 285.5 361.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 361.79999999999995 m 530.5 361.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80.5 361.79999999999995 m 285.5 361.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80.5 287.79999999999995 m 285.5 287.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 287.79999999999995 m 530.5 287.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80.5 213.79999999999995 m 285.5 213.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 213.79999999999995 m 530.5 213.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 80.5 139.79999999999995 m 285.5 139.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 139.79999999999995 m 530.5 139.79999999999995 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 445.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 97.01 445.48 Td (Andrew ) Tj ET Q q 0 0 0 rg BT 138.33 445.48 Td (S. ) Tj ET Q q 0 0 0 rg BT 151.00 445.48 Td (Duf) Tj ET Q q 0 0 0 rg BT 169.56 445.48 Td (f ) Tj ET Q q 0 0 0 rg BT 176.45 445.48 Td ( ) Tj ET Q q 0 0 0 rg BT 179.45 445.48 Td ( ) Tj ET Q q 0 0 0 rg BT 182.45 445.48 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 445.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 342.01 445.48 Td (Addison ) Tj ET Q q 0 0 0 rg BT 385.35 445.48 Td (L. ) Tj ET Q q 0 0 0 rg BT 398.68 445.48 Td (Piper) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 424.98 Td (Andrew S. Duff,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 412.98 Td (Chairman and Chief Executive Officer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 424.98 Td (Addison ) Tj ET Q q 0 0 0 rg BT 371.67 424.98 Td (L. ) Tj ET Q q 0 0 0 rg BT 385.00 424.98 Td (Piper) Tj ET Q q 0 0 0 rg BT 410.09 424.98 Td (, ) Tj ET Q q 0 0 0 rg BT 415.85 424.98 Td (Director) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 371.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 97.34 371.48 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 135.65 371.48 Td (L. ) Tj ET Q q 0 0 0 rg BT 148.98 371.48 Td (Schoneman) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 371.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 342.34 371.48 Td (Sherry ) Tj ET Q q 0 0 0 rg BT 377.33 371.48 Td (M. ) Tj ET Q q 0 0 0 rg BT 394.00 371.48 Td (Smith) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 350.98 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 121.31 350.98 Td (L. ) Tj ET Q q 0 0 0 rg BT 134.64 350.98 Td (Schoneman,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 338.98 Td (Chief ) Tj ET Q q 0 0 0 rg BT 112.66 338.98 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.31 338.98 Td (Of) Tj ET Q q 0 0 0 rg BT 172.76 338.98 Td (ficer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 350.98 Td (Sherry ) Tj ET Q q 0 0 0 rg BT 362.99 350.98 Td (M. ) Tj ET Q q 0 0 0 rg BT 379.66 350.98 Td (Smith, ) Tj ET Q q 0 0 0 rg BT 414.34 350.98 Td (Director) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 297.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 97.23 297.48 Td (W) Tj ET Q q 0 0 0 rg BT 108.21 297.48 Td (illiam ) Tj ET Q q 0 0 0 rg BT 138.96 297.48 Td (R. ) Tj ET Q q 0 0 0 rg BT 152.97 297.48 Td (Fitzgerald) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 297.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 342.34 297.48 Td (Philip ) Tj ET Q q 0 0 0 rg BT 374.01 297.48 Td (E. ) Tj ET Q q 0 0 0 rg BT 387.34 297.48 Td (Soran) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 276.98 Td (W) Tj ET Q q 0 0 0 rg BT 94.09 276.98 Td (illiam ) Tj ET Q q 0 0 0 rg BT 124.84 276.98 Td (R. ) Tj ET Q q 0 0 0 rg BT 138.85 276.98 Td (Fitzgerald, ) Tj ET Q q 0 0 0 rg BT 193.50 276.98 Td (Director) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 276.98 Td (Philip ) Tj ET Q q 0 0 0 rg BT 359.68 276.98 Td (E. ) Tj ET Q q 0 0 0 rg BT 373.01 276.98 Td (Soran, ) Tj ET Q q 0 0 0 rg BT 407.00 276.98 Td (Director) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 223.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 97.34 223.48 Td (Michael ) Tj ET Q q 0 0 0 rg BT 139.65 223.48 Td (E. ) Tj ET Q q 0 0 0 rg BT 152.98 223.48 Td (Frazier) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 223.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 342.34 223.48 Td (Scott ) Tj ET Q q 0 0 0 rg BT 370.01 223.48 Td (C. ) Tj ET Q q 0 0 0 rg BT 383.90 223.48 Td (T) Tj ET Q q 0 0 0 rg BT 390.70 223.48 Td (aylor) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 202.98 Td (Michael ) Tj ET Q q 0 0 0 rg BT 125.32 202.98 Td (E. ) Tj ET Q q 0 0 0 rg BT 138.65 202.98 Td (Frazier) Tj ET Q q 0 0 0 rg BT 172.38 202.98 Td (, ) Tj ET Q q 0 0 0 rg BT 178.14 202.98 Td (Director) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 202.98 Td (Scott ) Tj ET Q q 0 0 0 rg BT 355.67 202.98 Td (C. ) Tj ET Q q 0 0 0 rg BT 369.56 202.98 Td (T) Tj ET Q q 0 0 0 rg BT 376.37 202.98 Td (aylor) Tj ET Q q 0 0 0 rg BT 400.36 202.98 Td (, ) Tj ET Q q 0 0 0 rg BT 406.12 202.98 Td (Director) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 149.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 97.34 149.48 Td (B. ) Tj ET Q q 0 0 0 rg BT 111.34 149.48 Td (Kristine ) Tj ET Q q 0 0 0 rg BT 153.00 149.48 Td (Johnson) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 149.48 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 342.34 149.48 Td (Michele ) Tj ET Q q 0 0 0 rg BT 384.44 149.48 Td (V) Tj ET Q q 0 0 0 rg BT 391.56 149.48 Td (olpi) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 128.98 Td (B. ) Tj ET Q q 0 0 0 rg BT 97.00 128.98 Td (Kristine ) Tj ET Q q 0 0 0 rg BT 138.66 128.98 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 184.00 128.98 Td (Director) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 128.98 Td (Michele ) Tj ET Q q 0 0 0 rg BT 370.10 128.98 Td (V) Tj ET Q q 0 0 0 rg BT 377.22 128.98 Td (olpi, ) Tj ET Q q 0 0 0 rg BT 401.89 128.98 Td (Director) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 361 0 obj <> endobj 362 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.60 Td (Exhibit 31.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 730.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 730.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 730.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 57.78 706.25 Td (Andrew S. Duf) Tj ET Q q 0 0 0 rg BT 118.42 706.25 Td (f, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 682.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 64.00 682.25 Td (I ) Tj ET Q q 0 0 0 rg BT 69.83 682.25 Td (have ) Tj ET Q q 0 0 0 rg BT 91.21 682.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 130.35 682.25 Td (this ) Tj ET Q q 0 0 0 rg BT 147.30 682.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 185.89 682.25 Td (report ) Tj ET Q q 0 0 0 rg BT 212.27 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 224.77 682.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 248.94 682.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 271.99 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.82 682.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 306.43 682.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 317.91 682.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 336.51 682.25 Td (Companies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 658.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 64.00 658.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 91.25 658.25 Td (on ) Tj ET Q q 0 0 0 rg BT 104.05 658.25 Td (my ) Tj ET Q q 0 0 0 rg BT 119.64 658.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 168.82 658.25 Td (this ) Tj ET Q q 0 0 0 rg BT 186.08 658.25 Td (report ) Tj ET Q q 0 0 0 rg BT 212.76 658.25 Td (does ) Tj ET Q q 0 0 0 rg BT 233.90 658.25 Td (not ) Tj ET Q q 0 0 0 rg BT 249.49 658.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 281.73 658.25 Td (any ) Tj ET Q q 0 0 0 rg BT 298.98 658.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 327.33 658.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 368.46 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.60 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 386.84 658.25 Td (material ) Tj ET Q q 0 0 0 rg BT 422.41 658.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 440.20 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 451.34 658.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 472.48 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.07 658.25 Td (state ) Tj ET Q q 0 0 0 rg BT 504.20 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.45 658.25 Td (material ) Tj ET Q q 0 0 0 rg BT 547.01 658.25 Td (fact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 646.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 105.08 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.07 646.25 Td (make ) Tj ET Q q 0 0 0 rg BT 138.94 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.37 646.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 197.80 646.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 224.17 646.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.16 646.25 Td (light ) Tj ET Q q 0 0 0 rg BT 254.71 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.25 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.68 646.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 338.53 646.25 Td (under ) Tj ET Q q 0 0 0 rg BT 363.51 646.25 Td (which ) Tj ET Q q 0 0 0 rg BT 390.17 646.25 Td (such ) Tj ET Q q 0 0 0 rg BT 410.71 646.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.14 646.25 Td (were ) Tj ET Q q 0 0 0 rg BT 476.78 646.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 503.15 646.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.14 646.25 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 634.25 Td (with ) Tj ET Q q 0 0 0 rg BT 84.28 634.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 115.09 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.37 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.09 634.25 Td (period ) Tj ET Q q 0 0 0 rg BT 168.14 634.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 202.28 634.25 Td (by ) Tj ET Q q 0 0 0 rg BT 214.78 634.25 Td (this ) Tj ET Q q 0 0 0 rg BT 231.73 634.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 610.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 64.00 610.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 90.88 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 103.33 610.25 Td (my ) Tj ET Q q 0 0 0 rg BT 118.55 610.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 167.37 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.03 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.45 610.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 266.61 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.49 610.25 Td (other ) Tj ET Q q 0 0 0 rg BT 306.48 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.91 610.25 Td (information ) Tj ET Q q 0 0 0 rg BT 393.56 610.25 Td (included ) Tj ET Q q 0 0 0 rg BT 430.44 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.66 610.25 Td (this ) Tj ET Q q 0 0 0 rg BT 457.55 610.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 486.38 610.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 510.47 610.25 Td (present ) Tj ET Q q 0 0 0 rg BT 541.79 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 552.02 610.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 598.25 Td (material ) Tj ET Q q 0 0 0 rg BT 98.23 598.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 131.91 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.60 598.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.05 598.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 223.79 598.25 Td (results ) Tj ET Q q 0 0 0 rg BT 251.37 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.17 598.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 304.30 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.21 598.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 339.45 598.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 363.14 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.94 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.63 598.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 425.87 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.67 598.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 447.97 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.88 598.25 Td (for) Tj ET Q q 0 0 0 rg BT 475.14 598.25 Td (, ) Tj ET Q q 0 0 0 rg BT 479.11 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.80 598.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 523.71 598.25 Td (presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 74.28 586.25 Td (this ) Tj ET Q q 0 0 0 rg BT 91.23 586.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 562.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 64.00 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.10 562.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 126.11 562.25 Td (other ) Tj ET Q q 0 0 0 rg BT 148.22 562.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 188.64 562.25 Td (of) Tj ET Q q 0 0 0 rg BT 196.79 562.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 216.66 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.66 562.25 Td (I ) Tj ET Q q 0 0 0 rg BT 237.54 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 251.30 562.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 298.41 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.62 562.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 360.95 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.94 562.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 426.27 562.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 468.37 562.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 502.14 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.14 562.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 77.03 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 108.38 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.53 550.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 158.02 550.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 173.83 550.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 197.97 550.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 238.21 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.02 550.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 298.14 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.95 550.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 345.86 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 375.56 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 394.69 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.04 550.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 469.07 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 482.10 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 513.45 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.60 550.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 538.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 80.94 538.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 106.22 538.25 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 146.48 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.41 538.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 207.56 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 221.72 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.44 538.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 276.71 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.64 538.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 514.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 117.89 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 138.33 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 181.00 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 215.33 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.88 514.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 280.37 514.25 Td (or ) Tj ET Q q 0 0 0 rg BT 290.81 514.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 320.14 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 340.59 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 383.25 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.58 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.14 514.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 480.12 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 490.02 514.25 Td (be ) Tj ET Q q 0 0 0 rg BT 501.57 514.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 539.24 514.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 502.25 Td (our ) Tj ET Q q 0 0 0 rg BT 94.55 502.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 146.37 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.37 502.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 186.69 502.25 Td (that ) Tj ET Q q 0 0 0 rg BT 204.90 502.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.88 502.25 Td (information ) Tj ET Q q 0 0 0 rg BT 291.31 502.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.07 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.06 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.50 502.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 394.98 502.25 Td (including ) Tj ET Q q 0 0 0 rg BT 435.97 502.25 Td (its ) Tj ET Q q 0 0 0 rg BT 448.63 502.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 502.39 502.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 555.33 502.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 490.25 Td (made ) Tj ET Q q 0 0 0 rg BT 102.16 490.25 Td (known ) Tj ET Q q 0 0 0 rg BT 131.88 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 142.16 490.25 Td (us ) Tj ET Q q 0 0 0 rg BT 153.55 490.25 Td (by ) Tj ET Q q 0 0 0 rg BT 166.05 490.25 Td (others ) Tj ET Q q 0 0 0 rg BT 192.99 490.25 Td (within ) Tj ET Q q 0 0 0 rg BT 221.04 490.25 Td (those ) Tj ET Q q 0 0 0 rg BT 244.65 490.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 278.53 490.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 327.12 490.25 Td (during ) Tj ET Q q 0 0 0 rg BT 355.73 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.45 490.25 Td (period ) Tj ET Q q 0 0 0 rg BT 398.49 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.77 490.25 Td (which ) Tj ET Q q 0 0 0 rg BT 435.71 490.25 Td (this ) Tj ET Q q 0 0 0 rg BT 452.66 490.25 Td (report ) Tj ET Q q 0 0 0 rg BT 479.04 490.25 Td (is ) Tj ET Q q 0 0 0 rg BT 488.21 490.25 Td (being ) Tj ET Q q 0 0 0 rg BT 512.92 490.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 466.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 466.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 119.38 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 141.32 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 175.47 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 207.41 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 228.79 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.38 466.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 310.15 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.09 466.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 352.90 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 374.85 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 409.00 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 440.93 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 462.31 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 500.91 466.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 541.17 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 466.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 454.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 116.73 454.25 Td (under ) Tj ET Q q 0 0 0 rg BT 142.69 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 159.20 454.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 210.99 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.96 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 255.69 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 301.63 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 343.68 454.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 385.18 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.58 454.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 442.65 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.16 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.33 454.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 532.17 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 454.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 442.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 126.03 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.86 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 174.34 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 219.05 442.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.21 442.25 Td (external ) Tj ET Q q 0 0 0 rg BT 267.92 442.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 305.97 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.25 442.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 363.71 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.99 442.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.69 442.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 461.16 442.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 507.53 442.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (c\) ) Tj ET Q q 0 0 0 rg BT 78.00 418.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 119.56 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.36 418.25 Td (ef) Tj ET Q q 0 0 0 rg BT 140.95 418.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 186.96 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.87 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.67 418.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 255.71 418.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 297.83 418.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 331.63 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.65 418.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 393.10 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.12 418.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 449.02 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.38 418.25 Td (this ) Tj ET Q q 0 0 0 rg BT 474.41 418.25 Td (report ) Tj ET Q q 0 0 0 rg BT 499.87 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 514.78 418.25 Td (conclusions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 406.25 Td (about ) Tj ET Q q 0 0 0 rg BT 102.78 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.56 406.25 Td (ef) Tj ET Q q 0 0 0 rg BT 125.15 406.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 172.14 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.04 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.82 406.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 240.93 406.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 275.71 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.71 406.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 341.65 406.25 Td (as ) Tj ET Q q 0 0 0 rg BT 352.54 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.44 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.22 406.25 Td (end ) Tj ET Q q 0 0 0 rg BT 395.22 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.12 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.90 406.25 Td (period ) Tj ET Q q 0 0 0 rg BT 449.01 406.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 483.22 406.25 Td (by ) Tj ET Q q 0 0 0 rg BT 495.79 406.25 Td (this ) Tj ET Q q 0 0 0 rg BT 512.80 406.25 Td (report ) Tj ET Q q 0 0 0 rg BT 539.24 406.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 394.25 Td (on ) Tj ET Q q 0 0 0 rg BT 90.50 394.25 Td (such ) Tj ET Q q 0 0 0 rg BT 111.33 394.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 158.26 394.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 370.25 Td (d\) ) Tj ET Q q 0 0 0 rg BT 78.00 370.25 Td (Disclosed ) Tj ET Q q 0 0 0 rg BT 120.71 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.77 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 149.49 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 176.65 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 194.36 370.25 Td (change ) Tj ET Q q 0 0 0 rg BT 225.95 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 237.01 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.50 370.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 299.24 370.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 333.05 370.25 Td (control ) Tj ET Q q 0 0 0 rg BT 364.66 370.25 Td (over ) Tj ET Q q 0 0 0 rg BT 385.70 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.96 370.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 463.89 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 482.16 370.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 520.41 370.25 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 370.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 123.33 358.25 Td (most ) Tj ET Q q 0 0 0 rg BT 144.65 358.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 170.95 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 194.48 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.67 358.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 242.09 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 287.42 358.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 313.73 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.26 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.45 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.11 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.20 358.25 Td (case ) Tj ET Q q 0 0 0 rg BT 410.28 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.48 358.25 Td (an ) Tj ET Q q 0 0 0 rg BT 431.79 358.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 460.32 358.25 Td (report\) ) Tj ET Q q 0 0 0 rg BT 489.40 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 506.27 358.25 Td (has ) Tj ET Q q 0 0 0 rg BT 521.48 358.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 85.59 346.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 115.01 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 125.84 346.25 Td (is ) Tj ET Q q 0 0 0 rg BT 135.01 346.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 180.83 346.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 206.10 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.38 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 259.42 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 267.00 346.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 286.99 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.71 346.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 347.66 346.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 380.71 346.25 Td (control ) Tj ET Q q 0 0 0 rg BT 411.53 346.25 Td (over ) Tj ET Q q 0 0 0 rg BT 431.80 346.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.28 346.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 511.21 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 322.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 64.00 322.25 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 322.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 129.69 322.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.58 322.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 195.79 322.25 Td (of) Tj ET Q q 0 0 0 rg BT 203.94 322.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 225.60 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.38 322.25 Td (I ) Tj ET Q q 0 0 0 rg BT 250.05 322.25 Td (have ) Tj ET Q q 0 0 0 rg BT 272.27 322.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 315.33 322.25 Td (based ) Tj ET Q q 0 0 0 rg BT 341.44 322.25 Td (on ) Tj ET Q q 0 0 0 rg BT 354.78 322.25 Td (our ) Tj ET Q q 0 0 0 rg BT 371.46 322.25 Td (most ) Tj ET Q q 0 0 0 rg BT 394.25 322.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 422.01 322.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 467.00 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.68 322.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.56 322.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.23 322.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 310.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.92 310.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 146.02 310.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.74 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.90 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 221.30 310.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 257.46 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.85 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.01 310.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 315.95 310.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 362.10 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.37 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.53 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 437.93 310.25 Td (board ) Tj ET Q q 0 0 0 rg BT 464.64 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.92 310.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 515.84 310.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.45 310.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 298.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 111.49 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.20 298.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 170.35 298.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 274.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 274.25 Td (All ) Tj ET Q q 0 0 0 rg BT 93.19 274.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 137.82 274.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 187.98 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.83 274.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.00 274.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 289.07 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.26 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.89 274.25 Td (design ) Tj ET Q q 0 0 0 rg BT 342.41 274.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.16 274.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 393.33 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.08 274.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 437.03 274.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.77 274.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.95 274.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.35 274.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 262.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.31 262.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.38 262.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 166.57 262.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 192.21 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.86 262.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 244.04 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 251.63 262.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 269.48 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 262.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 330.89 262.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 359.31 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.96 262.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 400.87 262.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 436.23 262.25 Td (summarize ) Tj ET Q q 0 0 0 rg BT 482.97 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.27 262.25 Td (report ) Tj ET Q q 0 0 0 rg BT 527.02 262.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 250.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 130.49 250.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 226.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 226.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 98.82 226.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 126.01 226.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 161.81 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 173.74 226.25 Td (not ) Tj ET Q q 0 0 0 rg BT 190.11 226.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 228.97 226.25 Td (that ) Tj ET Q q 0 0 0 rg BT 247.56 226.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 285.04 226.25 Td (management ) Tj ET Q q 0 0 0 rg BT 339.72 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.65 226.25 Td (other ) Tj ET Q q 0 0 0 rg BT 375.79 226.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 422.15 226.25 Td (who ) Tj ET Q q 0 0 0 rg BT 442.97 226.25 Td (have ) Tj ET Q q 0 0 0 rg BT 465.44 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.47 226.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 519.28 226.25 Td (role ) Tj ET Q q 0 0 0 rg BT 538.42 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 226.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 214.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 123.96 214.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 157.00 214.25 Td (control ) Tj ET Q q 0 0 0 rg BT 187.82 214.25 Td (over ) Tj ET Q q 0 0 0 rg BT 208.09 214.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.57 214.25 Td (reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Date: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.16 178.25 Td (February24, ) Tj ET Q q 0 0 0 rg BT 127.75 178.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.75 178.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 142.75 m 562.5 142.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 146.32 Td (/s/ Andrew S. Duff) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 133.32 Td (Andrew S. Duff) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 120.32 Td (Chairman and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET BT /F1 7.00 Tf ET q 0 0 0 rg BT 50.00 96.85 Td () Tj ET Q endstream endobj 363 0 obj <> endobj 364 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 760.60 Td (Exhibit 31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 730.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 730.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 730.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 58.33 706.25 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 90.26 706.25 Td (L. ) Tj ET Q q 0 0 0 rg BT 101.37 706.25 Td (Schoneman, ) Tj ET Q q 0 0 0 rg BT 153.02 706.25 Td (certify ) Tj ET Q q 0 0 0 rg BT 181.62 706.25 Td (that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 682.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 64.00 682.25 Td (I ) Tj ET Q q 0 0 0 rg BT 69.83 682.25 Td (have ) Tj ET Q q 0 0 0 rg BT 91.21 682.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 130.35 682.25 Td (this ) Tj ET Q q 0 0 0 rg BT 147.30 682.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 185.89 682.25 Td (report ) Tj ET Q q 0 0 0 rg BT 212.27 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 224.77 682.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 248.94 682.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 271.99 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.82 682.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 306.43 682.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 317.91 682.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 336.51 682.25 Td (Companies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 658.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 64.00 658.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 91.25 658.25 Td (on ) Tj ET Q q 0 0 0 rg BT 104.05 658.25 Td (my ) Tj ET Q q 0 0 0 rg BT 119.64 658.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 168.82 658.25 Td (this ) Tj ET Q q 0 0 0 rg BT 186.08 658.25 Td (report ) Tj ET Q q 0 0 0 rg BT 212.76 658.25 Td (does ) Tj ET Q q 0 0 0 rg BT 233.90 658.25 Td (not ) Tj ET Q q 0 0 0 rg BT 249.49 658.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 281.73 658.25 Td (any ) Tj ET Q q 0 0 0 rg BT 298.98 658.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 327.33 658.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 368.46 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.60 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 386.84 658.25 Td (material ) Tj ET Q q 0 0 0 rg BT 422.41 658.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 440.20 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 451.34 658.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 472.48 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.07 658.25 Td (state ) Tj ET Q q 0 0 0 rg BT 504.20 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.45 658.25 Td (material ) Tj ET Q q 0 0 0 rg BT 547.01 658.25 Td (fact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 646.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 105.08 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.07 646.25 Td (make ) Tj ET Q q 0 0 0 rg BT 138.94 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.37 646.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 197.80 646.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 224.17 646.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.16 646.25 Td (light ) Tj ET Q q 0 0 0 rg BT 254.71 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.25 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.68 646.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 338.53 646.25 Td (under ) Tj ET Q q 0 0 0 rg BT 363.51 646.25 Td (which ) Tj ET Q q 0 0 0 rg BT 390.17 646.25 Td (such ) Tj ET Q q 0 0 0 rg BT 410.71 646.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.14 646.25 Td (were ) Tj ET Q q 0 0 0 rg BT 476.78 646.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 503.15 646.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.14 646.25 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 634.25 Td (with ) Tj ET Q q 0 0 0 rg BT 84.28 634.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 115.09 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.37 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.09 634.25 Td (period ) Tj ET Q q 0 0 0 rg BT 168.14 634.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 202.28 634.25 Td (by ) Tj ET Q q 0 0 0 rg BT 214.78 634.25 Td (this ) Tj ET Q q 0 0 0 rg BT 231.73 634.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 610.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 64.00 610.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 90.88 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 103.33 610.25 Td (my ) Tj ET Q q 0 0 0 rg BT 118.55 610.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 167.37 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.03 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.45 610.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 266.61 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.49 610.25 Td (other ) Tj ET Q q 0 0 0 rg BT 306.48 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.91 610.25 Td (information ) Tj ET Q q 0 0 0 rg BT 393.56 610.25 Td (included ) Tj ET Q q 0 0 0 rg BT 430.44 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.66 610.25 Td (this ) Tj ET Q q 0 0 0 rg BT 457.55 610.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 486.38 610.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 510.47 610.25 Td (present ) Tj ET Q q 0 0 0 rg BT 541.79 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 552.02 610.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 598.25 Td (material ) Tj ET Q q 0 0 0 rg BT 98.23 598.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 131.91 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.60 598.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.05 598.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 223.79 598.25 Td (results ) Tj ET Q q 0 0 0 rg BT 251.37 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.17 598.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 304.30 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.21 598.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 339.45 598.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 363.14 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.94 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.63 598.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 425.87 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.67 598.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 447.97 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.88 598.25 Td (for) Tj ET Q q 0 0 0 rg BT 475.14 598.25 Td (, ) Tj ET Q q 0 0 0 rg BT 479.11 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.80 598.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 523.71 598.25 Td (presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 74.28 586.25 Td (this ) Tj ET Q q 0 0 0 rg BT 91.23 586.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 562.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 64.00 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.10 562.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 126.11 562.25 Td (other ) Tj ET Q q 0 0 0 rg BT 148.22 562.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 188.64 562.25 Td (of) Tj ET Q q 0 0 0 rg BT 196.79 562.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 216.66 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.66 562.25 Td (I ) Tj ET Q q 0 0 0 rg BT 237.54 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 251.30 562.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 298.41 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.62 562.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 360.95 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.94 562.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 426.27 562.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 468.37 562.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 502.14 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.14 562.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 77.03 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 108.38 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.53 550.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 158.02 550.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 173.83 550.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 197.97 550.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 238.21 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.02 550.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 298.14 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.95 550.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 345.86 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 375.56 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 394.69 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.04 550.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 469.07 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 482.10 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 513.45 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.60 550.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 538.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 80.94 538.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 106.22 538.25 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 146.48 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.41 538.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 207.56 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 221.72 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.44 538.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 276.71 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.64 538.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 514.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 117.89 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 138.33 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 181.00 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 215.33 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.88 514.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 280.37 514.25 Td (or ) Tj ET Q q 0 0 0 rg BT 290.81 514.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 320.14 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 340.59 514.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 383.25 514.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.58 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.14 514.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 480.12 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 490.02 514.25 Td (be ) Tj ET Q q 0 0 0 rg BT 501.57 514.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 539.24 514.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 502.25 Td (our ) Tj ET Q q 0 0 0 rg BT 94.55 502.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 146.37 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.37 502.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 186.69 502.25 Td (that ) Tj ET Q q 0 0 0 rg BT 204.90 502.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.88 502.25 Td (information ) Tj ET Q q 0 0 0 rg BT 291.31 502.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.07 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.06 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.50 502.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 394.98 502.25 Td (including ) Tj ET Q q 0 0 0 rg BT 435.97 502.25 Td (its ) Tj ET Q q 0 0 0 rg BT 448.63 502.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 502.39 502.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 555.33 502.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 490.25 Td (made ) Tj ET Q q 0 0 0 rg BT 102.16 490.25 Td (known ) Tj ET Q q 0 0 0 rg BT 131.88 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 142.16 490.25 Td (us ) Tj ET Q q 0 0 0 rg BT 153.55 490.25 Td (by ) Tj ET Q q 0 0 0 rg BT 166.05 490.25 Td (others ) Tj ET Q q 0 0 0 rg BT 192.99 490.25 Td (within ) Tj ET Q q 0 0 0 rg BT 221.04 490.25 Td (those ) Tj ET Q q 0 0 0 rg BT 244.65 490.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 278.53 490.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 327.12 490.25 Td (during ) Tj ET Q q 0 0 0 rg BT 355.73 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.45 490.25 Td (period ) Tj ET Q q 0 0 0 rg BT 398.49 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.77 490.25 Td (which ) Tj ET Q q 0 0 0 rg BT 435.71 490.25 Td (this ) Tj ET Q q 0 0 0 rg BT 452.66 490.25 Td (report ) Tj ET Q q 0 0 0 rg BT 479.04 490.25 Td (is ) Tj ET Q q 0 0 0 rg BT 488.21 490.25 Td (being ) Tj ET Q q 0 0 0 rg BT 512.92 490.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 466.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 466.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 119.38 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 141.32 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 175.47 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 207.41 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 228.79 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.38 466.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 310.15 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.09 466.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 352.90 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 374.85 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 409.00 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 440.93 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 462.31 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 500.91 466.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 541.17 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 466.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 454.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 116.73 454.25 Td (under ) Tj ET Q q 0 0 0 rg BT 142.69 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 159.20 454.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 210.99 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.96 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 255.69 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 301.63 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 343.68 454.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 385.18 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.58 454.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 442.65 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.16 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.33 454.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 532.17 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 454.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 442.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 126.03 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.86 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 174.34 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 219.05 442.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.21 442.25 Td (external ) Tj ET Q q 0 0 0 rg BT 267.92 442.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 305.97 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.25 442.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 363.71 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.99 442.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.69 442.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 461.16 442.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 507.53 442.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (c\) ) Tj ET Q q 0 0 0 rg BT 78.00 418.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 119.56 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.36 418.25 Td (ef) Tj ET Q q 0 0 0 rg BT 140.95 418.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 186.96 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.87 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.67 418.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 255.71 418.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 297.83 418.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 331.63 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 347.65 418.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 393.10 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.12 418.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 449.02 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.38 418.25 Td (this ) Tj ET Q q 0 0 0 rg BT 474.41 418.25 Td (report ) Tj ET Q q 0 0 0 rg BT 499.87 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 514.78 418.25 Td (conclusions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 406.25 Td (about ) Tj ET Q q 0 0 0 rg BT 102.78 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.56 406.25 Td (ef) Tj ET Q q 0 0 0 rg BT 125.15 406.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 172.14 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.04 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.82 406.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 240.93 406.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 275.71 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.71 406.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 341.65 406.25 Td (as ) Tj ET Q q 0 0 0 rg BT 352.54 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.44 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.22 406.25 Td (end ) Tj ET Q q 0 0 0 rg BT 395.22 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.12 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.90 406.25 Td (period ) Tj ET Q q 0 0 0 rg BT 449.01 406.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 483.22 406.25 Td (by ) Tj ET Q q 0 0 0 rg BT 495.79 406.25 Td (this ) Tj ET Q q 0 0 0 rg BT 512.80 406.25 Td (report ) Tj ET Q q 0 0 0 rg BT 539.24 406.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 394.25 Td (on ) Tj ET Q q 0 0 0 rg BT 90.50 394.25 Td (such ) Tj ET Q q 0 0 0 rg BT 111.33 394.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 158.26 394.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 370.25 Td (d\) ) Tj ET Q q 0 0 0 rg BT 78.00 370.25 Td (Disclosed ) Tj ET Q q 0 0 0 rg BT 120.71 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.77 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 149.49 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 176.65 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 194.36 370.25 Td (change ) Tj ET Q q 0 0 0 rg BT 225.95 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 237.01 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.50 370.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 299.24 370.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 333.05 370.25 Td (control ) Tj ET Q q 0 0 0 rg BT 364.66 370.25 Td (over ) Tj ET Q q 0 0 0 rg BT 385.70 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.96 370.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 463.89 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 482.16 370.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 520.41 370.25 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 370.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 123.33 358.25 Td (most ) Tj ET Q q 0 0 0 rg BT 144.65 358.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 170.95 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 194.48 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.67 358.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 242.09 358.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 287.42 358.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 313.73 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 337.26 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.45 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.11 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.20 358.25 Td (case ) Tj ET Q q 0 0 0 rg BT 410.28 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.48 358.25 Td (an ) Tj ET Q q 0 0 0 rg BT 431.79 358.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 460.32 358.25 Td (report\) ) Tj ET Q q 0 0 0 rg BT 489.40 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 506.27 358.25 Td (has ) Tj ET Q q 0 0 0 rg BT 521.48 358.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 85.59 346.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 115.01 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 125.84 346.25 Td (is ) Tj ET Q q 0 0 0 rg BT 135.01 346.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 180.83 346.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 206.10 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.38 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 259.42 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 267.00 346.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 286.99 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.71 346.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 347.66 346.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 380.71 346.25 Td (control ) Tj ET Q q 0 0 0 rg BT 411.53 346.25 Td (over ) Tj ET Q q 0 0 0 rg BT 431.80 346.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.28 346.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 511.21 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 322.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 64.00 322.25 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 322.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 129.69 322.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.58 322.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 195.79 322.25 Td (of) Tj ET Q q 0 0 0 rg BT 203.94 322.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 225.60 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.38 322.25 Td (I ) Tj ET Q q 0 0 0 rg BT 250.05 322.25 Td (have ) Tj ET Q q 0 0 0 rg BT 272.27 322.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 315.33 322.25 Td (based ) Tj ET Q q 0 0 0 rg BT 341.44 322.25 Td (on ) Tj ET Q q 0 0 0 rg BT 354.78 322.25 Td (our ) Tj ET Q q 0 0 0 rg BT 371.46 322.25 Td (most ) Tj ET Q q 0 0 0 rg BT 394.25 322.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 422.01 322.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 467.00 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.68 322.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.56 322.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.23 322.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 310.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.92 310.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 146.02 310.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.74 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.90 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 221.30 310.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 257.46 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.85 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.01 310.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 315.95 310.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 362.10 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.37 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.53 310.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 437.93 310.25 Td (board ) Tj ET Q q 0 0 0 rg BT 464.64 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.92 310.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 515.84 310.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.45 310.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 298.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 111.49 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.20 298.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 170.35 298.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 274.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 78.00 274.25 Td (All ) Tj ET Q q 0 0 0 rg BT 93.19 274.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 137.82 274.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 187.98 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.83 274.25 Td (material ) Tj ET Q q 0 0 0 rg BT 240.00 274.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 289.07 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.26 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.89 274.25 Td (design ) Tj ET Q q 0 0 0 rg BT 342.41 274.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.16 274.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 393.33 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.08 274.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 437.03 274.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.77 274.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.95 274.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.35 274.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 262.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.31 262.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.38 262.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 166.57 262.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 192.21 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.86 262.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 244.04 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 251.63 262.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 269.48 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 262.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 330.89 262.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 359.31 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.96 262.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 400.87 262.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 436.23 262.25 Td (summarize ) Tj ET Q q 0 0 0 rg BT 482.97 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.27 262.25 Td (report ) Tj ET Q q 0 0 0 rg BT 527.02 262.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 250.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 130.49 250.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 226.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 78.00 226.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 98.82 226.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 126.01 226.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 161.81 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 173.74 226.25 Td (not ) Tj ET Q q 0 0 0 rg BT 190.11 226.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 228.97 226.25 Td (that ) Tj ET Q q 0 0 0 rg BT 247.56 226.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 285.04 226.25 Td (management ) Tj ET Q q 0 0 0 rg BT 339.72 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.65 226.25 Td (other ) Tj ET Q q 0 0 0 rg BT 375.79 226.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 422.15 226.25 Td (who ) Tj ET Q q 0 0 0 rg BT 442.97 226.25 Td (have ) Tj ET Q q 0 0 0 rg BT 465.44 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.47 226.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 519.28 226.25 Td (role ) Tj ET Q q 0 0 0 rg BT 538.42 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 226.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 214.25 Td (registrant's ) Tj ET Q q 0 0 0 rg BT 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